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28th October 2018

Newslink Global Insurance Trends-The Week

This week, cyber insurance continued to headline-PartnerRe/Advisen's fifth annual cyber insurance survey highlighted evolution of the market, whilst Munich Re outlined its views on cyber as one of the biggest global risks. AIR Worldwide announced it had developed a probabilistic model for cyber risk capable of accounting for security breach and cloud service provider downtime incidents for insurance portfolios worldwide.
Lloyd's published a new report detailing four potential new financial instruments that could be used to incentivise investment in resilience, and a new Global ILS Market Survey by Willis Towers Watson was positive for the future after heavy 2017 loss activity had been weathered. The latest J.D. Power U.S Auto Claims Satisfaction Study was published indicating that insurers were struggling to transition claimants to digital claims reporting solutions.
Insurance Europe's RAB expressed concern about the NAIC’s draft implementation plans for the bilateral agreement on (re)insurance prudential measures. The IASB are reluctant to re-open IFRS 17 planning according to Willis Towers Watson.
Charles Taylor InsureTech is to acquire a majority stake in CoVi Analytics who has developed an advanced software platform that uses Artificial Intelligence(AI) and innovative tools to re-think, simplify and automate risk and compliance management for insurers and brokers. CoreLogic moved for Symbility Solutions, and London Market broker Ed licensed Ultimate Risk Solutions’(URS) financial risk modelling software to help design bespoke risk mitigation solutions for its clients. Novidea is significantly expanding its operations as it opens its first UK office, and London Market Group(LMG) signed a contract with Sequel to deliver a faster and more efficient solution for approving and registering coverholders, and a new integrated tool for generating delegated authority binder contracts.
AIG received final UK legal approval to transfer its business to two new entities-AIG UK and AIG Europe. AMP is to divest its Australian and New Zealand wealth protection and mature businesses to Resolution Life and reinsure New Zealand retail wealth protection to Swiss Re for total proceeds of A$3.45bn, and Commonwealth Bank of Australia(CBA) is to sell 80% of Indonesian life insurer PTCL to FWD. Fidelis Insurance Ireland was established and senior management were appointed. Tokio Marine Kiln(TMK) are to reorganise Asian operations, and Miller is to acquire London Market (re)insurance broker AG. There were senior appointments in Asia Pac at Canopius.
There were early third quarter and nine month financial announcements from Chubb, Hastings Group and The Hartford; Aspen, AXIS Capital, and SCOR; Aon and Marsh & McLennan.
Full articles on the above topics are included in those added this week to the Newslink Global Trends Database Resource at www.onlystrategic.com