18th June 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

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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.


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