This is mainly driven by increased policy count, but also by the institutionalization of the claims process.

Only about 35% of notifications involve a loss or potential loss that exceeds the retention.

57% of notifications were made within the first 12 months of policy period in 2020, with (large) paid claims being much more likely to be notified early on in the lifecycle of the policy.

There was a slight fall in the number of “high” ($10m plus) severity claims in 2020, but those that we did receive were for higher amounts.

There is a high degree of commonality in terms of the most frequent breach types that we are seeing across all of our regions.

We have not seen a noticeable uptick in claims from COVID-19, but it may lead to new trends emerging down the line.