Of Special Interest

14th October 2018

Newslink Global Insurance Trends-The Week

This week, the Confederation of British Industry(CBI)said in a new report that the UK financial services sector needs a fresh regulatory and tax approach to deal with the challenges and opportunities presented by a rapidly changing technological landscape. FinTech Global reported that over $7bn has been invested in InsurTech solution providers since 2015, and the Geneva Association published "Insurance in the Digital Age: A view of key implications for the economy and society". A Lloyd's Market Association(LMA) survey of senior claims personnel indicated that the top three priorities are brand reputation, automation, and straight-through processing. Driverless ships and aviation drones face fewer barriers to adoption than driverless cars according to a International Underwriting Association(IUA) survey. A group of European industry bodies, in association with Aon and Marsh, published a guide to help organisations understand their cyber risks and the potential need for cyber insurance.
The Financial Conduct Authority(FCA) published two consultation papers setting out its proposals in the event that the UK leaves the European Union on 29th March 2019 without an implementation period, whilst Standard & Poor's published a Countdown to Brexit report.
The Intergovernmental Panel on Climate Change(IPCC) said limiting global warming to 1.5ºC would require rapid, far-reaching and unprecedented changes in all aspects of society.
Maryland-based Harford Mutual Insurance Company selected Sapiens North American Property and Casualty Insurance Platform, and Shift Technology formed a strategic partnership with the US National Insurance Crime Bureau(NICB). COUNTRY Financial selected Guidewire ClaimCenter solution, and Verisk showcased piCalculator, its solution for calculating schedules of loss for personal injury claims, in London.
Aviva ceo Mark Wilson stepped down-the search for a successor will commence immediately. AGCS is reshaping its Alternative Risk Transfer(ART) line of business into two new specialist teams, and Catalina Holdings closed a $700m equity capital raise, Apollo Funds becoming majority shareholders. Cincinnati Financial moved for Munich Re subsidiary MSP Underwriting. Lloyd's is to transfer all EEA business to its Brussels office before the end of 2020 and commit to paying valid claims-whatever Brexit situation emerges, and its Advance pilot programme was launched aimed at developing future female leaders. Lancashire warned on marine and catastrophe losses, and The Standard Club and The Strike Club plan to merge. There were management appointments at the Association of British Insurers(ABI), Antares, Argo Global, IGI, iX Tech, LMA, and Willis Towers Watson.
Full articles on the above topics are included in those added this week to the Newslink Global Trends Database Resource at www.onlystrategic.com