Of Special Interest


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21st March 2021

Newslink Global Insurance Trends-Editor's Weekly Overview

This week, Global Insurance Law Connect(GILC) launched its second report into the impact of COVID-19 on the global insurance markets-member firms in 17 countries around the world have contributed and, drawing upon their in-depth understanding of the local jurisdiction and cultural political and geographical challenges. UK workers are crying out for support according to Cigna Europe new research-the survey indicates that around three quarters(74%) of adults in the UK are stressed, with almost half(49%) stating uncertainty about the future is the leading cause, followed by personal finances(36%) and the amount of news/information related to COVID-19 on social media(28%). Employees want more support from employers, with 43% wanting flexible working location/hours, followed by financial support for COVID testing(46%) and enhanced healthcare services(42%).
Insurance Europe published a position paper outlining its views on the advice provided by EIOPA on the Solvency II review, and also responded to EIOPA on proposals to develop a supervisory statement regarding the ORSA in the context of COVID-19. European Insurance Social Partners signed a Joint Declaration on artificial intelligence. Matthew Maxwell Scott, executive director of the Association of Consumer Support Organisations(ACSO), said "The ABI's commentary on the impact of the drop in motor claims on car insurance premiums is troubling. The ABI's own figures show that settled motor claims fell by nearly 20% last year, handing insurers billions in savings. Yet average premiums were down a miserly 1%. The admission that 'cost pressures remain' implies that policyholders may not see the further £35 in savings that ministers promised would be the dividend from the whiplash reforms for honest motorists." A Chartered Insurance Institute(CII) survey of insurance professionals revealed the challenges they face when supporting customers in vulnerable circumstances.
Capco and Aptitude Software announced a strategic partnership, and GrovesJohnWestrup Private Clients launched a personalised tech-enabled offering. TigerRisk adopted the full RMS global models suite, SSP and Keychoice partnered with QOMPLX:UNDERWRITING to provide members with access to cyber cover, and Willis Towers Watson and Pegasystems are to collaborate to drive digital transformation in insurance pricing.
Chubb confirmed submission of a Preliminary Proposal for a Strategic Business Combination to The Hartford. MAPFRE foresees a Solvency Ratio of close to 200%. Swiss Re announced ambitious climate targets-accelerating the race to net zero, whilst Zurich published its 2020 Annual Report and Sustainability Report. Ryan Specialty announced a Draft Registration Statement for an IPO, and BC Partners are to acquire a majority stake in the Davies Group. Greenlight Capital Re announced fourth quarter financials, and there was a senior appointment at Argenta.


With the COVID-19 pandemic necessitating a dispersed workforce resulting in a surge in digitisation, climate change ongoing issues, growing cyber threats, and public trust a continuing challenge, there is an increasing need for key staff to keep in touch with global market trends and to be able to speedily drill down on areas of interest and print/email an automatic report.
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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