In addition to financial protection, they are looking to their insurance partners to provide them with more risk insight, risk management-related services and flexible cover that better meets their business’ changing needs. Clyde & Co’s confidence in the face of challenge report revealed that confidence is high and appetite strong in the London professional indemnity(PI) market despite a trinity of challenges facing the industry-with 94% of insurers planning to write the same or more business in the next 12 months, recession, cyber threat from remote working and continued regulatory oversight are top of the insurance industry’s list of concerns. A Swiss Re Institute report forecasted record global insurance premium at $7tr by the end of 2022, whilst GlobalData estimated that marine, aviation and transit insurance in Asia-Pacific could reach $14.5bn by 2025. SCOR is building on its climate leadership by co-launching the Net-Zero Insurance Alliance(NZIA) and confirmed phased coal withdrawal insurance-Generali also outlined its Climate strategy.
EIOPA publishes an Opinion on the use of risk mitigation techniques by insurance undertakings, and also issued a statement on supervisory practices and expectations in case of breach of the Solvency Capital Requirement(SCR).
Sequel Business Solutions(a Verisk company) and six leading London underwriters(Sequel6) are progressing with ACORD and the market to adopt their new unifying standard for insurance placements later this year-having completed the initial design, ACORD and Sequel are now jointly working on the first implementation of the standard, which will be donated by Sequel to ACORD and form part of ACORD’s Next Generation Digital Standards. Mobility-as-a-Service is to displace 2.2bn private car journeys by 2025 says Juniper Research. Life and P&C insurers plan to accelerate their use of automation over the next five years according to a Willis Towers Watson survey-the Actuarial Reporting Automation survey queried life and P&C insurers on how they use automation today in their valuation(life) and reserving(P&C) processes and where they aspire to use it in the future. Conning has integrated ESG and Climate Change Indices into its GEMS Economic Scenario Generator. The Ardonagh Global Data and Risk Management Centre was launched in Ireland. Majesco announced the launch of its next generation customer portal-Majesco Digital Customer360 for P&C, and the latest release of Sapiens Decision aims to empower insurers to manage decision logic changes in minutes.
Admiral were bullish about the second quarter, and fast growing Aston Lark reported 2020 results. Liberty Mutual is to acquire State Auto Group, Enstar Group announced that it has entered into an agreement to repurchase an aggregate of 3,749,400 ordinary shares of its shares held by funds managed by Hillhouse Capital Management, and Fidelis raised capital with strategic investor Travelers. Apollo received Lloyd's in principle approval for standalone Syndicate 1971, and IGI was granted approval for a European subsidiary in Malta. There were senior appointments at Beazley, Lloyd's, Lloyd's Europe, and Tegron Specialty.
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