24th June 2018

Newslink Global Insurance Trends-The Week
Trend

This week, a new global survey from the Economist Intelligence Unit(EIU) and Willis Towers Watson highlighted that a majority of executives around the world feel their organisations can do better when it comes to learning from their past cyber mistakes. Chubb launched a special new report-"Global Management of Environmental Risk", and registration is now open to review the second order draft of the 2019 Refinement to the 2006 IPCC Guidelines for National Greenhouse Gas Inventories. ICISA members said that demand for trade credit insurance and surety is developing favourably. EIOPA published a new set of statistical information on the European insurance sector based on Solvency II regulatory reporting for the fourth quarter of 2017-including new exposure statistics.
NIIT Technologies' AdvantageGo announced two ground-breaking products-‘Aniita’ and ‘Score’-designed to make it easier for commercial insurers/reinsurers to integrate and utilise new digital data, and MS Amlin and InsureTech Cytora announced a new partnership to deploy artificial intelligence into the commercial underwriting processes. Commenting on the latest statistics from PPL, the London Market’s electronic placement platform, Christopher Croft, ceo of LIIBA, said “Everything about these numbers is moving in the right direction. Endorsement requests and acceptances show solid growth as do firm orders. Quote requests received made a particularly big leap forward in May." Verisk acquired UK claims management solutions company Validus-IVC, LV= entered into a trial agreement with Optal to streamline claims payments, and Willis Towers Watson introduced a new version of ResQ, its loss reserving software. Majesco Distribution Management and Digital Solutions were chosen by NTUC Income in Singapore, following another recent win for the product set in neighbouring Malaysia. Florida-based SUNZ Insurance went live with Sapiens CompSuite Policy solution, and SSP is to integrate the Northdoor Sanctions Checker solution to assist its broker client base.
AIG Life is to acquire UK-based group protection specialist Ellipse from Munich Re, and Monument Re moved for the run-off portfolio of linked and traditional business from MetLife Europe. Tokio Marine entered an agreement to take over IAG's Thailand and Indonesian businesses. Grahame “Chily” Chilton will be stepping down from his role as ceo of Gallagher's UK-based Brokerage and Underwriting division later this year and is to return to Capiscum Re-subject to regulatory approval, Simon Matson, currently head of Gallagher’s London Market and Alesco businesses, will be appointed Chilton’s successor. There were also senior management appointments at MAPFRE, Hamilton, and Tokio Marine Kiln(TMK).
Full articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink Global Trends Database Resource this week at www.onlystrategic.com featuring advanced self-search and reporting, and a free full 14 day access trial.