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Newslink Global Insurance Trends

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Topics: Alternative Capital Claims & Losses Covid-19 (Coronavirus) Cyber Directors & Officers Environmental Liability InsurTech Kidnap & Ransom Marine Cargo Marine Hull Marine Liability Market Moves Mergers & Acquisitions Property - North America Rates Solvency II Topical Trends

This week, the Swiss Re Institute estimated $83bn global insured catastrophe losses in 2020-the fifth-costliest on record...

 AGCS released a thought-provoking report-"Directors and Officers Insurance Insights 2021", and The Geneva Association published "Social Inflation: Navigating the evolving claims environment". Mactavish reported UK businesses were facing huge increases in insurance premiums with further rises expected in 2021, and research from Marine Judge, the AI-driven marine insurance platform, revealed that 44% of managers involved in maritime insurance claims say the biggest challenge they face is the claims process itself taking too long. Lloyd's and Parsyl launched an insurance initiative for distribution of COVID-19 vaccines, and the Corporation also issued a ESG report which set out its plans for accelerating the transition to a more sustainable insurance and reinsurance marketplace-the Chartered Insurance Institute(CII) indicated full support.

EIOPA submitted its Opinion on the Solvency II 2020 Review to the European Commission(EC)-Insurance Europe said EIOPA's Opinion failed to offer focused improvements necessary, whilst The Association of Mutual Insurers and Insurance Cooperatives in Europe(AMICE) said it could have gone further to progress Solvency II evolution-meanwhile, S&P Global said the review of Solvency II post-Brexit is still a waiting game For UK insurers. Insurance Europe responded to a joint consultation conducted by the EC and the JRC on Ecolabel criteria for retail financial products, and also replied to the OECD blueprint to create a single set of international tax rules to address base erosion and profit shifting(BEPS). A new group for senior claims managers in the London Market has been established by the International Underwriting Association(IUA)-it has been set up after work to monitor the development of COVID-19 claims highlighted the need for a high level members’ forum, and will also take an active role in representing company market views on the planned London Market digitisation of claims processes outlined in the Future of Lloyd’s modernisation project. Jeremy Trott, non-executive director of the CII Society of Claims Professionals, praised how the profession adapted to the challenges of COVID-19 by showing “an incredible amount of intuition and entrepreneurship”.

Guidewire got off to a solid start in its first fiscal quarter. RMS estimated that total insured losses from the 2020 Western US wildfires will be between $7bn–$13bn. Sequel Business Solutions, a Verisk company, announced a partnership with ACORD as its strategic global messaging partner. As a Licensed Integrator Partner of ACORD Solutions Group(ASG), Sequel will be leveraging ASG’s next-generation digital solutions to drive efficiencies for its clients through standardised digital data exchange-Sequel's systems support over £12bn of premiums processed annually across more than 20 different countries.

BBVA Allianz Seguros began operations in Spain, and Aviva Vietnam Life is to be sold to Manulife Financial Asia. Terms were agreed for Bain Capital Credit to acquire LV=. The latest Beazley Breach Insight Report indicated that ransomware severity and costs have increased in 2020. Brit completed the launch of its debut cat bond. There were senior appointments at Aviva, Hiscox, RSA, and SCOR Board of Directors chose Benoît Ribadeau-Dumas to succeed Denis Kessler as ceo in 2022.

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