19th January 2020

Newslink Insurance Global Trends-Editor's Weekly Overview
Trend

This week, The World Economic Forum(WEF) Global Risks Report 2020 said economic and political polarisation will rise.The top five global risks were all environmental. The latest Allianz Risk Barometer report ranked Cyber incidents as the most important business risk globally. Jonathan Moss, head of marine and trade at DWF, commented on the impact that the ensuing Middle Eastern crisis is having on the insurance market, and GoCompare noted the Financial Conduct Authority(FCA) update on its "loyalty penalty" study.
Insurance Europe expressed serious concerns about the review currently being undertaken of the PRIIPs Regulatory Technical Standards(RTS) and also published "Ambitions for Europe" highlighting concerns regarding the 2020 review of Solvency II-S&P Global also commented on the Solvency II review.
The Geneva Association reviewed ethics quidelines for the use of artificial intelligence in insurance in a report, whilst SAS looked at combating insurance fraud with machine learning. Duck Creek expanded its Partner Ecosystem program through a new relationship with Gradient AI. FRISS is to partner with Snapsheet, and Insurity moved for SpatialKey. CyberCube signed an agreement with Hiscox, and SSP signed up to become a member of the Managing General Agents’ Association(MGAA). The Co-operators chose Guidewire InsuranceSuite Cloud to power its core operations, and Safety Insurance Group selected Guidewire's ClaimCenter solution. Travel insurance InsurTech battleface closed its seed financing round with backing from leading strategic and venture capital investors.
Asta is to provide its MGA platform and comprehensive operational services to the newly-formed underwriting agency BPBUW Management, and Beazley and RenaissanceRe jointly launched a new reinsurance product providing Beazley with additional catastrophe cover for cyber events. Liberty Mutual Re opened in Singapore, and Gallagher finalised its 100% interest in Capsicum Re. DARAG concluded a transaction with a leading Lloyd’s syndicate to provide reinsurance for a discontinued US liability book. There were senior appointments at Liberty Mutual Re, ProGlobal, R&Q, Marsh, FRISS, and Quotall.

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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