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20th May 2018

Newslink Global Insurance Trends-The Week
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This week, InsurTech was to the fore. NIIT Technologies AdvantageGo launched 10 pioneering Microservices to enable insurers and reinsurers to fuse traditional with digitisation-with an emphasis on risk mitigation, and followed with a thought-provoking survey of leading reinsurance and insurance executives indicating that the need to upgrade technology was their top business concern. Meanwhile, Startupbootcamp InsurTech on Thursday celebrated the end of its third annual program in front of an audience of 500+ insurance industry experts, investors and entrepreneurs in London. The 10 startups that took to the stage impressively showcased technologies with propositions including cyber security, digital health, risk prediction and prevention, customer engagement, the sharing economy, and beyond.
Lloyd's Market Association(LMA) and the International Underwriting Association(IUA) responded strongly to the Prudential Regulatory Association's(PRA) consultation paper on credit risk mitigation. Insurance Europe replied to the European Commission’s consultation on revised calibrations for securitisations in the Solvency II regulatory framework, and also commented on the European Commission statement on access to vehicle data, whilst EIOPA launched its fourth stress test including cyber risk for the first time. The Chartered Insurance Institute(CII) launched its Aspire Apprenticeship Programmes to coincide with the annual BIBA Conference.
US P & C surplus reached a new high despite a catastrophic 2017 according to the latest ISO/PCI survey. Marsh released its Global Insurance Market Index for the first quarter highlighting commercial property and financial/professional pricing increases. A GlobalData survey indicated that Aviva remains the dominant UK insurer for brokers’ perceptions of “best in class,” especially in the digital categories. Aviva completed a £92m bulk purchase annuity transaction with the Trustee of the Marks and Spencer Pension Scheme. A Waterloo University study said the insurance industry was dangerously unprepared for extreme weather.
Clyde & Co's specialist fraud team are aiming to ensure exaggerated personal injury claims are dismissed before coming to trial, and XL Catlin said its team of experts had created an insurance solution that supports the design, development, testing and implementation of autonomous technology. Global provider of fraud and risk solutions, FRISS, joined Guidewire PartnerConnect, and SSP's core broking solution went live at Endsleigh under a five-year contract.
Allianz was pleased with its first quarter result, and AXA considered the financing of XL is now secured following completion of the AXA Equitable IPO in the US. Aon to is retire Aon Risk Solutions and Aon Benfield brands, and appointed the ceo' s of both divisions as co-presidents. Aspen submitted an application for a new insurance subsidiary in Dublin, and Endeavour is to merge with fellow Lloyd's broker SSL.
Full articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink Global Trends Database Resource this week at www.onlystrategic.com featuring advanced self-search and reporting, and a free full 14 day access trial.