Weekly News Roundup – 7th January
Happy New Year to you all and here’s hoping 2022 is a successful and less chaotic 12 months! Despite the year only just beginning, there is plenty of news to get your teeth into, including some interesting reflections from Guy Carpenter following the January 1st renewals, a huge M&A announcement and an update on how UK insurers are responding to the new pricing rules that went into effect at the beginning of the month.
January 2022 reinsurance renewal: an evolving market leads to divergent outcomes (Source: Guy Carpenter)
This briefing explores how reinsurers reacted in response to 01/01 renewals and that overall they ‘reflected a healthy but evolving market’. Key findings showed that the most significant macro influences included climate change, core inflation, social inflation, continued underlying positive rate change across most lines of business, and continued evolution of the frequency and severity of catastrophe loss.
Markerstudy to acquire BGL’s insurance arm for £400m (Source: Reinsurance News)
The deal, supported by Pollen Street Capital, includes the purchase of the price comparison giant Comparethemarket and will nearly double Markerstudy’s client base to 6 million policy holders.
New CII President, Peter Blanc, urges industry to address the unmet needs that exist today (Source: Insurance Times)
The group CEO of broker Aston Lark, who took up the reins on the 1st, looks to focus on moving the industry to focus on key issues such as flooding, scams, later life care and protection gaps.
UK personal lines insurers adjust to new pricing rules. Is premium volatility ahead? (Source: Insurance Journal)
The new pricing rules have come into effect and insurers are battling price changes and product differentiation. A recent report by AM Best highlighted that the personal lines market is “highly competitive and so there is a risk that, in the early stages of adoption, competition will erode the ability of companies to increase new business pricing sufficiently to absorb lost renewal price increases”.
The Smith column: what can a bank robber teach us about good business practices? (Source: Insurance Business Magazine)
A bit of light hearted humour to keep you entertained, although the moral of the story will hopefully hit a chord…