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Global Insurance Trends 21.06.2016

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Posted June 21, 2016

By Douglas Shillito

This week, two important global surveys from KPMG and PWC respectively strongly indicated that insurers will need to be more innovative if the industry is to re-invent itself and ward off new competition. The in-words of the moment- insurtech, disruptive and digitisation – now rank beside big data as key IT terminology, but the market must not forget that firstly business, customer and regulatory pressures and opportunities need to be analysed to ensure new technology applications are prioritised, implemented and benefits measured. It was also noted that insurers could have differing needs in time and territory terms.

EIOPA and the China Insurance Regulatory Commission (CIRC) signed a Memorandum of Understanding, and the CIRC were also involved in the launch of the Shanghai Insurance Exchange. The International Association of Insurance Supervisors (IAIS) released an updated Assessment Methodology for G-SIIs. The Association of British Insurers (ABI) warned on the Norwegian-style model with the European Union if the country voted to Leave next Thursday. SNL said that macroeconomic issues would be the major concern for UK and European insurers in the event of a UK Brexit vote, rather than political or regulatory ones. The International Development Forum (IDF) started its work with public and private participants in association with the International Insurance Society’s (IIS) annual Global Insurance Forum in Singapore.

Allianz is to acquire Zurich’s Moroccan subsidiary, and Kuwait-based Gulf Insurance Group moved for 90% of a Turkish general insurer. Compre acquired again, and Bermuda-located Horseshoe Group bought IKONIC Fund Services to enable expansion in the ILS sector. Legal & General announced a further infrastructure investment, and Flood Re now has 36 supporting insurers (85% of the market). Marketform re-launched as Neon, and Thomas Miller Specialty was announced. LV= named life chief Richard Rowney as its new CEO, and there were senior appointments at CGSC, Willis Towers Watson, and the Lloyd’s Market Association (LMA).

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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