Newslink Global Insurance Trends
This week, Allianz (AGCS) launched a new report - "COVID-19–Changing Claims Patterns"...
The World Economic Forum(WEF) highlighted that unemployment is the main concern for business executives globally, whilst the UK State Pension age rose to 66-a survey indicated that millions say they will never be able to retire-retirement age is due to rise again to 67 in 2026. Global health care benefit cost increases are expected to jump by more than 8% in 2021 said a Willis Towers Watson survey.
The International Underwriting Association(IUA) reported that London Company Market premiums grew by 10% last year. The Association of British Insurers(ABI) and 35 insurer members signed up to the Race at Work Charter. Insurance Europe responded to a consultation by the European Commission(EC) on its review of the Network and Information Security(NIS) Directive, on the Green Bond Standard(GBS), and the new consumer agenda. EIOPA outlined its approach to the supervision of product oversight and governance. The British Insurance Brokers' Association(BIBA) called for zero-rate Insurance Premium Tax(IPT) for young driver telematics policies.
Beazley's Virtual Care global broker portal went live. Conning was selected by the NAIC to provide scenario files for use in calculations of life and annuity statutory reserves and capital, and Munich Re Automation plans to invest approximately E16m in Horizons, an innovative research & development programme, supported by the Irish Government. Swiss Re and Hitachi are launching a new industry solution that helps organisations accelerate their digital transformation while minimising the risk, and INSTANDA revealed the findings of "The Insurance Disconnect" report, a deep dive into the sentiment of senior insurance leaders in the UK towards the capabilities of their existing IT systems. Guidewire was positioned as a Leader in the “Gartner Magic Quadrant for Non-Life Insurance Platforms, Europe” for third consecutive year, JBA Risk Management announced the launch of its Climate Change Analytics, and Percayso Inform partnered with Equifax to enhance its insurance data platform.
White Mountains is to significantly expand capitalisation in ARK, acquiring a majority interest. The Chartered Insurance Institute(CII) at its virtual AGM appointed Aon UK chief executive Julie Page as president, and Optio appointed Matthew Fosh as executive chairman.