A World Economic Forum(WEF)COVID-19 Risks Outlook report was published and Newslink covered the comments in the report by John Scott, head of Sustainability Risk at Zurich Insurance. Specialist insurers welcomed the UK Government Trade Credit Insurance Support Scheme. The Financial Conduct Authority(FCA) confirmed guidance for insurance firms on assessing product value, and also provided an update on progress on its court action on business interruption(BI) insurance policies which brought comments from the market and rating agency DBRS. Cigna Europe research indicated working from home during lockdown has increased overall job satisfaction, improved work relationships and is reducing work-related stress among UK workers. GlobalData reported that brokers’ reliance on face-to-face meetings is hurting them during the pandemic-the researcher also said COVID-19 likely to cause diversification of retirement funding. In the UK, the Pandemic Re Steering Committee announced the formation of a Project Committee and six working groups. Insurance Europe warned the EU Council against rushing to conclude trilogue discussions on the European Commission’s collective redress proposal.
The Financial Conduct Authority(FCA) set out a package of measures designed to address weaknesses across the defined benefit(DB) transfer market. Insurance Europe responded to EIOPA on a Solvency II review, and also to a consultation by the EC on its proposals for a European data strategy.
Aviva Italia selected Guidewire InsuranceSuite Cloud and EnterprizeEngine solutions, and Majesco announced financial results for the fiscal 2020 fourth quarter and full year. RMS previewed the 2020 Atlantic Hurricane season which started this week. American Family chose Sapiens Decision for Insurance solution and Sapiens Americas is also to partner with CLARA analytics, an AI specialist in Worker's Compensation claims. AXA UK is broadening use of live video to settle commercial property claims with a Verisk solution.
AXA is to reduce its dividend proposal at its AGM and updated on its latest COVID-19 impact estimate. RenaissanceRe announced a major public offering and Skuld agreed the sale of Lloyd’s Syndicate 1897 run-off to RiverStone. Miami-based international loss adjuster Global Risk Solutions(GRS) officially launched its Major and Complex Loss Operations based in London. There were senior appointments at Lloyd's, Brit, and BMS.
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