Of Special Interest


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19th June 2016

Newslink Global Insurance Trends

This week, two important global surveys-from KPMG and PwC-strongly indicated that insurers will need to be more innovative if the industry is to re-invent itself and ward off new competition. The in-words of the moment-InsurTech, disruptive, and digitisation-now rank beside big data as key IT terminology, but the market must not forget that firstly business, customer, and regulatory pressures and opportunities need to be analysed in insurance-speak to ensure new technology applications are priortised, implemented and benefits measured-insurers could have differing needs in time and territory terms.
EIOPA and the China Insurance Regulatory Commission(CIRC) signed a Memorandum of Understanding(MoU), and the CIRC was also involved in the launch of the Shanghai Insurance Exchange. The International Association of Insurance Supervisors(IAIS)released updated Assessment Methodology for G-SIIs. The Association of British Insurers(ABI) warned on the Norwegian-style model with the European Union if the country voted to Leave next Thursday. SNL said that macroeconomic issues would be the major concern for UK and European insurers in the event of a UK Brexit vote, rather than political or regulatory ones. The International Development Forum(IDF) started its work with public and private participants in association with the International Insurance Society's(IIS) annual Global Insurance Forum in Singapore.
EFMA and Accenture reviewed the applications that enabled AXA to become their first "Global Innovator of the Year" and PwC announced that it is to explore the potential use of blockchain technology in the wholesale insurance sector. The latest version of the Guidewire Insurance Platform was announced at the annual IASA Conference in the US, as was ValueMomentum's BizDymanics. Sapiens' IDIT solution went live in Belgium, and Ingenie signed a five-year telematics licence agreement with the Royal Dutch Touring Club-Insurance Europe also published an Insight Briefing putting forward the need for the right conditions to be put in place so that drivers could share
in-vehicle data without unnecessary restrictions. The London Market Group(LMG) reported that the volume of messages through the Message Exchange(TMEL) had passed the five million mark. There were senior appointments at Eurobase and Fadata.
Allianz is to acquire Zurich's Moroccan subsidiary, and Kuwait-based Gulf Insurance Group moved for 90% of a Turkish general insurer. Compre acquired again, and Bermuda-located Horseshoe Group bought IKONIC Fund Services to enable expansion in the ILS sector. Legal & General announced a further infrastructure investment, and Flood Re now has 36 supporting insurers(85% of the market). Marketform re-launched as Neon, and Thomas Miller Specialty was announced. LV= named life chief Richard Rowney as its new ceo, and there were senior appointments at CGSC, Willis Towers Watson, and the Lloyd's Market Association(LMA).
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 and report facilities and a free 14 day full trial.