Of Special Interest


[x] [x]

6th June 2021

Newslink Global Insurance Trends-Editor's Weekly Overview

This week, Bloomberg Intelligence reported that the cumulative cost of COVID-19 claims for the largest life reinsurers hit $4.4bn in the first quarter of the year as mortality rates spiked-the biggest costs for life reinsurers came from the US and to a lesser extent the UK and Canada but claims from other countries including South Africa and in Latin America added to the costs. Life reinsurers only have limited exposure to India. However, the successful rollout of vaccines and a sharp decline in deaths in the US and UK point to profit recovery for firms including Swiss Re, RGA, Munich Re and Hannover Re. Aviva said organised gangs and chancers have driven up insurance fraud detection rates by 10%.
The latest Prudential Regulation Authority(PRA) Policy Statement provided feedback to responses to Consultation Paper (CP) 1/21 ‘Solvency II: Deep, liquid and transparent assessments, and GBP transition to SONIA’)-it also contained the PRA’s final policy, as an updated Statement of Policy (SoP) ‘The PRA’s approach to the publication of Solvency II technical information’. Insurance Europe published its 2020/21 Annual Report-to be discussed during Europe's Resilience Week. The London Market Group(LMG) launched its new recruitment hub for the industry, promoting the London Market and making visible the roles it has to offer to future and returning talent–whoever they are and wherever they are from.
Majesco announced the release of a new thought leadership report, "Digital Insurance: The Inflection Point". Guidewire Software announced Third Quarter Fiscal Year 2021 financial results. Ed Bermuda launched its digital client portal, and Willis Towers Watson transformed its capital modelling capabilities with the launch of a cloud-based solution. Superscript and CyberSmart partnered to provide embedded cybersecurity insurance.
The RSA transfer to Intact and Tryg was completed. Generali completed the acquisition of AXA Insurance in Greece including a 20 year exclusive distribution agreement with Alpha Bank, and Allstate acquired SafeAuto. Euler Hermes announced Natixis as one of its first partners in the binding of Green2Green Single Risk, and Enstar completed a US Loss Portfolio Transfer with Hiscox. Willis Towers Watson is collaborating on world-first post-hurricane insurance protection for the endangered Mesoamerican Coral Reef. Aon signed agreements to sell its US retirement portfolio to Aquiline and its Aon retiree health exchange business to Alight. There were senior appointments at Insurance Europe, HDI, DARAG, and TigerRisk.


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.