27th September 2020

Newslink Global InsuranceTrends-Editor's Weekly Overview
Trend

This week, LCP’s analysis of Solvency II reporting from the top 100 UK and Ireland non-life insurers has highlighted that climate change is leapfrogging Brexit as a key risk for the industry. A fifth of countries worldwide are at risk from ecosystem collapse as biodiversity declines, revealed the Swiss Re index. A S&P Global report said insurers' capital buffers are proving resilient In the face of COVID-19, but a Willis Re survey found that COVID-19 fuels cyber losses, and Beazley increased COVID-19 claims estimates significantly as events resumption is now to be longer. MacTavish said a new Airmic survey confirmed the difficulties facing insurance buyers in the worst market for decades.
The Financial Services Authority(FCA) published the final report of its market study into the pricing of home and motor insurance-S&P Global, The Association of British Insurers(ABI), the Chartered Insurance Institute(CII), and Willis Towers Watson were amongst those commenting on this long playing issue of new versus existing customer pricing in the mass personal lines arena. A CII survey revealed the profession’s progress with attracting and retaining diverse talent. Capital Markets Union offers significant opportunity for EU insurers to enhance their role as long-term investors if EC fixes regulatory obstacles in Solvency II, reported Insurance Europe-the trade association also commented that a Digital Finance Strategy for the EU provides an opportunity to boost digital innovation in insurance for the benefit of consumers and businesses.
Insurers passed the test on claims, but UK consumers remain sceptical about the insurance industry, said Guidewire research. Aon reported that it is enabling re/insurers to easily convert their catastrophe data into the Open Exposure Data format, and AIR Worldwide estimated insured losses for Hurricane Sally will be between $1bn and $3bn. Toyota Insurance Services(TIS)/Toyota Insurance Management Europe and Swiss Re are partnering to further develop the Swiss Re ADAS risk score.
Howden announced that it has reached agreement to acquire A-Plan Group, one of the UK’s largest personal and commercial lines insurance brokers. The London Market Group(LMG) has announced that Sean McGovern, chief executive, UK & Lloyd’s market at AXA XL, has become the sponsor for the workstream which proactively engages with the UK government, parliamentary parties and the civil service. Allianz announced changes to its Board of Management, and there were senior appointments at Convex Group and Marsh.



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