Of Special Interest

28th January 2018

Newslink Global Insurance Trends-The Week
Trend

This week, the Brexit arguments continued, and were further fuelled by a House of Lords Committee report released yesterday-its stand-out comment was "The financial services sector needs greater clarity from the Government about what it wants after Brexit, and it needs it now-a transition period is meaningless without a destination". Meanwhile, Insurance Europe published its comments on the EIOPA draft advice to the European Commission on its 2018 review of Solvency II, and also called for clarifications on several issues relating to the GDPR forthcoming EU legislation, to provide legal certainty for insurers.
Fitch published its Bermuda 2018 Market Update, and Aon Benfield reviewed the 2017 catastrophic year. Lloyd's and AIR Worldwide launched a new report on the potential financial impact of the failure of a leading cloud provider in the US, whilst Kroll's latest annual Global Fraud and Risk Report highlighted that UK businesses are reporting all-time high levels of fraud and cyber incidents. The latest Willis Towers Watson and confused.com survey indicated that UK motor insurance premiums dropped in the final quarter of 2017 but pricing was still volatile. The Chartered Insurance Institute(CII) launched a new report from its Insuring Women's Futures programme, and the British Insurance Brokers' Association(BIBA) published its 2018 Manifesto.
The theme of this year’s gathering of world and business leaders at Davos for the World Economic Forum(WEF) was ‘Creating a Shared Future in a Fractured World’-speaking before she left for Switzerland, Lloyd’s ceo, Inga Beale, said "the actions of politicians and business leaders was the best way to restore the deficit of trust that exists between society and its institutions."
InsurTech company Slice Labs announced the availability of its Insurance Cloud Services(ICS), and Moore Stephens Consulting(MSC) acquired the data warehousing division of Atticus Associates. Ordnance Survey were appointed by the UK Government to help shape a national infrastructure capable of supporting a nationwide network of Connected and Autonomous Vehicles(CAVs).
AIG is to acquire Validus Holdings. Prudential is selling its consumer finance business in Vietnam and agreed a long-term bancassurance deal with Shinhan, and Talanx is to acquire the Turkish non-life subsidiary of Liberty Mutual. AXIS Capital announced a restructure intending to make the company "future ready" and Travelers reported net income down in the fourth quarter in an early results release. There were senior appointments at Chubb, RSA, Aspen, Beazley, Liberty Specialty Markets(LSM), Pioneer Underwriters, and Lockton.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global trends database services last Wednesday and today at www.onlystrategic.com-featuring advanced structured search, report facilities, and a free 14 day full trial.