Newslink Global Insurance Trends
This week saw a continuous reporting of results, with rensurers, larger insurers, and brokers featuring...
An air of optimism continued despite some big hits from pandemic claims and reserving. Those reportng second quarter and some half year financials included AIG, Allianz, Aviva(new ceo Amanda Blanc highlighted UK, Ireland, and Canada as key markets), AXA, Direct Line, Hastings Insurance Group(agreement to a cash offer from existing investors), and Phoenix Group; Argo, Brit, Everest Re, Greenlight Capital Re, Hannover Re, Hiscox, and Munich Re; Aon and Marsh McLennan.
Lloyd’s published a report in collaboration with KPMG urging businesses to pay attention to the new risk landscape that has evolved under COVID-19. "Protecting intangible assets: Preparing for a new reality" looks at the increasing value of intangible assets, and the role of risk managers and the insurance industry in protecting them. In a report published this week, S&P Global Ratings considered how the unprecedented turmoil in asset prices during 2020 has affected the solvency positions of European insurers. Research by UK InsurTech Urban Jungle indicated that 51% of students surveyed did not understand the term 'contents insurance'.
Insurance Europe published a response to a call for evidence by the European Securities and Markets Authority(ESMA) on credit rating information and data. It published an insight briefing about the European insurance industry’s views on artificial intelligence(AI), and also replied to a consultation by the EC on its roadmap for the Capital Markets Union (CMU) action plan. BIBA(The British Insurance Broker's Associaion) said access to insurance was firmly on insurance brokers’ agenda as it announced the formation of the Access to Insurance Committee(AIC).
Geospatial imagery and re/insurance intelligence consultancy McKenzie Intelligence Services(MIS) announced that it had been awarded a contract for a European Space Agency(ESA) Demonstration Project. Awarded through ESA's Business Applications programme, ESA Space Solutions-the E685,000 co-funding will enable MIS to develop and deliver a Global Event Observer for the insurance industry and to validate its performance with involved pilot users. Italian insurer Reale Mutua issued its first fully digital surety bond, and Duck Creek appointed a chief strategy officer.
There were senior appointments at the Association of British Insurers(ABI), Hamilton Re, and Lloyd's.