Of Special Interest


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30th June 2019

Newslink Global Insurance Trends-The Week

This week, the Geneva Association published a new research report-"Underinsurance in Mature Economies–Reasons and remedies". Conning released two reports-one the latest annual study of the US property-casualty industry's loss reserves, and the other highlighting that the US Managing General Agent and Program market is continuing its growth and is solidly entrenched as a key business model for property-casualty business. Consumer Intelligence reported that UK car premiums have remained broadly stable in the last year.
The International Accounting Standards Board(IASB) proposed amendments to IFRS17 and deferred introduction by one year to 2022. The Association of British Insurers(ABI) said the Financial Services Consumer Panel(FSCP) loyalty penalty proposal "overlooks practicalities of underwriting and product choice".
Many UK larger businesses are struggling to digitally transform at the pace, highlighted a new joint report from the CBI and Oracle. Allianz Partners have formed a partnership agreement to jointly offer new automotive insurance products on Wrisk’s mobile platform initially in UK, and Insurecore, the risk appetite directory for the intermediated insurance and reinsurance market, was shortlisted for an Award. In the US, Amica Mutual are to leverage the Guidewire InsurancePlatform, delivered as a Software-as-a-Service (SaaS) solution via Guidewire Cloud, whilst Duck Creek OnDemand solutions were chosen by Bear River Mutual. AIR Worldwide released its expanded inland flood model for Central Europe and updated the storm surge component of its coastal flood model for Great Britain. Version 18.1 RMS North Atlantic Hurricane Models was approved by the Florida Commission on Hurricane Loss Projection Methodology(FCHLPM) for use in residential rate filings, and two transformative data solutions hosted on RMS Risk Intelligence(RI) were announced.
Allianz is to sell its 60% stake in Allianz Popular to Banco Santander in Spain and terminate its non-life distribution agreement. Swiss Re is to become a Supporting Member of the International Cooperative and Mutual Insurance Federation(ICMIF), and Zurich is accelerating actions to progress towards a low-carbon economy. Broker Ed received regulatory approval from the Bermuda Monetary Authority(BMA) for its new operation. There were senior appointments at AIA, RSA, and Swiss Re.
Full articles on the above topics are included in those added this week to the Newslink Global Trends Database Research Matrix service at www.onlystrategic.com