Of Special Interest


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31st March 2019

Newslink Global Insurance Trends-The Week

This week, Lloyd's reported its 2018 results, halving the aggregated market loss of 2017 to 1bn. Recently appointed chief executive John Neal commented "Over the last six months, we have asked hundreds of stakeholders to tell us how we should evolve Lloyd’s to build a collective vision for the future. A full prospectus is to be published on 1st May that discusses the future of insurance at Lloyd’s." The day before the results were released, Lloyd's announced a robust plan of action to address reports of sexual harassment. The Corporation also issued a new report highlighting that an estimated $163bn of assets are underinsured in the world today. Experts from the Intergovernmental Panel on Climate Change(IPCC) will meet in Edinburgh from tomorrow to 5th April to launch their work on the Working Group III contribution to the Sixth Assessment Report.
A surge in vehicle thefts, including keyless car crime, has led to motor insurers paying out a record £1m every day according to figures published by the Association of British Insurers(ABI). EIOPA requested Insurance Undertakings to provide information in the context of its 4th Long-Term Guarantees Report and the 2020 Solvency II Review. It also published its report on "Outsourcing to the Cloud: EIOPA's Contribution to the European Commission Fintech Action Plan". GlobalData said only 5% of UK millennial investors use robo-advice services as human expertise is still preferred over AI technology, whilst omni:us AI solutions specialist appointed an ex insurer ceo as Strategic Adviser and E-trading company Quotall appointed an expert as non-executive director. Majesco released a new thought leadership report-"Building a Business Model for the Insurance Customer of the Future", and Charles Taylor InsureTech is making it smarter for the Make It Cheaper-Digital distribution channel to drive operational efficiency. Sun Life Financial highlighted digital transformation progress at its Investor Day.
MAPFRE outlined its Strategic Plan. AXA completed a secondary public offering of US subsidiary AXA Equitable Holdings shares-it now owns 48.3% and net proceeds were $1.5bn. Aviva Canada and The Hartford announced a strategic partnership to support the full service and strategic requirements of SME and Large Commercial insurance clients and brokers in Canada with operations and assets in the US. Markel International completed the transfer of its European insurance business of its London insurance company, Neon is to lead a newly established London Political Risks Insurance Consortium, with MS Amlin becoming a joint agreement party, and Nexus announced the formation of Xenia Broking Group and made appointments. SCOR responded to activist fund CIAM aiming to remove ceo Denis Kessler as a SCOR director. IGI announced 2018 financials, and there were appointments at Hamilton and the Chartered Insurance Institute(CII).
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