International P&C insurance news: February 2021
Editor’s Note: Here is a round-up of recent property & casualty insurance news from outside the U.S.
Norwegian insurance companies face at least 900 million Norwegian kroner ($107 million) in losses following a landslide in December, Fintech Zoom reported. On Dec. 30, 2020, quick clay under the village of Ask in Norway’s Gjerdrum municipality triggered a landslide that damaged roads and homes and killed 10 people.
The United Kingdom is now requiring all travelers arriving from overseas countries to provide proof of a negative COVID-19 test. The UK. also imposed a ban on travelers from Portugal and South America. This news comes as Brits are currently under lockdown until at least Feb. 19 for Wales, Feb. 22 for England, and at least until the end of February for Scotland.
India’s Finance Minister announced that the nation’s insurance investment rules will increase the foreign ownership cap from 49% to 74% and that measures also will be taken to address regulations that limit foreign ownership in Indian insurers. “We have long advocated for the additional opening of India’s insurance sector,” Steve Simchak, head of international, department VP at the American Property Casualty Insurance Association, said in a statement. “This will provide opportunities for U.S. insurance groups, support employment in the U.S. and in India, offer expanded insurance access to Indian citizens and businesses, and support economic growth and stability.”
The Asia-Pacific region’s liability insurance market is predicted to grow a compound annual growth rate of 3.8% from $28.8B in 2019 to $33.4B in 2023, says GlobalData. Demand for commercial insurance lines, including workers’ comp, professional/management liability and cyber insurance, is supporting the industry’s development.
Singapore also is requiring all travelers arriving at the city-state who are not citizens to take COVID-19 tests, the Minister of Health said in a statement. Visitors applying under the Air Travel Pass (ATP) and Reciprocal Green Lanes (RGLs) also will need to carry a minimum of S$30,000 (US$ 22,430) in travel insurance coverage for potential COVID-19-related medical treatment and hospitalization costs.
Croatian insurers are facing a wave of insurance requests after earthquakes in 2020 left many uninsured residents to rebuild themselves, Bloomberg reported. Insurance companies Croatia Osiguranje d.d. and Euroherc Osiguranje d.d., Allianz SE and Vienna Insurance Group AG are seeing increased demand as property owners who previously lacked earthquake insurance are now eager to gain the coverage.
London-based Aviva Investors, a part of Aviva Group, announced that it will divest from oil, gas, mining, and utility companies and will require non-responsive companies to deliver net-zero scope 3 emissions by 2050 and establish transition roadmaps to demonstrate their commitment to immediate climate change action.
Eight European insurers that operate across 18 countries partnered with B3i Services AG, a global industry-led blockchain initiative, to launch Eurapco Unity, the first global operational solution on blockchain infrastructure, enabling the transfer of facultative risks within a network of companies.
Thailand’s general insurance market is expected to grow at a compound annual growth rate of 2.4% from THB253.6bn ($8B) in 2019 to THB285.6bn ($9.4B) in 2024, according to GlobalData.
Related: International P&C insurance news: January 2021