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16th December 2018

Newslink Global Insurance Trends-The Week

This week, the US Department of the Treasury and the Office of the US Trade Representative announced their intent to sign the Bilateral Agreement between the US and the UK on Prudential Measures Regarding Insurance and Reinsurance(US-UK Covered Agreement)-the International Underwriting Association(IUA) and LIIBA voiced their support. Commercial insurance prices in the US increased by over 2% in the third quarter of 2018 according to a Willis Towers Watson CLIPS survey, and SME attitude to cyber security is worrying said Aon after commissioning a poll. Fire and explosion incidents cause the largest claims for insurers and the businesses they cover, according to new research from Allianz Global Corporate & Specialty(AGCS).
EIOPA announced results of 2018 Stress Test-on aggregate, the sector is adequately capitalised to absorb the prescribed shocks-and also published a report on the Evaluation of the Structure of Insurance Intermediaries Markets in Europe in accordance with Article 41(5) of the Insurance Distribution Directive(IDD). Insurance Europe raises serious concerns in its response to a consultation by the European Commission on its draft proposals for the 2018 review of the Solvency II Delegated Regulation, and also was worried by the quick-fix approach taken by the European Supervisory Authorities(ESAs) in their proposals for changes to the Key Information Document(KID) for Packaged Retail Investment and Insurance Products(PRIIPs).
London Market Group(LMG) announced that all managing agents involved in live delegated authority business have signed up for its Delegated Authority: Submission, Access and Transformation Solution(DA SATS), and reported the launch of the Future Workforce Think Tank. LIIBA's ceo said “The number of risks bound by brokers through PPL has risen by 350% in the last 12 months”, and Beazley launched its cyber and breach response portal that provides exclusive access to a wealth of risk management information and risk mitigation tools to its Beazley Breach Response(BBR) policyholders in the UK, France, Spain and Italy. Co-operators selected Guidewire Predictive Analytics for Claims to embed predictive insights into Guidewire ClaimCenter, whilst Willis Towers Watson launched the latest version of its innovative Radar software. Slice Labs announced availability of Insurance Cloud Services(ICS) in the UK and EU with Legal & General the first customer.
Enstar entered a joint venture to invest in Bermuda-based Enhanzed Re along with Allianz and Hillhouse affiliates,and Peak Re launched Asia’s first sidecar transaction via a new Bermuda-domiciled special purpose insurer, Lion Rock Re. Liberty Specialty Markets(LSM) secured a licence for its European company based in Luxembourg, and QBE completed its portfolio simplification. Royal London Mutual announced that its ceo and chairman are both to stand down. There were senior appointments at Ed(who also announced a new broking platform in Bermuda), the Chartered Insurance Institute(CII),and MAPFRE.
Full articles on the above topics are included in those added this week to the Newslink Global Trends Database Matrix Resource at www.onlystrategic.com