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7th January 2018

Newslink Global Insurance Trends-The Week

This week, as ever, the insurance markets took their time to stir into action after the long festive break. However, one early bird was the Willis Re 1st View renewals report which indicated that January reinsurance renewals rate increases were looking to be not as high as anticipated. Munich Re estimated 2017 insured losses from natural disasters at $135bn and total economic losses at $330bn-insured losses being broadly in line with earlier Swiss Re estimates but with higher total losses.
Charles Randell was appointed as the the new chair of the Financial Conduct Authority(FCA). The Chartered Insurance Institute(CII)’s Faculties in Underwriting, Claims, Broking, Life & Pensions and Learning & Development are to be evolved and relaunched as individual professional Societies as part of a wider engagement strategy. The Association of British Insurers(ABI) announced that Accenture had joined its associate membership scheme.
UK-based new InsurTech Dinghy opened for business after securing $1.2m start-up funding, and Zurich moved for Hong Kong-based telematics specialist Bright Box. Long Finance Distributed Futures research programme launched a research project to develop a Cyber-Catastrophe-Insurance Linked Security(ILS) prototype on a smart ledger(blockchain). Milliman introduced Arius Enterprise, the next generation of advanced analytics software for loss reserving, and Sapiens acquired digital specialist KnowledgePrice.
Allianz and LV= completed the first stage of their joint venture and strategic partnership, and broker A-Plan is to acquire Endsleigh from Zurich. Travelers is to form a wholly-owned subsidiary in Dublin to serve EU countries post Brexit, and Qatar Re is to buy Markerstudy’s Gibraltar-based insurance companies. Fairfax Financial finalised its sale of 97.7% in Singapore-based First Capital to Mitsui Sumitomo, and SCOR completed the acquisition of MutRe. Simon Beale, MS Amlin’s cuo, will succeed Charles Philipps as ceo on 1st April-with immediate effect, Beale will become deputy ceo, James Illingworth will become cuo and Martyn Rodden will become cro. There were also senior appointments at Allstate, Everest Re, PartnerRe, and Travelers.
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.