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22nd September 2019

Newslink Global Insurance Trends-Editor's Weekly Overview

This week, Lloyd's revealed six months results-a £2.3bn net profit equated to a similar rise in investment income but a slightly higher combined ratio. The Corporation will remain in the headlines over the next week with a publication of its behaviour report at Tuesday's Dive Conference and the presentation of the blueprint for its Strategy Plan the following Monday. Meanwhile,Lloyd's Jon Hancock, Performance Management director, won the Outstanding Contributor in Risk award at The Insurance Insider Honours. A Lloyd's Market Association(LMA) survey of chief risk officers indicated that pricing, cost reduction, change management, market modernisation, and competition are the top five risks facing Lloyd’s-quite a challenge.
In its "Solvency II: Prudent Person Principle Consultation Paper 22/19", the Prudential Regulation Authority(PRA) set out its proposed expectations for investment by firms in accordance with the Prudent Person Principle(PPP). Insurance Europe and other EU industry associations raised concerns regarding the application timeline for new EU disclosure rules for sustainable investments and risks, and S&P Global Ratings welcomed the latest amendments to IRFS 17.
NeuralMetrics, a InsurTech data provider using natural language processing(NLP) technologies to power a real-time, alternative data engine for general insurers, announced its official launch-It has established offices already in the US, UK, Continental Europe, U.A.E. and India. Arch Insurance(UK), in collaboration with Marsh, launched Blue Vault, a new solution to provide insurance protection for the secure storage of digital asset private keys held in traditional vault facilities, whilst EIOPA established a Consultative Expert Group on Digital Ethics in Insurance. Bermuda-based AkinovA, the Bermuda-based electronic marketplace for the transfer and trading of re/insurance risk, donated key Insurance Linked Security assets to ACORD for worldwide use. GlobalData reported that start-up Found has the potential to reduce claims in contents insurance. Willis Research Network(WRN) announced a new partnership with Mitiga Solutions, which will provide leading-edge volcanic ash cloud and sandstorm forecasting, and AIR Worldwide estimated insured losses in Japan from Typhoon Faxai at $3bn to $7bn. Secure evidential video technology expert eviid joined Guidewire PartnerConnect, US-based Stillwater Insurance chose Majesco solutions, and Sapiens is to provide their software platform and enhance it with Atos' innovative services and BPO offering. Duck Creek Technologies was recognized for the fifth consecutive time as a Leader in the 2019 Gartner “Magic Quadrant for P&C Core Insurance Platforms, North America. DXC Technology appointed Mike Salvino as president and ceo.
The Charles Taylor board backed a cash offer of £261m from LMP Bidco to go private. Greenlight Re Innovations invested in US digital MGU Coterie-its tenth investment, and Davies Group acquired Frontier Adjusters-its first US claims deal. There were senior appointments at Direct Line, Lloyd's, Ascent Underwriting, and the Financial Conduct Authority(FCA).
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