Of Special Interest


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7th March 2021

Newslink Global Insurance Trends-Editor's Weekly Overview

This week, Munich Re announced it is to partner with Google Cloud and Allianz to develop cyber insurance-the starting point for the cooperation is the continuing trend towards cloud usage-for a majority of larger organisations, the cloud has already been embraced as a way of doing business. A S&P Global report discussed insurers' exposure to Silent Cyber-the rating agency also reported that reinsurers were left wanting more despite global reinsurance pricing gains at January renewals. A Bloomberg Intelligence report indicated US Business Interruption(BI) claims trial cases direction. COVID-19 and sustainability will be key insurance themes in 2021, according to GlobalData, who also stated that China opening up to foreign insurers will benefit domestic players.
Insurance Europe published its response to EIOPA on a potential methodology for the inclusion of climate change in the Solvency II natural catastrophe standard formula, and also replied to a consultation by the European Data Protection Board(EDPB) on draft guidelines on examples regarding data breach notifications. The Chartered Insurance Institute(CII) Society of Insurance Broking urged brokers to tackle reputational risks, and the Association of British Insurers(ABI) commented on the publication of Statutory Instruments to amend Civil Procedure Rules and introduce Whiplash Tariffs.
Juniper Research suggested that the value of premiums generated by InsurTech platforms will exceed $556bn in 2025, from $250bn in 2020. Helvetia Seguros and Munich Re are to partner for digital life insurance underwriting in Spain, and Swiss Re announced a strategic partnership with radar satellite-based flood monitoring provider ICEYE. Duck Creek Technologies and Capgemini have provided RSA with a new self-serve platform for Personal Lines products, whilst US-based Core Specialty partnered with Duck Creek for increased speed to market and operational efficiency. EIS is partnering with esure Group to expedite its digital transformation, Sapiens ceo reported on financials, and Willis Towers Watson and CDL are to work together to enhance real-time pricing for insurance providers. Whitespace Software, a quickly growing provider of digital placing technology to the (re)insurance market, signed a definitive investment and acquisition agreement with Sequel, a Verisk business.
A refocusing Aviva reported 2020 financials, announced its exit from Italy with Allianz and CNP the acquirers, and reported its plan to become a Net Zero carbon emissions company by the 2040s. SiriusPoint launched with over $3bn in capital. Other financials reported included Admiral, Berkshire Hathaway, Enstar, and Hiscox. Beazley ceo Andrew Horton is to head up QBE, to be succeeded by cuo Adrian Cox, and there were senior appointments at Optio and SCOR.


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

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