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27th May 2018

Newslink Global Insurance Trends-The Week

This week, GDPR legislation came into force across the EU-AIG Europe research indicated a potential rise in cyber claims, Beazley warned on the need for GDPR preparation, and the International Underwriting Association(IUA) formed a new cyber group dedicated specifically to considering the concerns of reinsurers.
A Marsh report said captive insurance vehicles are rapidly growing in popularity as risk managers seek alternative ways to finance emerging risks, whilst a Willis Towers Watson survey revealed the extent to which significant uncertainty remains in the industry concerning the approach to key Solvency II requirements. The Chartered Insurance Institute(CII) issued its latest "Underwriter of the Future" report six years after the first report was published to review projections made in 2012, the Global Federation of Insurance Associations(GFIA) issued “Older and wiser: Solutions to the global pension challenge”, and Standard & Poor's said that Swiss insurers' 2017 results indicate continued strength. The Association of British Insurers(ABI) showed concern over the Justice Select Committee report on the Small Claims Track(SCT) limit.
InsurTech investment deals were 16% up in the first quarter at $724m compared with the 4th quarter 2017 according to the latest Willis Towers Watson Briefing. Allstate updated on progress with Amelia, its AI customer interface assistance platform, and Malaysian life insurer, Gibraltar BSN, selected Majesco Distribution Management and Digital Solutions. ChainThat announced a strategic partnership with Send Technology to make it easier for re/insurers to adopt blockchain and DLT technologies.
Lloyd's received regulatory approval for a Brussels office, and later in the week announced ties were no longer obligatory in its iconic London building! THe Commonwealth Bank of Australia sold its equity interest in China-based BoComm Life to Mitsui Sumitomo, Millstream Underwriting became an approved Lloyd's Coverholder, and RFIB holding company CCP TopCo is renaming to Risk Transfer Group(RTG). PartnerRe's first quarter result was impacted by net unrealized investment losses of approximately $222m, but the underwriting result improved.
Andreas Brandstetter, the ceo and chairman of Austria’s UNIQA Insurance Group, was elected president of Insurance Europe for a term of three years, and there were appointments at the ABI, The Insurance Fraud Bureau, AEGIS and Canopius.
Full articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink Global Trends Database Resource this week at www.onlystrategic.com featuring advanced self-search and reporting, and a free full 14 day access trial.