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6th December 2020

Newslink Global Insurance Trends-Editor's Weekly Overview

This week, Insurance Europe responded to a consultation conducted by EIOPA on its draft supervisory statement on the use of reinsurance risk mitigation techniques(RMT), whilst the Prudential Regulation Authority(PRA) issued its Solvency II Brexit positioning. The Global Federation of Insurance Associations(GIFA)said insurers were ready to support the G20 presidency in addressing societal challenges. The Intergovernmental Panel on Climate Change(IPCC) said it will open the Second-Order Draft of the Working Group II contribution to the Sixth Assessment Report(AR6) government and expert review next week, as preparations for the flagship report continue to advance. Meanwhile, Swiss Re got the regulatory nod to establish a standalone fund company to allow investors a new avenue to access the company's natural catastrophe business. The Financial Conduct Authority(FCA) will expect that the issue of refunds/discounts relating to COVID-19 impact will have been considered by UK general insurers' Boards as the deadline set expired on 3rd December, reported BDO, the accountancy and business advisory firm. Fitch said the US Life Insurance 2021 outlook remains negative.
Aegon is to sell Central and Eastern Europe business to Vienna Insurance Group(VIG), and Allianz agreed to purchase Westpac’s General Insurance business in Australia. AXA entered into an agreement with Gulf Insurance Group(GIG) to sell its insurance operations in the Gulf region, and also hosted a virtual Investor's Day. Munich Re announced a profit target of E2.8bn for 2021-the profit outlook is E1.2bn for 2020. Markerstudy finalised the purchase of the Co-op Insurance underwriting business(CISGIL) in the UK. Compre is targeting future growth with Cinven and BCI backing. Conduit Holdings, the Bermuda-based treaty start-up reinsurer, has made a pricing announcement for its Initial Public Offering(IPO) listing on the London Stock Exchange-the market capitalisation of the company will be approximately £826m($1.1bn), making it the largest ever start-up IPO on the LSE. Fairfax announced the sale of RiverStone Europe to CVC, and BMS acquired Spanish specialist insurance broker Montymarq.
The latest InsurTech M&A Market Report from Hampleton Partners, forecasted a record 95 or more M&A deals in 2020, with 48 already banked in the first half of the year. Volume has more than doubled since the year 2013, which saw 46 InsurTech transactions. EIS introduced a Usage-Based Insurance solution that unifies personal and Commercial car use for continuous coverage, MIB acquired Paperless Solutions Group, and Buckle selected Sapiens integrated financial solutions to further streamline and automate insurance processes at Gateway. Whitespace announced a new forum for engaging with global market practitioners, and Xceedance announced expansion of actuarial and analytics services for insurance organisations.


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

The self-search and reporting service across all (re)insurance sectors has covered key global trends since its launch in 1993-bringing together significant worldwide market and IT/InsurTech intelligence from source-editing and linking across region/country, regulatory, surveys/research, results, and IT by business application area. The database contains over 53,000 linked articles and is updated twice-weekly.

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