Of Special Interest


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6th September 2020

Newslink Global Insurance Trends-Editor's Weekly Overview

The cyber insurance market is set to grow rapidly over the next decade as the COVID-19 pandemic encourages organisations to speed up their digital transformation, inevitably increasing systemic vulnerabilities to cyber attacks, said S&P Global Ratings in a report this week. DBRS Morningstar released a commentary discussing the mid-term 2020 results of a select sample of large global property and casualty (P&C) reinsurers. Hurricane Laura insured losses to onshore property were estimated at $4-8bn by AIR Worldwide, whilst later in the week RMS estimated total onshore US insured losses will be between $9bn–$13bn. A new Juniper Research study indicated that the number of vehicles with embedded connectivity will reach 200 million globally by 2025; rising from 110 million in 2020. UK insurers must do more to support COVID-19-related mental health issues, said GlobalData, who also reported Saudi insurers were struggling with solvency and decline in policy sales due to the pandemic.
The Global Federation of Insurance Associations(GFIA) published a position paper on climate change adaptation and mitigation calling on policymakers to act in several areas. Insurance Europe responded to a consultation conducted by the European Commission(EC) on its inception impact assessment regarding the review of Solvency II and also published a response to a consultation by the European Central Bank(ECB) on its ongoing strategy review. Insurance Europe's 2019-20 Annual Report was published. The number of UK motor insurance claims notified to insurers in the second quarter of the year fell significantly according to figures from the Association of British Insurers(ABI).
Zurich announced acceleration of the roll-out of its digital offering launching a new unit to expand digital services worldwide and create a more intimate connection with its customers and partners. Ecclesiastical launched desk-based video inspections to customers following investment in new technology. Sapiens PolicyPro solution was chosen by Alberta-based Western Financial Group, and Guidewire reported fiscal year results ended 1st July. UK InsurTech Urban Jungle raised an ‘extra £1.6m’ to expand into new markets.
The UK Government announced the latest five year review of Pool Re. DARAG concluded a novation agreement with a leading Cayman reinsurer, and Beat Capital Partners announced a strategic partnership with Bain Capital Credit. China Re reported strong growth in the first half. Zurich announced key leadership appointments and new Executive Committee members. QBE stated that ceo Pat Regan would be departing following the outcome of an external investigation concerning workplace communications. There was a senior US appointment at BMS.

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