Those providing an update included Allianz, AXIS Capital, Lancashire, Liberty Mutual, Markel, SCOR, and Swiss Re-some estimated underwriting losses from the virus and the financial markets recovered in April, but the impact of COVID-19 on the worldwide insurance markets will be ongoing. Confusion continues over imterpretation of business interuption(BI) cover-In the UK, the Financial Conduct Authority(FCA) announced it intends to seek legal clarity on BI insurance to resolve doubt for businesses who are facing uncertainty on their claims-a move speedily supported by the ABI, BIBA and the CII. It is becoming clear that the insurance industry and governments will need to find a collaborative future way forward on future pandemic cover.
A Willis Towers Watson report provided initial estimates of the financial impact of COVID-19 to the US and UK(including London Market) P&C insurance sectors. GlobalData updated on the virus impact on insurance markets in Austria, Belgium, Denmark, Norway, and US life and health markets. Moneyfacts revealed record UK market pension losses and all-time low annuity rates in the first quarter. Research from Dr Simone Krummaker, senior Lecturer in Insurance at Cass Business School in London uncovered eight factors that influence an organisation’s level of risk aversion, and its likely demand for insurance. Insurance Europe responded to the European Commission on the upcoming review of General Data Protection Regulation(GDPR).
UNIQA was recognized as a Model Insurer by Celent for successful implementation of FRISS Fraud Detection Software, and Ultimate Risk SolutionsUBS) are offering a suite of technologies that allows insurance asset portfolios to be modelled quickly, consistently, and accurately. Asta announced the launch of its first syndicate-in-a-box, and Pioneer Underwriters and K2 agreed terms. Willis Towers Watson introduced CyNav, a new type of cyber insurance cover designed specifically for shipowners. There was a senior appointment at Catalina.
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