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8th September 2019

Newslink Global Insurance Trends-The Week

This week, as the annual reinsurance Monte Carlo Rendez-Vous gets into full swing, Swiss Re issued a new sigma report saying that insurance can help by closing the record-high global protection gap of $1.2tr. The reinsurer also said it expects further rate increases for loss-affected and underperforming businesses and broadly stable rates in other areas. The latest Willis Re Index shows total capital dedicated to the global reinsurance industry measured $559bn at the half-year point-up 8% on the first half last year. Earlier in the week, S&P Global Ratings said it had kept its stable outlook on the global reinsurance sector and on the majority of the reinsurers it rates, and published a report headed "When Is A Start-Up Insurer Not A Start-Up Insurer?", whilst SCOR presented its new strategic plan-"Quantum Leap" at its annual Investor Day.
The Prudential Regulatory Authority(PRA)published CP19/19-"Insurance special purpose vehicles: Updates to authorisation and supervision". GlobalData reported that the Indian general insurance market could top $40bn by 2022, and also observed that the recently launched Tesla Insurance will appeal to price-sensitive clients. A new report from Kennedys considered the emergence of autonomous vehicles and the impact on insurance. Conning published a study headed "U.S. Cyber Insurance Market Overview: The Evolving Response to a Pervasive Threat".
The London Market Group(LMG) launched EventWatch, a 24×7 global event monitoring, alert and analysis service-an app that monitors over 100,000 online sources to provide in-depth information on major disruptive events across the world that could affect clients. Driveway entered into a cooperation agreement with Zurich in order to leverage the Driveway AI technology platform and analytics engine, starting in Brazil. OneConnect, an associate of the Ping An Group, demonstrated its AI capabilities at the 2019 World Artificial Intelligence Conference(WAIC). Global Data research indicated that the non-life insurance sector had overtaking the life cover and distribution channel segment in securing most global InsurTech deals. Decrypt, a new holistic cyber reinsurance solution, was launched by co-creators Swiss Re and Capsicum Re.
MAPFRE and Abante signed a strategic alliance to create an independent platform for financial advisory services. ArgoGlobal announced plans to exit Syndicate 1200 underwriting operations in Asia and most of its hull underwriting business within the syndicate, whilst Markel announced the launch of Lodgepine Capital Management, its new retrocessional Insurance Linked Securities(ILS) fund manager in Bermuda, and Tysers are to acquire Risk Transfer Group, the parent company of RFIB Group. Oman Re reported a big rise in net profit at half time, and there were senior appointments at Ansvar, Aviva, Capsicum Re, Pioneer Underwriters, and Marsh.
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