Of Special Interest


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30th May 2021

Newslink Global Insurance Trends-Editor's Weekly Overview

This week, Lloyd’s, DXC Technology, the Boards of the Lloyd’s Market Association (LMA), and the IUA(International Underwriting Association) signed new Heads of Terms which will support the ambition set out in the Future at Lloyd’s Blueprint Two to build the world’s most advanced digital and technology led insurance marketplace. A Geneva Association study said IoT(internet of Things) data is the risk prevention tool of the future in insurance. The availability of data is the single greatest test firms expect to face over the next five years in order to address climate risk, according to a survey of leading financial institutions by Willis Towers Watson. A new Russell Group white paper, "Why Understanding Global Trade is Key to Modelling Rising Port Accumulation" shows that the dollar value of trade entering the world’s busiest ports is concentrated in 50 shipping destinations.
The Financial Conduct Authority(FCA) is implementing a package of remedies to improve competition and protect home and motor insurance customers from loyalty penalties-this includes new rules so that renewal quotes for home and motor insurance consumers are not more expensive than they would be for new customers. A timely By Bits survey indicated that 98% of motor insurers cite challenges in offering usage-based products. Insurance Europe responded with a paper to proposals from EIOPA for a framework for open insurance.
In the US, Argo Group are currently implementing Duck Creek solutions, and Majesco acquired InsurTech Utilant. Sapiens won a 2021 Xcelent Award for p&c claims systems in EMEA, and Terrafirma was acquired by Dye & Durham.
The Ardonagh Group announced that it has agreed to acquire the insurance operations of BGC Partners for a cash consideration of $500m, with the intention of housing the entities within the Ardonagh Specialty segment, which is currently comprised of Price Forbes, Bishopsgate and Compass London Markets-under the terms of the agreement, Ardonagh will acquire 100% of Ed Broking Group and Besso Insurance(which were recently grouped together under the brand of Corant Global). ICMR launched an innovative "Re(Insurance) Specialty Equity Index" and selected Moorgate Benchmarks as administrator, whilst Rising Edge, a London-based directors’ and officers’(D&O) Managing General Agent (MGA), announced its official launch and the appointment of four key hires. Willis Towers Watson is to launch a risk community focused on the rotor wing sector. Jon Dye will be stepping down as ceo of Allianz Holdings in the UK to be succeeded by Colm Holmes, currently ceo of Aviva General Insurance, who be replaced by Adam Winslow. There were also senior appointments at Lloyd's, LMA, PartnerRe, and Sompo International where chairman John Charman is to retire next year. Aviva, Generali, and R&Q reported progress and financials.


With the COVID-19 pandemic necessitating a dispersed workforce resulting in a surge in digitisation, climate change ongoing issues, growing cyber threats, and public trust a continuing challenge, there is an increasing need for key staff to keep in touch with global market trends and to be able to speedily drill down on areas of interest and print/email an automatic report.
Full articles on the topics in the Editor's Weekly Overview above are included in those added this week to the unique Insurance Newslink Global Trends Database Research Matrix service at www.onlystrategic.com

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