S&P Global reported that insurers' debt remains attractive to investors, and a major Hiscox Cyber Readiness Report was published highlighting that losses were up but more rigorous security measures were being introduced resulting in higher spending, whilst GLobalData suggested take up of cyber cover will rise. Researchers from London-based Cass Business School suggested that COVID-19 will act as a catalyst for the industry-wide adoption of new digital initiatives in the insurance industry. They also suggested that the pandemic has uncovered the value to firms of having a Chief Risk Officer to navigate strategy and identify opportunities. IFC(part of the World Bank Group) partnered with six global insurance companies to mobilize $2bn in credit capacity under the Managed Co-Lending Portfolio Program(MCPP).
On the regulatory front, The International Accounting Standards Board(IASB) released the final insurance contracts standard IFRS 17(2020) after long negotiations. The UK Chancellor of the Exchequer announced in a Written Ministerial Statement plans for a review of the Solvency II regime, along with a package of measures for financial services after Brexit. The Financial Conduct Authority(FCA) issued proposals that are designed to promote value for money for the members of workplace personal pension schemes with the announcement of a new Consultation Paper. EIOPA published its second Discussion Paper on Methodological Principles of Insurance Stress Testing. Insurance Europe released an Insight Briefing that detailed a selection of the areas in which the EU’s Floods Directive could be improved, and The Geneva Association announced a series of four reports on Building Flood Resilience in a Changing Climate in mature economies–comprehensive studies on flood risk management(FRM) in the US, Germany and England, and an overview report with key findings and stakeholder recommendations.
Duck Creek appointed a Country manager, Spain & Portugal, working from the company’s newly-opened Madrid office, and the general availability of an upgraded Sapiens CoreSuite for Life & Annuities was announced. UK-based Urban Jungle InsurTech was listed as "one to watch", and Verisk launched a major new release of piCalculator, enabling enhanced data analytics for high-value personal injury damage calculations.
FWD Group is to invest in a significant minority stake in PT Asuransi BRI Life in Indonesia, and Generali is to acquire 24.4% of Cattolica in a strategic partnership. MetLife became the first US-based life insurer to join the United Nations Global Compact. A new marine cargo insurance clause was announced for the London Market relating to modern slavery. Arch Capital announced the pricing of an offering of $1bn aggregate principal amount of 3.635% senior notes due 2050, Munich Re reported on COVID-19 impact, and Trust Re is to centralise its operations through its Head Office in Bahrain.
Compre received regulatory approval in principle from the Bermuda Monetary Authority(BMA), Ryan Specialty and All Risks are to merge, and Willis Re Securities announced that it has structured and placed E100m of insurance-linked securities (ILS) for Achmea Reinsurance Company. Beazley announced a new cyber & tech leadership team, and Willis Towers Watson appointed Matt Foote as a senior director of Science & Analytics in its Climate and Resilience Hub.
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