16th June 2019

Newslink Global Insurance Trends-The Week
Trend

This week, cyber issues were to the fore. The Bank of England and the Monetary Authority of Singapore(MAS) are to work together to strengthen cyber security in their financial sectors. An Ecclesiastical research report said UK brokers need more support from insurers to help them crack the cyber market. Aon released its Cyber Captive Survey 2019 Report-indicating an increase in demand for cyber products among captive owners who have bought such cover in the past, BMS announced a partnership with BitSight to provide cyber risk analysis services to clients across all lines of business, and Howden formed a strategic partnership with Cytegic, a leader in cyber risk quantification solutions. Verisk launched Cyber Underwriting Report, a new InsurTech solution aimed to help insurers underwrite a wide variety of cyber risks with increased speed and precision. whilst Sapiens is partnering with predictive cyber risk modelling firm Kovrr. Chubb published a new report on emerging cyber risks and multinational insurance, created in collaboration with Clyde & Co. KnowBe4, the provider of the world’s largest security awareness training and simulated phishing platform, is to receive $300m investment,led by KKR.
A new survey looked at investment and progress in Artificial Intelligence(AI) deployment by UK firms. AI anti-insurance fraud specialist FRISS is partnering with omni:us, a provider of a AI-based cognitive claims management service, and Greek insurer Eurolife ERB won an award with the implementation of a FRISS AI application. Legal & General launched ‘estua-re-the first pension risk transfer execution platform driven by blockchain technology, and Prudential formed a strategic partnership with PT Visionet International(OVO), a leading digital AI payments, rewards and financial services platform in Indonesia. Duck Creek Reinsurance Management to the P&C insurance industry was added to the supplier solution suite, and ACORD iConductor, a comprehensive global data exchange service, was launched. The J.D. Power 2019 US Auto Insurance Study reported positively on the impact of digital self-service technologies.
Willis Towers Watson reported that US commercial insurance prices increased in the first quarter by just above 2%. Insurance Europe published an insight briefing that examined whether the General Data Protection Regulation(GDPR) has delivered on its aims, and another GDPR UK survey monitored progress a year after its introduction. The Association of British Insurers(ABI) unveiled landmark new research on flood defences as the UK Government announced a target of zero greenhouse gas emissions by 2050.
Compre signed three more transactions, and S&P Global Ratings revised its outlook to stable from negative in its ratings on Lloyd's. There were senior appointments at Ecclesiastical and The Geneva Association.
Full articles on the above topics are included in those added this week to the Newslink Global Trends Database Research Matrix service at www.onlystrategic.com