Newslink Global Insurance Trends
This week, S&P Global published "Sink Or Swim: The Importance Of Adaptation Projects Rises With Climate Risks"...
The rating agency said that Adaptation projects aim to strengthen the resilience of buildings, critical infrastructure, and communities against the risk climate change presents. United Nations Secretary-General António Guterres announced the appointment of the Governor of the Bank of England, Mark Carney, as UN Special Envoy for Climate Action and Finance. A Willis Towers Watson survey of 41 major corporations found that 61% believe political risk levels increased in 2019. Banks’ use of non-payment insurance should be recognised in regulatory capital calculations, according to the Lloyd’s Market Association’s(LMA) response to the European Commission’s(EC) consultation on implementation of the Basel III reforms. Insurance Europe published a new paper on how EU policymakers can ensure rules for insurers work properly and benefit consumers. The Chartered Insurance Institute(CII) is to partner with Scope–the disability equality charity–to develop guidance on reporting and developing a diverse, inclusive working environment for people with disabilities. The CII Society of Claims Professionals(SOCP) released a good practice guide to spotting fraud.
The ACORD InsurTech Innovation Challenge(AIIC) winner was announced and SSP India won the NASSCOM Outstanding Case Study Award. Praedicat and Sompo International Holdings accepted SMA’s Transformation in Action Underwriting Award, and Lloyd's Lab was recognised as a top UK accelerator. InsurTech Cuvva raises £15m of venture capital to grow its motor insurance offering, OCTO Telematics acquired Nebula Systems, and InsurTech Wrisk introduced a new product-MINI Flex Car Insurance-with partner BMW Financial Services. UK Post Office Insurance’s new home insurance line is now live on the Duck Creek Platform, and high-value household insurer Horizon has partnered with leading smart-home provider Hive to tackle the biggest cause of UK household claims: escape of water. Guidewire total revenue and profitability in the first fiscal quarter exceeded outlook, and Verisk signed an agreement to acquire New Jersey life software specialist FAST.
Lloyd's launched a new multi-million-pound space insurance policy for the emerging private spaceflight industry. Arch Capital completed its Barbican acquisition, and Catalina is to acquire Asia Capital Reinsurance Group(ACR). Swiss Re is to sell ReAssure Group to Phoenix Group Holdings, and SCOR announced the launch of a new 3-year contingent capital facility. There were senior appointments at Aviva, Lancashire, and fraud software specialist FRISS.