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29th January 2017

Newslink Global Insurance Trends

This week, there were a wide range of trend publications. Beazley Breach Insights reported that ransomware attacks quadrupled in 2016. The CBI/PwC fourth quarter report on UK financial services indicated a further deterioration but signs of improvement in business conditions in some sectors in the first quarter of 2017. US p&c insurers produced a net underwriting loss for the first nine months of 2016 according to the ISO/PCI latest quarterly report. Standard & Poor's reviewed the China p&c and life insurance markets, and also predicted that European insurers are likely to continue to issue high subordinated debt volumes. Willis CMA reported that there was an increase in ILS assets last year, whilst Willis Towers Watson's latest De-risking Report reviewed the UK longevity and bulk annuity markets. Allianz's UK operation became the largest company to be awarded Chartered Insurer status by the Chartered Insurance Institute(CII), and Newslink interviewed CII chief executive officer Sian Fisher on its recently published Strategic Manifesto 2021 Roadmap. The Financial Conduct Authority(FCA) published data from its general insurance value measures pilot.
Ruschlikon announced intense activity in its Regional Implementation Groups with new operational relationships. Insurity acquired Valen Analytics, Verisk Analytics moved for liability risk modelling specialist Arium, Anchor General Selected Duck Creek On-Demand solution, the Oceanwide Bridge Insurance Software Suite was chosen by a Puerto Rican insurer, and Tokio Marine Kiln(TMK) added drone insurance to its digital exchange. z/yen and Long Finance announced the publication of two reports on smart contracts in the London Market.
Swiss Re and XL Catlin became the latest major reinsurers to receive final regulatory approval to open an onshore reinsurance branch in India. AIG entered an arrangement with National Indemnity over US commercial long-tail exposures, and AXIS Specialty Underwriters opened in Miami for the Latin American and Caribbean markets. Generali general manager and cfo Alberto Minali's contract was terminated, and the insurer announced that it had acquired the voting rights of 505 million shares of Intesa San Paolo, equal to 3.01% of its share capital, through a securities lending transaction-Intesa have publically shown interest in Generali. Munich Re is disbanding its Munich Health division and reallocating responsibilities among a smaller Board of Management. Compre acquired for the third time this year, and StarStone announced a joint venture with Dubai-based MGA Malakite. Early fourth quarter and 2016 results started to come through-amongst them were Qatar Insurance Company(QIC)(good growth), St James's Place("another record-breaking year"), and Travelers("remains well positioned"). Admiral's long-term non-executive chairman, Alastair Lyons, will not be seeking re-election, and Aon's president, Steve McGill, is leaving the firm to explore new opportunities. Ed appointed a ceo of underwriting, and Hiscox a chief actuary.
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.