5th June 2022
This week, two years into the COVID-19 pandemic, a new Swiss Re Institute survey among 11,000 consumers worldwide shows that the pandemic has led to a greater focus on health and financial security-this has resulted in more online insurance purchases and a greater willingness to share personal health data, especially among the younger generation. GlobalData highlighted that UK motor insurers finding ways around Financial Conduct Authority(FCA) reforms mean nearly two thirds of UK customers face higher premiums-separately, the researcher estimated that the sector would reach £26bn in premiums by 2026. GlobalData also reported that the life insurance industry in Asia-Pacific recorded its highest growth of 7% over last five years in 2021, and the general insurance industry in India is estimated to grow at 9.9% CAGR by 2026.
Insurance Europe published its 2021-2022 Annual Report, and launched a Diversity & Inclusion Hub. A speech by Insurance Europe president, Andreas Brandstetter, emphasized that policymakers, insurers and the public must work together to tackle protection gaps.
FRISS and Legentic announced a partnership to better fight insurance fraud, whilst travel and health insurTech, PassportCard, was granted a US patent for its real-time claims payout through a debit card which gives customers access to a global and 100% cashless insurance service. Mactavish reported a 95% increase in revenue and an ambitious growth plan powered by technology. Bristol Digital Futures Institute(BDFI) announced a new partnership with UK personal lines insurer LV= General Insurance-together, the insurer and academic research hub will collaborate on the development of sustainable, inclusive and prosperous digital technologies.
The Allianz Group agreed to sell a majority stake in its Russian operations to Interholding LLC, the owner of Russian P/C insurer Zetta Insurance. SCOR successfully sponsored a new catastrophe bond, Atlas Capital Reinsurance 2022 DAC, which will provide the Group with a multi-year risk transfer capacity of $240m to protect itself against named storms in the US and earthquakes in the US and Canada, as well as European windstorms. Acrisure secured $725m additional funding. Randall & Quilter(R&Q) reported gross written premiums(GWP) up by over 90% to $370m for the first quarter.
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