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24th March 2019

Newslink Global Insurance Trends-The Week

This week, cyber security issues were to the fore-Business email compromises(BEC) accounted for 24% of the overall number of incidents reported to Beazley Breach Response(BBR) Services in 2018, compared to 13% in 2017, according to a new report. Chubb's first quarter InFocus Report, "Cyber Criminals Increasingly Target Small Businesses" examined the emergence of new dominant strains of ransomware, and Digital Risks launched a new version of its Quote & Bind (Q&B) journey. Meanwhile, QIC Global is to use Sequel’s Impact system to deliver flexibility and functionality in order to capture and aggregate complex cyber exposures.
The Geneva Association published a new research Report headed "Healthcare in Emerging Markets-Exploring the Protection Gaps". The Association of British Insurers(ABI) welcomed the start of the UK Parliament's Ogden review. The Chartered Insurance Institute(CII) New Generation Claims Group launched a landmark guide for the compensation of claims in the event of a riot, and EIOPA requested Insurance Undertakings to provide information in the context of its 4th Long-Term Guarantees Report and the 2020 Solvency II Review. Lloyd's Market Association(LMA) ceo Sheila Cameron stated “Sexual harassment is simply indefensible in any workplace and all instances should be dealt with swiftly and appropriately."
A GlobalData survey highlighted growth in UK consumers purchasing household insurance online, and MORE TH>N introduces a new cashback scheme to help loyal customers offset the cost of renewing their insurance.
Duck Creek Technologies solutions were selected by Australian-based Avant Mutual. Majesco is to acquire the India-based insurance software business from its parent company, Majesco Limited, Norman Carroll is to its lead European operation as managing director based in Dublin, and Isle of Man-based Hansard Global selected Majesco Life IllustratePlus, Majesco Life AdminPlus, and Majesco Life DistributionPlus. Arizona-based KW Specialty chose Sapiens Core Suite for Property & Casualty and ReinsurancePro.
Munich Re raised profit guidance to around E2.5bn for 2019 and a rise in dividend and a further share buy-back programme are to be proposed at its AGM. R&Q US subsidiary Accredited entered into another program partnership. 2018 financials were reported by LV=(which plans to convert to a company limited by guarantee), Royal London, and Vienna Insurance Group. There were senior appointments at Antares, Pioneer Underwriters, and SCOR.
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