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21st April 2019

Newslink Global Insurance Trends-The Week

This week, following news that successful US InsurTech Lemonade raised £300m in its latest investment round as it targets Europe, there were a range of announcements. Aon is unlocking insurance trends from its unstructured documents, working with Groundspeed’s AI(Artificial Intelligence) solution, AI start-up Cytora raised £25m from Swedish backer EQT Ventures, and InsurData secured a further $3m funding from a group of investors. Insurers are now able to apply AI to evaluate motor vehicle insurance claims via the FRISS Platform and Germany-based VM Solution, and then handle claims found to be valid in a special “fast claim process. ”The British Insurance Brokers’ Association (BIBA) has appointed Magenta Insurance to provide its members with a scheme to help customers protect themselves against Escape of Water(EOW) in the home. Portabl has been picked by the Plug and Play innovation platform to join its InsurTech Batch of innovative companies, and Sapiens announced an upgrade to its IDITSuite solution.
BIBA commented on the recent FCA report on general insurance distribution and selling. The European Parliament voted to adopt an agreement reached between the EU institutions regarding the review of the European system of financial supervision, and the Prudential Regulatory Authority(PRA) issued a Policy Statement on approaches to managing the financial risks from climate change.
The Confused.com/Willis Towers Watson latest survey indicated that UK comprehensive car insurance premiums were down compared with a year ago, and a Premium Credit report highlighted that UK insurance customers are increasingly banking on credit to pay premiums. Specialist insurance lawyers Horwich Farrelly warned of the potential pitfalls for insurance providers focusing too heavily on claims acceptance league tables.
Hannover Re is scaling back its exposure to coal-fired power plants and coal mines over the long term, and SCOR Global P&C reported gross written premiums up by 9.6% at constant exchange rates to E548m for 1st April renewals. Munich Re Syndicate Singapore(MRSS) announced a partnership with a new cover holder, Nectar Specialty. Canopius confirmed the merger of its Lloyd’s business with that of AmTrust at Lloyd’s, a division of AmTrust Financial, and Liberty Mutual is to acquire the global surety and credit reinsurance operations of AmTrust Financial Services. Baloise moved for Fidea in Belgium, Ecclesiastical offered expert assistance after the Notre Dame fire, and Swiss Life was upgraded by S&P Global to A+. Willis Towers Watson joined forces with the Royal United Services Institute(RUSI) to support it’s Modern Deterrence Programme. There were senior appointments at BIBA, IPCC, and PartnerRe.
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