Newslink Global Insurance Trends
This week, Aon launched its "Weather, Climate & Catastrophe Insight: 2019 Annual Report", whilst Willis Re estimated insured losses from major natural catastrophes in 2019 totalled around $53bn...
US P&C insurers surplus reached a record for the first nine months of 2019. UK travel insurance prices are likely to rise post-Brexit said a Chartered Insurance Institute(CII) survey, and the latest Go Compare/Willis Towers Watson report indicated that UK comprehensive car insurance premiums increased by 4% in the final quarter of 2019.
The Association of British Insurers(ABI) urged the UK Government in its forthcoming Budget on 11th March to cut the rate of Insurance Premium Tax(IPT), and The British Insurance Broker's Association(BIBA) called on Government Ministers to turn their comments on more proportionate regulation into action to enable future strengthening of the insurance broking sector. Meanwhile, the CII stated that it fully supported the Money and Pensions Service’s(MAPS) aim to transform the UK's financial well being in a decade, and its Society of Claims Professionals revealed 2020 plans. Insurance Europe and other financial associations wrote to the European Commission to warn that the approach being taken to fix problems with PRIIPS was fundamentally flawed and will negatively impact consumers.
The acquisition of Charles Taylor was finalised. Majesco announced the availability of expanded capabilities of its Digital1st Insurance solution, and Sapiens was named as a “Sample Vendor” in the Gartner 2019 Hype Cycle for Legal and Compliance Technologies for Decision Management. Xceedance moved for Massachusetts-based Activer, and Chicago-based EMC Insurance selected FRISS as its Fraud Detection partner.
Protecdiv, claiming to be the first tier-one minority-led insurance and reinsurance broker in the US, launched, and a loss portfolio transfer between DARAG Insurance Guernsey(DIGL) and a multi-national insurance company was announced, continuing the company's rapid growth strategy. HM Treasury, following advice of the Board of the Financial Conduct Authority(FCA), appointed Christopher Woolard as FCA interim chief executive, replacing Andrew Bailey who is to be The Governor of The Bank of England. The London Market Group(LMG) announced the appointment of Matthew Moore, ceo of Liberty Specialty Markets, as its new chair with effect from 1st May, and there were three senior appointments at Lloyd's and one at the Lloyd's Market Association(LMA)-all females. There were also appointments at Allianz GCS, Apollo Syndicate Management, Lockton Ireland, Pool Re, and Willis Re. City insurance, Hastings Group, Hyperion, and Travelers announced 2019 financials/trading updates.