Newslink Global Insurance Trends
This week, Swiss Re's latest sigma report highlighted that digitalisation is transforming insurance for consumers and suppliers alike...
Meanwhile, total new worldwide funding commitments to the InsurTech sector in 2019 were $6.37bn, 33.9% of the historical total, following a record-breaking $1.99bn of investment in 75 projects during Q4 2019, according to the new Quarterly InsurTech Briefing from Willis Towers Watson. Adoption of RegTech will also increase as insurers wake up to its benefits reported GlobalData. GlobalData also said sustainability, prevention of cyber-attacks and connecting with generation hashtag were the key insurance trends for 2020-the researcher separately projected health insurance business in China would reach 36% of total general insurance business by 2022. Moneyfacts said last year was good for UK pensions drawdown but not for the annuity market. DBRS published a commentary headed "Wildfire Challenges Manageable for Australian P&C in Q1 2020.”
European insurers face stable risk exposures, but macro and market risks remain high, according to EIOPA. Insurance Europe reflected on whether the General Data Protection Regulation(GDPR) has fully achieved it aims, and its president outlined the problems with Solvency II at a conference on the subject.
Pro Global Holding Limited(Pro) global re/insurance outsourcing and consulting specialists announced a formal partnership with VIPR, experts in delagated authority. Willis Towers Watson integrated SecurityScorecard's security ratings with its proprietary cyber risk quantification modelling platform. and Sapiens solutions achieved the Service Organization Control (SOC) 1 and 2 Type 2 compliance certification in North America.
Generali ceo, Philippe Donnet said that the insurer was dedicated to sustainabiliby. Helvetia is to acquire a majority holding in Spanish insurer Caser, and Randall & Quilter announced the completion of the acquisition a Swedish captive. There were financial statements from AXIS Capital, Brown & Brown, Gallagher, and Marsh MaClennan. Senior appointments were announced by Fidelis, MS Amlin, Swiss Re Corporate Risks, and Marsh.