Newslink Global Insurance Trends
This week, a S&P Global report said global insurance ratings had proven resilient during the first wave of the COVID-19 pandemic...
A poll of 221 Chartered Insurance Institute(CII) members showed 61% had heard from consumers who could no longer pay their insurance premiums, and a Guidewire UK survey was published headed "Insurance After COVID-19: Increased Awareness for UK Population of the Importance of Protecting their Online Identity & Income". The Financial Conduct Authority(FCA) and the City of London Corporation are to collaborate on the pilot of a ‘digital sandbox’ to support innovative firms tackling challenges caused by the pandemic. The Association of British Insurers(ABI) commented on TheCityUK report "Recapitalisation essential to protect UK jobs and prevent SMEs failing". UK car insurance premiums appeared to fall, yet COVID-19 uncertainty clouds future claims and pricing trends, according to the latest Confused.com Car Insurance Price Index. Insurance Europe responded to the EC best practices publication for financial services companies regarding relief measures to policyholders during COVID-19, and AMICE said its members’ responses were reflected in the document. GlobalData reviewed the potential impact of the pandemic on insurance markets in Australia, South Africa, and UK life. US life insurance application activity rose for the second consecutive month according to the MIB Life Index.
Admiral's Italian subsidiary ConTe.it selected further Guidewire products, and Majesco enabled United Educators(UE) to successfully implement Robotic Process Automation(RPA) to optimise business operations. AIR Worldwide is to collaborates with Precisely to offer clients premium international geocoding, and Hiscox has licensed CoMeta and Oortfolio, the AI-driven liability cat risk modelling platforms by Praedicat, for use within its London Market casualty business. Geospatial imagery and re/insurance intelligence consultancy McKenzie Intelligence Services (MIS)announced the further evolution of its services with a relaunched online MIS-Intel Portal, featuring expanded capabilities and fresh branding-Since 2016, MIS has exclusively been the geospatial imagery and intelligence provider for Lloyd’s, its managing agents, TPAs and partners. Whitespace, the digital trading platform, has been granted the status of “fully recognised” by Lloyd’s in its list of approved systems for the electronic placing mandate for managing agents.
Direct Line acquired London-based digital insurance innovator Brolly. Arch Capital increased second quarter catastrophe loss estimates, and cryptoasset insurer Evertas raised $2.8m in equity funding. Swiss Re successfully closed a second private sidecar transaction with the Dutch pension fund manager PGGM.