- CII survey indicates impact of COVID-19 on trust in insurance profession
- CII Society of Claims Professionals prepares for New Normal
- Willis Towers Watson launches suite of cyber assessments to help clients better manage cyber risk
- The next pandemic-level threat? A global cyberattack predicts Databarracks
- ABI comments on short delay to the implementation of the Whiplash Reform Programme
- Insurance Europe responds to FSB paper on regulatory and supervisory issues relating to outsourcing and third-party relationships
- Builders Mutual selects Duck Creek Suite OnDemand and Industry Content expired
- Majesco acquires ClaimVantage expired
- Sapiens partners with Click-Ins to speed up car damage claims process expired
- Bermuda-based Canopius Re gains Class 4 licence expired
- Pandemic drives China’s decoupling from worldwide economies-New Atradius Asia Economic Outlook expired
- Brexit could cost UK exporters £25bn as full COVID recovery pushed back to 2023 says Euler Hermes expired
22nd November 2020
Newslink Global Insurance Trends-Editor's Weekly Overview
This week, S&P Global Ratings published a presentation outlining the top risks for the global insurance industry. External attacks on companies result in the most expensive cyber insurance losses but it is employee mistakes and technical problems that are the most frequent generator of claims by number, according to a new report from Allianz Global Corporate & Specialty AGCS). Air Worldwide provided its Annual Global View of Risk Report highlighting the protection gap when disaster strikes. Pool Re held its annual market event and launched SOLUTIONS, an Annual Report presenting an overview of significant developments in the terrorism reinsurance space. Willis Towers Watson’s 2020 Global ILS Survey found continued broad appeal of ILS notwithstanding recent tests and ongoing challenges. GlobalData reviewed the Vietnam general insurance sector, the Singapore Life market, and stressed the need for UK insurers to maintain strong communication throughout the second COVID-19 lockdown. The Lloyd’s Market Association(LMA)launched a project to re-imagine the existing business and distribution model for delegated authority(DA).
Insurance Europe published a response to a consultation conducted by the EC on its review of EU trade policy. The Prudential Regulatory Authority(PRA) responded to industry feedback on "A framework for assessing financial impacts of physical climate change", and The Competition and Markets Authority(CMA)fined ComparetheMarket £17.9m for competition law breach.
Guidewire Software announced the availability of Banff, the latest release of its cloud platform. Banff was unveiled at Connections Reimagined, Guidewire’s customer online conference-Guidewire also outlined its vision for the future of P&C claims. An EIS survey asked the customer what they want from insurers in an increasingly digital market environment.Bluesky launched its online streaming service for panoramic aerial images, and Zywave announced the acquisition of Advisen.
RSA agreed terms of a recommended cash offer from Intact and Tryg. Chaucer announced the launch of a new reinsurance branch in Bermuda, Convex Group raised $1bn additional capital, and Enstar and Stone Point Capital signed an agreement to sell StarStone Underwriting to Inigo. At Friday’s Investors’ Day, Swiss Re confirmed its over-the-cycle financial targets and delivered a positive outlook, based on improving market conditions and targeted growth opportunities across the Group’s businesses. QIC Global finalised Antares executive team with senior appointments. and The Global Federation of Insurance Associations(GFIA) announced the election of Don Forgeron as its new president, as well as new appointments to its executive committee.
INSURANCE NEWSLINK-GLOBAL TRENDS RESEARCH SELF-SERVICE
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
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