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17th January 2016

Newslink Global Insurance Trends

This week, the global insurance market finally began to wake up from the holiday break with some meaningful reports. They reminded us of the essence of insurance-of the need to identify, measure, and predict the changing risk environment and develop appropriate protection and mitigation strategies.
Allianz's Risk Barometer 2016 highlighted the changes taking place, and the World Economic Forum Global Risks Report 2016 emphasized that failure of climate change mitigation and adaption could potentially cause the biggest impact-it also highlighted new risks that were emerging such as large scale involuntary migration. Meanwhile, the Chartered Insurance Institute(CII) sponsored the research behind a report assessing the impact of disruptive technologies on the financial services market, and Key Note released a report on how the UK commercial insurance market was being affected by technology. Newly-merged Willis Towers Watson reviewed UK bulk annuity market trends, and also reported with Confused-com that UK motor insurance premiums were continuing to rise.
The Association of British Insurers(ABI) and the British Insurance Brokers' Association(BIBA) jointly presented a Code of Good Practice and a new major review of the MENASEA region was previewed.
Telematics specialist The Floow is to grow its technical workforce by around 50% in the first quarter as business booms globally, and Xchanging updated on the takeover bidding situation. A Belgian insurer is to widen its use of Guidewire software offerings, and Sapiens reported that
UK-based Riverstone Management had chosen its Reinsurance solution. Marsh BLAST, to be launched in March, will model the financial impact of explosions in the energy sector.
Aegon presented new financial targets and strategic priorities, and MetLife indicated that it planned to separate a substantially part of its US retail operation, no doubt with potential GSII status in mind. SCOR sponsored a new North American cat bond, Brit renewed and expanded capacity provided by Bermuda-based spi Versutus, and Pembroke Managing Agency is to open in Shanghai and underwrite specialty lines through Lloyd's Asian platform.
Hyperion Group's ceo said that "2015 had been a pivotal year" as financials were announced.
The Chartered Insurance Institute(CII) named Sian Fisher as its new ceo to succeed Dr Sandy Scott who is retiring.
Maurice Tulloch is to focus on global general insurance at Aviva, RSA named a global network director, Everest Re appointed an Active Underwriter for its new Lloyd's Syndicate, and London Market veteran John Coldman is to be a non-executive director on Gallagher's UK board.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global database service on Wednesday and today at www.onlystrategic.com