This week, it was announced that the insurance industry is joining forces with technology companies and governments in a World Economic Forum-led initiative to avoid catastrophic levels of uninsured risk in the innovation economy.
Douglas Shillito It was a significant week for InsurTech. Aviva is to acquire a majority stake in low cost “robo” investment service Wealthify, and Slice Labs announced a further $11.6m investment for its US on-demand insurance platform – investors include Munich Re, Sompo, and XL Group – the latter is also working with UK-based start-up […]
This week, Lloyd’s posted reduced pre-tax profits for the first half (£1.22bn compared with £1.46bn) which does not include estimates for Hurricanes Harvey and Irma (present Lloyd’s loss estimate of £3.4bn).
This week, prior to the UK Prime Minister’s Brexit speech in Florence on Friday, Aon, RSA, and Zurich were amongst 100 companies lobbying for up to a 3 year Brexit transitional period.
This week, the annual Monte Carlo Rendezvous was the highlight, not for the first time coinciding with a major hurricane. It will take some time to assess the insured losses through Hurricane Irma. AIR Worldwide’s latest estimate is between $20-40bn less than first thought. Munich Re reported that it may make a loss in the third quarter, but other reinsurers have still to provide an assessment.
As the annual Monte Carlo Rendezvous begins, the Atlantic hurricane season is in full swing, with Hurricane Harvey rapidly followed by Irma which is about to hit Florida as we write. Insurers, reinsurers, and ILS may be in for a major pounding. Air Worldwide and CoreLogic provide latest estimates of potential insured losses.
This week, Fitch Ratings said it expected consolidation in the reinsurance market. According to Consumer Intelligence, UK home insurance premiums are rising at their fastest rate for three years.
This week, Hurricane Harvey hogged the headlines. CoreLogic, Air Worldwide, and RMS reported their estimates of economic losses but it is still far from clear how much it will cost the insurance industry.
This week, a Swiss Re sigma report estimated global total economic losses from natural catastrophes of $44bn in the first half, which compared to a ten-year average of $120bn.
This week, It was the turn of the life insurers to hog the headlines, and not only interim financials. Aegon is to offload its Irish book to Athene Holding and sell a major financial advisor in Holland.
Clyde & Co research showed that insurance M&A activity worldwide had continued its downward trend in the first half of 2017. Beazley released its Breach Insights findings for the first six months based on client data, and Standard & Poor’s said in a new report that the global life reinsurance sector’s operating conditions look promising.
Investors across Europe believe the continent’s economy has turned a corner. But investors in one country resist the European optimism, and look into the future with unease.