Of Special Interest

17th June 2018

Newslink Global Insurance Trends-The Week

This week, Allianz Global Corporate & Specialty(AGCS) published a new report-"Measuring And Managing Environmental Exposure: A Business Sector Analysis of Natural Capital Risk", whilst Legal & General revealed corporate leaders and laggards on climate change and committed to vote against the latter category, and The Intergovernmental Panel on Climate Change(IPCC) announced it had achieved carbon neutrality at its last plenary session. A new Swiss Re sigma study looked at engineering insurance sector trends and tough trading times led to the highest number of UK trade credit insurance claims since 2009 according to the Association of British Insurers(ABI). Fitch said a change in accounting for equity securities is adding volatility to 2018 net earnings for many (re)insurance companies that report under U.S. GAAP, and Capsicum Re launched its second cyber report headed "Are we heading towards Property, Casualty & Cyber (PC&C)?"
Despite steadily increasing premiums, US auto insurance customers are more satisfied with their carriers than ever- according to the J.D.Power 2018 US Auto Insurance Study, insurers are beginning to get the customer interaction formula right, offering a mix of digital and live interactions that keep customers engaged with their brands across all channels, and there was also a growth in telematics. "The INSURTECH Book: The Insurance Technology Handbook for Investors, Entrepreneurs and FinTech Visionaries" was published. Lloyd's Lab launched a global search for technology talent to partner with the market and develop solutions, and PPL announced that Aviation classes were now live on the London Market placing platform. Guidewire was named the winner of two XCelent Awards in the analyst's latest EMEA report, and iPipeline UK expanded its quoting capability via SolutionBuilder to include Buildings and Contents. KPMG and one of its audit partners were fined and reprimanded by the Financial Reporting Council(FRC) over a Quindell audit.
AXA is to partner with ING in six countries to offer P&C, health and protection insurance over a digital platform, and Equitable Life is to transfer its business to LCCG's Reliance Life. The Financial Conduct Authority(FCA) concluded a thematic review into the fair treatment of longstanding customers at Scottish Widows. Markel International was granted a licence by the Insurance Regulatory and Development Authority(IRDA) of India to write reinsurance business in the country, and Qatar Re is to suspend the writing of new and renewing facultative business from its branch office in the DIFC. RTG's Limehouse Agencies acquired Corporate Underwriting Ltd, Price Forbes launched a new broking entity-Price Forbes Risk Solutions Ltd(PFRS), and Gallagher moved for a 65% stake in Swiss broker Hesse. There were senior appointments at Advent Insurance Consulting(newly formed), AEGIS London, Brit, Chubb, and Ironshore.
Full articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink Global Trends Database Resource this week at www.onlystrategic.com featuring advanced self-search and reporting, and a free full 14 day access trial.