, the insurance market continued to report third quarter and nine months results. The pandemic has certainly impacted with more to come-one major feature has been the surge in commercial insurance premiums worldwide- the latest Marsh Global Insurance Index reported a global average pricing increase of 20% in the third quarter with UK the highest with 34%, increases being driven principally by property insurance rates and financial and professional lines. With the larger reinsurers optimistic despite large COVID-19 claims, it was also timely for Lloyd's to launch its second blueprint which sets out the delivery plan for the next phase of its strategy to build the most advanced insurance marketplace in the world. Blueprint Two is a two-year programme that brings to life the ambitions published in Blueprint One(September 2019), with solutions that Lloyd's say will radically shift the market to a digital ecosystem, powered by data and technology–ultimately delivering better value at a lower cost for its customers. Meanwhile, RSA reported that it had been in discussion with Intact and Tryg for a month and its Board were minded to favour a sale which would break up the company.
Insurance Europe and other insurance market bodies wrote to the European Commission(EC) about the industry's continued concerns relating to the current review of Solvency II. The Financial Stability Board(FSB) should increase support for private pension systems to boost global retirement resilience and economic recovery from COVID-19 said the Global Federation of Insurance Associations(GFIA), and the Financial Conduct Authority(FCA) reminded insurance firms to review the value of their products in light of the impacts of coronavirus.
The 2020 InsurTech100 was launched by specialist research firm FinTech Global. The prestigious list recognizes the world’s most innovative solution providers that are addressing the digital transformation challenges and opportunities within the insurance industry. Ageas in Portugal selected FRISS Fraud Detection at Claims in order to streamline their digital claim handling, and Maryland-based Harford Mutual went live with Sapiens PolicyPro solution. AIR Worldwide estimates insured losses to onshore property resulting from Hurricane Zeta’s winds and storm surge will range from $1.5bn to $3.5bn.
Arch Capital and Watford Holdings announced a revised definitive agreement, and Apollo agreed heads of terms for an operational partnership with Pelican Ventures Group and J.C. Flowers & Co Insurance, who also are to acquire Ariel Re from Argo. CEH’s AEC Group acquired Lloyd’s coverholder Gava S.R.L in Italy. It was a key week for financial reporting with Insurance Newslink covering the latest releases from AIG, Allianz, AXA, CNA, Liberty Mutual, QIC and RSA; Arch Capital, Axis Capital, Beazley and Hiscox; Hannover Re, Munich Re, and SCOR; Aon, Willis Towers Watson, and Marsh McLennan. US P&C insurers net income dropped 26% in the first half of 2020.
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