22nd July 2018

Newslink Global Insurance Trends-The Week

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This week saw a diverse range of publications. Lloyd's and Deloitte's consumer research indicated sharing is widespread but a tremendous growth opportunity still exists. US P&C insurers more than doubled net income in the first quarter according to the regular ISO/PCI report, and UK motor insurance premiums continue to drop said the latest Confused.com Car Insurance Price Index. A Swiss Re Corporate Solutions publication focused on new satellite constellations and their impact on the increasingly dynamic space environment, whilst Insurance Europe responded to the European Commission’s consultation on technical standards for drones and conditions for their use. Allianz Global Corporate & Specialty(AGCS) reviewed the drop in large shipping losses and the changing scenario, and Hiscox published the first of a series of Cyber Claims reports. The Chartered Insurance Institute(CII) released a survey indicating a significant gender pay gap.
The Financial Conduct Authority(FCA) published its Annual Report and Accounts, and the Competition & Markets Authority(CMA) issued its provisional decision on its market investigation into advice given to pensions trustees by investment consultants. EIOPA's latest report was headed "Failures and near misses in insurance: Overview of the causes and early identification".
ACORD announced the winners of the European semi-finals of its InsurTech Innovation Challenge(AIIC), Digital Risks InsurTech raised £2.25m in an investment round, and Canadian insurer Co-operators is partnering with Slice Labs to launch a new digital brand. Oasis Loss Modelling Framework announced that all components of its catastrophe modelling software are now open source and downloadable from GitHub free of charge, and TMK is to partner with NTT DATA UK to provide Robotic Process Automation(RPA) services. Shift Technology continued in the headlines as its claims fraud detection solution FORCE was chosen by Assurant. P&C insurance solutions provider, OneWorld Instech, was launched by long-term insurance IT specialists.
Allianz completed the acquisition of 99.03% of shares in Nigerian insurer Ensure, and Markel was granted a license to establish an insurer in Germany. Early second quarter results included Beazley(first half indicates good growth but profit dips through lower investment return and reserve strengthening) and Travelers(second quarter net income down). There were senior appointments at Charles Taylor Managing Agency, CII, Munich Re, and THB.
Full articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink Global Trends Database Resource this week at www.onlystrategic.com featuring advanced self-search and reporting, and a free full 14 day access trial.
Full articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink Global Trends Database Resource this week at www.onlystrategic.com featuring advanced self-search and reporting, and a free full 14 day access trial.