- Insurance Newslink Global Trends-Editor's Weekly Overview
- Lloyd's publishes its new Culture Dashboard
- CII urges action to restore trust
- Swiss Re confirms claims and reserves related to COVID-19 of $2.5bn-resulted in a net loss of $1.1bn but confident for the future
- Hastings Insurance Group confirmed that it has been approached regarding a possible cash offer
- US P&C surplus fell by $75.7bn in first quarter
- RMS estimates that US insured losses from Hurricane Hanna will not exceed $400m expired
- Sapiens to acquire Boston--based Delphi Technology expired
- Chubb reports net loss for second quarter of $331m expired
- RSA operating and underwriting results up for first half expired
- AXIS Capital reports net income of $112 m for second quarter expired
- Lancashire produced strong underwriting performance in first half expired
2nd August 2020
Insurance Newslink Global Trends-Editor's Weekly Overview
This week, there was a spate of second quarter and first half results, with a wide range of outcomes depending on the company's exposure to COVID-19 pandemic risk. Swiss Re confirmed claims and reserves related to COVID-19 of $2.5bn for the half year-resulting in a net loss of $1.1bn, but it was confident for the future, as most insurers and reinsurers reporting were. Other financials covered by Newslink were Chubb, Coface, MAPFRE, QIC and RSA; AXIS Capital, Everest Re, Lancashire, PartnerRe, RenaissanceRe; and Wills Towers Watson.
The surplus for the private US property/casualty insurance industry dropped by $75.9bn in the first quarter of 2020—its largest-ever quarterly decline—as the stock market suffered a major downturn, according to the regular Verisk and the American Property Casualty Insurance Association(APCIA) report. RMS estimated that US insured losses from Hurricane Hanna will not exceed $400m. InsurTech fundraising rebounded as $1.56bn was invested in Q2 2020 with four more ‘mega-rounds’ completed, according to the Willis Towers Watson Briefing.
Guidewire announced its own investment in three InsurTechs-Betterview, CLARA Analytics, and IMburse, Praedicat reported on initial results from its COVID-19 litigation tracker, and Verisk released its updated cyber risk modelling platform. Sapiens announced that it had entered into a definitive agreement to acquire Delphi Technology, a leading vendor of software solutions for US property & casualty(P&C) carriers in the medical malpractice sector.
The Chartered Insurance Institute(CII) revealed actions insurers can take to restore trust in the insurance profession as small and medium-sized business are becoming increasingly concerned about policy exclusions. The Association of British Insurers(ABI) reported that the cost of motor insurance in UK fell to a four year low and lockdown savings were being passed on to motorists, whilst the International Underwriting Association(IUA) published a new model clause for clarifying coverage of motor terrorism risks. Insurance Europe warned the European Commission(EC) against its proposals to introduce a new definition of “sustainability preferences” across the delegated acts of MiFID II, the Insurance Distribution Directive(IDD) and Solvency II-it also published a response to a consultation by the EC on its action plan for a comprehensive EU policy on preventing money laundering and terrorist financing, and also replied to the EC on its roadmap for common data spaces.
Lloyd's published its new Culture Dashboard. Hastings Insurance Group confirmed that it had been approached approached regarding a possible cash offer. PartnerRe announced the appointment of Jacques Bonneau as its president and ceo, succeeding Emmanuel Clarke, and there were senior appointments in Everest Re's Insurance Division.
Full articles on the above topics are included in those added this week to the unique Newslink Global Trends Database Research Matrix service at www.onlystrategic.com
The self-search and reporting service across all insurance/reinsurance sectors has covered key global trends since its launch in 1993-bringing together significant worldwide market and IT/InsurTech intelligence from source-editing and linking across 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.