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1st September 2019

Newslink Global Insurance Trends-The Week

This week, with the Monte Carlo Rendez-Vous looming, reinsurance and climate topics have been to the fore. According to reports by S&P Global Ratings, Global p & c (re)insurers are rethinking their business strategies and how best to deploy capital resources, and convergence capital will remain key for reinsurers. The rating agency said that the magnitude of insured losses could be significant if Hurricane Dorian, as a Category 4 hurricane, makes landfall in densely populated areas of the Florida peninsular, but the latest analysis yesterday from RMS said forecasts regarding future US impacts remain significantly uncertain, with the latest guidance providing a twist in the tail that no one anticipated a few days ago. Meanwhile, the Inntergovernmental Panel on Climate Change(IPCC) announced it will finalise its Special Report on the Ocean and Cryosphere in a Changing Climate(SROCC) later this month, and the Caribbean-based CCRIF has launched a web-based platform through which its members can monitor earthquakes as well as the development of potentially damaging heavy rainfall and tropical cyclones.
The insurance industry is less concerned about silent cyber exposures than it was in 2018, according to the Willis Re global annual survey, whilst Juniper Research in new global research said that the cost of data breaches will rise from $3tr each year to over $5tr in 2024. Two advocacy groups representing EU insurers and reinsurers wrote a joint letter to the EC highlighting their views on the development of the Insurance Capital Standard(ICS). The Association of British Insurers(ABI) said that UK insurance fraud detection improved by 3% and its value was up 6% in 2018.
ERGO Germany successfully completed the implementation of FRISS, the AI-powered fraud and risk solution. honcho, the first reverse-auction marketplace app in the UK, was launched with the aim of changing the way drivers buy car insurance forever and hoping to make it cheaper for drivers-the first target is young drivers. Singapore-based Insurance Market will be complemented with My-Insurer's life insurance business line-to be named Insurance Market Life, and Ping An Good Doctor was exhibited at the World Artificial Intelligence Conference in Shanghai. Liberty Mutual selected Duck Creek Technologies as its technology partner for the multi-year effort to build a new fully-integrated workers' compensation claims management system, and Cayman Islands-based Saxon Insurance is implementing Duck Creek Insights to gain improved access to, and actionable intelligence on, data from internal and external sources. US insurance software provider Insurity appointed a new ceo. Watchstone Group is to serve a counterclaim against Slater and Gordon.
Aviva Master Trust received Pensions Regulator(TPR) authorisation, and AXA joined the Business for Inclusive Growth Initiative(B4IG). Argo Surety announced a new and increased Treasury listing capacity and a range of new appointments, and there was also a senior appointment at RSA. Fosun International and IGI announced their latest financial results.
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