2nd October 2016

Newslink Global Insurance Trends

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This week, Brexit issues headlined, and no doubt, as the Conservative Party Conference starts today, the subject will continue to receive wide coverage. KPMG commented that we cannot expect others to understand the Brexit implications for insurance unless the UK market does. On the same day, the Association of British Insurers(ABI) board set out five priorities required from the Brexit negotiations. The UK general insurance industry sees the acceleration of transformational change as the biggest opportunity to come from Brexit, according to the latest CBI/PwC survey.
Meanwhile, The Competition and Markets Authority(CMA) launched a market study on digital comparison tools, and the Institute of Risk Management(IRM) published a guidance document setting out its vision on how the role of the insurance chief Risk officer will have to change to meet the demands of a rapidly changing industry post-Solvency II. The Financial Services Authority(FCA) is to provide feedback and consult after six months of the Senior Managers' regime, and the ABI outlined its commitment to the Women in Finance Charter.
The Geneva Association and Nanyang Technological University, Singapore are to collaborate on cyber risk insurance research, AGCS added FireEye to its panel of service providers to help minimise loss from a cyber event, ArgoGlobal launched a cyber division and appointed a Cyber Class Underwriter, whilst Hiscox named a Global head of Cyber. Zurich released a wide-reaching survey looking at changes in SME risk scenarios, and Standard & Poor's reviewed Saudi Arabian insurance market trends.
Manulife opened its new Lab of Forward Thinking(LOFT) in Singapore, and Moore Stephens Consulting announced a major agreement with NTT DATA UK to further global reach of its RuleBook tool as it gets set to launch in Asia. Conning released a new version of its suite of risk management software products, UK MGA Glemham selected Majesco's CloudInsurer platform, Oceanwide Bridge and Insurity Claims Decision solutions were chosen by US surplus lines insurer Atain, and QuanTemplate launched its Federated Data Model. Newslink interviewed Guidewire's managing director, EMEA, Keith Stonell.
As expected, Phoenix Group moved for Abbey Life's closed book. AIG, Hamilton, and Two Sigma announced the Attune technology-enabled platform aimed at the US $80bn SME market, and R&Q is to provide loss portfolio reinsurance coverage for The Solicitors Indemnity Mutual Insurance Association(SIMIA) PI run-off. Brit announced it had received Lloyd's approval in principle to launch a new syndicate supported by Names, and Helios revealed a proposed Placing and Open Offer to accelerate the book-building process. SCOR is disputing the ruling on the economic nature of French state-owned reinsurer CCR and is to take it to the Court of First Instance of the European Union. Argo Group made two senior appointments.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global trends database services last Wednesday and today at www.onlystrategic.com -featuring advanced structured search and report facilities and a free 14 day full trial.