by a range of emerging risks, the vast majority continue to overlook and underemphasize the potential impact of these risks on their businesses. Terrafirma warned that there was just one month to go until the Bank of England launched climate stress testing, and ProLion, a ransomware and data protection solution provider, said that with the frequency of cyber breaches on the rise linked with the COVID pandemic, businesses need to proactively prepare for a potential breach focusing on the cause and not clearing up the mess once it has happened. Fitch Ratings revised its US Life Insurance Rating Outlook to stable on updated assumptions, whilst GlobalData highlighted that increasing natural catastrophes are accelerating reinsurance demand in Asia-Pacific, and separately forecasted that the Life insurance industry in Japan is to remain below pre-COVID-19 levels until 2024. Insurance Europe published its response to ESAs on Taxonomy Regulation, and the Financial Conduct Authority(FCA) announced proposals to stop the practice of ‘claims management phoenixing’, by banning Claims Management Companies(CMCs) from managing Financial Services Compensation Scheme(FSCS)claims where they have a relevant connection to the claim.
Conditions are ripe for insurers to adopt enterprise AI said a Capco/Xyenta paper. Duck Creek's Reinsurance Management solution was selected by California-based Topa Insurance, UK InsurTech Wrisk announced a £4.6m investment, and Zywave continued its expansion with the acquisition of Oregon-based Modgic, a provider of workers’ compensation analysis software.
Phoenix Group is considering the potential sale of its European business, and Swiss Life reached a resolution with the US Department of Justice. MPS received approval to establish a full Lloyd's syndicate. Financial announcements included Vienna(VIG),IGI, and Peak Re; UK P&I Club; and Ardonagh. SCOR announced the earlier-than expected retirement of long-term ceo Denis Kessler, and a surprise replacement in Laurent Rousseau, deputy ceo of SCOR Global P&C-Kessler will become non-executive chairman. Huw Evans will move on from his role as director general of the Association of British Insurers(ABI) at the end of the year-he will be joining KPMG as a partner in its insurance and long-terms savings practice. There were also senior appointments at Hamilton and Tiger Risk.
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