- Newslink Global Insurance Trends-Editor's Weekly Overview
- Swiss Re sigma report says global insurance industry to recover strongly from COVID-19 induced pull-back
- Industry initiative to help long standing customers is delivering results says the ABI
- London Market usage of PPL reaches all time high through July renewals
- CII becomes accredited member of the Commonwealth
- Allianz closes acquisition of the automobile and other Property & Casualty business from SulAmérica
- Duck Creek solutions chosen by Builders Mutual expired
- ClaimFox joins Guidewire PartnerConnect Solution Alliance Program to enhance efficiency of claims teams’ external interactions expired
- Evertas says there is a serious problem of ‘phantom’ knowledge of cryptoassets from insurers expired
- Belgian insurance industry to see GWP declines across the board in 2020, says GlobalData expired
- Life dominated South Africa’s insurance market to be put under immense strain by COVID-19, says GlobalData expired
- ABI announces extension to Chair and Deputy Chair terms expired
12th July 2020
Newslink Global Insurance Trends-Editor's Weekly Overview
This week, the latest respected sigma from Swiss Re predicted that the global insurance industry is set to overcome this year’s COVID-19-induced global economic recession. The report says that the sharpest economic contraction since the 1930s will lead to a slump in demand for insurance in 2020, more so for life products, with global premiums expected to contract by 6%, than for non-life covers(-0.1%). However, the report suggests total premium volumes will return to pre-crisis levels in 2021, alongside more protracted recovery in the global economy. There will be sector divergence, with non-life premium volumes above pre-crisis levels, and life below. The emerging economies, led by China, will underpin the insurance market comeback.
Atradius noted a huge rise in late payments as the pandemic recession bites in US, Mexico & Canada, whilst GlobalData reviewed COVID-19's potential inpact on Belgian, Danish, French, and South African markets. One positive trend was that at the end of the second quarter, usage on the London Market PPL placing platform has risen to an all-time high, with 8031 risks bound in the week commencing the 29th June(up 43% from the last quarter), with just under 20,000 user log ins on the platform in the same period.
The UK industry initiative to help improve outcomes for long-standing customers launched two years ago is having a positive impact according to the review of its implementation published by the ABI(Association of British Insurers)-BIBA also published a report. The Lloyd’s Market Association(LMA) convened a new Delegated Authority Committee(DAC) to inform and guide the evolution of this important aspect of Lloyd’s underwriting, distribution, and claims. The Chartered Insurance Institute(CII) became an accredited member of the Commonwealth, joining the category of Professional and Civil Society Organisations. Insurance Europe published its response to a consultation by the European Commission on the Capital Markets Union(CMU) High Level Forum’s(HLF) final report, and also on draft amendments to Solvency II and the Insurance Distribution Directive (IDD) regarding the integration of sustainability risk and factors.
Whitespace, the fully digital e-trading platform for brokers and insurers, moved past the 100 customer mark, just ten months after the platform’s launch. Beazley launched a booking system for virtual broker meetings. Duck Creek solutions were chosen by US-based Builders Mutual, and ClaimFox joined Guidewire's PartnerConnect Solution Alliance Program to enhance efficiency of claims teams’ external interactions.
Allianz closed the acquisition of the automobile and other Property & Casualty business from Brazil-based SulAmérica, whilst Chubb estimated second quarter net COVID-19 losses at $1,157m after tax. American P&I Club and ABS Consulting are to drive cyber awareness for maritime insurance, and Canopius announced the launch of a set of cyber property products for medium to large corporations across all sectors. Pool Re SOLUTIONS launched a new monthly report designed to improve the awareness of the contemporary and future threat landscape. The week kicked off with the surprise announcement that Aviva had appointed Amanda Blanc as ceo, replacing Maurice Tulloch who is stepping down for family health reasons. AXA XL appointed Sean McGovern ceo UK & Lloyd’s, and there was a senior appointment at Willis Re.
Full articles on the above topics are included in those added this week to the unique Newslink Global Trends Database Research Matrix service at www.onlystrategic.com
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