Brighter horizon forecast for insurers in 2021

HX, the data and analytics division of Howden Group Holdings, says insurers have largely accounted for COVID-19 losses and are attracting new investment capital on the back of the hardening market.

The findings came in HX’s third quarter 2020 insurance sector earnings update, focusing on COVID-19, capital, catastrophes and pricing.

Despite the impact of COVID-19 claims and the record number of Atlantic Basin windstorms recorded in 2020, HX said catastrophe losses for the year were only slightly elevated.

Its research found that COVID-19 claims have contributed £20bn of the year’s £71bn total insured global catastrophe losses to date and do not yet represent a ‘game changer’ in terms of loss quantum.

David Flandro, head of HX Analytics, said: “As we come to the end of an incredibly difficult year, the overall outlook for the insurance sector is nevertheless positive, allowing insurers to focus on revising growth targets upwards, attracting capital for underwriting expansion, and enhancing the use of rich data to transact risk more efficiently and effectively.”

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