Newslink Global Insurance Trends
This week, Lloyd’s set out recommendations for building simpler insurance products in response to COVID-19, and also launched a new report on cities at risk from global threats...
Fitch Ratings said that US P/C industry's reported 3Q20 natural catastrophe losses will be the largest since 3Q17-AIR Worldwide estimated insured losses to onshore property from Hurricane Delta will range from $1bn to $3bn-the latest in a very active season. A threat of fines drives UK Board decisions on cybersecurity spend said research by Thycotic. EY's new NextWave report discusses how six megatrends are reshaping the global life insurance and retirement market, whilst US Life insurance activity returned to pre-pandemic growth in September after a surge in July and August, according to the MIB Life Index.
Two-thirds of UK insurance professionals feel the Financial Conduct Authority's(FCA) business interruption case has reduced trust in the sector, according to a Chartered Insurance Institute(CII) poll-later in the week, the FCA proposed additional measures to help insurance customers in financial difficulty because of coronavirus. Insurance Europe published a response to a consultation by the EC on a revision of the electronic identification and trust services(eIDAS), and also replied to a discussion paper by EIOPA on climate change, liquidity risk and multi-period stress testing. EIOPA called on the EU insurance sector to complete preparations for the end of the UK transition period.
The Sequel Re Portal for reinsurance professionals was launched. Swiss Re and Daimler launched a new company(Movinx) to transform automotive and mobility insurance business, whilst RMS and Tokio Marine Holdings are to expand and deepen their Global Commercial Partnership. State Street and SimCorp announced their intention to form a business partnership to provide a fully integrated, front-to-back investment outsourcing solution for insurance firms in EMEA.
Arch Capital announced a definitive agreement to acquire all the common shares of Watford in an all-cash transaction, and ArgoGlobal finalised an agreement on a RITC Transaction with RiverStone. Compre strengthened its board for further growth and completed its first US transaction and a senior Bermuda hire