18th August 2019

Newslink Global Insurance Trends-The Week
Trend

This week, it was reported that Lloyd’s Syndicates accepted 60.2% of in scope risks in the second quarter through PPL, and International Underwriting Association(IUA) companies signed up an average of 51%-the target was 50% for the period. Market leaders praised the progress but there was no complacency as there is much to do to streamline and reduce overheads for global access to the London Market. The news brought comments about the future direction of processing through the use of emerging technologies such as Artificial Intelligence(AI) and Machine Learning, with also a cautionary note for the need to be able to show no bias in pricing-the regulators are taking at interest, particularly in personal lines.
Meanwhile, Juniper Research indicated in a new research report that AI will help insurers underwrite $20bn(£17bn) worth of premiums by 2024. Arturo, a property analytics start up, is to partner with Canopius, and Aspen selected Verisk Mozart Form Composer to help research, create, and edit policy language for its US operations. J.D. Power's latest study says Small US business owners have never been more satisfied with their insurance providers, and a new Conning report indicated that the US life insurance industry continues to struggle to increase policy counts-both reports referred to ongoing digitisation. Dentists' Provident successfully deployed Sapiens CoreSuite and CustomerContact for Life & Pension, and iPipeline is to be acquired by Roper Technologies.
Swiss Re Sigma reported natural catastrophes accounted for $40bn economic losses in H1 2019-down from $45bn a year earlier-insured losses were $19bn($26bn), a S&P Global Ratings report reviewed the global reinsurance market, and global reinsurance experts urged investment in open-source risk models as part of climate adaptation strategy. AIR Worldwide estimated insured losses in China from Typhoon Lekima to exceed CNY6bn.
Ecclesiastical responded to brokers who called for more help selling cyber cover by creating a new Cyber Scenario Planner, and Swiss Re received regulatory approval to set up a reinsurance underwriting office in Abidjan, Ivory Coast. Prudential Asian growth continued as the company prepares for demerger-M&GPrudential intends to list shares under M&G plc after the demerger. Others reporting half year results included Admiral, Royal London Mutual, and Aspen. Lard Friese, currently ceo of NN Group was announced as the next Aegon ceo, and there was a senior appointment at AIG.
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