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INSURANCE INDUSTRY NEWS
Swiss Re Estimates 2020 Insured Catastrophe Losses As Fifth-Costliest On Record
Insurance industry losses from natural catastrophes and man-made disasters globally amounted to USD 83 billion in 2020, according to Swiss Re Institute's preliminary sigma estimates. This makes it the fifth-costliest year for the industry since 1970. Losses were driven by a record number of severe storms and wildfires in the US.
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Logic Governs Firming Reinsurance Landscape: Willis Re 1st View
Despite the impact of COVID-19 both on working conditions and exposures – and with discussions of the latter largely deferred until after 1 January treaty renewals – reinsurers have largely arrested the persistent downward trends which characterised recent years. For buyers, terms and conditions have overall been less onerous than initially feared again revealing the efficient working of the global reinsurance market, according to the latest 1st View renewals report from Willis Re.
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State Of No Code / Low Code Insurance Platforms
Majesco is pleased to announce the release of a new thought leadership report on the evolution, definitions and industry viewpoints of digital and no code / low code platforms, highlighting key technology components and capabilities. The report details three different and progressively advanced and innovative no code / low code platforms that are transforming insurance business models.
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Ransomware Severity, Costs Increasing: Beazley
Specialist insurer Beazley reports that ransomware attacks increased in terms of both severity and costs in 2020 compared to 2019 and have become the biggest cyber threat facing organizations.
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Canadians Value Life Insurance More During Pandemic: Survey
Research from Canada's leading online insurance brokerage PolicyAdvisor.com finds more than three-quarters of Canadians feel anxious about their financial future due to the economic effects of COVID-19, but not at the expense of their life insurance coverage.
The company's State of the Nation: Life Insurance Trends 2020 - Pandemic Checkup seeks to determine consumer attitudes and buying behaviour towards life insurance considering COVID-19's impact on their lives.
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Westland Acquires Storm Insurance Group
Westland Insurance Group Ltd. is pleased to announce that it has entered into an agreement to acquire Nova Scotia-based Storm Insurance Group, with a scheduled close date of January 6, 2021. This acquisition supports Westland's expansion strategy and marks the company's first acquisition with offices in the provinces of Nova Scotia and Quebec.
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2020’s Quirky And Unusual Claims: Aviva
Insurance companies were created to help people get back on their feet after a rough time. In 2020, Aviva Canada has handled thousands of property and auto claims – including a few quirky and unusual ones.
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Most Canadians Haven’t Set Goals For 2021
The past year tested Canadians' physical, mental and financial health in many ways. As we welcome 2021, a Sun Life survey tells us Canadians are not setting goals, with a majority (57 per cent) having set zero goals for 2021.
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