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Global Insurance Trends 30.04.2019

Posted May 2, 2019

Douglas Shillito

This week, Lloyd’s, in collaboration with the University of Surrey, published two seminal papers – “Taking control: artificial intelligence and insurance” and “Taking control: robots and risk”. They emphasize how important these technologies are in this increasingly digitalised world, and how they will impact all aspects of the insurance/reinsurance markets. The reports follow the thought-provoking Lloyd’s Market Association(LMA)/PwC report “Claims Workforce of the Future – London Market” earlier this month as the London Market commits to a digitised future.

Meanwhile, the Hiscox Cyber Readiness Report 2019 indicated that a sharp increase in the number and cost of cyber attacks is the key finding in a study of more than 5,400 organisations across seven countries. Fitch said the US property/casualty industry returned to a modest statutory underwriting profit in 2018, whilst the Willis Reinsurance Index was down 10% to $335.7bn at 2018 year-end. A Consumer Intelligence survey highlighted that UK customers are overwhelmed by insurance information.

The FCA published a Feedback Statement summarising the responses received to its Discussion Paper, ‘A duty of care and potential alternative approaches’. EIOPA published its 2018 Supervisory Activities Report and identified priorities for 2019, and also published its 2018 Insurance Stress Test Recommendations.

It was a busy time at Majesco – its annual customer conference crushed attendance records, the software solutions supplier announced a partnership with DataRobot, a wide range of ready-to-use partner apps available in the Majesco Digital1st EcoExchange marketplace, and Foresters chose its SaaS solutions. Charles Taylor InsurTech is enabling digital transformation at Dutch insurer DELA, S&P Global Ratings and Guidewire Software announced increased collaboration to inform cyber security factors, and AmeriTrust chose Xponent Underwriting Workstation from Intellect SEEC for underwriting transformation. Latin American insurer Pacifico Seguros selected FRISS to automate claims fraud analytics processes, and Royal London became the first life insurer to license Willis Towers Watson Radar Live quotation software.

Pro Global Holdings is to acquire London-based Vibe MGA Management and also form Pro MGA Solutions in the US. Prudential Financial concluded about $2.6bn in previously undisclosed longevity reinsurance contracts – an important signal of an unprecedented start to the 2019 UK pension risk transfer market. Marsh and Guy Carpenter are to combine their Latin American facultative reinsurance operations with those of Jardine Lloyd Thompson Group.

There was a 2018 financial report from Covea, and the first quarter started positively for Travelers, SCOR, and broking majors Aon, Gallagher and Marsh & McLennan. Aviva UK chief Andy Brooks is stepping down and there were senior appointments at the insurer, whilst Trust Re introduced a new CEO.

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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