Global Insurance Trends 21.03.2017
By Douglas Shillito
This week, information technology was in the spotlight. A Fitch report highlighted that harnessing “big data” is proving essential for insurers seeking to maintain and increase market share and profitability. Regulators are also getting more involved in the InsurTech changing scenario. The International Association of Insurance Supervisors’ new publication covered the potential impact of innovative financial technologies, and in the US, the National Association of Insurance Commissioners (NAIC) announced the creation of the Innovation and Technology (EX) Task Force. (Re)insurers are now able to model liability exposure probabilistically across their entire portfolios thanks to innovative new data-driven methodology developed by Lloyd’s and Arium, and RMS added agricultural risk models for India and China to its growing line of emerging risks models. Startupbootcamp InsurTech announced a new collaboration with Zurich, and Slice Labs and Digital Partners won the Insurance Technology Association’s Bridge Award in the US. Guidewire ClaimCenter has passed market acceptance testing for the London Market Electronic Claims File Write-Back.
Total global premium income rose to a new record high of €3,650bn last year (excluding health insurance) according to Allianz Research. China life growth was highlighted, whilst KPMG reported that 2017 could be a deal making year for the global insurance market. Aon Benfield launched the latest edition of its monthly Global Catastrophe Recap report. Willis Towers Watson responded to the EIOPA Discussion Paper on the upcoming review of Solvency II, and the Institute of Risk Management (IRM) Internal Model Industry Forum published its 7th guidance document for the insurance market: “Profit and loss attribution–the way ahead”. The Chartered Insurance Institute (CII) is to partner with the United Arab Emirates Insurance Authority to boost professionalism. Maryland Insurance Administration became the fifteenth US state to join the IAIS MMoU.
Interestingly, Both Munich Re and Swiss Re announced their intention to put significant new share buy-back plans to shareholders at their upcoming AGMs. deVere Group was named as Best Independent Global Financial Advisory Firm 2017. Fairfax Financial exercised its option to increase the cash consideration component of its offer to Allied World shareholders. Travelers moved for fast growing UK-based Simply Business. Further 2016 results were published – they included Ecclesiastical (a good 2016), Generali (“excellent 2016 results” said Group CEO Donnet), IGI (maintained underwriting discipline in a challenging market), and Prudential (another strong year with Asia leading the way). AIA Group chief executive, Mark Tucker, previously head of Prudential, is leaving and moving to become non-executive Group Chairman of HSBC Holdings, to be replaced internally by Ng Keng Hooi. There were also senior appointments at AGCS and the Chartered Insurance Institute.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.Category: News