Douglas Shillito
This week, PwC's 20th annual global CEO Survey said that insurance CEOs are more concerned than leaders in any other industry about the combined threats to their growth prospects. However, 80% of insurance leaders are confident they can grow revenues through embracing new technologies, adapting their workforce, and pursuing M&A activity. Fitch said that the January renewals have reinforced its view that Solvency II will increase demand for reinsurance products, and the Lloyd's Market Association(LMA) issued new guidance on Own Risk & Solvency Assessment (ORSA)reports. Marsh's latest Global Insurance Market Index indicated a decrease in rates, on average, continues. The International Association of Insurance Supervisors (IAIS) named its next secretary general. XL Group's Paul Jardine is to be market sponsor for the London Market Group (LMG) workstream which is focused on building a diverse and dynamic workforce for the London Market. Insurance Europe criticised a European Parliament's plenary vote to approve a report which calls on the European Commission to consider a blanket compulsory insurance scheme for producers of robots.
IBM announced the availability of Watson for Cyber Security, and a Sciemus director said the insurance industry should follow the example of the UK government by hiring specialist cyber security expertise. Sapiens signed a definitive agreement to acquire major US insurance software supplier, StoneRiver. The Insurity Insurance Decision Suite was chosen by a leading Louisiana workers' compensation insurance specialist, and Pennsylvania and Indiana Lumbermens Mutual Insurance Companies (PLMILM) successfully complete implementation of Insurity SIMS Claims. Octo Telematics joined Guidewire's PartnerConnect. IAG is to launch an InsurTech innovation hub in Singapore, and Watchstone's Hubio Solutions issued a claim against Aviva Canada who issued a counter claim. Charles Taylor InsureTech acquired a majority stake in Otak, an insurance technology platform business specialising in delegated authority solutions.
Fairfax Financial made an offer for New-Zealand-based insurer Tower, and Aon signed a definitive agreement to sell its benefits administration and HR BPO platform to Blackstone. Further results for the fourth quarter and 2016 were published, including some larger players-amongst them were Ageas (CEO outlined an "eventful year"), Aegon (strong fourth quarter), AIG (net loss increased in fourth quarter), Allianz ("a great year in 2016" said CEO Bate), Sun Life Financial ("A year defined by an intensified commitment to our clients and significant progress on several fronts" said President and CEO), AEGIS (Lloyd’s Syndicate 1225 produced another strong year), Arch Capital (net income up in fourth quarter), Arig (rebounded with reinsurance book and investment income contributing), and Lancashire (pre-tax profit slightly up in fourth quarter). There were senior appointments at Aviva, CNA Financial, Old Mutual Wealth, AGCS, Hiscox, Liberty Specialty Markets, and Ed. QBE COO Colin Fagan left the company and AXIS Re CEO Nichols resigned.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.