4th April 2021

Newslink Global Insurance Trends-Editor's Weekly Overview
Trend

This week, a Swiss Re Institute Sigma Report headlined regarding natural catastrophes in 2020-secondary perils in focus but primary peril risk remains–combined insured losses could reach $300bn. The pandemic is accelerating megatrends for German insurers, said a S&P Global report. International reinsurance renewals completed for 1st April 2021 followed trends set earlier in the season, as market pricing remained firm in virtually all classes and territories-capacity was adequate across the board, and no substantive changes took place in negotiations over exclusionary language, according to the latest 1st View renewals report from Willis Re. Digital health, telehealth and wellness: attitudes to risk and insurance, were revealed in new research published by Beazley.
A new good practice guide for delegated authorities was published by the International Underwriting Association (IUA). Insurance Europe published a response to EIOPA on its pilot dashboard for insurance protection gaps for natural catastrophes, and replied to a consultation by the IAIS on its draft application paper on the supervision of control functions. The Geneva Association and IFTRIP issued a second report in a series on cyber terrorism and cyber war(CTCW).
US-based London Underwriter successfully implemented INSTANDA's technology to create a new InsurTech–Bunch Insurance, whilst HTC Global Services and Willis Towers Watson are to collaborate to improve operational efficiency and speed to market for insurers.
Lloyd’s announced an aggregated market loss of £0.9bn for 2020(2019: £2.5bn profit), including net incurred COVID-19 losses of £3.4bn after reinsurance recoveries. Allstate is to sell Allstate Life Insurance Company of New York to Wilton Re, AIA announced a 15 year distribution deal with Bank of East Asia(BEA), and Zurich said it was forging ahead with climate goals to tackle th growing risk to society. There were senior appointments at Apollo, RSA/Intact and WCL.

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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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