Of Special Interest


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25th November 2018

Newslink Global Insurance Trends-The Week

This week, a new InsurTech M&A Market Report indicated that 2018 global fundraising has already reached an all-time high in volume. Lloyd's reviewed the potential impact of Internet of Things(IOT) in new research in collaboration with University College of London(UCL), whilst the FRISS Insurance Fraud Report 2018 highlighted that insurers prioritize fraud detection and prevention but there is room for improvement.
Swiss Re's latest sigma study-"Global economic and insurance outlook 2020" said global economic growth will remain strong over the next two years, although momentum has peaked. Marsh's Global Insurance Market Index reported average commercial insurance prices increased by slightly more than 1% in the third quarter, driven by increases in property and financial and professional lines. New research from Mactavish revealed that companies who take their insurers to court over non-payment of a claim only win in around one in three cases, and a GlobalData UK SME survey found declining insurance penetration rates, especially among smaller ones which are growing in number.
The Financial Conduct Authority(FCA) published a consultation on its approach to the UK’s exit from the EU on 29th March 2019 without an implementation period. The Association of British Insurers(ABI) reported that UK motor insurance payouts were up 4% averaging £23m per day in the first nine months, and the International Cooperative and Mutual Insurance Federation(ICMIF) has revealed that its 197 member organisations have achieved an aggregated growth of 39.3%(compared to global market growth of 16.8%) during the last ten years.
Aviva is to acquire a majority stake in Neos Ventures which helps customers to monitor and protect their homes with connected devices which are growing in number, and MAPFRE is to participate as an anchor investor in the “Alma Mundi Insurtech Fund, FCRE” venture capital fund. Meanwhile, in the London Market, PPL usage beat the quarter target. RMS estimated that the insured loss for the Camp and Woolsey wildfires in California will be between $9 and $13bn.
The Generali Board approved a new three-year strategic plan-"Generali 2021: Leveraging Strengths to Accelerate Growth", and newly created SCOR Europe SE received regulatory approval from the beginning of 2019 to handle Brexit issues in the EEA. Folgate returned to active underwriting, and SOBC DARAG Holdings acquired the entire share capital of SOBC Services in the US.
The Supervisory Board of Allianz has extended Oliver Bäte’s contract as chairman of the Board of Management until September 2024, whilst Lloyd's coo Shirine Khoury-Haq will be the latest executive to leave the Corporation after five years with the Corporation. There were senior appointments at Assurant, Ping An, Polaris, and Willis Towers Watson.
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