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19th August 2018
Newslink Global Insurance Trends-The Week
Trend
This week, Standard & Poor's looked at what impact continued growth of Insurance-Linked Securities(ILS) will have on reinsurers' competitive positions, whilst the Lloyd's Market Association(LMA) said 80% of Lloyd’s managing agents would “like to seek ILS products become a permanent fixture in the London re/insurance market”. Swiss Re sigma reported provisional global economic and insured losses for the first half. The Geneva Association published a report headed "Ten Key Questions on Cyber Risk and Cyber Risk Insurance", a FICO/Ovum survey indicated that UK firms having no cyber insurance dropped but only 38% said their cyber insurance covered all risks, and Zurich selected Guidewire Cyence Risk Analytics to leverage cyber risk knowledge and insight-to roll-out globally.
The Chartered Insurance Institute(CII) launched a consultation to seek the views of insurance and personal finance professionals on its current Corporate Chartered proposition, and with the Financial Conduct Authority(FCA), is to launch a series of nationwide professional focus CPD conferences. Insurance Europe released a response to the European Commission’s consultation on its proposed InvestEU programme.
Insurance Newslink had a catch-up interview with Guidewire. AAIS(American Association of Insurance Services introduced the openIDL(open Insurance Data Link), built on IBM Blockchain, to help automate insurance regulatory reporting, and ACORD launched Adoption Toolkit to support the application of data standards for global reinsurance and large commercial risks. GlobalData commented on Amazon considering entering the UK insurance comparison market. The London Market Policy Placing initiative(PPL) exceeded first quarter adoption targets, and Tremor Technologies in the US announced that its programmatic risk placement marketplace was fully operational with significant buyers and sellers of re/insurance protection in place.
Continental General(CGIC)is to acquire Humana’s long-term care insurance business, KMG America Corporation. SOBC DARAG formed a joint venture in the US and announced its first acquisition, and Starstone announced a new casualty consortium targeted at the Australian and New Zealand markets. We summarised second quarter and interim financials on Aegon, Admiral, esure(to be taken private by Bain Capital-Sir Peter Wood to remain as chairman), IAG, QBE, Royal London, and Talanx.
Full articles on the above topics are included in those added this week to the Newslink Global Trends Database Resource at www.onlystrategic.com