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26th November 2017

Newslink Global Insurance Trends-The Week

This week, The UK insurance industry heaved a collective sigh of relief as the Budget generally left the market alone-in fact, there was a positive intention to invest in the development of autonomous vehicles, but no rise in Insurance Premium Tax(IPT). On a wider front, the Financial Stability Board(FSB) decided not to publish a new list of global systemically important insurers(G-SIIs) for 2017 after consultation with the International Association of Insurance Supervisors(IAIS). Insurance Europe aired its views on further action needed for insurers to contribute more to sustainable finance.
Ogden discount rate changes and whiplash reforms could result in a 2018 profit for UK motor insurers and reductions in premiums, said an EY analysis report, whilst Global Data looked at the potential impact of the Tesla autopilot feature on insurance pricing. Marsh said rates declined for the 18th consecutive quarter but there are early indications of rate increases for US catastrophe-exposed property risks, and the Swiss Re Global Insurance Review 2017 and Outlook 2018/19 looked at the price rise scenario. An Argo Cyber Insurance Survey highlighted that companies of all sizes remain largely unprepared to respond to an incident.
Advent entered into a partnership with Kinsu's new mobile household insurance coverage app, and Xceedance substantially invested in blockchain specialist ChainThat. Legal & General won a Digital and Insurtech Award for SmartQuote, the innovative digital solution powered by SSP Intelligent Quotes Hub(IQH). Everest Re is in production with the Xuber for Reinsurance platform across all global reinsurance subsidiaries, and Lloyd's and Windward are testing a new smart data analytics platform for managing insured vessel fleets.
Zurich is to more than double impact investments. Canada Pension Plan Investment Board(CPPIB)is to invest around £675m for a 30% stake in BGL Group, known for its comparethemarket.com service. Following the opening of a new branch office in South Korea in June, Allianz Global Corporate & Specialty(AGCS) is targeting further growth in Asia by expanding its presence in China and Indonesia. PartnerRe U.S. promoted reinsurance in a recent Trade Mission to China. Canopius signed an agreement with State National Group across the US, and Sompo International is to establish its European headquarters in Luxembourg. The Ardonagh Group announced another strong quarter, and there were senior appointments at Liberty Specialist Markets(LSM), Swiss Re, and RFIB.
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.