Newslink Global Insurance Trends
This week, the insurance markets fully returned from the long Christmas and New Year break...
The London Market Joint War Committee commented on the increased Middle East tension. Lloyd’s Market Association(LMA) announced that the pilot classes for the modernised syndication pilot as part of the Future at Lloyd’s strategy will be Marine Hull and International Casualty Binders. Munich Re reported that 820 natural catastrophes caused overall economic losses of $150bn last year and Fitch Ratings said Australian bushfire insured losses are being eased by reinsurance but may rise. Consumer Intelligence highlighted that UK car insurance costs had accelerated for older drivers. The Prudential Regulatory Authority(PRA)issued Solvency II: Longevity risk transfers–simplification of pre-notification expectations- PS1/20 Overview.
Ebix and the Bombay Stock Exchange(BSE) received formal approval for a joint venture to act as a direct insurance broker(Life and General) in India, and Sapiens moved for Germany-based sum.cumo. SSP formed a partnership with Policyfast, a wholesale underwriting agency offering a range of insurance products to UK brokers, and Willis Towers Watson and EbaoTech are to collaborate to provide a robust, one-stop insurance middle office platform to accelerate digitisation.
Mitsui Sumitomo was part of the BEYOND Consortium that announced its submission of a bid to the Monetary Authority of Singapore for a Digital Full Bank Licence. Neon Underwriting is to go into run-off and Pool Re confirmed a number of significant steps to help reduce costs and improve the accessibility of terrorism insurance for businesses in the UK. Coverys European Holdings(CEH) formally launched and announced its first acquisition-Italy specialist AEC SpA, whilst Hamilton Insurance Group announced that its insurance-linked securities platform has a new name-Hamilton ILS. Beach Re acquired in Atlanta, and Capsicum Re launched its aviation reinsurance team. BGC announced the new name and brand for its global aerospace (re)insurance brokerage, and Tysers completed the acquisition of RFIB. There were senior appointments at esure, Catalina, Dale Underwriting Partners, Hiscox, UK P&I Club, HWI, and Willis Re.
Newslik interviews with Sian Fisher, ceo of the Chartered Insurance Institute, and Ian Summers, ceo of Sequel Business Solutions, a Verisk Analytics company, were also published.