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3rd February 2019

Newslink Global Insurance Trends-The Week

This week, the insurance markets finally shook off its slow start to the New Year. New Lloyd's ceo John Neal made his first public speech which provided indications of future areas for attention-he was also appointed chair of the TOM Steering Board.
The Financial Conduct Authority(FCA) launched a consultation proposing new rules requiring firms to report General Insurance(GI) value measures data to it for publication, which is destined to cause considerable market reaction. The regulator also consulted on measures to stop up to 100,000 consumers a year losing out on pension income when they access their pension freedoms. Insurance Europe responded to a consultation on EIOPA's draft technical advice on the integration of sustainability risks and factors in the delegated acts under Solvency II and the Insurance Distribution Directive(IDD), and also said the IAIS proposal for a new holistic framework for identifying and managing systemic risk in the insurance sector currently lacks sufficient clarity. EIOPA called for improvements to the assessment of the propriety of board members and qualifying shareholders of insurers including 80 recommended actions to 29 NCAs.
A global ransomware cyber-attack could cost $193bn and affect more than 600,000 businesses worldwide, according to a new report from the Cyber Risk Management(CyRiM) project. An ILS Market Update from Willis Re reviewed 2018 and looked favourably to this year.
Aetna launched Attain-a unique health experience designed in collaboration with Apple. Duck Creek Technologies and Web Connectivity(WCL) formed a strategic technology partnership. Insurance Newslink also interviewed Duck Creek Technologies EMEA ceo Bart Patrick. AXA XL is to have global access to Guidewire Cyence Risk Analytics after using the cyber risk modelling solution successfully in the US, Georgia Farm Bureau(GFBMIC) went live with the Sapiens Claims solution for North America for their homeowners, personal and commercial auto lines of business, and Verisk announced that UK third-party claims administrator indemnis has successfully deployed ISO Claims Outcome Advisor(COA) and the Ministry of Justice application-to-application interface for its UK customers. PPL introduced significant enhancements. InsurTechs were in the news-UNIQA Ventures and new investors invested E4m in bsurance, The Iotatech Claims solution was chosen by Commercial and General, and Kingsbridge looked to the gig economy to digitalize the UK broker sector with the acquisition of Dinghy.
Great-West Lifeco reached agreement to sell, via reinsurance, substantially all of its individual life insurance and annuity business of its US subsidiary to Protective Life Insurance Company. 2018 and fourth quarter financials began to flow, including The Hanover, AXIS Capital, RenaissanceRe, and Marsh and McLennan. The Geneva Association appointed a new secretary general, and there were senior appointments at Chubb, Zurich, 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