Of Special Interest


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29th September 2019

Newslink Global Insurance Trends-Editor's Weekly Overview

This week, Lloyd’s announced a series of signature actions designed to make the Lloyd’s market a place where everyone can feel safe, valued and respected. These actions are Lloyd’s response to the findings of the largest culture survey ever conducted in the insurance sector. The Lloyd's Market Association(LMA) Board, which includes 16 chief executives and other senior market leaders from Lloyd’s managing agents, has pledged to work actively through a ceo reporting network to tackle sexual misconduct in the market. Lloyd's Strategy Blueprint will be announced tomorrow with the first phase of implementation planned within a few months. Meanwhile, the London Market Group(LMG) Board confirms that the Target Operating Model(LM TOM) has been wound down in its current form and will be taken forward as part of the developments that Lloyd’s will release in its Blueprint.
Digitisation, artificial intelligence, other emerging technologies, and InsurTech initiatives continue to hit the global headlines. Zurich launched the second edition of its Innovation Championship, offering startups the opportunity to work with the global insurer to grow their business. Juniper Research looked at spend trends in emerging technologies in the insurance markets, Bold Penguin in the US aims to transform quote and bind commercial insurance, and Eptica research indicated UK insurers were unable to answer over half of routine questions successfully. Berlin-based omni:us was awarded E1.6m from the European Commission to help it further develop its machine learning powered insurance claims platform, and GlobalData reported that the direct sales channel is set to diminish dominance of brokers and agents in Indian general insurance. The immediate availability of the fourth-generation model update(Model4) for Guidewire Cyence for Cyber Risk Management was announced. Leading US insurer Nationwide is to launch a digital platform.
An Intergovernmental Panel on Climate Change(IPCC) Special Report highlighted the urgency of prioritising timely, ambitious and coordinated action to address unprecedented and enduring changes in the ocean and cryosphere. Zurich announced it is a founding member of the newly launched UN Net-Zero Asset Owner Alliance. CCRIF paid out $12.8m to the Government of The Bahamas following Hurricane Dorian, and the RMS latest insured loss estimate in Japan from Typhoon Faxai is between $5bn and $9bn.
There were senior appointments at Aviva, Swiss Re, Ascent Underwriting, DARAG, G-Cube, Markel International, and Willis Towers Watson.

Full articles on the above topics are included in those added this week to the Newslink Global Trends Database Research Matrix service at www.onlystrategic.com
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