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7th April 2019

Newslink Global Insurance Trends-The Week

This week, Colorado State University hurricane researchers predicted a slightly below-average upcoming Atlantic hurricane season. Willis Re said reinsurers have adopted a rational rating approach at the 1st April renewals, and Willis Towers Watson launched its Energy Market Review 2019. According to a Premium Credit report, 66% of UK insurance professionals believe a bad Brexit will lead to rising commercial insurance premiums as a result of more claims being made, whilst a new report from ELLO Media into consumer expectations of brand loyalty programmes has found that 35% of UK consumers feel no loyalty to their insurance provider.
EIOPA published a Discussion Paper on "Systemic Risk and Macroprudential Policy in Insurance", and Insurance Europe said that the EU recognition of the role of personal pensions in closing the savings gap was positive, but whether PEPPs will increase pension savings is unclear. The Financial Conduct Authority(FCA) began regulating the claims management industry, and the Association of British Insurers(ABI) responded to the Department of Digital, Culture, Media, and Sport(DCMS) cyber security breaches report.
The Board of the London and International Insurance Brokers’ Association(LIIBA) announced that over 100 of their members have now committed to signing up for PPL as momentum builds across the market for wider adoption of electronic placement, and the PPL Board reported later in the week that over 50,000 risks have now been bound on the platform–with nearly 12,500 risks bound in the last three months alone. The London Market Group(LMG) said that John Neal, ceo of Lloyd’s, will take over as the interim sponsor of the Target Operating Model(LM TOM). In the US, Utica National took a step forward in their strategic transformation efforts by choosing Duck Creek Insights via Duck Creek OnDemand, and Oklahoma Farm Bureau Insurance is to leverage Guidewire InsuranceNow to be delivered as a Software-as-a-Service (SaaS) solution via Guidewire Cloud.
Saga is changing its strategic approach to insurance, whilst Monument Re is to acquire a E140m portfolio of Irish annuities from Rothesay Life. The SCOR Global Life SE and SCOR Global P&C SE merger into SCOR SE was completed, Hamilton Re secured $65m of collateralized capacity through its special purpose sidecar vehicle Turing Re, and Nexus newly-formed independent broking arm Xenia Broking Group acquired Credit & Business Finance Ltd(CBF). There were senior appointments at Advent, Argo Global, Tokio Marine Kiln, and the Chartered Insurance Institute(CII).
With the groundswell of surveys and announcements relating to digitisation incorporating emerging technologies such as Artificial Intelligence and Machine Learning, Datum Solutions and IBM are to hold a timely webinar on Digital Transformation in the insurance markets next Thursday, 11th April. Newslink Founder and Editor Douglas Shillito will discuss the progress of insurance digitisation and related key influences from a strategic business perspective, there will be a client case study(DXC Xchanging), and Datum Solutions and IBM will outline what they are doing together in the insurance industry-more background and registering at www.datumwebinars.net
Full articles on the above topics are included in those added this week to the Newslink Global Trends Database Research Matrix service at www.onlystrategic.com