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28th July 2019

Newslink Global Insurance Trends-The Week

This week, the latest briefing from Willis Towers Watson indicated that InsurTech investment worldwide continued at high levels during the second quarter. The broker also launched a new customised data and analytics tool, IdentiFly, aimed at improving risk profiling for the aerospace insurance, whilst Aon and AI technology provider CLARA Analytics expanded their strategic alliance to help prevent litigation from entering the workers’ compensation claims process. Greenlight Re invested in New Zealand-based InsurTech personal lines digital MGA Cove, and FRISS, the global provider of fraud and risk solutions, opened in the UK. Ping An Smart Healthcare(PASH) introduced AskBob, an artificial intelligence (AI)-based medical decision support tool, to Singapore through collaborations. US-based Alfa Insurance successfully deployed Guidewire InsurancePlatform, and The Dentists Insurance Company(TDIC) extended its commitment to the software solutions supplier. Sapiens opened a larger and newer office building in Bangalore for the company’s 1,000 employees in India to support its continued global expansion, whilst SSP announced a good start to the financial year signing up three brokers.
The Financial Conduct Authority(FCA) fined Standard Life Assurance(SLAL) £30,792,500 for failures related to non-advised sales of annuities. The Prudential Regulatory Authority(PRA) published a Solvency II consultation paper, and EIOPA released its updated Risk Dashboard based on the first quarter 2019 Solvency II data, and also issued a Discussion Paper on Methodological Principles of Insurance Stress Testing, and a consultation on the draft Opinion on the supervision of remuneration principles in the insurance and reinsurance sector.
DARAG continued its acquisitive trend with a move for The Underwriter in run-off, and Capsicum Re published a new white paper headed “Cry Cyber and let slip the dogs of War: Exploring the issues of attribution in the context of War and Cyber". Second quarter and first half financials started to flow, including those from Chubb, MAPFRE, Beazley, Lancashire, Travelers, PartnerRe, RenRe, and SCOR. There were senior appointments at Liberty Specialty Markets 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