24th January 2021

Newslink Global Insurance Trends-Editor's Weekly Overview

This week, a trio of COVID-19 related risks headed up the 10th Allianz Risk Barometer 2021, reflecting potential disruption and loss scenarios companies are facing in the wake of the coronavirus pandemic. As the sector expands, risk managers must respond to an evolving risk landscape prompted by climate change, highlighted Willis Towers Watson’s annual Renewable Energy Market Review. The broker also said its 2020 Reputational Risk Survey revealed that 86% of clients are concerned about loss of income and a reduced customer base due to reputational risk. GlobalData reviewed growth prospects for the life sector in Taiwan and general insurance in Thailand.
The Global Federation of Insurance Associations(GFIA) published a collection of some of the many cyber-risk and cyber-insurance awareness initiatives being undertaken by the insurance industry, whilst the World Economic Forum(WEF) said that the world needs to wake up to long-term risks in its latest Global Risk Report. The Financial Conduct Authority(FCA) published proposals to introduce a price cap on the fees claims management companies(CMCs) charge their customers in relation to claims for financial products and services. The Chartered Insurance Institute(CII) said that eight out of ten insurance professionals recommend reskilling to enter the profession.
Tom Payne, managing director for UK and Europe at Verisk Underwriting, said in an Opinion article that the London Market is on course for a digitally-driven future. Aviva is expanding investments in FinTech and InsurTech through a new collaboration with venture capital firm Anthemis. Croatia Osigurahje went live with Sapiens IDITSuite for its new digital Motor brand LAQO. RMS launched its new Cyber Underwriting Application, and SCOR has developed an innovative biometric risk calculator to improve the life underwriting process. Charles Taylor acquired the remaining stake in Otak to take full ownership of the Tide insurance technology platform, and also launched Specialist Investigation Services. Sedgwick's UK fraud investigation division appointed a new leader and announced new investment in leading AI technology.
Intact Financial and RSA shareholders agreed acquisition terms. Zurich UK is offering claimants a mental health lifeline. Hiscox outlined its claims position after the Supreme Court BI Judgment, and Corant Global launched. Marsh Ltd announced Tom Colraine as chairman in the UK.





INSURANCE NEWSLINK-GLOBAL TRENDS RESEARCH SELF-SERVICE

With the COVID-19 pandemic necessitating a dispersed workforce resulting in a surge in digitisation, climate change ongoing issues, growing cyber threats, and public trust a continuing challenge, there is an increasing need for key staff to keep in touch with global market trends and to be able to speedily drill down on areas of interest and print/email an automatic report.
Full articles on the topics in the Editor's Weekly Overview above are included in those added this week to the unique Insurance Newslink Global Trends Database Research Matrix service at www.onlystrategic.com

The self-search and reporting service across all (re)insurance sectors has covered key global trends since its launch in 1993-bringing together significant worldwide market and IT/InsurTech intelligence from source-editing and linking across region/country, regulatory, surveys/research, results, and IT by business application area. The database contains over 53,000 linked articles and is updated twice-weekly.

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