Douglas Shillito This week, cyber risks were to the fore. The upcoming implementation of GDPR elevates cyber risk to the top of the corporate agenda, according to a Marsh global survey. Beazley and Munich Re, through their Vector partnership, reported strong demand for cover to guard against cyber-attacks threatening global companies, and a Chubb survey, "Bridging the Cyber-Risk Gap", highlighted the different views of risk managers and IT professionals. Insurance Europe held an event following its publication of a special online resource dedicated to cyber risk insurance.
Two surveys by Wiraya revealed that the relationships between brands and consumers in the UK insurance market have deteriorated to the point of estrangement, with providers assuming claims are twice as inflated as customers actually admit. A Barnett Waddingham investigation highlighted significant inconsistency in the investment performance of UK with profit funds, and the Financial Conduct Authority (FCA) launched its new asset management authorisation hub. Insurance Europe supported the recommendation to delay application of the Insurance Distribution Directive (IDD), and the Managing General Agents' Association (MGAA) called on the FCA to follow suit. The International Underwriting Association (IUA) produced premium income figures for 2016 for the London company market indicating an increase, and highlighting the amount that could be impacted by Brexit. The Chartered Insurance Institute (CII) is to move closer to the London Market within the next 12 months. The City of London Corporation is to buy its present Aldermanbury HQ.
The Association of British Insurers (ABI) supported the publication of the Automated and Electric Vehicles Bill and also the statement by the UK Pensions Minister that the Pensions Dashboard is to be developed. Insurance Europe also commented on the European Commission GEAR 2030 report on automated and connected vehicles. The FCA published a report outlining how the Regulatory Sandbox has met its objectives over the first year of operation, and Markel International unveiled a FinTech policy offering comprehensive protection for businesses in the financial technology sector in Asia following its UK success. Symbility Solutions announced the formation of a new relationship in the UK with NSR Management.
Allianz Taiwan Life Insurance announced it had reached an agreement to sell a part of its traditional life insurance portfolio to Taipei-based China Life Insurance Co. AXIS Capital completed the acquisition of Novae, and Apollo is a to acquire a majority stake in Catalina. Further estimates of net, pre-tax losses from the recent hurricanes and earthquakes were published-they included Argo ($85m-$110m), Aspen ($310m), Everest Re ($1.2bn), Swiss Re ($3.6bn), Tokio Marine (65bn yen), and Zurich ($700m). ILS investors are responding to the recent uptick in natural disasters by making payments to ceding companies, whilst at the same time continuing to raise more money and preparing to make new investments, according to the latest quarterly ILS market update from Willis Towers Watson Securities. Hiscox Re and ILS launched a new US personal lines flood product. Hamilton appointed Pina Albo as its next CEO, and there were senior appointments at The Standard Syndicate.
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