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7th July 2019

Newslink Global Insurance Trends-The Week

This week, the latest Swiss Re Institute sigma report highlighted that global insurance premiums topped $5tr for the first time ever in 2018, with solid growth in non-life, but subdued performance in life. US P&C insurers surplus increased to 9.4% in the first quarter according to the regular report by ISO and the APCIA. The latest Willis Re 1st View of June/July renewals indicated that strengthening primary insurance market conditions underpinned improvements to reinsurance prices, terms and conditions. S&P Global published a report headed "No-Deal Brexit Risks Could Cloud The Broadly Stable Outlook For UK Insurers", a Clyde & Co survey indicated that the MGA model has remained resilient in the face of increased scrutiny and pressure, and Pool Re published its latest Terrorism Frequency Report. Entersekt commented on UK cyber incident trends. The EIOPA Financial Stability Report outlined key financial stability risks in the European insurance and pensions sector.
PPL announced that 250,000 firm orders have been bound on the platform in the three years since its launch, and Lloyd's revealed targets for electronic placement for the rest of the year. Lloyd's also launched a new software tool to improve the quality of insurance contract review across the world, and a new, improved wordings repository. AIR Worldwide published its Catastrophe Exposure Data Exchange(CEDE) database schema publicly. Greenlight Re Innovations invested in tech-driven travel insurance specialist MGA Battleface, and UK broking systems supplier Acturis acquired a leading Canadian broking software company. EIOPA issued a call for candidates to join a Consultative Expert Group on Digital Ethics in insurance, and launched a consultation on guidelines on outsourcing to cloud service providers.
FWD is to acquire MetLife's Hong Kong business, and also Siam Commercial Bank's SCB Life portfolio including a distribution agreement. Markel International launched its Markel Cyber 360 policy which provides insureds with all round protection against cyber risks, R&Q acquired again, and Trust Re's parent company is to inject $130m replacement funds during 2019. There were senior appointments at BGCI, FCA, and Lloyd's. The surprise of the week was Amanda Blanc's resignation as ceo EMEA of Zurich after a short time in the post.
Full articles on the above topics are included in those added this week to the Newslink Global Trends Database Research Matrix service at www.onlystrategic.com