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3rd December 2017

Newslink Global Insurance Trends-The Week

This week, the London Market Group(LMG) published a detailed proposal for the UK Government that sets out a mechanism that would enable the EU and UK to maintain access to their insurance markets post-Brexit, following the Bank of England emphasizing the threat to servicing of cross-border insurance contracts. The market reacted to the Justice Select Committee report on the Ogden Discount Rate, which recommended further scrutiny of the proposed change by MPs. The LMG also welcomed the decision by the Delegated Legislation Committee in Parliament to allow the proposed ILS regulations to pass-a boost for the London Market. The Lloyd's Market Association(LMA) Aviation Committee welcomed the UK government proposals for drone legislation, and the Chartered Insurance Institute(CII) said that professionalism is the key to a successful industrial strategy.
Fitch said that London Market rate increases may not be enough to relieve the pressure on underwriting results from high expenses and lower reserve releases, and the rating agency also reviewed the US broking sector. With online crime on the rise, personal cyber insurance may become a necessity, says GlobalData. MetLife research indicated that UK employee benefits consultants expect market growth despite forthcoming new data regulations and Brexit. Lloyd's reviewed growth in the Middle East and the increasing requirement for innovative insurance solutions, at an event.
On the information technology front, InsurTech Gateway accelerator was launched, and Dublin-based Unipol Re went live with a new IT system driven by NIIT Technologies' underwriting platform, Navigator. Majesco published a research report-"The New Insurance Customer-Digging Deeper: New Expectations, Innovations and Competition", Iowa-based Merchants Bonding Company went live with the Insurity SIMS Claims solution, and claims software specialist Symbility continued growth. Willis Towers Watson launched a significant update to its Igloo financial modelling platform. The Insurance Europe Data4Drivers campaign began.
Aviva upgraded targets for earnings growth, cash, and dividend at an Investor Conference held in Poland, and MAPFRE also outlined its strategy at a similar event. Allianz made the first move to purchase the remainder of Euler Hermes, and Chubb entered into a strategic cooperation agreement with PICC. Lloyd's reported that it had so far paid claims worth $1.7bn in response to windstorms Harvey, Irma and Maria. Vienna Insurance Group(VIG) continued an upward trend, and there were senior appointments at Charles Taylor InsureTech, Allianz Global Corporate & Specialty(AGCS) and AFL Insurance Brokers InsurTech Incubator Division.
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, report facilities, and a free 14 day full trial.