Of Special Interest


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22nd March 2020

Newslink Global Insurance Trends-Editor's Weekly Overview

This week,the COVID_19 pandemic continued to impact insurance markets worldwide. Lloyd's closed its Underwrting Room saying emergency trading protocols will enable the market to continue trading. AIR Worldwide reviewed the progression of COVID-19, and yesterday, the Financial Conduct Authority(FCA) said that it would be writing in the evening to companies it is aware were intending to publish preliminary financial statements in the next few days to delay their planned publications. Earlier in the week, the FCA set out expectations for general insurance firms during the pandemic to which the Chartered Insurance Institute(CII) responded. Mactavish said the UK Government should consider introducing Coronavirus-related emergency measures to support insurers to ensure they can still offer affordable cover, whilst Generali is to create an Extraordinary International Fund of up to E100m dedicated to the fight against the virus emergency.
The International Accounting Standards Board(IASB) proposed the effective date of IFRS 17 Insurance Contracts be 1st January 2023, and Insurance Europe responded to a consultation by EIOPA on its draft guidelines on ICT security and governance. Lloyd's launched a new report on the renewable energy sector, and GlobalData reported that UK household insurance gross written premiums fell by 4.9% in 2018 to £6.2bn.
Majesco announced the release of "Insurance Digital Transformation: A New Era of Core Systems, Next Gen Technologies and Ecosystems", whilst Sancor Seguros do Brazil deployed Guidewire solutions.
Prudential plc entered into a strategic bancassurance partnership with TMB Bank in Thailand. Bermuda-based Multi-Strat Holdings announced a majority acquisition of the company by Canopius Group, and IGI and Tiberious reported the consummation of the previously announced business combination. Swiss Re published its 2019 Annual Report, Sustainability Report and the agenda for the upcoming AGM. Willis Towers Watson revealed the launch of A Class, a community group dedicated to delivering data, knowledge and solutions to its business aviation clients. Aspen's Group executive chairman and ceo Mark Cloutier said "2019 was both a challenging and transitional year". There were senior appointments at Aspen, cryptoasset insurer Evertas, EC3 brokers, and RMS.

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