- Newslink Global Insurance Trends-The Week
- The InsurTech Accelerator, part of Hartford InsurTech Hub powered by Startupbootcamp InsurTech, hosts its first Demo Day
- Coverfox receives further funding of $22m
- TMK in strategic arrangement with Australian InsurTech Evari
- Envelop Risk, a global specialty cyber insurance analytics and underwriting firm, launches in San Francisco
- Ovum researches 2,500 UK insurance buyers to understand what insurers can do to differentiate
- PERILS AG releases second loss estimate from windstorm Friederike expired
- EIOPA publishes 2017 oversight activities report addressed to the European Parliament expired
- esure successfully piloting Synectics Precision solution to plot customer behaviour and prevent potential fraud expired
- Sapiens IDIT solution selected by HDI Sigorta in Turkey expired
- AIG announces the authorisation of new insurance companies in the UK and Luxembourg with Brexit in mind expired
- Generali to sell Belgium arm to Athora Holdings expired
18th March 2018
Newslink Global Insurance Trends-The Week
This week, Prudential headlined with its intention to demerge UK & Europe business(M&G Prudential) from Prudential plc(Asia and US) and to sell a £12bn annuity portfolio to Rothesay Life. Meanwhile, Phoenix Group, following the announcement of its deal with Standard Life Aberdeen, reported a good 2017 and said it was in exclusive talks on its first bulk purchase annuity transaction. Old Mutual, another group in break up mode, also announced a good year all round, and Generali reported a record operating result thanks to its life segment, the investments, asset & wealth management business, and a cost reduction target reached ahead of schedule. In the US, Prosperity Life signed an agreement to sell to an investment partnership.
PwC's 21st Global CEO Survey highlighted that insurance ceos are more concerned about the pace of technological change(85%) than leaders in any other industry, whilst GlobalData looked at potential alternative providers in the US healthcare market. An Aviva investigation revealed a high level of auto repair fraud in Canada, and a Willis Towers Watson CLIPS Survey reported that US commercial insurance prices had inched upwards in the 4th quarter.
China is to merge insurance and banking regulators handing more responsibility to the People's Bank of China. The Joint Committee of the European Supervisory Authorities(ESAs) published its final report on Big Data. The Association of British Insurers(ABI) said that the average cost of motor insurance claims was at its highest level, and also its research indicated that 82% of UK insurers are now offering apprenticeship schemes. RSA celebrated the success of its Broker Leader Programme.
BMS launched its Innovation Lab, and Earnix announced the introduction of its Integrated Machine Learning technology as an enhancement to its existing insurance software suite. Duck Creek's Suite solution was chosen by First American. Lloyd's coverholders are now eligible to access ACORD Delegated Authority Standards, information, training and other resources, whilst Marsh joined the Enterprise Ethereum Alliance(EEA), the world's largest open source blockchain initiative. Sequel's Eclipse Underwriting offering was selected by Agora Underwriting, and Charles Taylor emphasized its investment in growth of its existing businesses including InsurTech.
Munich Re raised profit guidance for 2018 and announced a further share buy-back-Swiss Re is also to propose a new public share buy-back programme. Argo acquired Italian specialty insurer Ariscom, and Beach announced the formation of a new specialty and wholesale platform with senior appointments-its acquisition by Acrisure was also completed. Markel International ceased to write London open market property business, and Hannover Re produced a "pleasing" result in a challenging year. There were senior appointments at Canopius, D. L. Dale, EY, and Liberty Mutual Specialty Markets(LSM).
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global trends database services last Wednesday and today at www.onlystrategic.com featuring advanced structured search, report facilities, and a free 14 day full trial.