Of Special Interest


[x] [x]

9th September 2018

Newslink Global Insurance Trends-The Week

As the Monte Rendez-Vous looms and Summer in Europe ends, it was an exceptionally busy week. Standard & Poor's issued a report headed "The Top Global Reinsurers Are Breaking Away From The Pack", whilst Fitch Ratings revised their outlook for the global reinsurance sector to stable from negative. A Swiss Re sigma study reviewed the worldwide non-life markets earnings gap, and the latest Willis Towers Watson Reinsurance Index was published tracking 34 reinsurers globally-the broker also released its global cyber survey with the EIU, highlighting the "specialist/generalist" management dilemma, whilst NTT Security's 2018 Risk Value report highlighted that only one third of senior executives in UK organisations admit their company insurance currently covers them for a security breach.
An Association of British Insurers(ABI)-sponsored survey on small personal injury claims settlement indicated a quicker, simpler process was desired and legal fees were too high, and Clyde & Co commented on the Civil Liability Bill progress through the House of Commons. Insurance Europe responded to the consultation by the International Association of Insurance Supervisors(IAIS) on its application paper on the composition and role of boards, and the Global Federation of Insurance Associations(GFIA) warned on IAIS public disclosure recommendations under ICP20. The Chartered Insurance Institute(CII) is to move from its long-term London Head Office to Lombard St on the 17th September to be nearer to the insurance market.
Insurance Europe published its response to a EIOPA consultation, which will feed into its work on mapping supervisory approaches to InsurTech and identifying possible regulatory barriers to financial innovation. Meanwhile, InsurTech initiatives abounded after a quiet August. Munich Re acquired tech company relayr-experts in IoT and digitisation, and Zurich launched the Zurich Innovation World Championship, its new global competition to collaborate with the brightest and best start-ups and entrepreneurs in the InsurTech space. Lloyd's Lab opened with 20 teams pitching their ideas, and Ebix Europe launched the first phase of the EbixExchange Integration Service to assist brokers and their vendors to integrate with PPL. ChainThat successfully completed a Distributed Ledger Technology(DLT) prototype focused on claims agreements-developed for the London Market Target Operating Model(LMTOM). Bermuda could spark a “ReinsurTech” revolution according to Industry Roundtable panelists at a NIIT Technologies Advantage Go hosted event. Majesco solutions were implemented in 95 days at Californian start-up Urban Advantage, the OneWorld InsTech Rating Service was launched, Sapiens partnered with venture capital fund FinTLV to facilitate InsurTech development and integration, and Tokio Marine Kiln(TMK) launched FlyCovered-the market’s first on demand aviation product for manned aircraft.
SCOR said it had rejected a Covea proposal to initiate discussions relating to a project to acquire a majority stake, held a successful Investor Day, and announced a wide range of management appointments. London Market brokers AFL were selected as Insurance Partner for the innovative online Trade SSA(Sub-Saharan Africa) platform, Markel is to acquire all outstanding shares in ILS leader Nephila, Nexus moved for Labuan-based Huntington Underwriting, and RSA opened an office in Luxembourg for post-Brexit operations. We summarised interim financials from Groupama, Helvetia, and Just Group. Ex QBE group ceo John Neal was appointed Lloyd's ceo and starts next month, whilst there were also senior appointments at CNA, Everest, Tokio Marine, the Financial Conduct Authority(FCA), FINMA, and the International Development Forum(IDF).
Full articles on the above topics are included in those added this week to the Newslink Global Trends Database Resource at www.onlystrategic.com