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17th December 2017

Newslink Global Insurance Trends-The Week

This week, EY published its UK Life & Pensions Industry Outlook for 2018, highlighting the need for life companies to reconnect and then extend relationships with customers, whilst a new Swiss Re sigma report said that many life insurers are focused on enhancing the value of existing business. Equifax Touchstone reported record UK sales of protection products-a new five year high. Standard & Poor's looked at the main concerns for European insurers, and in another report reviewed the Spanish insurance market. Fitch updated its Global Reinsurance 2018 Outlook to incorporate recent significant catastrophe losses, and AIR Worldwide released its “2017 Global Modeled Catastrophe Losses” report.
Lloyd's Market Association(LMA) supported the Treasury Committee report on Brexit and the financial services sector regarding the need for speedy clarification on transitional arrangements. The Financial Conduct Authority(FCA) published a package of proposals on how firms and individuals will move to the Senior Managers and Certification Regime, with particular relevance to the insurance market, and EIOPA released an Opinion on monetary incentives and remuneration between providers of asset management services and insurers. Insurance Europe issued a position paper on the European Commission's proposal for intermediaries to report cross-border tax planning arrangements.
Allianz is now a telematics service provider for the Marmalade young driver offering. Clyde & Co launched an in-house data analytics lab that builds on its relationship with University College London(UCL), and the first ILSBlockchain was completed in Guernsey. Lloyd's selected REG to assist in recording data and to help reduce the administrative burden on UK coverholders, and NIIT Technologies announced the release of version 4.0 of its exposure management tool Exact. In the US, Tropics Breeze workers' comp solution new features were released.
AXA accelerated its commitment to fight climate change, and AIG announced a new cyber benchmarking model that quantifies and scores client cyber risk. There was another large buy-in transaction by Legal & General, and Zurich is to acquire 100% of ANZ’s life insurance businesses, OnePath Life, in Australia for AD2.85bn($2.14bn), making it the biggest life insurer in the country. Brit launched Sussex Capital, a new Bermuda-domiciled collateralised reinsurance platform, Canopius agreed to cede risks to the Flood Re scheme, and Pioneer Underwriters received Lloyd's permission for Syndicate 1980 to commence underwriting. Lloyd's broker Tysers acquired the London-based Commercial Lines business of Cosmos Services Co Ltd, Hong Kong. There were nine months updates from Skuld and Standard Life Aberdeen. Senior appointments were announced at Generali(along with territorial structure changes), Sun Life Financial, Skuld, Validus, and BMS Re US.
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.