The SMI Insurance Task Force, convened by HRH and chaired by Lloyd’s, is comprised of executives from many of the world’s largest insurance and reinsurance companies, providing an influential platform for the sector to collectively advance the world’s progress towards a resilient, net-zero economy. Earlier in the week, the Lloyd’s Market Association(LMA) revealed the conclusion of a six-month project to reimagine the end-to-end model and vision for Delegated Authority business, through the lens of the market and its distribution partners of Brokers and Coverholders. According to data presented by TradingPlatforms.com, the information and finance industry were the most targeted by cyber espionage, with almost 300 reported cases last year-almost 65% of cyber espionage incidents involve phishing attacks. More than three quarters (77%) of UK motor insurers need to evolve their policies and products to reflect the changes in how people are now using their cars according to new research from By Bits, the SaaS technology platform for the motor insurance industry. The general insurance industry in Thailand is likely to reach $10.6bn in 2025, according to GlobalData.
The International Association of Insurance Supervisors (IAIS) met for its Global Seminar, where the discussions included two major issues: climate risk and plans for the global Insurance Capital Standard(ICS)on the IAIS’ plan to address climate risk, Olav Jones, deputy director general of Insurance Europe, said “We welcome that the IAIS is facilitating a coordinated approach between jurisdictions on the issue of climate risks and sustainability. These are global issues that require a global approach. Furthermore, coherent policymaking between jurisdictions is required to avoid duplicative or inconsistent standards. Insurance Europe also published a paper on European Commission(EC) proposals which may inadvertently impact telematics role in insurance.
Forrester’s latest InsurTech funding roundup for Q1 2021 shows investor interest in the sector remains hot, with continued heavy investment in digital transformation and a healthy chunk of funding going to disruptive InsurTech start-ups. Paul Donnelly, EVP, EMEA at Munich Re Automation Solutions discussed the potential impact of AI on life underwriting. UK insurance customer demand for pandemic protection policies has slumped according to new Guidewire research. Cloverleaf Analytics’ InsuranceNow Integration for Business Intelligence and Analytics is now available in Guidewire Marketplace. Novarica recognised Sapiens Illustration solutions as a Dominant Provider in North America.
The Aviva/WWF new partnership called on government to commit for a greener financial system ahead of COP26. Generali signed an agreement in Malaysia to acquire a majority stake in AXA Affin jv and to purchase 100% of MPI Generali, whilst Swiss Re reduced its stake in Phoenix Group with a 6.6% sale for £437m. Arch Re plan to acquire Somerset-the proposed acquisition will include Somerset’s motor managing general agent, distribution capabilities through direct and aggregator channels, affiliated insurer and fully integrated claims operation. Chaucer launched their new Belt & Road Consortium at Lloyd’s.
Scan here to download the app