Of Special Interest


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23rd April 2017

Newslink Global Insurance Trends

This week, Munich Re reported that the global insurance market was likely to see slightly increased growth by 2018, whilst the latest Willis Re Index on the reinsurance market pointed to net income and return on equity down in 2016, but not dramatically. Moore Stephens reviewed the position of UK insurers as the Prudential Regulatory Authority(PRA) deadline loomed to reveal their EU trading plans post-Brexit. UK new pension investments were up by 24% in 2016 according to Equifax. The Financial Conduct Authority(FCA) published its Mission, which gives firms and consumers greater clarity about how the FCA prioritises its interventions in financial markets-the Association of British Insurers(ABI) responded. The Chinese insurance regulator(CIRC) chairman was removed from his position.
An Accenture global survey reviewed the potential impact of Artificial Intelligence(AI) in insurance markets, and Willis Towers Watson reported in a survey that two-thirds of US property & casualty insurers currently use predictive models for underwriting and risk selection-up 10% on the previous year. Allianz made a strategic investment in Lemonade, and TH_NK was appointed by LV= to work in partnership with the company to develop and implement a digital transformation strategy. The American Association of Insurance Services(AAIS) joined the Duck Creek Global Alliance Program as a Solution Partner. Sapiens reported that its recent fully-owned subsidiary StoneRiver had announced that Hallmark Financial Services was now in production with its Freedom Reinsurance System(FRS).
Swiss Re is to establish a dedicated regional legal entity in Singapore as headquarters for its Asia reinsurance operations, and Fidelity & Guaranty Life reported that it is not to pursue acquisition by Chinese insurer Anbang. deVere Group's ceo said that Mauritius is destined to become the southern hemisphere’s leading international financial centre in the next decade. AmWINS moved for Partners Specialty Group in US, and Thomas Miller Claims Management(TMCM) were awarded the Queen’s Award for Enterprise in the International Trade category for the second time. R&Q pre-tax profit tripled in 2016, and there were early first quarter results from Travelers(benefited from a strong underlying underwriting result and higher net investment income) and Brown & Brown(net income up). Hiscox appointed a new Group chief Information officer, and Flood Re made its interim chief executive its permanent head. There were also senior appointments at Markel International and Pioneer Underwriters.
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.