Of Special Interest


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24th May 2020

Newslink Global Insurance Trends-Editor's Weekly Overview

This week, the latest London Matters report reviewed London Market global positioning between 2010 and 2018 with the caveat that much has happened since-in particular the worlwide COVID-19 pandemic. However, the report brings out issues that it is hoped will not go unheeded such as age profile, making the market more attractive to new talent, and the male/female management gap-although, of late, there seems to have been more females being appointed to senior positions. The report indicates that the US has overtaken the UK as London's biggest market, but the pace of growth in other sectors such as Asia Pacific is slower. Also of significance is the news that major US insurance trade associations have unveiled the Business Continuity Protection Program(BCPP)-a new customer-focused proposal for a federal program tailored specifically to help businesses meet the financial challenges from future pandemics. Meanwhile, an above-normal 2020 Atlantic hurricane season is expected, according to forecasters with US National Oceanic and Atmospheric Administration's(NOAA) Climate Prediction Center.
The World Economic Forum published "COVID-19 Risks Outlook: A Preliminary Mapping and Its Implications". S&P Global reported that COVID-19 pushes global reinsurers farther out on thin ice-sector and revised its Global Outlook for the sector to Negative, whilst also saying separately that the pandemic's economic effects cloud the Outlook for EMEA insurers. The rating agency also said that Cat Bonds stand out in a correlated market. EIOPA published its updated Risk Dashboard based on the fourth quarter 2019 Solvency II data and reflected on the pandemic, and the UK insurance and long-term savings industry launched a fund to support people worst affected by COVID-19. Mactavish in a new report highlighted a conflict of interest for insurance brokers over the COVID-19 crisis, and Allianz Care reported a significant increase in demand for international health insurance services. COVID-19 will accelerate use of drone technology among insurers said GlobalData, who also reported on the impact of the pandemic on insurance markets in South Korea and Thailand.
AIG selected Duck Creek's onDemand solution and entered into a new strategic partnership with the supplier. Ed announced the external launch of its TradEd portals for carriers and clients in Bermuda, and UK start-up Urban Jungle raised £2.5m.
Beazley successfully raised £247m capital. Aviva and Generali reported first quarter financials, as did Ardonagh. Aviva announced the appointment of George Culver as non-executive chairman, and there were senior appointments at Allianz and PartnerRe.

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
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