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Global Insurance Trends 02.10.2018

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Posted October 3, 2018

Douglas Shillito

This week, an A.M.Best survey indicated a significant majority of insurers understand that innovation is increasingly becoming a differentiator in the global marketplace, and Argo Group International released the findings of “The Future of Insurance – 2018 Insights: Risks, Uncertainty and a Looming Talent Gap”. A Willis Towers Watson survey highlighted that increasing geopolitical concerns are causing a rise in political risk exposures. The World Benchmarking Alliance (WBA) was launched with the aim of helping businesses do more to achieve Sustainable Development Goals (SDGs). Zurich issued a report – ‘Managing the impacts of climate change: risk management responses’ – ahead of Climate Week NYC. The Geneva Association’s 2018 Extreme Events and Climate Risk Forum looks at the aspects for wider insurance investment in infrastructure, and Clyde & Co launched the second in a series of reports exploring how to build greater resilience to natural and manmade perils, including those caused by climate change.

Citizens Advice submitted a super-complaint to the Competition and Markets Authority (CMA) calling on them to identify remedies and recommendations to put an end to the penalty paid by loyal and disengaged consumers. The proposed Financial Conduct Authority(FCA) market study on the subject is to start shortly, and there will be liaison. The recent release of Solvency II guidance by the Prudential Regulatory Authority (PRA) will make it significantly easier for investors to understand how individual insurers are performing, said Willis Towers Watson.

There was strong initial support for the newly launched London Market delegated authority platform DA SATS. Greenlight Re Innovations made a strategic investment in Hong Kong-based blockchain developer Galileo Platforms, and Slice Labs raised an additional $20m in Series A funding. TechCanary Broker Management System and Salesforce were chosen by leading Canadian insurer Wawanesa Mutual. A new CEO was appointed at Majesco. AIR Worldwide estimated industry insured losses from Typhoon Mangkhut in mainland China, Hong Kong, and Macau will be between $1bn and $2bn, and RMS estimated insured losses for US Hurricane Florence will be between $2.8bn and $5bn.

Aegon expects a one-time benefit to capital generation of approximately $1bn as a result of the merger of two US legal entities; AIG is to buy US-based Glatfelter Insurance Group; and AXIS Specialty UK Holdings has been certified as a GCHQ Certified Training provider for its course “Understanding Cybersecurity and Insurance”. Zurich is to acquire 80% of Indonesian insurer Adira, and Ardonagh moved for Covea-owned Swinton. RSA performed strong internationally but UK and London Market business disappointed in the third quarter. There were senior appointments at Pioneer Underwriting and Swiss Re.

Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.

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