...regarding the BI claims test case-the FCA will be working with insurers to ensure that they now move quickly to pay claims that the judgment says should be paid, making interim payments wherever possible. The Association of British Insurers(ABI), The British Insurance Brokers' Association(BIBA), the Chartered Insurance Institute(CII) and the Federation of Small Businesses all commented. Insurance Newslink added "this has been a complex and sensitive issue for insureds and insurers. The Supreme Court decision will influence outstanding issues in other countries globally, policy wording clarity, and insurance industry/Governmental collaboration in the future."
Insurance Europe published its response to the International Association of Insurance Supervisors(IAIS) on supervision of climate-related risks, and replied to a Financial Stability Board(FSB) paper on regulatory and supervisory issues relating to outsourcing and third-party relationships. The ABI commented on the short delay to the implementation of the Whiplash Reform Programme. A CII survey indicated the impact of COVID-19 on trust in the insurance profession, and the CII Society of Claims Professionals is preparing for the New Normal of working in 2021.
The coronavirus pandemic is accelerating diversification of the supply chain away from China, reported the latest economic research by trade credit insurer Atradius. Euler Hermes said Brexit could cost UK exporters £25bn as full COVID recovery could be pushed back to 2023. UK comprehensive car insurance premiums fell by 6%(£52) during the last 12 months according to the latest Confused.com Car Insurance Price Index in association with Willis Towers Watson. US life insurance activity hit record growth in 2020 reported MIB Life Index.
Willis Towers Watson launched a suite of cyber assessments to help clients better manage cyber risk, whilst Databarracks predicted that the next pandemic-level threat might be a global cyberattack. SCOR has developed its cyber risk management tool through an innovative partnership with CyberCube. MetLife Gulf is partnering with Munich Re Automation Solutions to support ongoing digital transformation. Builders Mutual has selected Duck Creek Suite OnDemand and Industry Content, Majesco has acquired ClaimVantage, and Sapiens is partnering with Click-Ins to speed up the car damage claims process.
Allianz has set climate targets for specific asset classes in the insured portfolio and is strategically expanding sustainability. Lloyd's received the regulatory nod to set up a new multi Insurance Special Purpose Vehicle(mISPV) to create an insurance market that attracts new forms of capital, including ILS investors. Conduit Holdings reported on early Conduit Re progress, and Bermuda-based Canopius Re gained a Class 4 licence. Willis Towers Watson added Shanghai to its Global Markets P&C Hub. There were senior appointments at Conduit Re and Dale Underwriting.
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