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Claims Newsletter Tuesday 6th December 2022

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Claims News

​Congratulations to Sedgwick on winning the 'Claims Innovations of the Year - Outsourced Partner' at the Insurance Post Claims & Fraud awards event. (Insurance Post website, 2022 winners)

In further news...Sedgwick has launched a new business unit to help clients with both temporary and permanent placements across their claims handling divisions. The UK business unit was launched in response to post-COVID increases in claims volumes and skill shortages in the market that have put significant strain on business capacity. Sedgwick’s resource solutions service will provide clients with people “who have the requisite industry knowledge and technical skills” to work in claims handling.(Mark Dugdale, 30/11/2022, Claims Mag, 'Sedgwick to support claims handling divisions with new recruitment service')

​Qlaims Limited has announced that they have extended their partnership with Great American International Insurance (UK) Limited. Great American already provided capacity for the Qliams Personal Lines insurance product line. Now they will also provide capacity for its Commercial Loss Recovery insurance. (Qlaims Limited, 7/11/2022, LinkedIn)

Young driver insurance provider Marmalade has launched an insurance solution for newly qualified drivers. The new Marmalade pay-as-you-go offering will allow newly qualified drivers to pay specifically for the miles they use on their car, making this the Peterborough-based provider’s most cost-effective policy for drivers covering less than 3,500 miles per year. (Mark Dugdale, 28/11/2022, Claims Mag, 'Marmalade launches pay-as-you-go insurance for newly qualified drivers')

Marsh has placed insurance for the first space rocket launch from UK soil. Arranged on behalf of Space Forge and placed with Beazley, the policy covers risk of loss to the Forgestar payload. The launch, which is expected to take place this year at Spaceport Cornwall, one of the UK’s first domestic spaceports, will carry, among other satellites, Space Forge’s Forgestar-0 prototype space factory that can create materials that are not possible to make on Earth. (Mark Dugdale, 24/11/2022, Claims Mag, 'Marsh arranges insurance for first space rocket launch from UK soil')

The Court of Appeal has permitted the Association of Personal Injury Lawyers (APIL) and the Motor Accident Solicitors Society (MASS) to intervene in two test cases to help establish levels of compensation to be awarded for ‘mixed’ whiplash injuries. New compensation tariffs were introduced for whiplash cases last year, but the reforms did not address the way damages should be calculated in cases where other injuries that are not subject to a tariff are combined. (Mark Dugdale, 16/11/2022, Claims Mag, 'APIL and MASS intervene in whiplash ‘mixed injuries’ test cases')

Crawford & Company will provide specialist Cyber incident response and loss adjusting services to insurer Generali as part of a new partnership. The claims management partnership, delivered globally, will give Generali’s corporate and SME clients 24/7 access to its new partner’s incident response platform and contracted vendor network.(Mark Dugdale, 02/11/2022, Claims Mag, 'Crawford partners with Generali on corporate and SME cyber incident response')

Specialist loss adjusting firm QuestGates launched its own carbon calculator portal in a bid to achieve its net-zero goals. The QuestGates Carbon Calculator was designed to accurately measure the carbon cost of remediation and reinstatement works to help the loss adjuster and its supplier network promote sustainable remediation techniques, eradicate waste sent to landfill and drive the use of energy efficient plant and equipment. (Mark Dugdale, 01/11/2022, Claims Mag, 'QuestGates launches Carbon Calculator and aims for net zero')

WTW has announced the launch of a research programme, coordinated by the WTW Research Network, focusing on the geopolitical risk drivers and management. Among other issues, the project will explore the changing relationship between the US and China, as well as impacts on the international supply chain, trade blocs and international institutions. (CIR Reporter, 30/11/2022, Claims Mag, 'WTW launches geopolitical risk research programme')

Facctum has launched an open access search version of its FacctView platform, an enterprise grade risk detection technology for sanctions and financial crime risk management. With open access, Facctum is making the technology fully accessible to companies with sanctions risks or compliance obligations. (CIR Reporter, 29/11/2022, Claims Mag, 'Facctum releases open access platform to combat terrorism financing')

Instanda has been chosen by MGAM as technology partner on the new government-backed Professional Indemnity insurance scheme for EWS1 assessors. Jason Anthony, CEO at MGAM commented: “Winning the Government contract to develop this PI scheme for EWS1 assessors means a great deal to our business. Using Instanda’s core insurance platform gave us the confidence that we could launch our product to market quickly, while guaranteeing the very best user experience and customer service – something that was crucial for all parties.” (CIR Reporter, 29/11/2022, Claims Mag, 'MGAM partners with Instanda on gov't-backed PI scheme')

CyberCube has launched Version 4.0 of its Account Manager solution for single risk re/insurance underwriters. The latest version includes a number of improvements including new data, usability enhancements, and scoring and signal refinements. New financial quantification insights have also been introduced, leveraging the vendor’s cat loss modeling for single-risk evaluation needs, to help carriers proactively assess exposure at the point of underwriting. (CIR Reporter, 28/11/2022, Claims Mag, 'CyberCube unveils proactive cyber cat management feature')

Fire, collision and sinking and damaged cargo are the top causes of Marine insurance losses by value, according to Allianz Global Corporate & Specialty’s analysis of over 240,000 claims worth €9.2bn. Inflation is compounding existing trends, driving higher claims severity, while soaring prices for steel and spare parts and rising labour costs are impacting hull repair and machinery breakdown claims. (CIR Reporter, 25/11/2022, Claims Mag, 'Fire, collision and sinking top causes of marine insurance losses – Allianz')

The Chartered Institute of Internal Auditors has raised concerns about serious audit and corporate governance shortfalls at regulated energy suppliers. Ofgem has so far failed to put in place a requirement for all Energy suppliers to have an internal audit function, despite dozens of its regulated firms going into administration in the UK. (CIR Reporter, 25/11/2022, Claims Mag, 'Chartered IIA raises concerns about audit deficiencies at energy suppliers')

The UK arm of international defence and security company, Leonardo, has selected Rizikon, Crossword’s supplier assurance and third party risk management platform, to assist in its assessment of Cyber risk in the supply chain. Leonardo will use the platform to assess Cyber risks throughout its supply chain of 2,100 companies in the UK, the majority of which are SMEs. (CIR Reporter, 24/11/2022, Claims Mag, 'Leonardo UK selects Rizikon to manage cyber risks')

Experian has launched a new tool designed to provide lenders with an understanding of ESG risk factors within their SME portfolios. ESG Insight delivers a tailored estimate of an SME’s GHG emissions split by scopes 1, 2, and 3, combined with a classification of its social impact and governance levels, sourced from Experian’s own dataset. (CIR Reporter, 22/11/2022, Claims Mag, 'Experian launches ESG ratings tool')

Charles Taylor Adjusting has expanded its natural resources capability in Asia with the opening of a new office in Vietnam.The new hub will offer adjusting services across Mining, Power and Energy – with a focus on Renewable Energy in Vietnam, Cambodia, Myanmar and Laos. (CIR Reporter, 17/11/2022, Claims Mag, 'Charles Taylor expands through SE Asia')

Digital commercial insurance platform, Aurora, has launched its Global Specialist Health offering for UK SMEs. Backed by Axis, the new product provides SMEs with comprehensive cover to support their employees, and their immediate family in dealing with major oncological, neurological and cardiological conditions, as well as transplants. (CIR Reporter, 14/11/2022, Claims Mag, 'Aurora launches Global Specialist Health offering')

Three more UK insurers have joined Flood Re’s Build Back Better Scheme. Covea, Hiscox and RSA have joined initial participating insurers, Ageas, Aviva, NFU Mutual, Lloyds Banking Group (Bank of Scotland, Halifax, and Lloyds Bank home insurance products) and LV= General Insurance. (CIR Reporter, 14/11/2022, Claims Mag, 'Flood Re welcomes new insurers to BBB scheme')

FM Global has opened its first experiential risk management facility in Asia Pacific. Designed to meet the complex and diverse needs of the Asia-Pacific region, the FM Global Centre aims to help clients and prospects in the region to protect their assets while increasing their longer-term resilience. (CIR Reporter, 09/11/2022, Claims Mag, 'FM Global opens risk management facility in Asia Pacific')

Digital asset custody provider has acquired US$500m of insurance for digital assets in cold storage. Cover has been arranged by Aon, using a panel of insurers led by re/insurer and Lloyd’s syndicate Canopius. The move follows a rigorous assessment of Copper’s risk management protocols. (CIR Reporter, 09/11/2022, Claims Mag, 'Copper and Aon announce digital asset cold storage cover')

Liability risk analytics company Praedicat has launched Nekomodel X, the next generation of its probabilistic casualty catastrophe model. It is designed to expand on the underwriting applications of previous model releases and to facilitate exposure-based pricing and reserving.(CIR Reporter, 04/11/2022, Claims Mag, 'Praedicat launches new casualty risk model')

Blume, the customer acquisition specialist for the legal sector, is joining Fletchers Group after being acquired by private equity firm Sun European Partners. The deal, which is subject to approval from the Financial Conduct Authority, will give Blume greater scale and reach, and help accelerate its growth in the legal services market. (Mark Dugdale, 03/11/2022, Claims Mag, 'Blume to join Fletchers Group following acquisition')

Movers & Shakers

MS Amlin Underwriting has appointed Clare Constable as Head of Claims. Constable joins MS Amlin with more than 20 years’ Specialty and reinsurance claims experience, having joined from HDI Global Specialty, where she spent over a decade as Claims Director.(Sophie Locke-Cooper, 11/11/2022, Insurance Age, 'People Moves: 7-11 November 2022')

Ursula Jallow has been appointed as Director of the Insurance Fraud Bureau (IFB). Jallow joined the organisation on a short-term contract in July following 15 years in a range of senior positions at LV=. (Mark Dugdale, 29/11/2022, Claims Mag, 'Ursula Jallow named permanent IFB director')

DWF Law Partner Nicola Critchley has been elected to the position of President of the Forum of Insurance Lawyers (FOIL). Critchley takes over from Stuart Hardy, Partner at BLM Law. She sits on FOIL’s costs sector focus team and was also the organisation’s Treasurer. She has worked with insurers and self-insureds for more than 20 years and her strategic focus is on civil justice reform. (Mark Dugdale, 17/11/2022, Claims Mag, 'FOIL members elect Nicola Critchley as president')

Fletchers Group has restructured its 60-strong Serious Injury team as it sets its sights on significantly increasing its contribution to the firm’s ambitious growth plans. Partner Caroline Morris has been appointed to the new role of Director of Serious Injury, reporting to Chief Legal Officer Adrian Denson.(Mark Dugdale, 10/11/2022, Claims Mag, ''Fletchers Group plans ambitious serious injury growth')

The London Market Group (LMG) has appointed Sean McGovern, UK and Lloyd’s Chief Executive Officer at AXA XL, as its next Chair. McGovern will take up the role on 1 January 2023. He will replace Matthew Moore, Executive Vice President and President of Underwriting at Liberty Mutual Global Risk Solutions, who is stepping down at the end of his three-year tenure in December but will remain a member of the LMG board. (Mark Dugdale, 09/11/2022, Claims Mag, 'LMG appoints AXA XL exec as new chair')

Natalie Cosgrove and Amelia Dale have joined the Medical Negligence team at Ashtons Legal. A specialist in baby loss and birth injury claims, Cosgrove has worked with many families in Nottingham whose maternity services are currently being reviewed by Donna Ockenden, esteemed Midwife and community activist. Dale has worked alongside Cosgrove for the past five years and she too has a strong track record in Medical Negligence work. (Mark Dugdale, 08/11/2022, Claims Mag, 'Ashtons Legal expands medical negligence team')

All information provided in this Market Digest has been gathered from LinkedIn, Insurance Post, Claims Mag, Insurance Age and CIR.