Of Special Interest


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5th January 2020

Newslink Global Insurance Trends-Editor's Overview

Insurance Newslink wishes all our readers a happy and rewarding New Year.
Looking forward, it could be an interesting year, particularly in the UK when the new Government has a large majority and Brexit is ready to progress.
It is likely that one of the key interest areas for the insurance markets globally will continue to be the growth of InsurTech initiatives and the impact of the emerging technologies around Artificial Intelligence, not only to improve customer relations and data analytics but influencing the speed and accuracy in measuring risk of all types-accompanying that will be the insurability issues of cyber risk. Expect the growing interest in Climate Change to continue as the insurance market has a major part to play-there is still far too much of a gap between economic and insured losses as a result of catastrophes. Also, watch out for developing countries catching up on mature economies as improved communications continue to open up growth opportunities. Insurance Newslink has now been monitoring and reporting concise integrated intelligence worldwide for 27 years.
Since our last update on 22nd December, there has been the usual annual quiet period for the global insurance markets. However, there is always some news filtering through. The International Underwriting Association(IUA) drew up its 2020 Business Plan, whilst The Society of Lloyd’s voluntarily agreed to a number of additional requirements relating to whistleblowing and these have been published by the Prudential regulatory Authority(PRA). Willis Re's 1st View report highlighted that reinsurers have been judicious during the 1.1 renewal period.
On the company front, Allianz Holdings completed its acquisition of the remaining 41% of LV GIG and 100% of Legal & General GI in the UK, ReAssure finalised the takeover of Quilter UK Heritage business, and the Equitable Life policyholder transfer to Utmost Life and Pensions finally went ahead at the start of the New Year. The Hartford announced its policy on insuring and investing in coal and tar sands, and Fairfax Financial Holdings and OMERS, the pension plan for Ontario’s municipal employees, announced that they had entered into an agreement pursuant to which OMERS will acquire a 40% interest in Fairfax’s UK run-off group, RiverStone UK. Optio acquired specialist political-violence and terrorism MGA Newbridge Risk Partners for an undisclosed sum. Texas Farm Bureau upgraded to the newest version of Majesco Policy for P&C-moving from on-premise to Majesco CloudInsurer. Zurich UK cfo Helen Pickford's appointment as chair of the PRA Practitioner Panel was approved by HM Treasury.

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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