This week, the London Market Group unveiled its revised mission and announced two new workstreams at its Market Forum.
The LMG Board feels that there is value for the whole market in getting a wider perspective – this workstream will partner with trade bodies and associations to build a collective view from groups of stakeholders on the issues that matter to them and will be led by Sheila Cameron, CEO of the Lloyd’s Market Association. The other new workstream is to focus on insight and outlook and will be led by Dave Matcham, CEO of the International Underwriting Association. Cameron, speaking at the LMA’s Annual CEO Lunch, told chief executives from across the Lloyd’s managing agency community that the pursuit of seamless digitisation, achieving sustained underwriting discipline and working with Lloyd’s to support its central strategy around distribution and international marketing are top of the LMA’s priority list for 2019.
No-deal Brexit “would be an unforgivable act of economic and social self-harm that the UK would live to regret”, said Association of British Insurers (ABI)director general Huw Evans at the ABI’s annual dinner. Insurance Europe responded to the European Systemic Risk Board’s report on macroprudential provisions, measures and instruments for insurance, whilst the Global Federation of Insurance Associations commented that to develop an effective holistic framework for systemic risk in the insurance sector, the International Association of Insurance Supervisors (IAIS) must better define systemically risky activities. The Marsh Global Insurance Market Index indicated that the average commercial insurance prices increased by 2% in Q4 2018-the broker’s Political Risk Map 2018 highlighted rising geopolitical tensions and protectionist sentiments.
Accenture implemented its Life Insurance & Annuity Platform for new business and underwriting in a full-service cloud-hosted environment for the first time, with a top-five US life insurer, and the Duck Creek Policy solution was selected by American National. By Miles innovative UK InsurTech successfully raised £5m in a Series A funding round led by Octopus Ventures. Meanwhile, SSP signed a contract to integrate the honcho reverse auction marketplace platform into its systems. The newly-formed CII Society of Claims Professionals hailed the decline in whiplash claims as a ‘victory for law-abiding motorists’, and GoCompare.com research indicated that 4.6m UK drivers are caught in a £1.23bn insurance loyalty trap by automatically renewing their policy without shopping around to check whether they are getting a good deal. The Willis Towers Watson Quarterly InsurTech Briefing highlighted cyber risk management applications.
Beazley is collaborating with Marsh to provide tailored cyber insurance cover and breach response to help US manufacturers address evolving cyber risks, and CyberScout is partnering with Pioneer Insurance & Surety Corp. and MSIG Mingtai Insurance Co. to deliver the first embedded, retainer-based cyber insurance offering to the Southeast Asia market. IAG issued the first catastrophe bond to be domiciled in Singapore under its new ILS laws. Pool Re placed its first-ever insurance-linked securities contract to cover terrorism risk exclusively, and completed placement of its £2.3bn retrocession programme with more than 50 international reinsurers. Willis Towers Watson acted as Lead Structuring Agent and Sole Bookrunner on a E45m catastrophe bond for UnipolSai.
2018 and fourth quarter financial reports included Berkshire Hathaway, Hastings Insurance Group, Hiscox, Liberty Mutual QBE, and RSA. There were senior appointments at Direct Line Legal & General, and RSA.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.