The latest US P & C insurers report indicated a 27.5% drop in net income during the first nine months of 2020. UK employees want more financial protection through work according to AIG Life research. GlobalData said that the proposed increase in the foreign direct investment(FDI) limit in the insurance sector in India from 49% to 74% is expected to accelerate growth, and also reported that the Business Interruption(BI) ruling from the UK Supreme Court may save insurers’ reputations in the long run.
The Global Federation of Insurance Associations(GFIA) said that it is essential for the International Association of Insurance Supervisors(IAIS) to recognise the differences between the banking and insurance business models and to therefore apply an approach that is proportionate to the relatively very low risk posed by insurers to financial stability. The British Insurance Brokers' Association's(BIBA)2021 Manifesto aims to improve resilience in the sector among small businesses and for individuals, whilst The Chartered Insurance Association(CII) is looking to improve the diversity of the financial advice profession by introducing a new diversity and inclusion requirement for employers who use the Aspire apprenticeship scheme. Insurance Europe responsed to a consultation by the European Commission(EC) on sustainable corporate governance, and welcomed the EC overall objective of creating a single market for data-it also replied to EIOPA on the application of the Insurance Distribution Directive(IDD).
EIS, a digital platform provider for insurers, announced the expansion of its core EIS Suite to carriers in the life and annuities markets. Rooster Insurance said its app could save good drivers up to 40% in premium. Akur8 and Xceedance announced a strategic partnership to deliver best-in-class actuarial and analytics solutions to insurance organisations. Dialogue launched market-wide single credit risk data, and Thomas Miller is driving member experience with high value Blue Prism automation.
SCOR achieved 15.9% premium growth with 1st January renewals, and Davies launched a new captive management facility in Gernsey. Amongst companies announcing 2020 financials were CNA, IAG, Intact Financial, Talanx, Manulife, MetLife, The Hartford, Zurich; Everest Re and Lancashire. There were senior appointments at Apollo Syndicate Management, Canopius and Hiscox.
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