25th October 2020

Newslink Global Insurance Trends-Editor's Weekly Overview

This week, EIOPA published its third annual European Insurance Overview. Insurance Europe published responses to a survey by the ESAs on their proposals for disclosure templates for environmental and/or social financial products, and to an inception impact assessment conducted by the European Commission(EC) on the revision of the European Long-Term Investment Funds(ELTIF) regulation. Insurance Europe also stated that it is premature to call for mandatory AI(artificial intelligence) insurance due to insufficient underwriting data and lack of similarity between risks. HM Treasury called for evidence in its review of Solvency II.
The London Market Group released a report on the progress and successes in their work with the UK Government to seek new trading opportunities to drive the London Market’s next phase of growth around the world. The Insurance Development Forum's(IDF) latest White Paper-"The Development Impact of Risk Analytics"- aimed to demonstrate the importance of risk insight as a foundation for resilience and sustainable development, and how access to risk understanding can-and should-be accelerated. GlobalData reported on Indian and Malaysian insurance markets. COVID-19 continues to drive down UK car insurance prices according to the latest Confused.com/Willis Towers Watson report.
Charles Taylor InsureTech launched Authority Hub, a new solution that aims to transform the way insurers manage and control authorities. The Lloyd’s Market Association(LMA) announced that London’s Expert Management & Settlement Platform-Gemini-has delivered Phase II, instigating the payment of fees to an expert using the automated settlement facility whilst capturing structured data and MI in relation to expert spend, performance, and claims leakage. Munich Re Automation Solutions signs a global partnership with Generali on life insurance applications globally, and SSP remotely delivered a full system replacement to Seychelles-based Sacos Group. Davies signed a three-year agreement to renew and broaden its use of Verisk claims solutions.
Allianz was once again named the world’s top insurance brand in Interbrand’s Best Global Brands Ranking. Lloyd’s approved Picnic Syndicate 2460 to support community mutuals as a syndicate in a box(SIAB). Hannover Re's E+S Ruck expects rising prices for P&C reinsurers in Germany, whilst Munich Re estimates a drop to around E200m profit for the third quarter. Travelers net income doubled in the third quarter. There were senior appointments at Hiscox, QBE, and Whitespace.



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