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23rd October 2016

Newslink Global Insurance Trends

This week, five major European (re)insurers launched their Blockchain Insurance Industry Initiative B3i. Capgemini also issued a report highlighting potential savings for players and consumers from the introduction of blockchain "smart contracts" across US and European banking and insurance markets. Connected home insurance newcomer Neos raised more than £1m in initial seed funding with some leading market figures included amongst the investors, whilst Startupbootcamp InsurTech inked an agreement with Eos Venture Partners for up to £1m in funding for cohorts joining its 2017 program. Allstate introduced what it claimed to be the speediest claims payment service in the US p&c sector-only debit card details and e-mail address are required. Aon Benfield developed a new catastrophe model for Iceland to estimate the financial impact of earthquakes, and in the US, Eagle Investment Systems was chosen by American Family Insurance, and ValueMomentum BizDynamics Digital Experience Solution is in production at RMS HG. Eurobase's Synergy2 solution was selected by MENA Re in Dubai, and Sapiens announced the general availability of its PORTAL offering for life and p&c business lines.
Insurance Europe published an insight briefing for the need to take effective action to tackle climate change. The International Underwriting Association(IUA) lobbied for a reinsurance regulatory covered agreement between the US and Europe to speed up US equivalence with Solvency II and reduce remaining US collateral barriers, after earlier in the week publishing its latest London Company Market Statistics Report highlighting premiums that could be impacted by Brexit. The Steering Committee of the EU-US Insurance Project hosted a Public Forum to address challenges of increased globalisation and define areas of work for coming year. The Association of British Insurers(ABI) responded positively to the Financial Conduct Authority(FCA)thematic review of annuity sales practices.
On the report front, UK home insurance profitability is expected to plummet, according to EY, and a survey by marketing technology company Wiraya indicated that UK insurance providers were amongst sectors that needed to improve customer communications. Standard & Poor's published a report on credit trends in the Dutch insurance market, and augmented and virtual reality technologies are creating a new dimension of risk, said KPMG.
AIG continued its strategic restructuring as it entered into several agreements with Fairfax Financial over a range of Latin American, CEE, and Turkey operations. Asta received "in principle" Lloyd's approval to establish and manage Verto Quota Share Syndicate 2689, AXIS PRO is to partner with Bitsight to empower US policyholders to reduce their cyber risks, and Cobalt Insurance Holdings and Capita Managing Agency also received "in principle" Lloyd's approval for the first fully Shariah compliant syndicate. SCOR was named "Life Reinsurer of the Year" at the Asia Insurance Review awards in Macau, and Brokerslink completed a private stock offering. There were senior appointments at Legal & General(Sir John Kingman as chairman), RSA(Group Pricing director), Lloyd's(head of Latin America and Country manager, Mexico), Hamilton Underwriting(entry into marine liability with a head named), Markel International(two new appointments in Scandinavia), THB(new chair and non-executive director), and JLT Re(two appointments in Asia).
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.