Of Special Interest


[x] [x]

18th June 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, according to WTW, the London Market is beginning to demonstrate tangible results on the back of technological innovations in order to position firms for long-term profitable growth-WTW conducted analysis of 49 syndicates that make up approximately 85% of the Lloyd’s market, asking firms to reveal where they are on their digital transformation journey in how they make decisions, underwrite, trade and configure their operating models-it classified the syndicates into three separate groups, shows firms that have already started to invest in technological changes achieved a 6 point outperformance advantage over those that have been slower to innovate during the market’s ongoing digital transition. Specific examples of innovation include successfully leveraging data assets, decision support ecosystems and digital trading solutions. Participants of the CII’s Chartered Insurance Insititute New Generation programme published a report exploring the potential threat of the hybrid working model on the London Market-‘The new normal’ sees a drastic shift in the amount of time spent working in traditional office spaces. Pre-pandemic, 90% of survey respondents attended the office 4 times a week or more; in stark contrast, 86% are now attending the office 3 times a week or less. Less than 5% now attend the office 5 days a week-The survey asked respondents to rate the impact of hybrid working on different areas of their working life, using a scale ranging from ‘very negative’ to ‘very positive’. Swiss Re's 2023 SONAR report covered 17 new risks and trends across technological, economic, social and environmental areas-future threats include malicious attacks on artificial intelligence systems, potential clashes over new trading routes in the Arctic and the dangers of using technology to cool the earth. Lloyd’s announced a partnership with Dubai’s Department of Economy and Tourism DET) to facilitate holistic growth opportunities for Dubai-based InsurTech start-ups and entrepreneurs, whilst S&P Global Ratings reported that the adoption of International Financial Reporting Standards 17 and 9 in the Gulf Cooperation Council(GCC) region represents a significant change in accounting practices for some insurers, and has fundamentally changed the way that they report their financial results. High-profile cyberattacks will drive UK companies to take out insurance, according to GlobalData.
Rising costs are putting UK motor insurance providers are under great pressure to understand more about the specific vehicles they are insuring-LexisNexis Risk Solutions reports it is working to resolve that challenge with the launch of LexisNexis Vehicle Insights; when combined with other unique vehicle data products such as LexisNexis Vehicle Build, a single source of accurate, real-time information on the vehicle's ADAS fitment, current status, valuation and maintenance history is created, proving a true 360% view of the vehicle. Whitespace, the fully digital e-trading platform, has announced the release of its version 2.12, the fifth major update to the platform in the past six months.
AIG raised $1.2bn through a Corebridge Financial share offer. Generali has reached an agreement with Liberty Mutual for the purchase of Liberty Seguros, a Spanish insurance company operating in Spain, Portugal, Ireland and Northern Ireland-the acquisition in cash for E2.bn includes all excess capital of Liberty Seguros. R&Q raised up to $60m of new equity into the Group. S&P Global Ratings affirmed Sculd's "A" Rating.


Increasingly, financial services companies and their regulators are taking a global view as instant communications make the world a smaller place and are accelerating the maturity of developing countries. Insurance Newslink 30 years ago predicted this trend and over that period of time has uniquely brought together strategic intelligence from source across all insurance/reinsurance markets and related IT/InsurTech trends into an internet-based Research Matrix database self-service and reporting facility. As technology and analytics progresses, with such advances as machine learning, artificial intelligence, and dispersed digitisation uplift following the COVID-19 pandemic, the service will play an increasingly important role in adding value to internal company analytics in a global market context.
Today, Insurance Newslink has over 56,000 expertly selected articles from source indexed across a Matrix of date, continent /country, company, regulatory, company, research/publications, and IT applications by business function. Our Banking Newslink Global Trends service commencing in 2000 has over 36,000 articles, and Financial Newslink combines both services at www.onlystrategic.com
Insurers, reinsurers and banks need to know about each other’s positioning and IT suppliers of all types and sizes need to understand the key business and regulatory issues and opportunities. The surge of InsurTech, FinTech and digitisation initiatives have emerged from all over the globe-only a few years ago, the Chinese were finding out about progress in the US and Europe and could well now be ahead of the field. Speedier change is impacting the mind-set of the customer/consumer.
The service acts as a strategic catalyst enabling quicker, better decisions across market players and suppliers bringing global market,IT, and regulatory trends together, adding value for student through to CEO.
Our content is read broadly equally across The Americas, Europe, and Asia Pacific by all ranges of management and we are increasing the number of distribution partners. Our service is available from a single user to a corporate subscription.
For the past 40 years, we have worked with over 100 market players and major technology suppliers-go to our consultancy site-Shillito Market Intelligence Ltd at www.shillito.org.uk for more background and a list of some of our clients. For the last 30 years, our Newslink Global Trends Research Database has been proven as the core content for our numerous white papers, university business school lecturing, training, speaking, and chairing events globally.