9th December 2018

Newslink Global Insurance Trends-The Week
Trend

This week, With the UK Parliament debating Brexit with a key vote due on Tuesday, the London Market Group outlined the lobbying it had undertaken and the outcome needs for the insurance industry. Both CNA Hardy and RSA received High Court approval for their Luxembourg-located EEA new subsidiaries. Insurance Europe reported that insurers want two years to prepare for IFRS 17 rather than the one year offered by the IASB, and also raised concerns about the European Commission’s collective actions proposals. An Association of British Insurers(ABI) survey indicated a major rise in subsidence claims. Mactavish research revealed 50% of UK senior executives and managers who have worked for organisations that have encountered problems when submitting major insurance claims, believe a cause of this was insurers ‘being difficult’. AIG reported on its latest analysis of environmental claims, and Clyde & Co published a report exploring the legal, commercial and liability risks that climate change creates for businesses and their boards. S&P Global Ratings believes the recent surge in economic damage from extreme climatic events may focus the attention of public authorities about the need for adaptation investments and accelerate investment in this area. Fitch said the notable rebound by US property and casualty (P/C) insurers this past year has led to revising its fundamental sector outlook to stable from negative. A new Swiss Re sigma study said earlier diagnosis of disease and better public health policies can drive further gains in future life expectancy.
The Geneva Association published a report headed "Virtual Competition: Online Platforms, Consumer Outcomes and Competition in Insurance". Verisk has signed a definitive agreement to acquire Rulebook, an industry-leading provider of business intelligence and software solutions for the London Market, whilst Verisk company AIR Worldwide estimated industry insured losses from Camp Fire in Northern California will be between $6bn and $9bn-Beazley's said its early estimated cost of 2018 California wildfires is $40m.
Duck Creek Technologies has been positioned as a Leader in the 2018 Gartner “Magic Quadrant for Non-life Insurance Platforms, Europe”, and FRISS is among the Top 10 Artificial Intelligence Solution Providers-2018” said Insurance CIO. Lloyd's Lab is launching a new global search for the next cohort of InsurTech innovators, and The Hartford has purchased sharing and on-demand InsurTech Y-Risk.
Aviva is launching an industry-first subscription-style insurance product, designed to address consumer concerns with the industry and give UK customers more control. Zurich held its 2018 Investor Day-"fully delivering on the financial targets that we set out back in 2016” said Group ceo Greco. Liberty Specialty Markets is to integrate Ironshore Bermuda businesses and brand as Liberty Specialty Markets Bermuda. There were senior appointments at Argo Global and Hamilton.
Full articles on the above topics are included in those added this week to the Newslink Global Trends Database Matrix Resource at www.onlystrategic.com