Global Insurance Trends 02.10.2017
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). Insured loss estimates by AIR Worldwide and RMS for Hurricane Maria vary widely at this early stage, with Puerto Rico representing around 85%. Beazley puts the present net cost estimate from recent hurricanes and earthquakes at $175m-$275m, and MAPFRE at €150m to €200m. SCOR said recent natural disasters are likely to represent an earnings rather than a capital event in the third quarter.
An International Underwriting Association (IUA) member survey indicated that the three top challenges are the soft market, Brexit, and regulatory compliance. Pool Re published its latest Terrorism Threat and Mitigation Report, and the Chartered Insurance Institute (CII) supported the Dive In festival at Lloyd’s and held other associated events. The Competition & Markets Authority (CMA) published its final report following a market study into the use of price comparison sites and other apps, with ground rules laid down and further research to be undertaken.
Applied Systems announced innovative product updates across its portfolio at Applied Net 2017, and a survey from Uswitch.com identified the value of Black Box technology for drivers. Guidewire is teaming up with Salesforce to provide a 360 degree view of customers across both platforms. The London Market Group (LMG) announced the choice of Charles Taylor InsureTech as the preferred bidder for the LM TOM delegated authority data project.
It was a busy week for AIG who announced a further restructure, followed a few days later by new CEO Brian Duperreault reporting that the insurer welcomed the decision by the Financial Stability Oversight Council to rescind AIG’s Systemically Important Financial Institution (SIFI) designation – the Council’s decision “reflecting the substantial and successful de-risking that AIG’s employees have achieved since 2008”. Generali Deutschland launched the next phase of transformation, and the formation of Marsh Networks comprising three of the UK’s leading insurance networks was announced. Allianz Global Corporate & Specialty is to partner with cyber risk analytics and modelling firm Cyence, and AXIS Capital will complete the Novae Group acquisition in two parts. Liberty Specialty Markets refined its treaty reinsurance operation in Latin America, spearheaded by the appointment of a Regional manager. Pen Underwriting announced its latest capacity deal with Zurich for up to £150m over the next five years, and SCOR won two Reactions North American Awards. There were senior appointments at Chubb, Lloyd’s, and NIIT Technologies.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.comCategory: News