Newslink Global Insurance Trends
This week, a Lloyd's report highlighted reputation as one of the most valuable intangible assets to global businesses...
On the same day, the London Market Group(LMG), with Willis Towers Watson, released its latest report reflecting on the lessons learnt from lockdown, what has worked or not and how the market can drive positive change and improve performance in the post pandemic world. 54% of a Chartered Insurance Institute(CII) member survey said the UK Government cannot continue as insurer of last resort, and insurers across the globe are facing an increased demand to enhance their customer-serving digital channels/platforms according to a new report from market research specialists Lumivo. A Willis Towers Watson survey said improved performance and customer centricity drive momentum in use of predictive analytics by life insurers.
With the Brexit deadline looming, the UK High Court approval of Lloyd’s Brexit transfer ensured continuity of cover for its EU customers. EIOPA published a consultation on the Statement on supervisory practices and expectations in case of breach of the Solvency Capital Requirement(SCR), and Insurance Europe published a response to the European Commission’s roadmap for the review of VAT rules for financial and insurance services.
US InsurTech Hippo raised a further $350m, Novidea secured $15m in Series B financing to support global growth, and busy Zywave announced the its latest acquisition-Insurance Technologies Corporation(ITC), a leading US provider of marketing, rating, and management software and services. Go Compare(GoCo Group) is to be acquired by Future for £594m, and Caura added mobile-first motor insurance product to its all-in-one car management app. Praedicat has developed scenarios designed to help insurers that have a clash risk from coronavirus that impact general liability and directors & officers(D&O) lines, RMS collaborated with Willis Re and Securian Financial on launching the first Indemnity-Based Mortality Catastrophe Bond, the Ki platform went live at Lloyd's with partner brokers, and Whitespace added unique video calling capability within its platform. MAPFRE MSV Life in Malta went live with Sapiens’ life & pension core suite and digital solution. Tony Tarquini, director of Insurance, Pegasystems, EMEA, highlighted a couple of key trends for insurance in the next twelve months.
Aviva CEO Amanda Blanc reported "robust" trading performance and the insurer continued its strategy to concentrate on selective markets by announcing that it is to sell its 50% shareholding in Italian JV Aviva Vita. Inigo completed its capital raise of approximately $800m, and Third Point Re shareholders approved issuance of shares and Sirius Group shareholders approved the merger. A new International Debt Collections Handbook from Atradius Collections is now available, and Green2Green Single Risk was launched-a pioneer insurance product by Euler Hermes to foster green economy.