16th February 2020

Newslink Global Insurance Trends-Editor's Weekly Overview

This week, Marsh reported that global average commercial insurance prices increased 11% in the fourth quarter. S&P Global commented on UK personal lines loyalty penalty issues, and also published a report on Gulf Cooperation Council(GCC) insurers' trends. RMS estimated that insured property losses from Windstorm Ciara will be between E1.1bn and E1.8bn, with around 50% in Germany. GlobalData findings indicated an 80% satisfaction rate after making a home insurance claim in the UK-only 4.5% were dissatisfied. Mactavish highlighted a significant increase in UK commercial property insurance policies removing all elements of cover that relate to technology such as data loss or IT meltdowns. The London Market Group launched three short videos to help promote the London Market to insurance brokers in the US, and the Lloyd's Market Association(LMA) outlined its objectives for 2020.
Insurance Europe reacted to the European Commission’s roadmap on the EU’s Climate Law, and EIOPA said guidelines on outsourcing to cloud service providers are now available for national supervisory authorities. The Chartered Insurance Institute(CII) New Generation Group said insurance professionals need to change the focus of conversations with SMEs from price to value.
London Market PPL usage figures for the last quarter showed an encouraging increase. Cytora joined Duck Creek Technologies Partner Ecosystem programme, and Sedgwick reported it was in a strategic partnership with Concirrus to introduce predictive analytics to UK fleet claims. Trust Re is to partner with Bahrain FinTech Bay.
Exor and Covea are in advanced talks over the sale of PartnerRe. Fidelis raised around $300m of equity capital, with Abu Dhabi Investment Authority(ADIA) becoming a new investor, and SCOR acquired control of AgroBrasil. UNIQA is to acquire AXA portfolios in Poland, Czech Republic and Slovakia. Amongst companies reporting financials were Admiral, AIG, Arch Capital, Fairfax Financial, and Zurich. There were senior appointments at Coverys, Swiss Re Corporate Solutions, Tokio Marine Kiln(TMK), and leading cultural transformation experts joined Lloyd’s Culture Advisory Group.


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
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