Newslink Global Insurance Trends
This week, Fitch reported North American P/C insurer losses were manageable despite coronavirus performance declines...
...whilst Moody's highlighted that global reinsurers had reported weak half year earnings as pandemic claims intensify. COVID-19 increased pressure on world resilience as the global insurance protection gap reached a new high, according to Swiss Re Institute indices. UK insurers need to be transparent with income protection policies as key cover is withdrawn, warned GlobalData. Marsh's Political Risk Map Update indicated an increase in risk scores in the first half, and cryptoasset insurer Evertas research found that institutional investors are optimistic about a future rise in the value of Bitcoin. Insurance Europe responded to the European Commission on the EU’s strategy for adaptation to climate change, and the Chartered Insurance Institute(CII) reported on its survey of how safe insurance professionals feel at work.
Aon and Willis Towers Watson received their shareholders nod to combine the major brokers-the combination, which remains subject to customary regulatory and other closing conditions, is expected to close in the first half of 2021- market reaction since the earlier announcement of a potential merger has been mixed. Ageas subscribed HKD3,100m(E340m) to a capital increase in Taiping Re(TPRe) and will acquire 25% of the Chinese reinsurer’s enlarged share capital. Malta-based Marco Capital launched into Europe’s P&C run-off market, and is to purchase Allianz-owned British Reserve(BRIC) in run-off to provide an underwriting platform for further acquisitions.
INSTANDA and Capco announced a new partnership to accelerate digital transformation in the insurance industry, and Quotall announced a major upgrade that further enhances mobile first experience and improves integration with third party software and systems. Majesco went live with a test version of Salesforce Sales Cloud, and MIB has signed up more than 50 US life insurance carriers to use its MIB EHR platform for the exchange of medical information for underwriting-a key milestone in the adoption of electronic health records.
Swiss insurer Helvetia announced half year results, and there were senior appointments at Lloyd's, DARAG, Fidelis, BMS, and Ed.