Douglas Shillito
This week, Conning highlighted changes in the US reinsurance market, and Willis Re, in new research with Columbia University, indicated that the risk to US property from thunderstorms is as high as from hurricanes. Insurance Europe called on the European Commission to take bolder and quicker action on outstanding concerns through the Capital Markets Union review, and also responded to a European Supervisory Authority (ESA) consultation on a joint discussion paper on the use of big data analytics. The inaugural Insurance Investment Exchange Awards was held in London.
Claims were in the spotlight. The development of a Single Claims Agreement Model in the London Market for non-complex claims within an agreed financial threshold, took a significant step forward. The Chartered insurance Institute (CII) Claims Faculty New Generation Group published a report on insurance issues around onshore fracking, Advent Claims announced enhancements to its Advantage solution, and new automotive claims research was released by LexisNexis Risk Solutions headed "The Future of Claims: Touchless Claims Study."
GEICO is transitioning to Duck Creek policy and billing software, and RDT formed a strategic partnership with When Fresh to get a closer view for household quotations and improve the customer journey. Startupbootcamp InsurTech reported a new partnership with XL Catlin, and SSP partnered with Bexhill UK enabling brokers to set up their own in-house premium finance company. Synechron launched “Neo”, a set of Artificial Intelligence(AI)-based solutions for the financial services industry.
Allianz won the International Corporation of the Year award at the Africa CEO Forum in Geneva, and Old Mutual is to sell a minority stake in OM Asset Management to HNA Capital US. RSA began trading on London Market’s electronic placing platform PPL, and R & Q continued its acquisition strategy by completing the purchase of Linco, a Bermuda-based captive in run-off. The shareholders of Argenta Holdings reached agreement to dispose of the entire share capital of the company to Hannover Re -Argenta owns Lloyd’s managing agent Argenta Syndicate Management Limited and Lloyd’s members’ agent, Argenta Private Capital Limited. Hannover Re's parent, Talanx, reported its highest Group net income in 2016, and Vienna Insurance Group more than doubled its profit for the year. There were appointments at the Financial Conduct Authority (FCA), broker Ed, and XL Catlin.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.