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29th April 2018

Newslink Global Insurance Trends-The Week

This week, the latest Willis Re Reinsurance Market Report analysed 2017 market performance over 34 reinsurers globally-with some surprises. Willis Towers Watson Securities reviewed a record ILS first quarter, and Pool Re are looking to explore ILS through the appointment of GC Securities. As usual, reinsurers were amongst the early reporters of financials-first quarter announcements included AXIS Capital, Everest Re, and SCOR-others reporting were Chubb, Hastings Group, The Hartford, Ping An, QIC, and broker Marsh McLennan.
A GlobalData report indicated that changes are occurring within the UK commercial insurance sector, with digital channels and methods of purchasing growing taking share off traditional brokers. An Ecclesiastical survey said two thirds of UK brokers say they were unaware of the upcoming Senior Managers & Certification Regime(SM&CR). UK industry was urged to boost cyber defence investment as almost 50% of manufacturers reported an attack, according to a EEF/AIG survey. Meanwhile, a Lloyd's Market Association(LMA) report highlighted that less than 3% of conventional contracts underwritten at Lloyd’s in 2017 explicitly included cyber risks.
EIOPA published its supervisory convergence plan for 2018-2019 for the insurance sector, and issued its April 2018 Risk Dashboard based on fourth quarter 2017 data. A lobbying group, including the European insurance industry, urged EU decision makers to ensure fair and equal access to in-vehicle data. The Association of British Insurers(ABI) said that the official testing routine needs to be reviewed following the Grenfell Tower fire disaster.
Lloyd's Lab is to launch in September-L Marks and Boston Consulting Group(BCG) are to support the set-up and operation. Cognizant and Indian life insurers are to build a blockchain solution to improve customer experience. Sapiens is to partner with InsurTech EasySend who offer a SaaS-based Digital Transaction Management(DTM) platform for smart and digital forms, and Shift Technology was awarded the first-place prize in the Worldwide Innovation Challenge sponsored by France’s Innovation Commission 2030. SSP integrated iPipeline's award-winning SolutionBuilder quote and apply system to grow protection market business, and MGA PEX Insure chose SSP solutions.
Allianz said it would complete the purchase of the remaining Euler Hermes shares by end of the week, and AXA launched a $750m bond issue as it intends to list US-based AXA Equitable Holdings on the New York Stock Exchange. IGI published research on what had been done to improve evaluating risk capability, and Catalina Holdings assumed Arch Re US p&c portfolio in run-off. Legal & General launched Affordable Homes, and Lloyd's started recruiting for its new EEA office in Brussels. There were senior appointments at Sompo International and Clyde & Co.
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.