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26th August 2018

Newslink Global Insurance Trends-The Week

This week, The London & International Brokers' Association(LIIBA) commented on the publication of the intended framework for the future UK-EU partnership on financial services and wrote to the Prime Minister Theresa May highlighting that there is no equivalence regime for insurance brokers either at present or in upcoming legislation. The UK government also issued a Financial Services technical notice relating to a no-deal Brexit to which the Association of British Insurers(ABI) replied strongly.
The ABI published its most comprehensive analysis yet into insurance fraud indicating that the number of organised frauds was down. The Global Federation of Insurance Associations(GFIA) published its response to an FSB consultation on a cyber lexicon, and also issued an infographic that highlighted the importance of financial education in increasing financial inclusion around the world. A Standard & Poor's report said the global life reinsurance industry should experience stable premium growth of about 3% per year over 2018-20.
A new study from Juniper Research said emerging InsurTech services will exceed $400bn by 2023, up from an estimated $187bn in 2018. Aviva created new pension skill for Amazon Alexa, whilst deVere Group launched a new pioneering investment app. Guy Carpenter is to partner with RPCC to license and develop proprietary applications to run within RPCC’s Tyche software, and The Institutes RiskBlock Alliance announced that EY will serve as a primary service provider for blockchain-specific cybersecurity and risk management guidance. Global newcomer OneWorld Instech announced the launch of its OWIT Services Division based in India.
Beat Capital Partners and Paraline UK are to merge, and Randall & Quilter(Malta) signed three new program underwriting partnerships with European Managing General Agents(MGAs). The Hartford moved for The Navigators Group, and PartnerRe were fined E1,540,000 over Solvency II breaches by the Central Bank of Ireland. Jean-Jacques Henchoz is to be the next ceo at Hannover Re-his replacement as ceo and Regional president EMEA at Swiss Re is Russell Higginbotham. Paul Newton has been appointed as chairman of the Joint Hull Committee(JHC). We summarised interim and second quarter financials from Ecclesiastical, IGI, Phoenix Group, Swiss Life, and Ardonagh Group.
Full articles on the above topics are included in those added this week to the Newslink Global Trends Database Resource at www.onlystrategic.com