Of Special Interest


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27th January 2019

Newslink Global Insurance Trends-The Week

This week, Moore Stephens hosted a Brexit seminar in conjunction with the MGAA(Managing General Agents Association) in London. Delegates were asked a range of questions including whether they had any concerns around the preparedness of their core business partners for Brexit. The results found that while the majority of insurers and brokers present felt their own firms were going to cope with a Hard Brexit, there was a real concern about the other insurers and intermediaries that they work with when placing business-50% reported that they were somewhat concerned and 20% reporting that they were very concerned. The International Underwriting Association(IUA)'s senior group for property, casualty and professional lines insurance business has been re-launched to provide a more active and focussed analysis of issues facing underwriters in the sector. Meanwhile, there was good news that HM Treasury had reached agreement on a UK/Switzerland deal on insurance after Brexit, and the IASB propose amending key aspects of IFRS 17 Insurance Contracts following industry feedback. The GFIA commented on the OECD Insurance and Private Pensions Committee’s next steps on cyber issues.
The Association of British Insurers(ABI) backed proposals to introduce a reporting requirement for firms to publish details of employees’ pay, broken down by ethnicity and pay quartile. The Chartered Insurance Institute(CII) launched the Society of Claims Professionals, a dedicated professional body for people who work in claims insurance, with the view to improving consumer confidence in the sector.
Insurance Europe published an insight briefing about how insurers’ use of big data can benefit consumers. Duck Creek Technologies announced the launch of Duck Creek for Salesforce on Salesforce AppExchange, empowering businesses to connect with their customers, partners and employees in entirely new ways. Ping An Property and Casualty Insurance is to introduce its credit-based smart auto claim solution across China to make it easier for car owners to make claims and encourage good driving habits. Ed placed 67% of firm orders through the London Market’s joint electronic placement system between August and November last year and supported the call for all brokers to reveal their rate of PPL usage.
Aon launched its "Weather, Climate & Catastrophe Insight: 2018 Annual Report". Allianz is to enter the general insurance sector in Vietnam through a digital joint venture(JV) to be set up with the FPT Group. DARAG is to purchase a portfolio of Italian non-life business, consisting primarily of Motor Third Party Liability from DONAU Versicherung, and US-based Waypoint Underwriting Management obtained coverholder approval to underwrite Accident and Health (A&H) products on behalf of ArgoGlobal Syndicate 1200 at Lloyd’s. St. James's Place added £2.6bn of net inflows in fourth quarter despite challenging market conditions. There were senior appointments at AXA UK, Cathedral Underwriting, IGI, Lockton Re, Tysers, and Willis Re.
Full articles on the above topics are included in those added this week to the Newslink Global Trends Database Matrix Resource at www.onlystrategic.com