The future of Brexit is sure to headline in the UK and EU-there is still a need for much more clarification for financial services as UK-based insurers continue to set up EU offices on the Continent. UK insurers are under pressure in personal lines from the regulators to be fairer to long-term customers, and the London Market needs to continue its quest to further streamline its distribution channels globally. InsurTech investment continued to increase in 2018 and Newslink will be keeping a close watch on trends worldwide, particularly over the application of newer technologies such as Artificial Intelligence. After two heavier climate catastrophe years, expect an increased in research on climate change, with an emphasis from (re)insurers on loss mitigation working with country governments and wider organisations. Also to be commended will be the increasing collaboration amongst insurance regulators globally.
This week, the American Property Casualty Insurance Association(APCI) was formed through the amalgamation of the American Insurance Association(AIA) and the Property Casualty Insurers Association of America(PCI). Willis Re said reinsurance placements at 1st January highlighted a pricing gap between accounts with peak peril exposures or poor loss records and the rest.
Chubb European Group announced that it had redomiciled its businesses from London to France, and QBE received High Court approval to move EU business to its new Belgian entity. China Re announced the completion of its acquisition of Chaucer from The Hanover Insurance Group, and Generali closed the sale of its entire stake in Generali Belgium to Athora Holding.
Aflac made a $20m minority equity investment in new digital insurer Singapore Life. Ping An updated on the progress of its Good Doctor One-minute Clinics-the clinics utilize Ping An Good Doctor's world-leading mobile healthcare and Artificial Intelligence(AI) technology, and integrate a variety of smart medical examination devices to provide users with self-service medical and healthcare services, including consultation, rehabilitation guidance, medication recommendation, and medicine. Estimated insured losses increase to $4.65 bn from Hurricane MIchael which severely hit Florida.
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