Global commercial insurance prices increased 22% in the fourth quarter of 2020, according to the Global Insurance Market Index released by Marsh. The absence of goods in transit insurance cover for perishable goods at the UK/EU border puts the reputation of insurers at risk, said GlobalData. According to new research published by digital marketing agency AccuraCast, the most important aspect of travel insurance for consumers looking to travel this year is cancellation due to COVID restrictions(35%), followed closely by medical cover, including COVID cover(20%).
Almost six out of 10 insurance professionals suffered depression, anxiety, emotional distress or another mental health condition during the COVID-19 pandemic. A third of 336 Chartered Insurance Institute members polled online in January said their mental wellbeing had not been impacted by the pandemic and 7% stated they were unsure if they were depressed or not. Insurance Europe says EIOPA's approval of flawed PRIIPs changes was seriously bad news for consumers buying insurance-based products.
Economic nationalism and technology regulation are critical political risks for the technology sector, according to Willis Towers Watson. A significant InsTech report examined how COVID-19 and Lloyd's Blueprint Two are accelerating adoption of e-trading in the London Market. DQPro launched a new Market Standard for carrier-side data assurance, initially for the London Market, whilst Sapiens partnered with ACORD to leverage the latter's ADEPT data exchange platform. CoreLogic announced that the company’s Board of Directors had unanimously approved a definitive merger agreement under which funds managed by Stone Point Capital and Insight Partners will acquire all outstanding shares of CoreLogic for $80 per share in cash, representing an equity value of approximately $6bn. Sontiq is to acquire Cyberscout. Convex is partnering with Praedicat to identify unique growth opportunities in casualty, and Duck Creek Technologies announced the pricing of its public offering of common stock. Swiss Re and Diameter Health are joining forces for a breakthrough in digital health data.
Prudential announced a plan to separate Jackson Financial in Q2 through demerger. Antares placed its Lloyd’s China operation into run-off, Hannover Re achieved 8.5% premium growth from 1st January P&C treaty renewals, and QBE is to realign the segment reporting of Inwards Reinsurance to London. Chubbb, Beazley, Markel and Aon were amongst those reporting 2020 financials. There were senior appointments at The International Underwriting Association(IUA), MS Amlin Underwriting, and Swiss Re Corporate Solutions.
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