- Newslink Global Insurance Trends-The Week
- The insurance industry is joining forces with technology companies and governments in a World Economic Forum-led initiative to avoid catastrophic levels of uninsured risk in the innovation economy
- Zurich publishes a new report-‘Embracing the income protection gaps challenge: options and solutions’
- ICMIF report indicates UK mutuals outperformed rest of the market in 2016-premiums up nearly 10%
- Standard & Poor's revises outlook on Lloyd's to negative from stable
- IBM building an industry-first insurance platform on the IBM Cloud that aims to improve the processes and economics for new product development, underwriting, and benefits delivery-collaborating with MetLife and Majesco
- 4th Annual international Conference on AI and Analytics for the Insurance Industry attracts over 200 international experts expired
- FICO announces that the latest version of its FICO Enterprise Security Score is twice as accurate at predicting a data breach as the previous model expired
- Octo Telematics to acquire the usage-based insurance(UBI) assets of Willis Towers Watson expired
- CII names Trott as new chair of the Claims Faculty Board expired
- LMA responds to Justice Committee on Ogden Discount Rate proposed change expired
- Aviva to sell its Taiwan JV stake to partner following a strategic review expired
18th June 2017
Newslink Global Insurance Trends
This week, Swiss Re's 2017 SONAR report examined the top emerging risks the re/insurance industry and society are facing. Marsh and Airmic launched a new paper examining the major obstacles that can impede the expeditious resolution of large or complex property damage insurance claims, and a Gallagher-sponsored survey of large UK companies indicated that they are increasingly aware of the fast-evolving security threats they face-meanwhile, Marsh said that UK firms could gain competitive advantage by developing their cyber security and information management systems around the requirements of the European Union’s new data protection framework(GDPR). Allianz AGCS published its fifth annual Safety & Shipping Review, and Willis Towers Watson reported that Commercial insurance prices in the US were nearly flat in the first quarter. Mutual and cooperative insurers in Europe wrote a record E406bn in premiums in 2015 and claimed more than 31% of the total insurance market across the continent. The updated UK insurance industry code of practice for dealing with motor salvage was published, and Equifax Touchstone revealed that new UK pension investments were up by over a third in the first quarter.
Admiral agreed to contact customers who may have been given inaccurate information in renewal documents after a Financial Conduct Authority(FCA)check on the new regulations. Chubb is to offer increased insurance capacity of up to $150m for terrorism, political violence and war risks, Compre made its fourth purchase of the year, and Neon moved for Guernsey-based Lloyd's coverholder Sapphire. MAPFRE gained effective control of Indonesian insurer ABDA, and Peak Re received regulatory approval in Labuan. Bruce Carnegie-Brown took over as Lloyd's chairman, and there were senior appointments at Argo and Hamilton. The Singapore Reinsurers' Association(SRA) announced its Executive Committee for 2017/2018.
AIG, IBM and Standard Chartered Bank announced that they had successfully piloted the first multinational “smart contract”-based insurance policy using blockchain, Insurance Europe warned the European Commission(EC) not to impede FinTech developments, whilst Celent released a new report on InsurTech in Israel. HTC joined the Duck Creek Global Alliance Program, Belgian public service insurer Ethias chose Guidewire solutions, and RMS published version 17.0 of its North America Earthquake Models.
Transactor Global Solutions, now part of Open GI, reported progress, and Watchstone responded to Slater and Gordon serving High Court proceedings for up to £637m.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global trends database services last Wednesday and today at www.onlystrategic.com-featuring advanced structured search and report facilities and a free 14 day full trial.