TransUnion’s Consumer Pulse study showed that nearly half(48%) of UK households have recently experienced a change to income. Capco research across 13 countries showed that increased education around insurance products, the hyper-personalisation of insurance offerings, and enhanced digital customer experiences all present opportunities for insurers to improve customer engagement and drive better customer outcomes-in addition the report said more effective cross-selling can help insurance companies boost brand awareness, enhance retention levels and drive repeat business. UK car insurance premiums fell to their lowest level in more than five years according to the latest Confused-com/Willis Towers Watson review. German insurers face much higher natural catastrophe losses this year, with storms in June and July already resulting in about E1.7bn in insured losses, estimated S&P Global.
Insurance Europe responded to the Financial Stability Board (FSB) Task Force over proposed guidance on ESG metrics and financial impacts, replied strongly to the International Association of Insurance Supervisors(IAIS) on a draft paper combating money laundering and financing of terrorism, and responded to the European Commission(EC) on EU sectorial social dialogue, on its proposals for the Corporate Sustainability Reporting Directive(CSRD), and also to EIOPA on the European unit-linked insurance market. EIOPA published a supervisory statement on Own Risk and Solvency Assessment(ORSA) in the context of COVID-19. The Financial Conduct Authority(FCA) set out proposals to change disclosure documents provided to retail investors under the Packaged Retail and Insurance-based Investment Products(PRIIPs) regulation.
The British Insurance Brokers’ Association(BIBA) formed an Insurance Technology & Innovation Committee(ITIC) to represent and protect the interests of BIBA members on all technology and innovation related matters. COVID-19 accelerated interconnected trends for Technology Media and Telecoms(TMT) and has impacted the risk landscape in the sector according to a Willis Towers Watson report. Sapiens and Munich Re are to partner to help insurers target the Commercial Insurance market-starting with the UK, and Gore Mutual became the first Canadian insurer using Guidewire Cloud to deploy the full InsuranceSuite.
AIG and Blackstone announced that they had reached a definitive agreement for Blackstone to acquire a 9.9% equity stake in AIG’s Life & Retirement business for $2.2bn in an all cash transaction. Allianz reported the establishment of a new Global Commercial Insurance division, and the strategic restructuring of its UK operations to create distinct Personal and Commercial businesses. Direct Line Group are to partner with Motability Operations, and Liberty Mutual are seeking to acquire Malaysian insurer AmGeneral. Medical & Commercial International(MCI), the specialist managing general agency, received ‘in-principle’ approval from Lloyd’s for Syndicate 1902, and a New Pool Re report highlighted the terrorist threat to retail and hospitality sectors. Financial reports included Travelers, Beazley, and Munich Re. There were senior appointments at Lloyd's and Hiscox where long-term ceo Bronek Masojada is to retire at the end of 2021 to be replaced by cfo Aki Hussain.
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