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8th July 2018

Newslink Global Insurance Trends-The Week

This week, a new Swiss Re sigma study said global insurance premiums continued to rise in 2017 with emerging markets leading the way, whilst Willis Re's First View renewals report indicated momentum for rate increases on loss-free reinsurance accounts dissipated during the June/July property catastrophe renewals. Atradius published a UK/EU trade report at a critical time for Brexit discussions, and EY reported on M&A's in UK Financial Services in a robust 2018 first half. GlobalData examined "Insurance in the Gig Economy".
The Bank of England, the Prudential Regulatory Authority(PRA) and the Financial Conduct Authority(FCA) published a joint discussion paper on an approach to improve the operational resilience of firms and financial market infrastructures, with an emphasis on cyber threats. The PRA also provided feedback to responses to Consultation Papers on the Senior Managers and Certification Regime to insurers(SM&CR). The Chartered Insurance Institute(CII) is launching a new Public Trust Index designed to measure consumer confidence in insurance. The Inclusive Behaviours Pledge initiative was launched by Lloyd's, other leading UK insurance players, and trade associations, as the Fourth Dive In events are to reach more cities than ever this year.
DXC Technology extended its Master Service Agreement with Zurich until December 2022 to support end user transformation initiatives. SSP entered into an agreement with Amazon Web Services(AWS), and InsurTech Bought By Many raised a further £15m funding.
Generali Deutschland is to sell a majority stake in Generali Leben to Viridium Gruppe, and Swiss Re Corporate Solutions opened in Hamburg to serve northern Germany. Zurich announced that after five successful years, its flood resilience alliance will be extended until 2023. Liberty Mutual Specialty Markets(LSM) rebranded its reinsurance division Liberty Mutual Re and opened two offices in Italy, and Neon launched Copenhagen-based Orca Insurance Agency. There were senior appointments at RSA, CNA Hardy, DARAG, Fidelis, and Pool Re.
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.