The estimated 2020 underwriting losses covered by the industry as a result of COVID-19 are approximately $107bn according to Lloyd's. The release also highlighted that, unlike other events, the industry will also experience falls in investment portfolios of an estimated $96bn, bringing the total projected loss to the insurance industry to $203bn. Earlier in the week, Marsh's latest Global Insurance Market Index report revealed a 14% average increase in commercial insurance prices in the first quarter-despite minimal initial impact from COVID-19.
Atradius welcomed the UK Government’s plan for a temporary reinsurance scheme that will enable trade to recover, and Pool Re/Cranfield University published "COVID–19 and terrorism: assessing the short-and long-term impact". Academics at Queen Mary University of London commented on COVID-19 claims and insurers responses, and the Financial Conduct Authority(FCA) confirmed a series of temporary measures to help customers who hold insurance and premium finance products and who may be in financial difficulty because of coronavirus. Kapsch TrafficCom Index suggested that " after Corona: Britons will prefer to take their car rather than public transport" and Willis Towers Watson and Audatex analysed the motor accidental claims scenario during the COVID-19 lockdown. GlobalData reported that the Indian life insurance industry expected to contract in 2020 due to COVID-!9.
The Geneva Association issued a new report-"Addressing Obstacles to Life Insurance Demand" and announced its first Annual Women in Insurance Award winner. The next stage of the Chartered Insurance Institute’s(CII) Insuring Futures initiative will look at how people can better build and maintain financial resilience for later life.
Aviva launched an online scam reporting service. Coverys migrated to the Duck Creek OnDemand Insurance solution and Guidewire's InsuranceNow was successfully implemented at Mutual Assurance Society of VIrginia. Turkish insurer Anadolu extended Sapiens IDITSuite to include motor-its main line of business; Sapiens separately reported increased revenue for the first quarter. Brit announced plans to launch Ki, a standalone business and the first fully digital and algorithmically-driven Lloyd’s syndicate-Ki will be accessible anywhere, at any time. In collaboration with Google Cloud, Brit said it will redefine the commercial insurance market as a ‘follow-only’ syndicate launching in 2021.
Covéa indicated to Exor that the current global economic outlook does not allow the contemplated acquisition of Partner Re to be carried out on the terms initially envisaged. DBRS commented on the new BBVA and Allianz bancassurance partnership. Allianz, Liberty Mutual, Zurich; Argo and Skuld; and Wllis Towers Watson published latest financials. There were senior appointments at Antares and Nexus.
Scan here to download the app