Newslink Global Insurance Trends
This week, the Civil Liability Bill received Royal Assent, and the Financial Conduct Authority(FCA) published new rules and fees that will apply to all claims management companies (CMCs) from April 2019...
The Global Federation of Insurance Associations(GFIA) responded to an International Association of Insurance Supervisors(IAIS) application paper on the proactive supervision of corporate governance.
Swiss Re sigma preliminary estimates of total economic losses from natural and man-made disasters in 2018 were $155bn-50% insured and down from $350bn in 2017. EY commented that the UK Life & Pensions sector was "set for a challenging year". InsurTech funding doubled in the third quarter according to the latest Willis Towers Watson Quarterly Briefing which also looked at deployment of parametric structures.
Lloyd's confirmed 2019 H1 targets for electronic placement and Lloyd’s brokers will be required to connect to a recognised electronic placement platform by 1st June. AIR Worldwide estimated that the direct cyber incident losses for the Marriott breach will be between $200m and $600m, whilst EY announced a strategic alliance with Symantec Corp. to help organisations better address intellectual property and data and more effectively manage cyber risk. Sapiens announced the general availability of its ALIS 8 policy administration suite, and were also positioned as a Leader in Gartner's Magic Quadrant for Non-Life Insurance Platforms, Europe. Telematics specialist Trak Global Group(TGG) moved for Toronto-based Intelligent Mechatronic Systems Inc(IMS).
RenaissanceRe Holdings and Dutch pension fund manager PGGM announced the creation of Vermeer Reinsurance, and Swiss Re reached agreement with MS&AD Insurance Group Holdings for a further investment of £315m into ReAssure, Swiss Re's UK closed life book business, having earlier in the week appointing ex-Aviva executive Mark Hodges as ceo of ReAssure to steer through an anticipated IPO. The majority of Zurich’s UK employers’ liability(UK EL) policies for 2006 and prior underwriting years are to be transferred to Catalina, and Nexus Group completed the acquisition of Hiscox Global Flying(HGF). There were senior appointments at Hiscox, Lloyd's, Marsh, Neon, RSA, and Sompo.
Full articles on the above topics are included in those added this week to the Newslink Global Trends Database Matrix Resource at www.onlystrategic.com