Meanwhile, a NTT DATA UK survey highlighted London Market players commitment to investment in new technologies, and DBRS published “Lloyd’s New Strategy: Embracing Digitalisation to Drive Efficiencies and Business Transformation.” Interestingly, US major insurer Nationwide and Generali announced a joint venture to offer seamless multinational commercial insurance solutions.
Climate change could add around 20% to the global cost of extreme weather events by 2040 according to early findings from Cambridge University researchers, whilst the Intergovernmental Panel on Climate Change(IPCC) met to consider the outline of the Synthesis Report for their Sixth Assessment Report. GlobalData in three releases reported that regulatory initiatives are to help Malaysian life insurance business surpass US$13bn in 2023, the South Korean life insurance business faces saturation, and motor insurance discounts will drive dash cam take up. DWP commented on the Coronavirus and its potential impact on the marine insurance market, and Marsh issued new advice on Coronavirus resilience.
EIOPA Chairman Bernardino commented on the ongoing development of a sound capital and supervisory framework for the insurance sector, GFIA published guiding principles for the future of mobility and motor insurance, and there was an IFRS17 update report from Willis Towers Watson. GDPR fines and enforcement were under the spotlight in the latest Beazley Breach Insights report.
Pool Re should be classified to the central government sub-sector according to the Office for National Statistics(ONS) assessment. Arch Capital entered into an agreement to acquire 29.5% in Coface and Tokio Marine Kiln(TMK) announced the launch of Cyber Ctrl PD+. Skuld mutual P&I tonnage now stands at 95.3 million gross tonnes, and the recently launched Thomas Miller Connect online resource is receiving a significant uptake. A $10.4m investment round for Lloyd's coverholder Digital Risks was led by BHL Holdings, and Guy Carpenter is to license Karen Clark Company's(KCC) catalogue of natural catastrophe models, execution software and analytics. Financial reporting for 2019 included Hastings Group, RSA, Berkshire Hathaway, and SCOR. There were senior appointments at Aon, QIC Global, and Marsh.
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