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19th November 2023

Newslink Global Insurance Trends-Editor's Weekly HIghlights
Trend

This week, Insurance Newslink continued its regular mid-week feature-highlighting key trends from articles over the last three months relating to Artificial Intelligence(AI).
The Centre for Disaster Protection published its inaugural annual report, "The State of Pre-arranged Financing for Disasters 2023", a significant milestone in understanding, measuring and advancing pre-arranged financing(PAF)-the report shows pre-arranged financing accounted for just 2.7%($1.9bn) of the total $71bn in crisis financing flows in 2021. According to new data from the World Economic Forum, economic and societal threats–such as an economic downturn, inflation, and an erosion of social cohesion–rank among the biggest risks in G20 countries over the next two years, based on a survey of business leaders globally. The latest blog from Corvus provides in-depth analysis, insight and intel around ransomware frequency and threats. Moody’s RMS estimated $2.5bn to $4.5bn in Insured Losses from Hurricane Otis in Mexico. GlobalData estimated that the China life insurance sector is estimated to surpass $890bn by 2028 and the Japan life insurance industry could exceed $350bn by 2028.
Lloyd’s Market Association(LMA) and LIIBA are to collaborate to transform Delegated Authority underwriting with Digital Contracts-the commitment of funding by the LMA Board and collaboration with key DA brokers and managing agents, reflects the industry's readiness to embrace digital transformation-London Insurance Market Operations & Strategic Sourcing (LIMOSS) will manage the development and provision of CBAA as a market service-eleven Lloyd’s managing agents have already committed to adoption of the solution, covering 42% of the Lloyd’s DA market. Guidewire announced its partnership with Swiss Re Reinsurance Solutions to help build a more interconnected insurance industry through the use of technology-based on a shared commitment to insurance innovation and excellence, the collaboration will help grow the insurance industry by reducing points of operational friction between risks, insureds, insurers, reinsurers, and intermediaries. Messagepoint announced Generative AI capabilities for translation and plain language rewrites. With the insurance solutions of its Digital Solutions division, industrial insurer HDI Global said that it acts as a partner and enabler to companies worldwide that are driving forward the digital transformation by minimising and assuming the associated risks. ICEYE elevated its Radar Imaging Constellation with four new satellites launched.
Marsh McLennan, in collaboration with the Ukrainian government, the Export Credit Agency of Ukraine, Ukreximbank, Ukrgasbank and DZ Bank, announced the launch of a new facility–Unity–to provide affordable insurance supporting the export of grain and other critical food supplies globally from Ukraine’s Black Sea ports. WTW’s A-Star Commercial D&O facility launched with access to capital up to $80m. UK-based Broker Insights announced that brokers will upload more than £5bn of GWP to its platform in 2023–a rise of 400% in two years. Aviva and IGI reported latest financials, and Hamilton announced the closing of its Initial Public Offering(IPO).


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