- Newslink Global Insurance Trends-The Week
- The insurance markets react to the Brexit breakthrough talks
- PRA writes General Insurance Stress Test 2017 Feedback letter to UK insurer CEOs
- IAIS releases interim public consultation paper on an activities-based approach to systemic risk
- FCA fines Bluefin £4m for misleading customers
- Swiss Re appoints new CFO
- AIR Worldwide reduces Hurricane Maria estimated losses to between $27bn and $48bn expired
- Insurance artificial intelligence specialist Cytora announces £4.4m funding round expired
- EIOPA publishes sixth Consumer Trends Report with emphasis on digitisation expired
- A range of Guidewire solutions selected by US-based United Fire Group(UFG) expired
- Sirius Group selects Insurity solutions expired
- PCIS reports that the County of Los Angeles expands usage of its ClaimsVISION solution expired
10th December 2017
Newslink Global Insurance Trends-The Week
This week, all attention was on the Brexit breakthrough in Brussels between the EU and the UK. The insurance markets were quick to react, pushing for urgent clarification over insurance and financial services-no doubt, we will hear much discussion about "equivalence" in the coming months. Meanwhile, the Prudential Regulatory Authority(PRA) wrote a General Insurance Stress Test 2017 Feedback letter to UK insurer ceos, and the International Association of Insurance Supervisors(IAIS) released an interim public consultation paper on an activities-based approach to systemic risk. The Financial Conduct Authority(FCA) fined Bluefin £4m for misleading customers, the London Market associations issued a guide to the General Data Protection Regulation)GDPR) to be introduced in May 2018, and EIOPA released its sixth Consumer Trends Report with an emphasis on digitisation.
Insurance artificial intelligence specialist Cytora announced a £4.4m funding round which included Hank Greenberg's Starr Global Holdings and QBE Ventures. The FCA updated on further Sandbox development, which included several InsurTech start-ups. A PwC survey indicated that small businesses are looking to interact with their insurers online. AIR Worldwide revised its Hurricane Maria loss estimate range downwards, Milliman launched a predictive modelling platform, and Synaptic Software implemented a new feature-based proposition on its Webline protection quote and e-apply portal. Guidewire, Insurity, PICS, and Sapiens all announced software wins in the US.
Mergers and acquisitions featured-in the US, CVS Health is likely to buy Aetna, and The Hartford entered into a definitive agreement to sell its run-off life and annuity businesses. Swiss Re is to purchase 1.1 million life insurance policies from Legal & General Group for £650m, who later in the week reported that it "continues to see great momentum in all its businesses." Sedgwick Claims Management Services moved for Cunningham Lindsey, Tryg expanded its Danish market presence with an agreed bid for Alka, and Canadian institutional investor CDPQ is to acquire a significant stake in Hyperion Group. Liberty Specialty Markets(LSM) is to redomicile its insurance company from the UK to Luxembourg, while maintaining its substantial London presence. There were senior appointments at AIG, Compre, Hiscox Re, Pool Re/Cranfield University, Swiss Re, and Marsh.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global trends database services last Wednesday and today at www.onlystrategic.com-featuring advanced structured search, report facilities, and a free 14 day full trial.