Weekly News RoundUP – 5th July

With the 1/7 renewals taking place this week, Aon has revealed that, overall, insurers achieved positive renewal outcomes at the mid-year point. Hurricane season is nearly upon us and Swiss Re discusses the impact of these severe weather events in their latest newsletter.  On Wednesday, some of the OneAdvent team were lucky enough to celebrate in style at the British Insurance Awards with FTI Consulting  – congratulations to all the winners!

Mid-year renewals ‘consolidate’ 1/1 trends – Aon (Source: Global (Re)Insurance Magazine)
Aon described a ‘favourable’ July renewal on balance for reinsurance buyers in its Reinsurance Market Dynamics July 2024 report.

The Maturity of Generative AI in the Specialty and Reinsurance Markets (Source: Oxbow Partners)
Over 85% of the carriers surveyed said that Gen AI will be “very transformational” in the long-term but it was highlighted that all of them are only in the early stages of their AI journey.

Alphabet X’s Bellwether and Other Projects | 2024: An Insurance Odyssey (Source: Instech)
Find out how Bellwether, the “groundbreaking prediction engine for climate data” is revolutionising the industry by providing precise wildfire and heatwave models.

Swiss Re on the wild hurricane season and extreme heat’s impact (Source: Insurance Business Magazine)
Ahead of the anticipated active hurricane season, Swiss Re discusses the importance of preparedness.

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