Newslink Global Insurance Trends
This week, Brexit moved closer through the substantial conservative victory in the UK election...
Huw Evans, director general, Association of British Insurers(ABI) said "We congratulate the Prime Minister and Conservative party on winning the 2019 General Election. We are committed to working with it on behalf of our world-leading insurance and long-term savings market and its customers."
Insurance Europe's new publication - "Why Insurance" urges policymakers to make sure the industry’s special features are taken into account when developing insurance regulation. The trade association also published an infographic on steps people can take to limit their losses from natural catastrophes. The Geneva Association Women in Insurance Award was launched and The Chartered Insurance Institute(CII) Public Trust survey indicated UK consumers want action on renewal pricing. Mactavish research warned on business interruption claims in a disorderly Brexit, and US life insurance application activity surged ahead in November according to the MIB LIfe Index.
Duck Creek Technologies announced that four leading investment firms had invested $120m in the company, then later in the week, that it had submitted a draft registration statement with the Securities and Exchange Commission(SEC) relating to the proposed initial public offering of its common stock. General availability of version 11 for the Majesco Distribution Management platform was announced. Willis Towers Watson launched ResQ Financial Reporter, an out-of-the-box software solution designed to help P&C insurers implement IFRS 17.
Lloyd's announced key appointments for the governance and delivery of the Future at Lloyd’s Blueprint One programme together with confirmation of the raising of £300m of senior debt to fund the transformation. Liberty Mutual announced a new policy that restricts coal insurance and investing.
Victor Insurance Holdings said it had approval from Lloyd’s to establish Victor Syndicate 2288 and commence underwriting effective 1st January, and Thomas Miller concluded purchase of Lodestar Marine’s book of business. Monument Re acquired Cattolica Life DAC. Hannover Re and Global Parametrics are in a partnership with BMZ and KfW to form Natural Disaster Fund(NDF) Deutschland. Romanian's leading general insurer, City Insurance, indicated impressive growth. There were senior appointments at Canopius, Munich Re, BMS, and FRISS.