- London Market Group(LMG) releases market update on new trading opportunities
- Gemini Expert Management System Phase II goes live with fee settlement
- HM Treasury calls for evidence in review of Solvency II
- Munich Re expects drop to around E200m profit for third quarter
- IDF Report identifies how barriers to global risk understanding can be overcome
- Allianz once again named the world’s top insurance brand in Interbrand’s Best Global Brands Ranking
- Insurance Europe publishes response to a survey by the ESAs on their proposals for disclosure templates for environmental and/or social financial products expired
- Insurance Europe publishes response to an inception impact assessment conducted by the EC on the revision of the ELTIF regulation expired
- COVID-19 continues to drive down UK car insurance prices expired
- Proposed changes in regulations for infrastructure investment trusts likely to open alternate source for Indian insurers, says GlobalData expired
- General insurance business in Malaysia to contract by 2.2% in 2020 due to COVID-19, says GlobalData expired
- IFTRIP Livestream shares lessons on systemic risk globally expired
27th September 2020
Newslink Global InsuranceTrends-Editor's Weekly Overview
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.
THE ONLINE WORLDWIDE RESEARCH SERVICE OF STRATEGIC TRENDS
With the COVID-19 pandemic necessitating a dispersed workforce resulting in a surge in digitisation, climate change ongoing issues, growing cyber threats, and public trust a continuing challenge, there is an increasing need for key staff to keep in touch with global market trends and to be able to speedily drill down on areas of interest and print/email an automatic report.
Full articles on the topics in the Editor's Weekly Overview above are included in those added this week to the unique Insurance Newslink Global Trends Database Research Matrix service at www.onlystrategic.com
The self-search and reporting service across all (re)insurance 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.
Sister-service Banking Newslink contains over 34,000 articles, and Financial Newslink is a combination of both database services.
A 14 day free personal full trial of the services is available from the website.