This week, Swiss Re Institute's annual SONAR report featured 15 emerging risk themes and 5 emerging trend spotlights the re/insurance industry needs to have on its radar.
The first two of the five risks with high potential impact on the industry are "Teaching an old dog new tricks: New technologies meet ageing infrastructure" and "Off the leash: The spread of 5G technology". The J.D Power 2019 Insurance Digital Experience Study in the US was released, whilst Willis Towers Watson reported an exclusive deal with Microsoft to develop the potential of quantum computing for its client base, and Tia Technology is joining the broker's global Radar Live Collaboration programme. Greenlight Re Innovations makes a strategic investment in FairClaims, a US-based online insurance and consumer dispute resolution startup, and accelerated delivery of leading-edge technology capabilities was the key theme at Guidewire's Europe Conference.
The Prudential Regulatory Authority (PRA) published "A framework for assessing financial impacts of physical climate change: A practitioner’s aide for the general insurance sector" written by a cross-industry working group sponsored by the regulator. The PRA also issued "Solvency II: Maintenance of the transitional measure on technical provisions-CP11/19". Insurance Europe's president said European policymakers must act to ensure insurers can fully contribute towards a sustainable Europe-the insurer body also published its annual report.
Equity firm AnaCap took a majority stake in SundhedsGruppen, Generali is to sell its UK life run-off portfolio to RGA, and in South Africa, Old Mutual suspended its chief executive. CNA Hardy announced significant enhancements to its Cyber proposition with a new pre-breach service and vital additional coverages, and SCOR Investment Partners is to acquire 100% of the capital of pioneering ILS fund manager Coriolis Capital. Madison Dearborn Partners and HPS Investment Partners agreed to acquire shares in The Ardonagh Group for a total consideration of £92m. Lockton broke its revenue record in fiscal 2018/2019. There were appointments at Ariel Re, Beazley, and Insurance Europe.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com