S&P Global said rated European insurers have successfully weathered the biggest market shock to their Solvency II ratios, and also affirmed Munich Re's rating despite the group's P&C reinsurance segment suffering from a higher-than-expected claims burden due to the cancellation and postponement of large events. Verisk projected that the number of cases globally from the COVID-19 outbreak over the next four weeks may reach 50 million total cases, with 644,000 estimated deaths. Insurance Europe(EC) issued a statement on the European Commission roundtable on COVID-19 relief measures, and FERMA called on the EC to create an EU resilience framework for catastrophic risks to address the severe shortage of business interruption(BI) insurance without physical damage. The outrage caused by the coverage of BI still has a long time to run-The Association of British Insurers(ABI) responded to an open letter from small business owners and representatives. The Chartered Insurance Instiute(CII) Public Trust Index indicated that consumer and business trust in the insurance profession was improving before the pandemic, and NFU Mutual launched a programme of staff support as research shows isolation is escalating. Global Data reported that cyber insurance has become the new norm with the spike in online sales in the UK.
Insurance Europe published comments on GDPR ahead of the European Commission’s upcoming review, and the Prudential Regulatory Authority(PRA) released "PS14/20-Solvency II: Prudent Person Principle feedback". Better links between Insurance and Academia are critical to further understanding systemic risk according to the The Lighthill Risk Network, and Lockton reported that take up of Warranty & Indemnity insurance in M&A deals is up from 6% to over 40% in the past five years.
In the US, Munich Re Specialty Insurance(MRSI) is modernizing its technology infrastructure via the Duck Creek OnDemand platform, Millers Mutual selected Majesco’s Digital1st Insurance Platform, and workers' compensation start-up Pie Insurance closed on $127m new financing to enable growth and acquisitions.
The SCOR Board is to propose that no dividend be distributed for the 2019 fiscal year and chairman/ceo Kessler to accept a remuneration cut-separately-the reinsurer revealed it had strengthened its sustainable actions towards a low-carbon economy within its investment portfolio and joined the Net-Zero Asset Owner Alliance. The High Court of England and Wales approved Lloyd’s EEA policyholder strategy, and Brit announced the launch of its new Private Client offering. There were senior appointments at Catalina and PartnerRe.
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