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25th August 2019

Newslink Global Insurance Trends-The Week

This week, the latest sigma report from the Swiss Re Institute, "Advanced analytics: unlocking new frontiers in P&C insurance", suggests that technology advances are enabling P&C insurers to unlock new frontiers in risk assessment and mitigation thanks to advanced analytics.Past successes that focused on improving expense ratios have catalysed new investment with pilots by insurers showing meaningful improvement in loss ratios, as insurers gain better visibility into underlying loss drivers. The research says that true potential will only be realised through co-ordinated efforts between developers and users, although expectation of success in all projects could limit adoption and constrain a virtuous circle of trial and improvement.
WIllis Towers Watson Claim Metrics benchmarking analysis indicated that motor claims payout inflation in the UK rose by 8.6% in 2018, whilst The Financial Conduct Authority(FCA said Claims Management Companies must raise advertising standards. S&P Global reviewed Californian wildfires and re/insurers risk appetite. A GlobalData UK survey indicated the high use of telematics by younger drivers but they still pay more than double the average premium-the survey also highlighted that travel insurance purchase through a bank account is well established and is likely to grow.
Insurance Europe published a response to a consultation by the International Association of Insurance Supervisors (IAIS) on systemic risk.
Majesco released a new thought leadership report headed "The Future of Insurance: Optimization, Growth and Innovation".MS Amlin commenced trading risks on Whitespace. Ilinois-based Pekin Insurance successfully deployed Guidewire InsurancePlatform, and Shift Technology, with its Artificial Intelligence(AI)-based fraud detection solution, joined Guidewire PartnerConnect as a Solution partner. ISMIE Mutual, a US specialized provider of medical professional liability insurance, selected Duck Creek Suite to replace core systems, and Sapiens ClaimsGo workers' comp solution was chosen by SI Medical.
Allianz is to acquire automobile and other p&c operations from SulAmérica in Brazil. Hamilton completed the acquisition of Pembroke Managing Agency and its platform at Lloyd’s, as well as Dublin-based carrier, Ironshore Europe DAC(IEDAC), from Liberty Mutual. China Life and Broker Ardonagh reported first half results, and there were senior appointments at DARAG, Everest Insurance, HDI Global, and Lloyd's broker SSL.
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