Of Special Interest


[x] [x]

5th July 2020

Newslink Global Insurance Trends-Editor's Weekly Review

This week, Lloyd’s published a number of ways the insurance industry could fast-track global economic and societal recovery from the far-reaching impacts of COVID-19.
These include three open source frameworks, that help build future resilience through innovative partnerships and products together with a Centre of Excellence to better understand, model and provide insurance for systemic catastrophic events. Insurance investment issues were also in the spotlight-with $90tr in infrastructure investment needed globally over the next decade to achieve global growth expectations, success will not be possible without a systemic shift in the way projects are financed to build resilience to climate change, warned a group of industry leaders at an event organised by the Coalition for Climate Resilient Investment(CCRI). European P&C insurers face pressure on profitability as interest rates stay lower for longer, according to Moody's, whilst a State Street survey indicated that the vast majority of insurers are confident in fund managers navigation of the financial markets through COVID-19. On other pandemic issues, GlobalData reveiwed its potential impact on the Canadian insurance market, the likely growth of Usage Based Insurance(UBI), and travel insurance with far fewer business flights. Atradius warned businesses to be vigilant after seeing a rise in fraud during the coronavirus pandemic, and also published its global forecast for the year ahead.
Prudence and replenished capital drove June and July reinsurance renewals accordng to Willis Re 1st View, whilst the Climate Financial Risk Forum(CFRF) published its guide to help the financial industry address climate-related financial risks. Meanwhile, the Prudential Regulatory Authority(PRA) issued a consultation paper on the Solvency II approach proposed post the Brexit transition period.
Insurance Europe responded to a consultation by the European Commission on its digital finance strategy. Independent CPRI platform Dialogue Exchange Global Limited announced that it had been selected for the fast-tracked Lloyd’s Lab COVID-19 cohort 5. Beazley successfully finalised its claims transformation programme powered by Guidewire ClaimCenter. FTI Consulting and ForMotiv announced a global partnership to deliver data capture capabilities and advisory services to insurers and other financial services companies, and INSTANDA bolstered international expansion with its first European partnership. In the US, Lemonade's share price zoomed after its IPO, Mutual Benefit Group migrated from on-premise Duck Creek Claims to Duck Creek OnDemand, and Majesco announced the latest release of its Insurance Data & Analytics Platform. GCube reported that renewable energy asset owners relying more heavily on digital systems during the current period of lockdown–and beyond–must adapt to increased exposure to cyber threats.
Allianz Global Corporate & Specialty(AGCS) embarked on a global transformation programme, and AXA XL received the regulatory nod to change its business license in China from insurance to reinsurance. Compre signed its second legacy transaction with QBE, and DARAG announced completion of the Zurich German A&E portfolio transfer. There were senior appointments at the Managing General Agents' Association(MGAA) and at BMS.

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
The Insurance Newslink unique self-search and automatic reporting service across all insurance/reinsurance sectors has been a trend recording catalyst since its launch in 1993-bringing together significant global market and IT/InsurTech intelligence from source-editing and linking across a Matrix of region/country, regulatory, surveys/research, results, and IT by business application area. The database contains over 53,000 linked articles and is updated twice-weekly.
A 14 day free full trial of the service is available from the website.