2nd July 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, The Prudential Regulation Authority(PRA) announced it is consulting on a major set of reforms to Solvency II with the aim of creating a new UK regulatory regime for insurance firms, known as Solvency UK, which is better adapted to the UK insurance market. The proposals include further streamlining of reporting requirements for all firms and substantially simplifying and improving the flexibility in the assessment of internal models-they will also foster new entrants into the UK insurance market by easing entry of new firms and simplifying the regulation of international insurers operating through branches. In 2022, Gallagher Re built a machine-learning model and combined it with historical claims to better understand which elements of external scanning would have been more predictive of claims at the point of underwriting-its new white paper-"Can scanning technologies predict claims?" presents the key insights from the study into the ability of the data to predict cyber claims, as well as to outline upcoming trends with insurers’ uptake of outside-in technology. The real impact of rising interest rates has yet to be felt across Europe, S&P Global Ratings said in a report: “Credit Conditions Europe Q3 2023: The Slow Burn of Rising(Real) Rates”. The Thailand general insurance industry is estimated to reach $11bn by 2027, according to GlobalData.
The Moody’s RMS forecast for 2023 indicates that a near-normal season is most likely, due to the competing and opposing influence of several key factors such as the El Niño-Southern Oscillation(ENSO) and above-average North Atlantic sea surface temperatures-K2 Insurance Services LLC(K2), a leading independent specialty insurance programme manager, announced it had signed a new multi-year deal with Moody’s RMS. Re, the pioneering blockchain-driven reinsurer, announced a partnership with VIPR Solutions-this collaboration aims to enhance security, efficiency, and transparency by connecting MGAs, underwriters, and reinsurance brokers with capital on-chain. WTW announced collaboration with Clyde & Co to help clients manage climate liability risks.
SCOR chose Fabrice Brégier as chairman to replace the late long-serving Denis Kessler-Insurance Europe’s Reinsurance Advisory Board(RAB) appointed Gen Re chairman Charlie Shamieh as its new chair, also folloowing Denis Kessler's demise.


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