Douglas Shillito
This week, the CFSI/PwC latest Banana Skins report revealed that change management, cyber risk, and technology head global insurance challenges. Most US P&C insurers should be able to absorb near-term volatility and the effects of adverse hurricane events, said Fitch Ratings, whilst the Marsh Index indicated that global insurance rate decreases moderated in the first quarter. Mazars said that the Chief Risk Officer was critical to the success of insurance companies in a new report, and a FICO survey highlighted that the cyber risk assessment process by insurers needs improvement. Aviva commented that injury fraud was still the most common as 1 in 10 whiplash claims were declined, and ISO won an award for analysis of whiplash claims for the Association of British Insurers (ABI) to enable response to government consultation. Insurance Europe president, Sergio Balbinot, said insurers are concerned about the new EU consumer protection rules in an increasingly digitised marketplace, as the trade association published its Annual Report. The ABI said the latest hike in Insurance Premium Tax (IPT) could mean an extra £47pa on the average household insurance bill.
Oliver Wyman and InsurTech investor Policen Direkt analysed InsurTech business models worldwide and pinpoint winners and losers in a new report, and Willis Towers Watson entered an agreement with smart home technology innovator Roost in the US. The VENTURER Autonomous Vehicle project preliminary trial results were announced. Beazley’s flagship data breach response product became the first client on Moore Stephens RuleBook Hub, and Xceedance expanded to support re/insurance organisations domiciled in Bermuda. Milliman launched Booster-FMS to increase computational performance for actuarial modelling and insurance reserving, and Insurity reported that Florida-based Olympus had successfully implemented the SIMS Claims solution.
The ERGO Strategy Programme is progressing. Meanwhile, Allied World launched a UK Commercial Division, Fairfax Financial is to sell 12.18% of its Indian joint venture, and Sompo International London Market platform has agreed a renewal rights arrangement with Novae Syndicates over part of its FI portfolio. Minova reported strong 2016 results and completed refinancing. Roy Gori is to be the next CEO at Manulife, and Chubb announced the appointment of Kyle Bryant to the newly-created role of Regional Cyber Risk manager, Europe.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.