20th August 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

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This week, Insurance Newslink started a new regular feature in its mid-week update covering the Editor's selection of extracts from articles in the last three months highlighting trends in key subject areas-the first this week covered Cyber-this feature aims to showcase the ease of selection across Insurance Newslink's long-proven subject matrix, the speedy word search facility, and report production which users can then store, print or email onwards.
S&P Global Ratings affirmed its 'AA-' issuer credit and insurer financial strength ratings on Munich Re and also revised its outlook to stable from negative on Swiss Re-the rating agency also said in a report: "While sharp rate rises in the past 18 months will benefit reinsurers' investment income in 2023 and beyond, they also led to a material decline in the fair valuation of fixed income investments held on their balance sheets and, in turn, their shareholders' equity positions-for the top 20 reinsurers globally, shareholders' equity dropped by 20% at year-end 2022 compared with a year earlier, reflecting in part the imbalanced accounting treatment between the valuation of assets and liabilities." PERILS released its third industry loss estimate of NZD2,018m for Cyclone Gabrielle of February 2023. Association of British Insurers(ABI) research indicated that the average price paid for UK motor insurance in the second quarter of 2023 continued its upward trend.
Sapiens announced that Aktia Life, one of Finland’s top life insurers, had chosen Sapiens as their partner to lead their core system transformation via Sapiens CoreSuite for Life and Pensions. Ahead of SiriusPoint ringing the closing bell at the NYSE last Monday evening, ceo Scott Egan took to the podium and delivered a message for colleagues joining him on the day stating “Today is a special day for SiriusPoint. Who would have thought 12 months ago we’d be standing here with our logo around the New York Stock Exchange, our share price up 140%, and what makes me proud is that it’s not by accident. It’s the result of blood, sweat and tears of not just everyone in this room, but by everyone of our colleagues around the world-and there’s still more to come..." Half year and second quarter results continued to flow-they included those from Admiral, Aviva, Legal & General, and Talanx. VIPR Solutions named Martin Blackburn as chairman.

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