Global Insurance Trends 21.05.2019

Douglas Shillito

This week, the annual BIBA Conference dominated the UK general insurance scene. The BIBA chief executive told the Conference delegates that the range of skills needed in the insurance broking sector is changing fast and AI impact will be positive.

The CII Society of Broking revealed that 51% of UK brokers it has surveyed worried about the future of their business-knowing their customers and gaining their trust is more important now than ever. Premium Credit continuing its sequence of research reports revealed that in the past 12 months, there has been a spike in UK consumers and businesses cancelling insurance because they can no longer afford it, and, separately, indicated that stress levels were high amongst 56% of UK brokers interviewed. BIBA and Pool Re are collaborating on a new and comprehensive guide on terrorism insurance. Charles Taylor InsureTech launched a suite of digital insurance solutions to the UK broking and distribution market at the event, whilst SSP teamed up with partners AWS and Mphasis.

The emphasis on the need for digital and associated emerging technology skills was prominent in a major new report released by the London Market Group in association with KPMG, following on from the recent paper from the Lloyd's Market Association (LMA) and PwC on future skills requirements for those involved in the Claims sector. The LMG also reported that 45% of in scope risks at Lloyd's were placed electronically through PPL in the first quarter-5% over target-but momentum needs to be maintained said PPL board chairman Bronek Masojada. RMS introduced Risk Data Object, a new open data standard-the data structure will be given to the (re)insurance industry. Meanwhile, Lloyd's commissioned the Banking Standards Board (BSB) to conduct an independent, market-wide culture survey on its behalf. This will be an annual survey with reporting back to the market.

Insurance Europe said “Europe’s insurers welcome the EIOPA's report acknowledging the vast opportunities that insurers’ use of big data bring for both consumers and our industry".

WillisTowersWatson released an updated version of its Radar pricing software, Sumitomo Life is to conduct proof-of-concept research on a new smartphone application with VYMO, and PartnerRe launched a wearables pilot with European staff together with Dacadoo, a pioneer in the digital health space.

US P&C insurers’ net income rose 66.3% last year but there was a sting in the tale through Wildfire and Hurricane Michael losses. Fitch reported on US Cyber Insurance market share and performance. Premium expansion slowed amid favourable performance in 2018, and Marsh said global commercial insurance prices were up 3% in the first quarter. The gender pay gap across the UK insurance sector has narrowed by a small margin in the last 12 months, according to analysis by the CII. The Global Federation of Insurance Associations (GFIA) said it strongly supports the Japanese G20 Presidency’s focus on the ageing society.

Ping An is the world’s strongest and most valuable insurance brand said a new report. Gallagher acquired in Switzerland. First quarter financial updates included Allianz, Generali, Uniqa and PartnerRe. Esure appointed a new CEO, SCOR made a number of US appointments, and three new members of the LMA board were announced.

Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com