- Newslink Global Insurance Trends-The Week
- Standard Life Aberdeen announces sale of insurance business to Phoenix Group and strategic partnership
- Standard Life Aberdeen publishes 2017 results and are optimistic for the future after insurance deal with Phoenix
- Marsh report says political risk will remain a major concern for multinational businesses in 2018
- Insurance Europe welcomes positive vote on a draft report on a European strategy for Cooperative Intelligent Transport Systems(C-ITS)
- MGAA appoints new board director at AGM
- LMA's Gittings outlines priorities for 2018 at annual CEO meeting expired
- London Market Group(LMG) says claims transformation will become a focus for the Target Operating Model (TOM) in 2018 expired
- Cloudera and Octo Telematics collaborating to predict and model driver risk aggregating 186 billion miles of driving data from connected cars expired
- Allianz to launch further tender order for remaining Euler Hermes shares expired
- Ageas 2017 result best in its history says CEO De Smet expired
- Aviva sells entire shareholdings in two Spanish life and pensions joint ventures to Bankia expired
25th February 2018
Newslink Global Insurance Trends-The Week
This week, Standard Life Aberdeen(SLA) surprised the market by announcing a major insurance transfer deal with Phoenix Group and a strategic relationship-only days after Lloyd's Bank, owners of Scottish Widows, said it was to pull out of a large asset investment arrangement with SLA. SLA said, with the Phoenix deal, they had completed their transformation to a fee-based capital-light investment company and were optimistic for the future.
Cyberattacks cost financial services firms more to address and contain than in any other industry according to a new Accenture report, whilst the Beazley 2018 Breach Briefing report analysed and advised on the growing range of cyber risks in the US. In a new report, Marsh said political risk will remain a major concern for multi-national businesses in 2018. Insurance Europe welcomed the positive vote on a draft report on a European strategy for Cooperative Intelligent Transport Systems(C-ITS).
David Gittings, ceo of the Lloyd’s Market Association(LMA) this week told chief executives from across the Lloyd’s managing agency community that Brexit, electronic placing, claims modernisation, and further development of the LMA Academy in Lloyd’s overseas hubs are top of the LMA’s priority list for 2018. Earlier in the week, the LMA introduced Claims Development Pathway, a new interactive training and development tool, and the London Market Group(LMG) said that claims transformation will become a focus for the Target Operating Model(TOM) in 2018. Meanwhile, the Financial Conduct Authority(FCA) is seeking views on how technology can make it easier for firms to meet their regulatory reporting requirements.
The Institute of Risk Management(IRM) Internal Model Industry Forum(IMIF) published its eighth guidance document for the insurance market-The Journey from Model Validation to Model Risk Management. Cloudera and Octo Telematics are collaborating to predict and model driver risk aggregating 186 billion miles of driving data from connected cars, and S&P Global Ratings and Guidewire Cyence Risk Analytics are to collaborate to assess cyber risk. Legal & General are partnering with Slice Labs to offer an on-demand homeshare insurance proposition, and Zurich launched its UK Innovation Foundry.
Allianz is to launch a further tender order for the remaining Euler Hermes shares it does not own, and Aviva sold its remaining shareholdings in two Spanish life and pensions joint ventures to Bankia. RSA's UK claims function was awarded CII Chartered status. There were senior appointments at Hamilton at Lloyd's, and the Managing General Agents' Association(MGAA).
Full year and fourth quarter results continued to be announced-they included Aegon(net income more than doubles in fourth quarter as US tax reform leads to one-time tax benefit), Ageas(2017 result best in its history said ceo De Smet), AXA(a record year), RSA(big net profit rise but UK and London Market business disappoint), and Standard Life Aberdeen: Berkshire Hathaway( large underwriting losses but improved investment income), PartnerRe(ceo Clarke said adjusted net income of $250m "a remarkable performance" in 2017), SCOR(strong 2017 result-net income of E286m despite exceptional natural catastrophes), and Swiss Re(net income for 2017 at $331m-estimated claims payments for natural catastrophes at $4.7bn).
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.