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11th November 2018

Newslink Global Insurance Trends-The Week

This week, Willis Re's latest ILS Market Update reported a record-high $1.6bn of non-life Insurance-Linked Securities (ILS) capacity was issued in the third quarter. Fitch wrote that the Spanish insurance sector appears to have good prospects for profitable growth.
EIOPA said it was closely monitoring the Brexit contingency planning of insurance undertakings, in particular of the undertakings from the UK and Gibraltar, with cross-border business in EEA30 countries. The Global Federation of Insurance Associations(GFIA) published its Annual Report for 2017-18, elected a new president, and appointed some new executive committee members. Insurance Europe welcomed the International Association of Insurance Supervisors(IAIS) changes to its proposals for a ComFrame for the supervision of Internationally Active Insurance Groups(IAIGs) and also commented that significant improvements are still required for the Insurance Capital Standard(ICS) version 2.0 to properly reflect insurers’ business models.
Insurance Newslink published an interview with insurance systems supplier Novidea. Marine insurer Gard AS deployed Exact by AdvantageGo to help streamline and automate exposure management processes, whilst AIR's Touchstone catastrophe modelling solution was chosen by Arch Worldwide. InsurTech Cover Genius secured on expanded partnership that will enable instant insurance claim payments for Rentalcars.com customers. Meanwhile, US-based newcomer Pricing Platform aims to transform commercial property underwriting with its flagship app U1. Willis Towers Watson is providing Ticker, a new telematics insurer launching in early 2019, with the latest version of its Radar pricing software. Chubb cyber business policyholders in Europe are to receive a complimentary Dashlane Premium license as part of their policy benefits a after successful North American partnership, and Preferred Physicians Medical Risk Retention Group(PPM) selected Sapiens North American P&C Platform.
JLT shareholders overwhelmingly approved Marsh & McLennan’s agreement to acquire the broker, and the SOBC DARAG joint venture completed its first acquisition-Florida-based Peachtree Casualty. There were senior appointments at the Chartered Insurance Institute(CII), Lloyd's, and Occam Underwriting. It was another busy time for nine months and third quarter financials and trading statements, including some big guns-they included Allianz, AXA, Direct Line, CNA Financial, Generali, Manulife, Sun Life Financial, and Zurich; Argo, Beazley, Berkshire Hathaway, Enstar, Greenlight Capital Re, Hannover Re, Hiscox, and Munich Re.
Full articles on the above topics are included in those added this week to the Newslink Global Trends Database Matrix Resource at www.onlystrategic.com