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14th March 2021

Newslink Global Insurance Trends-Editor's Weekly Overview
Trend

This week, Lloyd’s published the first version of its Core Data Record(CDR) for consultation with the market. The CDR will ultimately enable standardised, quality data to flow through the Lloyd’s market with the aim of significantly improving operations, reducing the cost and effort of doing business, and delivering a better service to customers. This represents a key milestone for Lloyd’s Blueprint Two programme, which is the second phase of Lloyd’s Future at Lloyd’s strategy to shift the market to a digital ecosystem, powered by data and technology-key to this progress and accelerating to a digital future, Lloyd’s is collaborating with ACORD to adopt the global standards already used in the London Market and internationally. Lloyd’s will continue to explore opportunities for collaboration to simplify access and provide better solutions in the placement, claims and settlement journeys.
Ping An, founded in Shenzhen, China, in 1988, is the biggest insurer in the world with total assets of close to $1.25tr, according to TradingPlatforms.com. The International Association of Insurance Supervisors(IAIS) completed the first year of monitoring for the Insurance Capital Standard(ICS)-the ICS aims to provide a globally comparable risk-based measure of capital adequacy of International Active Insurance Groups(IAIGs) and a common language to facilitate effective supervisory discussions of group solvency. The ultimate goal is a single ICS that includes a common methodology by which one ICS achieves comparable, ie substantially the same, outcomes across jurisdictions. Insurance Europe responded to EIOPA on non-life underwriting and pricing in the light of climate change.
In the US, Society Insurance deployed a Guidewire solution, American European selected Majesco P&C Core Suite on Majesco CloudInsurer. whilst Sontiq acquired award-winning data breach intelligence FinTech Breach Clarity. Sapiens announced the general availability of its new CoreSuite for Life & Annuities for North American customers and CoreSuite for Life & Pensions for EMEA and APAC customers.
Hippo entered into a definitive business agreement with venture capital company Reinvent Technology Partners Z. ERS announced a $350m capital raise and RiverStone completed an exclusive agreement with Hamilton Managing Agency for a RITC transaction. DARAG acquired SunPoint in Bermuda and signed a retrospective quota share reinsurance agreement with Protector Forsikring in Norway. 2020 financial reports included those from Direct Line, esure, and Generali; Channel Syndicate, Hannover Re, and IGI. Their were senior appointments at Pool Re, QBE, and GRS.




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