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8th January 2017

Newslink Global Insurance Trends

It was a relatively quiet period for the global insurance market over the Christmas and New Year festive time, but there were some important happenings. Munich Re reported that losses from natural catastrophes were up by two thirds in 2016 compared with 2015. Willis Re 1st View Renewals Report looked at global reinsurance trends, and the International Underwriting Association(IUA) published its priorities for the London company market in 2017. The Lloyd's Market Association(LMA) released a new guide on catastrophe modelling, and EIOPA issued an Opinion on disclosure of information related to the use of transitional measures in the calculation of technical provisions.
KPMG commented on the growth of InsurTech start-ups, and the UK Pensions Dashboard technology development partners were named. A DST White Paper warned insurers of losing customers because of a need to improve claims technology. Insurance analytics specialist Yodil was acquired by Duck Creek Technologies, Duck Creeks's recently acquired AgencyConnect Integration Kit was selected by Veruna, and Verisk Insurance Solutions enabled Duck Creek insurer customers to access the Verisk Data Exchange. Guidewire acquired in California, and Alberta Motor Association(AMA) returned to the software supplier for further solutions. EmiratesRE is to continue its long-term relationship with eurobase, and FICO's Payment Integration Platform is identifying fraudulent claims for Medshare in South Africa. Sapiens opened a new centre in Istanbul to support customers in the region.
NN Group moved for Delta Lloyd, and BGC Partners acquired Lloyd's broker Besso. Compre is to acquire AG Insurance's UK run-off, R & Q also continued its expansion by picking up captive run-off Clariant Insurance, and Marsh completed the takeover of Bluefin from AXA UK. Hannover Re and SCOR received the regulatory nod to open branches in India, and The Hartford entered into a definitive asbestos exposure reinsurance agreement with National Indemnity. There were senior appointments at Asta, Lloyd's, Miller, and RSA, whilst Legal&General appointed a new cfo, and previous ACORD svp, John Bissell, was named coo at the Chartered Insurance Institute(CII).
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.