Major reinsurers and researchers updated in lieu of meeting up for the annual Monte Carlo Rendezvous-Munich Re said better preparations need to be made for the major risks of our time-pandemics-climate change, and cyber, Swiss Re expects price increases across all segments to continue, whilst SCOR reported it is well positioned to capture profitable growth opportunities from the new supportive market environment. A Swiss Re sigma study highlighted that global supply chains are undergoing fundamental and accelerated restructuring. Willis Re measured a modest 3% decline in global reinsurance capital in the first half of 2020 saying COVID-19 “was not a capital event”, and a S&P Global report said global reinsurers face a threat If COVID-19 losses are followed by a major catastrophe. Allianz Global Corporate & Specialty(AGCS) reviewed increasing liability exposures worldwide. A Clearwater International report revealed unabated UK insurance M&A activity despite economic headwinds.
Insurance Europe published its response to a consultation by the IAIS on the impact of COVID-19 on insurers, and also replied to a roadmap consultation by the EC on an EU digital ID scheme. Association of British Insurers(ABI)research indicated that last year every five minutes a fraudulent claim was discovered. The Chartered Insurance Institute(CII) have opened nominations for the upcoming Building Public Trust Awards, and its Society of Insurance Broking revealed plans for its third year. The CII has also reviewed both its London property requirements following the pandemic in 2020 and will downsize to the nearby ‘walkie talkie’ building 2021, close its Woodford administration centre, espousing home working.
The ACORD InsurTech Innovation Challenge London winner was announced. The Floow and Direct Line Group(DLG) launched Drive Xpert saying it is the first pure app-only telematics insurance initiative in the UK market, whilst Majesco teamed up with KPMG to leverage its Digital1st Insurance platform.
Hiscox created a new Crisis Management division, and SCOR successfully placed E300m subordinated Tier 2 notes. Willis Towers Watson is partnering with the University of Oxford on a new cyber research programme. Aspen reported after-tax loss of $48.2m for the first half. Hans De Cuyper will succeed Bart De Smet as ceo of Ageas. There were senior appointments at Hamilton Re, Hiscox, Nexus, Pro, Guy Carpenter, and BILTER.
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