Of Special Interest

29th July 2018

Newslink Global Insurance Trends-The Week

This week, Aon's Impact Forecasting team estimated economic losses from natural disasters in the first half at $45bn-64% lower than the 10-year average. PwC said there had been a big surge in US M&A deal value in the first six months, and Fitch reported that the US commercial auto segment remains problematical.
A Deloitte/EIU 2018 Global IFRS Insurance Survey reviewed how preparations are going for IFRS 17 adoption. The Prudential Regulation Authority(PRA)published a Policy Statement on Solvency II, whilst EIOPA's risk dashboard for the first quarter showed broadly unchanged risk levels.
Brexit was headlining in the London Market-LIIBA said it was focusing on EU client service as the risk of no-deal Brexit heightens, and the IUA chairman said "Brexit is the greatest structural challenge facing the London company market" as the trade association issued its second Brexit contract continuity clause. The IUA also launched a new report-"Cyber Insurance and Business Interruption"-discussing how business interruption policies may respond to cyber incidents.
Oasis announced a major funded project for the co-development of catastrophe models for flood in the Philippines and windstorm in Bangladesh, Slice Labs and XL Catlin are to create the first on-demand cyber insurance solution for US small and medium-sized businesses(SMBs), and web-based trade credit platform Toredo underwrote its first risk. A Clyde & Co seminar discussed financial risks posed by Artificial Intelligence exposure for London Market underwriters.
Beazley launched a new consortium at Lloyd’s to bring increased capacity for wage & hour risks in the US, Chubb European Group made a Brexit location decision to redomicile in France at the end of the year, and Munich Re Specialty Group(MRSG) of London is to expand its underwriting platform in North America. MAPFRE approved a new configuration for its global risks business.
Second quarter and interim results began to flow-they included Chubb, QIC, AXIS Capital, Lancashire Holdings, PartnerRe, RenRe, SCOR, JLT, and Marsh & McLennan. There were senior appointments at Hiscox, Munich Re, 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