- Newslink Insurance Global Trends-Editor's Weekly Overview
- WEF Global Risks Report 2020 says economic and political polarisation will rise-top five global risks all environmental
- Insurance Europe publishes "Ambitions for Europe" and highlights concerns regarding 2020 review of Solvency II
- GoCompare comments on FCA update on "loyalty penalty" study
- Geneva Association looks at ethics quidelines for the use of artificial intelligence in insurance
- SAS looks at combating insurance fraud with machine learning
- CyberCube signs agreement with Hiscox expired
- FRISS partners with Snapsheet expired
- SSP becomes a member of MGAA expired
- Travel insurance InsurTech battleface closes its seed financing round with backing from leading strategic and venture capital investors expired
- Asta to provide its MGA platform and comprehensive operational services to the newly-formed underwriting agency BPBUW Management expired
- Liberty Mutual Re opens in Singapore-Regional Underwriting Manager for Asia Pacific appointed expired
1st December 2019
Newslink Global Insurance Trends-Editor's Weekly Overview
This week, a new survey from Kennedys indicated that adoption of fully automated shipping will take decades, not years. This followed a report earlier in the week stating that the shipping industry faces higher premiums and reduced returns from its Protection & Indemnity(P&I) insurance Clubs in 2020 as claims increased by more than $350m in the last two years. Meanwhile, Willis Towers Watson highlighted the top 20 risks faced by airports with climate risk becoming a major concern. The Association of British Insurers(ABI) estimates that recent flooding in the UK could reach around £110m in claims payments. The Geneva Association released its latest research report-"The Role of Trust in Narrowing Protection Gaps". GlobalData commented on Transport for London(TFL) not going to grant a new license to Uber to operate in London after repeated safety failures-some InsurTechs could be impacted. Price Comparison Sites practices were highlighted in a new report from honcho who introduced the first online reverse-auction quotation service in the UK.
It was a busy week for InsurTechs. Openly, the US-based tech-enabled home insurance provider designed to empower rather than replace agents and simplify the home insurance buying process, announced a $7.65m seed round, and CyberCube Analytics finalised a Series B capital raise to power the next phase of its growth, whilst C-Quence and Cytora are to collaborate. INSTANDA announced the expansion of its services for Hiscox in four countries. Guidewire products were chosen by Ontario-based Heartland Farm Mutual, and Sapiens solutions were selected by Croatia Osiguranje. HDI Global is currently introducing a new system for end-to-end support of the underwriting process, and Verisk launched OneXperience, a new solution that enables digital engagement between policyholders and their insurers during a critical underwriting step-the home inspection. Sapiens solutions were chosen by Croatia Osiguranje.
AXA launched its new Climate strategy. The Carlyle Group and T&D Holdings are to acquire from AIG a 76.6% ownership interest in Fortitude Group Holdings(Fortitude Re). Zurich acquired 80% of Indonesian-based Adira Insurance and MS Amlin announced its new operating model and senior leadership team. Swiss Re stated at its Investors Day that its capital position remains very strong, providing the basis for attractive growth opportunities and shareholder returns. Gallagher is to increase investment in Capsicum Re to 100%. There were management announcements from Lockton and Marsh.
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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