Latest Insurance

17th November 2019

Newslink Global Insurance Trends-Editor's Weekly Overview
Trend

This week, Allianz hit the headlines-the insurer received approval from the China Banking and Insurance Regulatory Commission(CBIRC) to commence operation of China’s first fully foreign-owned insurance holding company. In addition , the insurer announced a strategic partnership with Microsoft focused on digitally transforming the insurance industry, and made several senior appointments including new ceos at Allianz Global Corporate & Specialty SE(AGCS) and Allianz Deutschland.
Swiss Re's sigma latest report said driven by strength in emerging Asia, insurance markets will grow despite weakening global economic growth, whilst the Marsh Global Insurance Market Index indicated average commercial insurance pricing increased 8% in the third quarter. Mactavish's new survey of senior private equity professionals revealed only 23% describe the due diligence that private equity firms carry out on cyber security issues of target companies as ‘good’ or ‘excellent’, and the CII Society of Insurance Broking(SIB) produced a good practice guide explaining what brokers need to do to ensure the cyber cover they recommend is suitable for their clients’ needs. GlobalData reported that Europe’s insurance industry saw a drop of 4.6% in overall deal activity during Q3.
EIOPA welcomed the adoption of the first global frameworks for supervision of internationally active insurance groups. The Prudential Regulatory Authority(PRA) published PS25/19-"Solvency II: Maintenance of the transitional measure on technical provisions", and The Global Federation of Insurance Associations(GFIA) released its new Annual Report. An alliance of stakeholders representing the automotive aftercare market, which includes insurers, called on EU policymakers to put forward legislation by 2020 to ensure a genuine level-playing field for remote access to in-vehicle data. Meanwhile, the RAC becomes a strategic investor in London-based InsurTech Wrisk-both trialling a mileage-based car insurance product which enables customers to only pay for the miles driven each month, plus a flat fee for when their cars are parked.
Lloyd's market was ahead of the third quarter PPL target. Praedicat announced a plan to develop a revolutionary new insurance product designed to help global industrials secure coverage for innovative and essential products and chemicals that are typically excluded or under-insured in standard coverage-the first casualty insurance product to be developed in the Lloyd’s Lab. Verisk launched piCalculator Portal Edition(PE), and Zego said it is first InsurTech firm in the UK to secure an insurance licence. Hollard Group Risk in South Africa chose a Sapiens solution, and Unum UK completed implementation and migration of data to the Majesco Policy for L&A and Group platform.
In the London Market, Lloyd's is to merge its Council and Franchise Boards. The Channel Syndicate agreed a reinsurance to close for its 2017 and prior years of account, Pioneer Underwriters completed a wide ranging exercise to examine optimal strategic and capital options for 2020 and beyond, and the VIBE Syndicate is to be placed into a planned run-off. Pool Re Solutions was launched. Davies Group acquired Thornton Group in Ireland. Financials were announced by Beazley, Liberty Mutual, PartnerRe and Talanx. There were senior appointments at Swiss Re Corporate Solutions and Tokio Marine Kiln.

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
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