Weekly News Roundup – 5th February

The sun is shining (at least where I am) and with the global vaccine rollout gaining momentum, surely there is something to smile about today?! The storage and distribution of vaccines has always been a very technical and regulated exercise but a new initiative, in which 14 global (re)insurers have collaborated, plans to provide adequate insurance and risk mitigation for the COVID-19 vaccine. In other news, despite the pandemic, insurtech investment had a cracking year in 2020, as you will see in WTW’s latest report.

Lloyds and Parsyl launch insurance initiative for distribution of COVID-19 vaccines (Source: Global Reinsurance)
The Global Health Risk Facility, a public-private collaboration, will look to address critical risks face by Covid-19 vaccines during distribution.

Insurance Tech Q4 2020 (Source: CB Insights)
WTW’s latest report reveals that annual insurtech funding in 2020 hit an all-time high of $7.1B.

Prior to COVID-19, a pandemic /health crisis was not a ‘top ten’ risk for 82% of firms globally (Source: AON)
A recent AON survey reveals, (probably unsurprisingly) that only 30% of respondents in EMEA had a pandemic plan in place prior to COVID-19.

“It’s time for the insurance market to take the blinkers off and accept reality” (Source: Insurance Business Magazine)
London market-focused lawyer says brokers need to “take a very hard look at themselves” and take control of the insurance process (and their clients’ expectations).

Google’s insurance strategy could be a game changer (Source: Russ Banham)
Dr Henna Karna, the former global chief data officer at AXA XL will be leading the charge of Google’s new insurance initiative – should the industry look at this with trepidation or excitement?

And finally, a tiny bit of self promotion…

The Year the World Turned Upside Down; Lessons Learnt from 2020
We jumped on the industry bandwagon and put together some of our thoughts from the last 12 months.

Grasping the Brexit challenge by the horns
Like many small insurance businesses (Brokers and MGAs) we left addressing the Brexit challenge a little late. Many, in fact, are still working out how to solve it. We worked with KASKO to find a solution – find out more about it.

Enjoy the weekend and fingers crossed for more sun!

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