Reason and logic govern the firming reinsurance landscape according to Willis Re 1st View. The catastrophe bond market broke all records in 2020 reported Artemis.
The Intergovernmental Panel on Climate Change(IPCC), currently working on its next comprehensive report, the Sixth Assessment Report(AR6), will open the draft Working Group III contribution for a second review by experts. Meanwhile, Insurance Europe responded to an EIOPA consultation on the use of climate change scenarios in an insurer’s ORSA, and the Prudential Regulatory Authority(PRA) issued "CP1/21 Solvency II: Deep, liquid and transparent assessments, and GBP transition to SONIA". Insurance Europe also said work to improve PRIIPs KID must prioritise insurance consumers, instead of self-imposed deadlines. The Chartered Insurance Institute(CII) responded to the FCA Coronavirus Financial Resilience Survey, and reported on a survey of members identifying the biggest challenges for 2021. The UK State Support Scheme to protect intercompany trade was extended into 2021.
EIS research showed 59% of insurers are upping digital transformation spend. A Databarracks survey indicated ransomware attacks will grow in frequency and sophistication in 2021-they have increased by 26% since 2018. Willis Towers Watson launched a new version of RiskAgility Financial Modeller to boost reporting capability of insurers.
Generali is to acquire the AXA subsidiary in Greece. Nexus purchased the marine business of Hiscox MGA, R&Q signed an agreement to buy Vibe Group, and BMS Group announced the launch of Asia operations. DARAG reported a reinsurance agreement with a US retailer, and Charles Taylor expanded its US TPA and Insurance Management Services with an acquisition. Marsh launched a Sharing Economy & Mobility (SE&M) industry group in the UK & Ireland, and AnaCap made a growth investment in leading German insurance broker MRH Trowe. There were senior appointments at MS Amlin SE(MS AISE) and BMS.
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