Of Special Interest

10th June 2018

Newslink Global Insurance Trends-The Week
Trend

This week, Lloyd's City Risk Index estimated that man-made risks are forecast to cost the world’s cities $320bn each year on average, whilst Zurich shared its experience in building resilience to disasters. A new white paper from the US-based Insurance Information Institute(I.I.I.) outlined the wide role that insurance plays in preserving communities and promoting overall economic growth.
The Financial Conduct Authority(FCA) published draft rules outlining how it will regulate claims management companies(CMCs) when regulation passes to it on 1st April next year. The International Underwriting Association(IUA) in a report warned on a potential increase in data breach claims following the recently introduced GDPR legislation, and according to new research, insurance policy wordings are too complex to be understood by 80% of UK policyholders.
German InsurTech Coya raised a further $30m in its latest funding round, and UK start-up Flock, specialising in drone insurance, raised £2.25m from global investors. PartnerRe acquired the assets of Claim Analytics-a Canadian-based provider of predictive analytics solutions to the insurance industry, and Guidewire exceeded its revenue and non-GAAP profitability guidance for the third quarter of fiscal 2018.
RSA received regulatory approval for its new subsidiary in Luxembourg, and Talanx Group now includes around two thirds of its primary insurance business operations in sustainability reporting. XL Group shareholders approved the AXA acquisition, and Aviva Ireland completed the transaction to acquire life insurer Friends First from Achmea. Argo rebranded its recent Italian acquisition, and Fidelis launched a new Bermuda-domiciled special purpose insurer, Socium Re. Lloyd's broker AFL introduced Agile Risk Advisory(ARA), a specialist business focusing on providing evidence-based risk advice and new insurance-linked-securities(ILS) opportunities, and Marsh MaClennan's Schinnerer Group is to rebrand as Victor.
Amanda Blanc became the first women to chair The Association of British Insurers(ABI). There were senior appointments at Argo, Ascent Underwriting, Neon Bermuda, and Howden Broking Group.
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.