Of Special Interest


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6th October 2019

Newslink Global Market Trends-Editor's Weekly Overview

The week started with a bang as Lloyd's introduced its Blueprint One. The Lloyd's Market Association(LMA) issued a release at the same time welcoming the launch which provides the latest strategic thinking from Lloyd’s around six ideas, first set out in their Prospectus, alongside a phased execution plan, starting next year, covered in a comprehensive summary. Lloyd’s also announced that Munich Re will launch the first new “Syndicate-in-a-Box” through its well-established Lloyd’s vehicle Munich Re Syndicate. The Munich Re Innovation Syndicate will begin underwriting on 1st January with no physical presence in Lloyd’s. It will underwrite a range of innovative lines of business such as renewable energy and parametric insurance for weather risks.
The World Economic Forum’s Regional Risks for Doing Business 2019 report was published highlighting that cyberattcks were the second biggest challenge. GlobalData research indicated growth of cyber cover take up amongst UK SMEs and warned on the ambiguous policy wordings of earlier general policies. The global M&A market recorded its second worst performance since the launch in 2008 of Willis Towers Watson’s Quarterly Deal Performance Monitor(QDPM). A report from Mactavish research revealed that many private equity firms are not placing enough focus on the quality of insurance cover in place at portfolio companies.
The Financial Conduct Authority(FCA) published its interim report of its market study into the pricing of home and motor insurance-the general media covered this extensively.
Willis Towers Watson responded to IASB comments on IFRS17. Insurance Europe and AMICE issued a joint call for the European Commission to improve Solvency II proportionality rules, whilst EIOPA published an Opinion on Sustainability and Solvency II. Insurance Europe released EU insurer statistics for 2018-claim payments and premiums were both up. Ecclesiastical's survey on IDD indicated that it has been good for the UK insurance industry but trust still remains a major issue.
US-based Avinew autonomous vehicle insurer chose a Majesco solution, and security specialist Coronet is to partner with Slice Labs in the US-cyber insurance will be underwritten by an AXA XL insurer. Munich Re Automation Solutions announced the successful implementation and go-live of its digital underwriting solution, ALLFINANZ, by Swedbank Försäkring, and Sapiens expanded its partner ecosystem with FRISS. RMS announced the release of RMS HWind forecasting products for the North Atlantic Basin.
Markel International sold its Brazil operations to its existing executive team. MS Amlin announced a significant new underwriting strategy, and Tokio Marine is to acquire US high net worth insurer Pure Group. Canopius completed the merger of AmTrust at Lloyd’s, and Turk Re was established as a domestic reinsurer by Turkey's Treasury and Finance Ministry. There were senior appointments at The Association of British Insurers(ABI), Hamilton, Sedgwick, and Willis Re.

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
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