Of Special Interest


[x] [x]

13th October 2019

Newslink Global Insurance Trends-Editor's Weekly Overview

This week, Lloyd's and AIR Worldwide co-produced a new framework to help risk managers and insurers close the protection gap before the next catastrophic supply chain disruption occurs. The International Underwriting Association(IUA) reported that premium income in the London company market increased to £28.437bn in 2018-an 8.1% rise on 2017. The World InsurTech Report 2019(WITR) published by Capgemini and Efma highlighted that the insurance industry is facing a structural shift where effective collaboration with InsurTechs is essential in order to meet rising customer expectations. GlobalData reported total insurance industry worlwide M&A deals in August were worth $4.04bn-a drop of 13.6% on the last 12-month average. The International Forum of Terrorism Risk (Re)Insurance Pools(IFTRIP) and the Geneva Association(GA) are to launch a joint task force on cyber terrorism and cyber warfare.
Munich Re invested a further $250m in US start-up Next, whilst FRISS extended its partnership with the reinsurer to now globally support insurers in their fight against fraud. Verisk announced its modern, cloud-based e-alerts platform for the Insurance Fraud Investigators Group(IFIG). Ageas partnered with SightCall to leverage the benefits of the latter’s real-time video claims platform for its motor policyholders. Sapiens entered into a definitive agreement to acquire Cálculo, a leading vendor of insurance consulting and managed services, and a core solution to the Spanish market. The Doctors Company selected Duck Creek Suite to be delivered via the suppliers OnDemand facility, and Ontario-based Commonwell Mutual deployed Guidewire solutions.
EIOPA launched a field test on revised and new templates under the Solvency II reporting and disclosure review 2020. Insurance Europe launched a new publication entitled “Insurers’ role in EU cyber resilience”. European insurers say they will likely need additional time to implement proposed guidelines on outsourcing to cloud service providers. The ABI responded to the FCA interim personal lines pricing report-director general Huw Evans said "This is not an issue unique to insurance, but we are the only sector to have taken voluntary steps to address the issue and these are bearing fruit already.”
Aon announced it was bringing the benefits of its Aon United growth strategy closer to clients around the world. Argo affirmed that its independent directors are conducting a review of governance and compensation matters, and Catalina announced a partnership with the British Lung Foundation, committing £5m in funding to accelerate research into mesothelioma. There were senior appointments at Aon, Ascent Underwriting, Beazley, Liberty Mutual, PartnerRe, and Marsh. InsurTech Cuvva appointed Lloyd's chairman Bruce Carnergie-Brown as its chair.

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
The Insurance Newslink self-search and automatic reporting service across all insurance/reinsurance sectors has been a trend recording catalyst since its launch in 1993-bringing together significant global market and IT/InsurTech intelligence from source-editing and linking across a Matrix of region/country, regulatory, surveys/research, results, and IT by business application area. The database contains over 52,000 linked articles and is updated twice-weekly.
A 14 day free full trial of the service is available from the website.