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Compared to other sectors such as retail or banking, technology has so far had very little impact on re/insurance, believes Farhana Alarakhiya, vice president, product at RMS, intelligence and technology provider to the sector. But she is seeing a huge allocation in companies’ budgets towards data and analytics, suggesting that the industry is preparing for a massive change in processes and products. 20 December 2016
Insurance
Although the German motor insurance market has seen a hard cycle of rising prices since 2011, it does not expect to see a rapid return to a soft cycle, S&P Global Ratings has said in a report. 20 December 2016
Insurance
The CEO of Canada-based Fairfax Financial has cited the influence of incoming US president Donald Trump as being a driver for it buying Allied World Assurance Company in a $4.9 billion deal announced December 19. 19 December 2016
Insurance
Bart Hedges, the chief executive officer of Greenlight Capital Re (GLRE), a specialist property/casualty reinsurer based in the Cayman Islands, will step down at the end of March, 2017, after 11 years with the business. 19 December 2016
Insurance
Europe’s insurers are becoming increasingly interested in infrastructure assets as they search for yield in the current low interest rate environment but opportunities are scarce. 19 December 2016
Insurance
Technology is dramatically changing risk assessment and subsequently pricing, risk selection and claims handling, says Oliver Brew, global head of cyber risk at Aspen. 19 December 2016
Insurance
Technology has already drastically changed the re/insurance sector, says Cécile Wendling, head of R&D foresight at AXA, pointing to telematics in motor and satellite data in parametric insurance. She notes that the transformation is happening right now and that the sector is moving from a reliance on historical, statistical data to real-time analysis. 19 December 2016
Insurance
The technology is available, but corporate culture needs to adapt in order to transform existing technology into business value, says Andre Guyer, head of digital transformation at Zurich. He stresses the need for traditional insurers to be able to compete for talent with technology companies such as Google and Microsoft to succeed in this changing environment. 16 December 2016
Insurance
Insurance Europe, the European re/insurance federation, has said it feels the industry came through Solvency II stress tests carried out by the European Insurance and Occupational Pensions Authority (EIOPA) very well and is baffled by why EIOPA has made such a long list of recommendations following the tests. 16 December 2016
Insurance
Netherland-based insurance group Aegon has announced key changes to its management as its chief executive officer (CEO) Central & Eastern Europe and board member Gábor Kepecs is set to retire early next year. 16 December 2016
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