Of Special Interest


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21st July 2019

Newslink Global Insurance Trends-The Week

This week, emerging technologies were to the fore. Juniper Research looked at Robotic Process Automation(RPA) progress in the insurance and telecoms markets, Capgemini is to expand its Artificial Intelligence(AI) capabilities with Microsoft, whilst FM Global invested $1m in AI-based InsurTech RiskGenius looking to automate underwriting processes. Looking at the changing scene, InsurTech Dinghy Freelancer Insurance commented on research indicating that the number of people in the UK working through an online platform has doubled from 4.7% to 9.6% in the last three years, and Huntswood's Complaints Outlook 2019 research indicated that UK financial services firms are under performing when it comes to complaints handling. Quotall refined its software amid increased demand for broker digital transformation, and Malta-based MAPFRE MSV Life chose Sapiens solutions.
Clyde & Co published its third report on climate change, and The Geneva Association reported on its recent 2019 Climate Change Forum held in London. Offshore wind must quickly respond to the changing global risk profile according to GCube Insurance analysis, and RMS estimated losses from Hurricane Barry will not exceed $500m. The latest research from Willis Towers Watson and Confused.com showed that UK car insurance prices were up in the second quarter. The announcement of an Ogden discount rate change did not impress the UK insurance industry, and the Association of British Insurers(ABI) wrote to the Justice Secretary asking for an explanation to the marginal adjustment from minus 0.75% to minus 0.25%. Mactavish research highlighted that only 32% of decisions went in favour of the policyholder over insurance claims disputes taken to Court.
UK financial regulators are to discuss a plan to improve regulatory coordination. The Financial Conduct Authority(FCA) launched a consultation on proposals designed to help consumers with pre-existing medical conditions (PEMCs) have better access to travel insurance products-the ABI responded.
Generali is to acquire Sequradoras Unidas and AdvanceCare in Portugal, Munich Re expects around E1bn earnings for the half year with no change in its 2019 target, and BrokersLink continued its African regional growth with three new affiliates. DARAG entered into a retrospective quota share reinsurance agreement with Scandinavian insurer Protector Forsikring and also signed a Sale and Purchase Agreement with One Re-its first UK acquisition. There were senior appointments at Apollo Syndicate Management, Catalina, Hamilton, Victor, and Novidea.
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