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29th October 2017

Newslink Global Insurance Trends-The Week

This week, the Prudential Regulatory Authority(PRA) published the first in a short series of consultation papers on reform to the implementation of Solvency II, starting with the Matching Adjustment(MA)-the Association of British Insurers(ABI) has worked closely with the PRA and welcomed the proposals. EIOPA released an update on Internal Model Consistency Projects to strengthen supervisory consistency and convergence in the EU, and also its updated Risk Dashboard based on second quarter 2017 data. Insurance Europe responded to the European Commission(EC) on the Motor Insurance Directive(MID) and also published a new insight briefing on protectionist measures by jurisdictions. Meanwhile, the Financial Conduct Authority(FCA) released data on the number of complaints reported by firms for the first half of the year, whilst the London Market Group(LMG) launched its first ever campaign to promote London as the world’s insurance hub.
Insurtech Australia was formed as a new industry association dedicated to the advancement of insurance innovation and InsurTech startups. InsurTech Insurdata raised over $1m in seed financing, and UK InsurTech start-up broker Flood Assist Insurance chose SSP's core broking platform. Tractable is launching next generation technology-AI Estimating-in the UK following successful deployment of its AI Approval solution with Ageas. Beazley's third quarter 2017 Breach Insights highlighted the growth of social engineering attacks. AIR Worldwide introduced a new inland flood model for Japan along with enhancements to its Japan typhoon model, Lloyd's and RMS published a new report looking at counterfactual disaster risk analysis, and Willis Towers Watson released an updated version of its Emblem predictive modelling software. Sapiens was positioned as a leader in Gartner's Magic Quadrant for Life Insurance Policy Administration Systems, Europe.
The Hartford moved for Aetna's US group life and disability business. Nexus Group acquired Credit Risk Solutions(CRS), and Lloyd's announced its latest estimated loss from Hurricanes Harvey, Irma, and Maria at $4.8bn.
Third quarter and year to date financials started to roll-they included The Hartford(net income impacted by hurricane losses), Hastings Group(on track), MAPFRE(net profit down 22.3% for first nine months), St.James's Place(continued growth)-Aspen(net loss of $253.8m), AXIS Capital(net loss of $468m), Markel(comprehensive loss of $19.9m), Munich Re(to post loss of E1.4bn), QIC(premium growth up but net profit down in first nine months), SCOR(net loss of E267m), XL Group(combined ratio 146.9 after net loss of $1.04bn), and Marsh McLennan(underlying revenue up 3%). There were senior appointments at Axis Re, Direct Line, H.W. Wood, and Marsh.
h and report facilities and a free 14 day full trial. 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.