- World Economic Forum(WEF) Global Risks Report 2019 highlights worsening international relations hindering action across a growing array of serious challenges
- Comments on Brexit vote impasse
- Allianz Risk Barometer highlights cyber and concerns around Brexit as as top risks in UK
- Willis Re's Summary of Natural Catastrophe Events 2018 report estimates insured losses from major natural catastrophes at around $71.5bn
- BIBA highlights opportunities for business in 2019 Manifesto
- UK Comprehensive car insurance prices fell by 6% in 2018 says Confused.com/ Willis Towers Watson analysis
- Insurance Europe concerned that the European Commission’s proposal for an ePrivacy Regulation could hamper insurers’ ability to offer innovative insurance policies to consumers expired
- ArgoGlobal collaborating with broker Axieme and digital platform Jobby in Italy to respond to a need for on-demand, pay-as-you-go insurance for temporary and short-term workers expired
- LV= General Insurance successfully deploys Guidewire Core and Data solutions in the largest transformation the business has ever undertaken expired
- Marsh announces that it had placed more than 10,000 risks in 2018 through Placing Platform Limited(PPL)-over 15,000 in total expired
- ZhongAn and Grab to establish joint venture company to enter the digital insurance distribution business in Southeast Asia expired
- Greenlight Capital Re becomes largest shareholder in Chicogo-based MGU AccuRisk expired
21st October 2018
Newslink Global Insurance Trends-The Week
This week, US P&C insurers reported that they had more than doubled first half after tax net income compared with 2017. The majority of executives(87%) around the world cited untrained staff as the greatest cyber risk to their business according to a new report from “The Cybersecurity Imperative”. Nine insurance associations across the world wrote jointly to the IASB to suggest a two year delay was needed to implement IFRS 17 successfully, and UK Comprehensive car insurance premiums were up 1% after an earlier downward trend.
The Prudential Regulatory Authority(PRA) and the Financial Conduct Authority(FCA) are to consult on expectations for the management of financial risks from climate change. in a busy regulatory week in the UK, the PRA also published four final Policy Statements on Solvency II, and a Policy Statement headed "Strengthening accountability: Implementing the extension of the SM&CR to insurers", whilst the FCA and The Pensions Regulator(TPR) launched a joint regulatory strategy. In the US, Prudential Financial's SIFI designation was dropped by the FSOC. The International Underwriting Association(IUA) reported an increase of 16% to £26.314bn in gross written premiums for 2017.
The winners of the 2018 ACORD InsurTech Innovation Challenge(AIIC) were revealed, and Applied Systems announced investment from CapitalG bringing access to Google expertise across artificial intelligence, machine learning, and digital marketing. The 2018.2 release of the Guidewire InsurancePlatform was announced, and Greenlight Re Innovations made its third investment around the world in recent weeks-this time in South Africa-based digital insurance platform Click2Sure. Treaty reinsurance went live on London Market's Placing Platform(PPL) to complete the class roll out. The Lloyd's Market Association(LMA) satellite imagery and intelligence service is speeding up assessment and payment of Hurricane Florence and Michael claims, and both AIR Worldwide and RMS estimated Hurricane Michael insured losses. Insurance Australia Group(IAG) licensed the RMS High Definition New Zealand Earthquake Model.
AXA XL received authorisation in principle to move its EU insurance company, XL Insurance Company SE, from the UK to Ireland, and Hannover Re completed its fifth catastrophe bond transaction for clients this year-raising the total issuance volume to $1.5bn in 2018. The Standard Club is to withdraw from underwriting at Lloyd's. Ergo Group is to sell its Russian life book to Rosgosstrakh, and in the UK,
Ardonagh is to sell Direct Group's claims business to Davies Group. Travelers benefitted from lower catastrophe losses in the third quarter. AIG, Allstate, RenaissanceRe, Swiss Re, and Talanx all gave early warning of recent catastrophe losses. There were senior appointments at LV= and StarStone Group.
Full articles on the above topics are included in those added this week to the Newslink Global Trends Database Resource at www.onlystrategic.com