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8th October 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights
Trend

This week, Insurance Newslink continued its new regular mid-week feature highlighting key trends from articles covered in the last three months, relating this week to the UK P&C General market.
The Lloyd’s Market Association(LMA) released an updated managing agent Blueprint Two Playbook-the Playbook has been created to provide managing agents with the tools and knowledge required to implement the Blueprint Two market transformation initiatives. The LMA also published two sanctions suspension clauses-since September last year, the LMA has been consulting across the insurance industry and with specialist sanctions lawyers in several jurisdictions on refining its widely used sanctions clause LMA3100-it has also engaged with regulators OFAC and HMT, as well as the French Insurance Association. UK insurers experienced on average 34 cyber incidents over the last twelve months, 13% higher than the national average of UK businesses, according to a new report by iomart and Oxford Economics headed ‘State of cyber security in the UK 2023’ which surveyed 43 insurance executives, as part of a wider survey of 500 UK businesses.
The Prudential Regulatory Authority(PRA) intends to run a dynamic general insurance stress test in 2025-it also published CP21/23, the PRA’s approach to the authorisation and supervision of insurance branches-CP sets out the PRA’s proposals to consolidate and formalise existing PRA policy on overseas insurers that write business in the UK through the establishment of a third-country branch, and to offer more clarity on the expectations of these third-country branches. Insurance Europe questioned EU plans for access to health data, and also responded to a EIOPA consultation on Natural Catastrophes. There has been a six-fold increase in searches(over 3,500 a month) conducted by UK insurers to detect fraud and uncover fraud networks, thanks to the IFB Exploration-the new AI-driven counter-fraud solution launched by the Insurance Fraud Bureau(IFB) one year ago.
Fadata unveiled its new SaaS for insurers strategy. HIVE Underwriters and Allianz Commercial announced a new collaboration for underwriting Aviation Hull War and Excess Third-Party Aviation War Liabilities(XS AVN52) classes with immediate effect. Polo assumed management of Coverys Syndicate 1975, and Skyrisks announced its A-rated insurance capacity, targeted risk appetite, and operational readiness to welcome new business for the fast-growing insurance needs of the Advanced Air Mobility(AAM) sector. BeZero Carbon and Oka are to partner to power insurance with ratings expertise and strengthen financial protections for carbon credit buyers. DARAG concluded an agreement with a Belgian-based captive.