12th August 2018

Newslink Global Insurance Trends-The Week

This week, global insurance law firm Kennedys' survey "Brexit and the Insurance Sector: Towards 2020 and Beyond" made a case for the insurance industry to have a stronger say-the survey identifies six core areas that will safeguard future investment, talent and innovation. Marsh released its Global Insurance Market Index for the second quarter indicating property rates generally up and casualty down, and Fitch said the US workers' compensation insurance market showed strong underwriting performance for the third consecutive year in 2017. EIOPA announced it is now a member of the Sustainable Insurance Forum(SIF).
The Financial Conduct Authority(FCA), in collaboration with 11 financial regulators and related organisations, announced the creation of the Global Financial Innovation Network(GFIN), building on the FCA’s proposal earlier this year to create a ‘global sandbox’. AIR Worldwide released new catastrophe modelling software Touchstone Re. Majesco published another thought leadership report headed "Digital Insurance 2.0: Building your Future on a Robust Data Foundation", whilst Bahrain-based SNIC Insurance selected TCS BaNCS for Insurance solution. Prudential Corporation Asia announced it has entered into an exclusive partnership agreement with UK-based healthcare technology and services company Babylon Health. Sapiens reported increased revenue and operating income for the second quarter, and Willis Towers Watson introduced its Captive Quantified digital tool
at the VCIA Annual Conference in Vermont.
There was merger activity in the antipodes-QBE is to sell its Australian travel insurance book to nib, and TAL Dai-ichi Life is to take over Suncorp's life business, with the companies entering a 20-year strategic alliance agreement. Starr Insurance Companies is to acquire renewal rights to Aspen's aviation book. There was a senior appointment at AIG.
It was a major week for second quarter and interim result-we summarised results from Ageas, Hastings Group, Legal & General, LV=, Manulife, Prudential, Suncorp, Standard Life Aberdeen, Sun Life Financial, and Zurich; Argo, Greenlight Capital, Hannover Re, and Munich Re.
Full articles on the above topics are included in those added this week to the Newslink Global Trends Database Resource at www.onlystrategic.com