Newslink Global Insurance Trends
This week, with the UK's date for exit from the EU looming, EIOPA issued recommendations for the insurance sector in light of the UK leaving without a withdrawal agreement...
...and Germany adopted a provision to temporarily extend passporting rights for UK insurers in case of a no-deal Brexit.
A KPMG report indicated UK InsurTechs saw over $1bn of investment activity through 2018, up from $792m in 2017. UK-based InsurTechs bucked the global trend, as despite thirteen $100m+ InsurTech deals taking place globally, overall investment levels declined year-on-year by almost half, standing at $5.7bn for 2018. Meanwhile, Allianz increased the fund size of its digital investment unit to E1bn. A LexisNexis survey highlighted that 60% of UK drivers would take a telematics or 'black box' policy today to save money and improve safety, whilst The Floow will be involved in the UK Government’s UPLIFT project to enhance technologies in improved risk understanding for motor insurance products making mobility smarter and safer for all. DeadHappy, the UK’s first fully digital life insurance brand, was launched.
The Lloyd's Market Association(LMA) commented on the FCA review into the wholesale insurance broker market, and at a London conference, MGA's were told they need to seriously consider the benefits that captives can deliver to their business amid renewed pressure fromm capacity providers. A Prudential Regulation Authority(PRA) Policy Statement provided feedback on responses to a Solvency II Consultation Paper. Insurance Europe responded strongly to the recently-published US Treasury/Internal Revenue Service’s proposed Base Erosion and Anti-abuse Tax(BEAT) regulations. It also, along with European social partners in the Insurance Sectoral Social Dialogue Committee(ISSDC), signed a joint declaration on the negative social effects of the recent significant increase in EU regulatory requirements in financial services.
Ascent Underwriting investor Preservation Capital Partners made a strategic investment in US construction-focused MGA Cove Programs, and Apollo Fund finalised its acquisition of Aspen. Swiss Re completed its 2018 public share buy-back programme of up to CHF1bn. 2018 and fourth quarter financial announcements included Ageas, AXA, and UNIQA: Arig, PartnerRe, SCOR, and Swiss Re. There were senior appointments at the FCA,Antares, SCOR, and the THB Group.