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18th November 2018

Newslink Global Insurance Trends-This Week

This week, amid political turmoil in the UK, insurance trade associations commented on the Draft Brexit Withdrawal Agreement, although much has still to be clarified regarding financial services. Meanwhile, Lloyd's Brussels office officially opened for business ready for Brexit. EIOPA published the findings of its peer review assessing how National Competent Authorities(NCAs) supervise and determine whether an insurer's setting of key functions fulfils the legal requirements of Solvency II with a particular emphasis on proportionality.
On the global regulatory stage, The International Accounting Standards Board(IASB) voted to propose a one-year deferral of the effective date for IFRS 17, after pressure from many leading industry trade associations. The IAIS(International Association of Insurance Supervisors) published for public consultation its proposed holistic framework for the assessment and mitigation of systemic risk in the insurance sector. Oman joined the IAIS Multilateral Memorandum of Understanding(MMoU). The IAIS also concluded its 25th annual Conference-the secretary general commented “We are now beginning a pivot to a greater focus on emerging and accelerating trends impacting both our developed and emerging market Members, including FinTech, cyber risks, climate risk and sustainable development challenges." The World Economic Forum's Regional Risks for Doing Business report indicated significant differences in risk perceptions across the eight regions covered-cyber attacks headed most developed regions.
An EY survey estimated cost savings of £1.3bn annually could be made if UK financial services firms and 80% of their customers go paperless. InsurTech Iotatech raise £1m in a second round of funding, and Startupbootcamp InsurTech appointed Manjit Rana as managing director for Corporate Innovation in Insurance. Long Finance's Distributed Futures research programme published a report-"Cyber-Catastrophe Insurance-Linked Securities On Smart Ledgers", and NIIT Technologies announced global partnership with enterprise blockchain software firm R3 to develop innovative solutions. Marsh launched Bluestream, a cloud-based digital broker platform for the affinity market.
AIG and Carlyle Group completed a 19.9% stake in Fortitude Re(formerly DSA Re), AXIS Capital estimated Hurricane Michael losses at $100-120m, Enstar signed a further agreement with Maiden who also reported an increased net loss for the third quarter, and Markel Insurance SE(MISE) received regulatory approval to operate a branch office in the UK. Pool Re published its annual Terrorism Threat & Mitigation Report focusing on the key terrorist events and developments in 2018, RSA is to restructure its specialty and wholesale business on a more focussed basis, Sedgwick acquired an Irish loss adjuster, and Marsh-JLT Specialty was formed. Latest financial reporting included Ageas, Prudential, and PartnerRe. There were senior appointments at Hamilton Re and the Lloyd's Market Association(LMA).
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