Up until the end of 2019, it seemed there was nothing stopping the continued upward trajectory of InsurTech funding.
And then COVID-19 struck.
The figures for Q1 2020 bring into stark focus just how damaging the coronavirus could be toward funding support for InsurTechs. According to Willis Towers Watson’s InsurTech Quarterly Briefing, funding dropped 54% compared to the record highs of Q4 2019. This corresponded to $912m raised across 96 deals between January and March....
In mid-March, as the implications of the COVID-19 pandemic became more acute, AM Best set out to determine the coronavirus’ projected impact on capital adequacy and financial strength through an initial “stress test” designed to determine their resiliency.
A new Best’s Special Report, “Stress Testing Rated Companies for COVID-19,” outlines the findings of that baseline analysis, revealing that most insurers’ capital levels did provide an adequate buffer against a potential shock to their balance sheets – given a few key assumptions....
The upcoming 2020 Atlantic hurricane season will not be like any other before it – and perhaps after it as well. That’s because it’s arriving during a very different kind of storm, called COVID-19.
As Tom Johansmeyer, Head of PCS at Verisk, points out, even a moderately active 2020 hurricane season could be extremely problematic for the global reinsurance industry....
Pandemic in focus
Guidance and data from re/insurance industry players and organisations will be shared here with our readers.
Reactions is proud to present a new podcast in which our editorial team speaks with leading re/insurance figures about the many ways in which COVID-19 will impact the industry.
Paul Schultz, Aon Securities
In this edition, Paul Schultz, Aon Securities CEO, discusses the level of third-party capital we can expect to see at mid-year renewals following the COVID-19 outbreak....Listen here
David Sampson, APCIA
In this podcast David Sampson, President and CEO of the APCIA, talks with Reactions' Editor-in-Chief Shawn Moynihan about how BI exclusions are communicated....Listen here
Stephen Postlewhite, QBE Re
In this podcast Stephen Postlewhite, new managing director of QBE Re, talks with Reactions' London editor Mark Richardson about how the coronavirus has most impacted the re/insurance market....Listen here
Stefan Holzberger, AM Best
In this podcast Stefan Holzberger, chief rating officer of AM Best, talks with Reactions' associate editor Marc Jones about how the coronavirus could impact the insurance market....Listen here
David Flandro, Hyperion X
In our first edition, Hyperion X managing director of analytics David Flandro talks with Reactions' London editor Mark Richardson about business interruption losses as a result of the pandemic....Listen here
Re/insurance industry executives will weigh in on the COVID-19 pandemic and the challenges/opportunities it presents for their business.
Reactions asked: In your view, what do you consider some of the challenges and opportunities to having your personnel producing from home in the current environment?
Dave Ruedger, Chief Information Security Officer at RMS:
RMS has a global workforce of 1,300 employees with offices in 16 countries. Both our geographical coverage and the nature of our business has led to our employees often working remotely, making it a smooth transition for RMS employees to work from home in this environment. We have a COVID-19 Global Risk Management Team with cross-functional members around the world available to support our employees. Prior to the COVID-19 outbreak, we also ran Pandemic Business Continuity stress tests at all the RMS sites.
Due to our comprehensive Business Continuity Program and our ability to rapidily transition our workforce to a remote work environment, we remain on track to deliver our model, data, and Risk Intelligence product roadmap as planned. We have also shifted the format of our annual Exceedance conference to a virtual experience so that we can provide best-in-class insights to the market in a format that makes sense for the current environment. While we would prefer to engage with our colleagues, clients, and partners face-to-face, we are making the best out of this situation and our employees continue to collaborate and remain productive with zero commute and more flexibile schedules.
Two years ago, we became a cloud-first company, making this transition while complying with all GDPR, CCPA, SOC2, C5, ISO 27001:2013, and other essential regional security and data privacy requirements. And like many technology companies, our risk modeling solutions are available for our re/insurance clients online and through the cloud. Our product offerings will continue as before to support our clients and the market during the COVID-19 pandemic.