Newslink Global Insurance Trends
On Friday, the UK High Court granted ‘leapfrog’ certificates for an appeal to the Supreme Court to the Financial Conduct Authority(FCA) and seven insurers in the Business Interuption insurance appeals process...
The orders included a series of declarations as to the effect of the judgment, which the FCA will publish as soon as available. In light of the hearing, the FCA will review the final declarations and decide on its next steps. These will include pressing on with the application to appeal to the Supreme Court while continuing discussions with insurers and action groups to find a solution that avoids the need for appeal and enables pay-outs on eligible claims as quickly as possible.
A new report from Mactavish warns of the growing threat of standardised commercial insurance policies, predicting more claims will be rejected. PartnerRe published its annual Cyber Market survey, and a Specops survey said data breaches cost UK enterprises an average of $3.88m per breach. A S&P Global Ratings Report said Dutch life insurers' strong capital pads economic pressure from COVID-19, whilst GlobalData said that Ping An led the way in insurers’ COVID-19 response. Pool Re issued a strategy paper headed "Guaranteeing Great Britain:Managing Terrorism Risk & Building Resilience”.
California joined the Coalition for Climate Resilient Investment(CCRI) to advance the inclusion of climate risk standards into investment decisions. Earlier in the week, the CCRI said COVID-19 should not be allowed to derail progress made in driving greater climate resilience. Insurance Europe published its insight briefing on the Insurance Distribution Directive(IDD). Lloyd's launched the “first-of-its-kind” business interruption insurance policy for small and medium sized enterprises(SMEs), specifically designed to protect them against IT disruption or downtime.
Manitoba Public Insurance choose Duck Creek Suite, and Guidewire solutions were selected by Canadian insurer Trillium Mutual-Guidewire also announced a new Remote Desktop Protocol(RDP), Exposure Signal, for its Guidewire Cyence for Cyber product-cyberattacks against Internet-exposed RDP servers are surging, and Exposure Signal is designed to detect on-demand whether a company’s RDP has been exposed to the internet and a potential cyberattack. Majesco L&A Insurance Data & Analytics Platform was launched, and Sapiens partnered with GreenRoad Technologies, a US specialist in advanced and predictive driving risk analysis. Netherlands-based Royal HaskoningDHV Digital unveiled its hazard intelligence platform. Geospatial imagery and re/insurance intelligence scale up McKenzie Intelligence Services(MIS) was selected for the UK Department for International Trade(DIT) 2020 Virtual InsurTech Trade Mission in San Francisco. Placements with international markets by Willis Towers Watson P&C Hub increased by 67% year on year to reach $525m in premium.
Allianz announced it is to establish a strategic partnership with Jubilee Insurance(JHL) in East Africa, and IGI received repurchase authorisation for Common Shares and Warrants. Munich Re issued a green bond, and Swiss Re announced a further plans to streamline the legal entity structure of the Group. SCOR appointed a new cfo, and Lloyd's is to apply diversity targets to its Council. Ardonagh reported first six months financials, and Coverys launched Celeritas, a European broker for both open market placement and binder business.