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15th April 2018

Newslink Global Insurance Trends-The Week

This week, a Swiss Re sigma report estimated $144bn global insured losses from disaster events last year-the highest ever. Lloyd's launched a new report headed “Sharing risks, sharing rewards: who should bear the risk in the sharing economy?”
The Financial Conduct Authority(FCA) emphasized Brexit and seven cross-sector priority areas in its 2018/19 Business Plan, whilst the Prudential Regulatory Authority(PRA) Business Plan set out its strategy and workplan for 2018/19 including a budget. Insurance Europe warned on the implications of the European Commission’s proposal for a Directive on representative actions for the protection of the collective interests of consumers.
The London Market Group announced on Friday the launch of London Insurance Market Operations & Strategic Sourcing(LIMOSS) led by managing director, Patrick Molineux. LIMOSS has been established to source and manage the portfolio of market services which the London Market has built as it modernises its processes. Chris Beazley, ceo of LMG, comments “Modernisation is one of the four LMG workstreams, and is focused on making London an easier place to do business. The market services that will deliver on this goal need a professional organisation to source and manage them, and LIMOSS will provide just that.” Molineux has thirty years’ experience of insurance IT and business process services, as well as his time with CSC where he oversaw the acquisition of Xchanging. Allianz is partnering with Drivy(UK) to provide insurance for users of their car sharing platform, and Solgari has delivered an insurance-focused communications solution to Ireland-based Hastings Insurance Brokers compliant with the upcoming GDPR EU regulations. NSM Insurance Group, a leading US program administrator, has selected ValueMomentum’s solutions-White Mountains announced it is to acquire a majority equity stake in NSM earlier this month.
Allianz was in the news-it said it was the first Emerging Africa Infrastructure Fund(EAIF) insurance investor, was in good shape for the introduction of GDPR next month, and published its 17th Sustainability Report. Chubb has launched its Cyber Index, a new interactive platform accessible to all North American businesses, that showcases nearly two decades worth of Chubb's proprietary commercial cyber claims data. The Index is designed to highlight a range of cyber threats based on an organisation's industry and size. The People’s Insurance Group of China(PICC)is to raise more than $1.6bn through a Shanghai IPO, and Manulife released its 2017 Embedded Value Report and 4Q 2017 Statistical Information Package updated to reflect its new reporting segments. Marsh-owned broker Jelf moved for Clark Thomson, Scotland's largest independent broker. There were senior management appointments at Asta, Beazley, QBE, Marsh and Willis Towers Watson, whilst The London Market Group(LMG) announced the appointment of Andrew Horton, ceo of Beazley, as its new chair.
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.