Weekly News Roundup – 10th December

If facts, figures and statistics are your passion then this week’s news update will be like all your Christmases come early! A number of reports have been released over the past 7 days exploring a plethora of topics including digital transformation, key risks facing UK businesses and M&A activity in the next 12 months. Want to know what 20% of businesses have done to their supply chains due to Brexit? Keen to see what percentage of your insurance peers think the industry has made no progress in regards to digital transformation? Read on to find out!

Digital transformation continues to be a priority for the insurance industry (Source: Insurance Hound)
A recent poll took a look at how the insurance industry felt they were doing with enabling digital transformation and unsurprisingly it remains high on many people’s agendas moving into 2022.

Aviva Risk Insights Report – 2021 (Source: Aviva)
According to this latest research by Aviva, in a list of the top ten key risks facing UK businesses “58% of businesses identify economic concerns as their biggest risk”.

FCA proposes stronger requirements on oversight of appointed representatives (Source: FCA)
This new consultation aims to curb poor management of ARs in a bid to better protect consumers and provide fair outcomes.

Where does M&A activity stand going into 2022? (Source: Insurance Business Magazine)
Trends projected in a report by Howdens anticipate “an increase in the absolute number of claims notifications” and “pricing adjustments, with disproportionate impact among those sectors with historically higher loss ratios”.

Lloyd’s Market Outlook for 2022 (Source: Alpha Insurance Analysts)
Patrick Tiernan (Chief of Markets at Lloyd’s) explained that continued improvement in underwriting performance remains the number one priority, with expenses (in particular the cost of delegated authority business) a close second.

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