22nd November 2020

Newslink Global Insurance Trends-Editor's Weekly Overview
Trend

This week, S&P Global Ratings published a presentation outlining the top risks for the global insurance industry. External attacks on companies result in the most expensive cyber insurance losses but it is employee mistakes and technical problems that are the most frequent generator of claims by number, according to a new report from Allianz Global Corporate & Specialty AGCS). Air Worldwide provided its Annual Global View of Risk Report highlighting the protection gap when disaster strikes. Pool Re held its annual market event and launched SOLUTIONS, an Annual Report presenting an overview of significant developments in the terrorism reinsurance space. Willis Towers Watson’s 2020 Global ILS Survey found continued broad appeal of ILS notwithstanding recent tests and ongoing challenges. GlobalData reviewed the Vietnam general insurance sector, the Singapore Life market, and stressed the need for UK insurers to maintain strong communication throughout the second COVID-19 lockdown. The Lloyd’s Market Association(LMA)launched a project to re-imagine the existing business and distribution model for delegated authority(DA).
Insurance Europe published a response to a consultation conducted by the EC on its review of EU trade policy. The Prudential Regulatory Authority(PRA) responded to industry feedback on "A framework for assessing financial impacts of physical climate change", and The Competition and Markets Authority(CMA)fined ComparetheMarket £17.9m for competition law breach.
Guidewire Software announced the availability of Banff, the latest release of its cloud platform. Banff was unveiled at Connections Reimagined, Guidewire’s customer online conference-Guidewire also outlined its vision for the future of P&C claims. An EIS survey asked the customer what they want from insurers in an increasingly digital market environment.Bluesky launched its online streaming service for panoramic aerial images, and Zywave announced the acquisition of Advisen.
RSA agreed terms of a recommended cash offer from Intact and Tryg. Chaucer announced the launch of a new reinsurance branch in Bermuda, Convex Group raised $1bn additional capital, and Enstar and Stone Point Capital signed an agreement to sell StarStone Underwriting to Inigo. At Friday’s Investors’ Day, Swiss Re confirmed its over-the-cycle financial targets and delivered a positive outlook, based on improving market conditions and targeted growth opportunities across the Group’s businesses. QIC Global finalised Antares executive team with senior appointments. and The Global Federation of Insurance Associations(GFIA) announced the election of Don Forgeron as its new president, as well as new appointments to its executive committee.





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