28th February 2021

Newslink Global Insurance Trends-Editor's Weekly Overview
Trend

This week, The Geneva Association mobilised experts from 17 of the world’s largest P&C and life insurers, representing the companies of its CEO members, to develop and hone climate risk assessment methodologies and tools for the insurance industry. The first report of the task force presents an integrated decision-making framework for climate risk assessment that considers four dimensions: business line(P&C versus life);side of the balance sheet(assets versus liabilities); time horizon(short-medium-versus long-term); and type of risk(physical and transition). The report sets the stage for the task force to drive innovations in this space. Insurance Europe responded to the publication of the European Commission's(EC) new EU strategy on adaptation to climate change. Lloyd’s culture survey indicated progress towards a more inclusive market.
Insurance Europe replied to EIOPA on an insurer breaching its solvency capital requirement(SCR), and published its position on the EC’s proposal for a Digital Operational Resilience Act(DORA). The Chartered Insurance Institute's(CII) New Generation Claims Group produced a leaflet to assist applications for a grant to improve flood resilience.
Beazley unveiled a new digital business unit to spearhead a transformative approach to how the company develops, underwrites and delivers seamless, intuitive digital insurance solutions for clients and brokers. Willis Towers Watson announced an updated version of Claim Metrics, a bespoke Motor Claims benchmarking platform specifically for UK personal lines insurers, My Policy Group announced investment from Zurich to accelerate usage-based motor insurance, and Juniper Research estimated that Smart Traffic Management is to significantly reduce congestion and emission-saving cities $277bn by 2025. Newcastle Unversity is pioneering Hyper-Resolution Flood Risk Modelling using Bluesky 3D Aerial Survey Data, and thinkWhere won a contract to open up access to European mapping.
Aviva continued its strategy under ceo Amanda Blanc to reduce is global presence by announcing its intention to sell Aviva France to Aéma Groupe for E3.2bn in cash and its life joint venture share in Turkey to Ageas. Pool Re completed a £2.475bn terrorism retrocession placement, Willis Towers Watson and Liberty Specialty Markets launched a reputational crisis solution, and Rising Edge, a London-based Managing General Agent(MGA), writing directors’ and officers’(D&O) insurance is set to launch shortly. 2020 financials reported include Ageas, AXA, RSA, and Condiut, Munich Re, PartnerRe, SCOR, UK P&I Club, and Skuld.




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