Newslink Global Insurance Trends
This week, the Swiss Re Institute estimated global insured catastrophe losses of $31bn in the first half of the year-mostly from secondary perils...
The reinsurer also released another sigma headed "Machine intelligence in insurance: insights for end-to-end enterprise transformation". Fitch said very strong business profiles support the four leading European reinsurers' ratings, whilst RMS estimated total insured losses from Hurricane Isaias will be between $3bn and $5bn. Marsh research indicated that global average commercial insurance prices increased 19% in the second quarter, and the MIB Life Index highlighted US life insurance application activity coming back vigorously, up 14.1% in July year on year. GlobalData said UK insurance news sentiment improved slightly in the third quarter-the researcher also reported that leading German insurers were less focused on life than other European countries.
Forrester issued a report saying InsurTech funding increased by 36% in Q2 2020, to $1.2bn. Lloyd's Lab selected ten new InsurTechs for its fifth cohort, focused on COVID-19 risks. Duck Creek launched its IPO and Majesco implemented Oracle NetSuite to help transform its core business operations. SSP announced the signing of a second insurer, Ageas, to its Intuition offering. Powered by Amazon Web Services(AWS), SSP Intuition is SSP’s centralised risk selection and rating data lake, providing access to more than one billion quotes and quote responses. UK-based InsurTech Sprout.ai released its claim settlement solution for health insurers globally, utilising Contextual AI.
Second quarter and half year financials continued to be announced-including Admiral, Ageas, Berkshire Hathaway, CNA, IGI, QBE, Talanx, Zurich; Prudential plc (to separate Jackson Life), and Royal London. DARAG completed the Hallmark transaction in the US and acquired a class 3A reinsurance company in Bermuda, subject to BMA approval. Third Point Re and Sirius Group are to combine. There were senior appointments at DARAG and Talanx.