Of Special Interest


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10th March 2019

Newslink Global Insurance Trends-The Week

This week, with Brexit uncertainty still up in the air, there was a welcome announcement from the PRA,FCA and EIOPA that they have agreed Memoranda of Understanding(MoUs) regarding supervisory cooperation and information-sharing arrangements with respect to UK and EU/EEA insurance companies in the event the UK leaves the EU/EEA without a withdrawal agreement and implementation period.
A new Swiss Re sigma report said emerging markets will remain the growth engine for the global economy and insurance industry over the next decade. Clyde & Co's latest report reviewed insurance M&A trends globally. Mactavish warned that large corporations have become so complex they are dangerously underinsured for key business risks. A J.D.Power study indicated that US overall property claims satisfaction was solid for insurers, but many still fall short on managing customer expectations during servicing and settlement. By Miles research highlighted that UK low mileage drivers are getting poor value for money from their car insurance, the Financial Conduct Authority(FCA) is considering changes to the way in which commission works in the motor finance sector, and ERM Advanced Telematics launched its easy to install UBI products to help car insurers price policies.
Guidewire announced it has reached a significant growth milestone with 75 customers across Europe and South Africa, and staff counts exceeding the 630 mark. Oxbow Partners published "2019 InsurTech Impact 25", and Chain That unveiled plans for the insurance and reinsurance industry’s first Distributed Ledger Technology(DLT) driven risk and capital exchange-the Bermuda Insurance Exchange. Munich Re selected CyberCube cyber insurance analytics platform to support state-of-the-art quantification, modelling and control cyber accumulation risk, Zurich announced a strategic agreement with riskmethods-a global leader in supply chain risk management, and Aon is to partner with Skytek to provide real-time monitoring of insurers’ marine risks and identify accumulations for enhanced underwriting and reinsurance programmes.
M&GPrudential created a single global investment management unit to house its diverse range of investment capabilities. Argo became a member and network partner of GBN, the world’s insurance network of leading re/insurers, independent brokers and specialty suppliers. Gallagher agreed to acquire the global aerospace operations of Jardine Lloyd Thompson Group(JLT). Aon made a statement confirming that it did not intend to pursue early stage discussions with Willis Towers Watson over a possible all-share business combination-the headline news regarding a potential merger had a very short time exposure. 2018 and fourth quarter results included Admiral and Direct Line, Legal & General, Phoenix Group, and Aviva-who also named surprise choice insider Maurice Tulloch as its new ceo; and Hannover Re. There were senior appointments at the FCA, Hannover Re, Lloyd's, Lloyd's Market Association(LMA), and Tysers.
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