- Newslink Global InsuranceTrends-Editor's Weekly Overview
- Climate change leapfrogging Brexit as key risk for insurance industry says LPC
- A fifth of countries worldwide at risk from ecosystem collapse as biodiversity declines, reveals pioneering Swiss Re index
- S&P Global Ratings says FCA proposal to tackle insurance pricing may hurt UK insurers' profitability-no immediate ratings impact expected
- ABI comments on FCA General Insurance Pricing Study
- Digital Finance Strategy for the EU an opportunity to boost digital innovation in insurance for the benefit of consumers and businesses
- Aon enabling re/insurers to easily convert their catastrophe data into the Open Exposure Data format expired
- Marsh appoints Chief Digital, Data, and Analytics Officer expired
- Howden to acquire A-Plan expired
- Allianz announces changes to Board of Management expired
- Capital Markets Union offers significant opportunity for EU insurers to enhance role as long-term investors, if EC fixes regulatory obstacles in Solvency II expired
- CII survey revealed the profession’s progress with attracting and retaining diverse talent expired
2nd August 2020
Insurance Newslink Global Trends-Editor's Weekly Overview
This week, there was a spate of second quarter and first half results, with a wide range of outcomes depending on the company's exposure to COVID-19 pandemic risk. Swiss Re confirmed claims and reserves related to COVID-19 of $2.5bn for the half year-resulting in a net loss of $1.1bn, but it was confident for the future, as most insurers and reinsurers reporting were. Other financials covered by Newslink were Chubb, Coface, MAPFRE, QIC and RSA; AXIS Capital, Everest Re, Lancashire, PartnerRe, RenaissanceRe; and Wills Towers Watson.
The surplus for the private US property/casualty insurance industry dropped by $75.9bn in the first quarter of 2020—its largest-ever quarterly decline—as the stock market suffered a major downturn, according to the regular Verisk and the American Property Casualty Insurance Association(APCIA) report. RMS estimated that US insured losses from Hurricane Hanna will not exceed $400m. InsurTech fundraising rebounded as $1.56bn was invested in Q2 2020 with four more ‘mega-rounds’ completed, according to the Willis Towers Watson Briefing.
Guidewire announced its own investment in three InsurTechs-Betterview, CLARA Analytics, and IMburse, Praedicat reported on initial results from its COVID-19 litigation tracker, and Verisk released its updated cyber risk modelling platform. Sapiens announced that it had entered into a definitive agreement to acquire Delphi Technology, a leading vendor of software solutions for US property & casualty(P&C) carriers in the medical malpractice sector.
The Chartered Insurance Institute(CII) revealed actions insurers can take to restore trust in the insurance profession as small and medium-sized business are becoming increasingly concerned about policy exclusions. The Association of British Insurers(ABI) reported that the cost of motor insurance in UK fell to a four year low and lockdown savings were being passed on to motorists, whilst the International Underwriting Association(IUA) published a new model clause for clarifying coverage of motor terrorism risks. Insurance Europe warned the European Commission(EC) against its proposals to introduce a new definition of “sustainability preferences” across the delegated acts of MiFID II, the Insurance Distribution Directive(IDD) and Solvency II-it also published a response to a consultation by the EC on its action plan for a comprehensive EU policy on preventing money laundering and terrorist financing, and also replied to the EC on its roadmap for common data spaces.
Lloyd's published its new Culture Dashboard. Hastings Insurance Group confirmed that it had been approached approached regarding a possible cash offer. PartnerRe announced the appointment of Jacques Bonneau as its president and ceo, succeeding Emmanuel Clarke, and there were senior appointments in Everest Re's Insurance Division.
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
The self-search and reporting service across all insurance/reinsurance sectors has covered key global trends since its launch in 1993-bringing together significant worldwide market and IT/InsurTech intelligence from source-editing and linking across region/country, regulatory, surveys/research, results, and IT by business application area. The database contains over 53,000 linked articles and is updated twice-weekly.
A 14 day free full trial of the service is available from the website.