Lloyd’s announced it had secured a landmark £650m five-year cover for the Central Fund which supports sustainable, profitable long-term market growth-the protection was structured and placed by Aon and financed by investment bank JP Morgan–as well as a panel of eight reinsurers-Arch, Berkshire Hathaway, Everest Re, Hannover Re, Munich Re, RenaissanceRe, Scor and Swiss Re. The latest Swiss Re Institute report said COVID-19 cut macroeconomic resilience by 18% in 2020, whilst the global insurance protection gap reached a new high. A new Cybereason Ransomware Study revealed the true cost to business, and Roger Grimes of KnowBe4 discusses "cybersecurity-an evolving landscape". GlobalData predicted that a favourable regulatory landscape could enable the Chinese reinsurance market to grow at 6.8% CAGR through 2024.
Tractable, the AI company helping insurers with accident and disaster recovery, announced a $60m Series D investment-the round doubles the total raised by Tractable from $55m to $115m and values the company at $1bn–making it the world's first computer vision 'unicorn' for financial services. Guidewire won three XCelent Awards for Claims in EMEA, and ConTe.it, Admiral's Italian arm, extended its transformation to Claims with the latest Guidewire deployment. RMS released its annual Northern Hemisphere Tropical Cyclone Outlook, and Willis Tower Watson announced a project to support the climate adaptation and financial resilience of coastal communities in Fiji and Papua New Guinea(PNG). Sapiens is offering US insurers an effective way to meet ISO NCCI reporting requirements. EIOPA published a report on artificial intelligence governance principles.
The Prudential Regulatory Authority(PRA) set out information regarding its Quantitative Impact Study(QIS), which will support the review of Solvency II. Insurance Europe and Invest Europe published their joint position paper that calls on the EC to make improvements to Solvency II, and European associations launched European Retirement Week. The Association of British Insurers(ABI) favourably commented on the Taskforce on Innovation, Growth and Regulatory Reform report.
Intact and Tryg are to sell Codan, owned by RSA, to Alm. Brand A/S Group, and, also in the Baltic Region, Invalda INVL is to acquire Mandatum Life. IGI’s financial strength ratings were reaffirmed by S&P Global Ratings.
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