- Newslink Global Insurance Trends-The Week
- Lloyd's first half aggregated market profit £0.6bn-combined ratio improves, investment income drops
- Standard & Poor's reports on Monte Rendez-Vous
- LMA launches new report-"InsurTech-led change in the Lloyd’s Market"
- Willis Towers Watson report says 71 InsurTech funding transactions in second quarter a record but $579m invested down 20%
- Over twenty insurance sector start-ups set to unveil their intention to form an alliance known as Insurtech UK.
- Accenture survey indicates financial services firms are closing the gap on cyber attacks, having stopped four in five of all breach attempts last year expired
- RMS and Cambridge Centre for Risk Studies(CCRS) announce the release of a new Data Definitions Document v1.0 for 14 different classes of insurance exposure which covers an estimated $554tr of total insured limits globally expired
- Willis Towers Watson announces Property Quantified, a first-of-its-kind technology platform to help organisations analyze potential property losses across a global portfolio with the aim of optimizing risk transfer and insurance strategies expired
- CII reduces gender pay gap expired
- ABI commissions new report-"Tackling the gender seniority gap: what works for the insurance and long-term savings industry" expired
- SSP becoms a signatory of both the Inclusive Behaviours in Insurance Pledge and the Tech Talent Charter 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.