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7th October 2018

Newslink Insurance Global Trends-The Week

This week, Capgemini published its inaugural World InsurTech Report(WITR) 2018-partnering with InsurTechs was the preferred strategy said insurers. The latest CBI/PWC quarterly survey indicated a sharp fall in optimism in UK financial services. A new report highlighted that the global maritime industry is not prepared to deal with major issues that are likely to impact it over the next ten years.
The Financial Conduct Authority(FCA) published new rules aimed at improving the advice people receive when considering transferring their pension, The Chartered Insurance Institute(CII) is opening a new office in the UAE to cover the Middle East and Africa(MEA) and appointed a Regional director. Insurance Europe said the market supports !FRS 17 but calls for it to be reopened to deal with issues identified during testing, whilst LIIBA commented on the introduction of the Insurance Distribution Directive(IDD).
ACORD are to recognize a number of insurance leaders who have donated assets for the benefit of the ACORD community and the industry at large at its major ACORD CoNNECT event next week in New Orleans. Conning announced the release of Version 7.0 of its suite of risk management software products allowing access of processing power via the cloud, and US-based Catholic Life expanded its Sapiens environment going live with LifeApply supporting the company’s e-application and submission processes. Greenlight Re Innovations invested again, this time with InsurTech Sana Benefits, a newcomer to the US self-insured health market, and European InsurTech start-up Hokodo raised E1.9m in seed funding.
Aegon subsidiary Transamerica announced an agreement that would resolve litigation challenging certain monthly deduction rate adjustments on universal life insurance policies in the US. Markel International opened in Mumbai, Randall & Quilter moved for Ireland-based Western Captive Insurance Company(WCIC), RenaissanceRe issued a statement in response to publically released shareholder's letter, and Sompo International launched the Global Risk Control Services function within its insurance business. Aon and Turo, the world’s largest peer-to-peer car sharing company, teamed up to help the disruptive travel company enter the UK, Willis Towers Watson acquires French risk advisor and broker Dero Courtage, and Charles Taylor Adjusting bought Chilean-headquartered FGR Group. There were senior appointments at AFL, Ascent Underwriting, and Liberty Specialty Markets.
Full articles on the above topics are included in those added this week to the Newslink Global Trends Database Resource at www.onlystrategic.com