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2nd August 2020

Insurance Newslink Global Trends-Editor's Weekly Overview

This week, there was a spate of second quarter and first half results, with a wide range of outcomes depending on the company's exposure to COVID-19 pandemic risk. Swiss Re confirmed claims and reserves related to COVID-19 of $2.5bn for the half year-resulting in a net loss of $1.1bn, but it was confident for the future, as most insurers and reinsurers reporting were. Other financials covered by Newslink were Chubb, Coface, MAPFRE, QIC and RSA; AXIS Capital, Everest Re, Lancashire, PartnerRe, RenaissanceRe; and Wills Towers Watson.
The surplus for the private US property/casualty insurance industry dropped by $75.9bn in the first quarter of 2020—its largest-ever quarterly decline—as the stock market suffered a major downturn, according to the regular Verisk and the American Property Casualty Insurance Association(APCIA) report. RMS estimated that US insured losses from Hurricane Hanna will not exceed $400m. InsurTech fundraising rebounded as $1.56bn was invested in Q2 2020 with four more ‘mega-rounds’ completed, according to the Willis Towers Watson Briefing.
Guidewire announced its own investment in three InsurTechs-Betterview, CLARA Analytics, and IMburse, Praedicat reported on initial results from its COVID-19 litigation tracker, and Verisk released its updated cyber risk modelling platform. Sapiens announced that it had entered into a definitive agreement to acquire Delphi Technology, a leading vendor of software solutions for US property & casualty(P&C) carriers in the medical malpractice sector.
The Chartered Insurance Institute(CII) revealed actions insurers can take to restore trust in the insurance profession as small and medium-sized business are becoming increasingly concerned about policy exclusions. The Association of British Insurers(ABI) reported that the cost of motor insurance in UK fell to a four year low and lockdown savings were being passed on to motorists, whilst the International Underwriting Association(IUA) published a new model clause for clarifying coverage of motor terrorism risks. Insurance Europe warned the European Commission(EC) against its proposals to introduce a new definition of “sustainability preferences” across the delegated acts of MiFID II, the Insurance Distribution Directive(IDD) and Solvency II-it also published a response to a consultation by the EC on its action plan for a comprehensive EU policy on preventing money laundering and terrorist financing, and also replied to the EC on its roadmap for common data spaces.
Lloyd's published its new Culture Dashboard. Hastings Insurance Group confirmed that it had been approached approached regarding a possible cash offer. PartnerRe announced the appointment of Jacques Bonneau as its president and ceo, succeeding Emmanuel Clarke, and there were senior appointments in Everest Re's Insurance Division.

Full articles on the above topics are included in those added this week to the unique Newslink Global Trends Database Research Matrix service at www.onlystrategic.com
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