Of Special Interest


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1st July 2018

Newslink Global Insurance Trends-The Week

This week, a KPMG International survey indicated that insurance executives are actively pursuing acquisitions and partnerships to transform and grow their businesses. A new report from Cass Business School examined different Protection Gap Entities(PGEs) around the world. The J.D. Power 2018 Insurance Digital Experience Study said that US P&C insurers are failing to meet their customers’ expectations when it comes to digital interactions, whilst EY' annual report indicated that the UK motor insurance market had its best underwriting record since 1994 last year.
The Association of British Insurers(ABI) said it disagreed with the EIOPA statement on Brexit that responsibility lies with individual market players, mentioning that the Bank of England Governor has said that it needs a political solution as industry solutions are inadequate. The International Underwriting Association(IUA) published a Brexit clause, and the Lloyd's Market Association(LMA) coo survey highlighted market modernisation, underwriting systems upgrades, and Brexit preparations as the top three 2018 priorities. EIOPA published its June 2018 Financial Stability Report, and a Insurance Europe Solvency II Survey was both positive and negative. The Financial Conduct Authority(FCA) launched a consultation on a package of measures designed to protect consumers, improve engagement and promote competition in the retirement income market, and earlier in the week published feedback on its Call for Input on Access to Insurance, with the specialist travel insurance market highlighted.
Charles Taylor InsureTech was awarded a significant contract to implement the Fadata INSIS solution across five Latin American countries for Seguros SURA. The London Market Group(LMG) said Chubb has now integrated the Structured Data Capture service(SDC) from the LM TOM making it the first company to go live on a ‘business as usual’ basis. The latest figures for PPL usage were increasing but still too many firms were not yet live. ACORD reported that it was partnering with DataPro to aid London Market brokers to reduce the time, cost and risk of implementing data standards, and also announced selected participants for the European semi-finals of the ACORD InsurTech Innovation Challenge(AIIC) to be held in London later this month. FICO announced that its Enterprise Security Score Portrait was now available, free of charge, to all organisations worldwide, and Chubb enhanced its cyber incident response management capabilities.
Generali increased its stake in Indian joint ventures from 25.5% to 49%, and MAPFRE is to own 100% of its BB MAPFRE Non-Life venture with Banco Do Brasil. Folgate received regulatory approval to write primary insurance. Sirius International is to merge with Easterly Acquisition Corp and become publicly listed, and Swiss Re shared its experience one year after its switch to ESG(environmental, social and governance) investment benchmarks. Inga Beale is to stand down as Lloyd's CEO next year. There were senior appointments at JLT FAC and Thomas Miller.
Full articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink Global Trends Database Resource this week at www.onlystrategic.com featuring advanced self-search and reporting, and a free full 14 day access trial.