week commencing 25/03/18:

It’s been a quiet week for insurance news with the school holidays under way, but as we hop towards the long weekend amid doubts about a third beast from the East (Beaster?) we’ve still hunted for the highlights. What will Trump’s trillion-dollar deal bring? Are the sharks circling CBA? Read on to find out; and have a lovely Easter.

NFIP set to expire in July in Trump’s latest spending bill
A $1.3 trillion spending bill signed into law by President Donald Trump earlier this week included a deadline of 31st July, when the National Flood Insurance Programme (NFIP) will expire unless it is re-authorised by Congress. External-link [Insurance Insider]

Rumours swirl around billion-dollar CBA acquisition
Reports abound that a ‘murderer’s row’ of global insurance firms including Allianz, Ping An and IAG are interested in Commonwealth Bank’s insurance division and have already held preliminary discussions. External-link [Insurance Business Magazine]

Zurich UK completes purchase of Oak Underwriting

Oak Underwriting has changed hands for an undisclosed sum as Zurich completes the purchase from RSA Insurance. According to Zurich, the deal is set to give it a strong position in the HNW market. External-link [Insurance Age]

Change must come to Lloyd’s
Lloyd’s of London found itself at a crossroads when its 2017 results revealed that it was losing ground to competitors and losing money with weak underlying returns. External-link [Insurance Insider]

Industry disruptors? Collaborators, more like
The names at the top of the industry haven’t changed in decades, despite around 1000 innovative new insurance start-ups threatening to change the game. How? The big companies have enlisted the smaller ones as collaborators before they can get ahead. External-link [Financial Times]

Vietnamese insurance market is a new land of opportunity
Demand has been increasing in Vietnam in recent years for health and motor insurance. With the economy growing at pace, the market is set to provide new opportunities for savvy insurers. External-link [Asian Insurance Review]

ILS legislation is a point of pride for UK government
Chancellor Philip Hammond joined forces with the London Market Group (LMG) to host a Downing Street reception (organised by your favourite PRs) promoting the new ILS legislation. External-link [Reinsurance]

Efficiency drive at Marsh leads to job losses
Boston Consulting Group has been drafted in by Marsh to implement a new efficiency drive which will see a lower staff headcount, improved margins and a cut to business costs. External-link [Reinsurance]

Opinion: we’ve reached peak Easter
As the sweetest celebration of the year approaches, Carol Midgley laments the commercialisation of the holiday and remembers what Easter should be about: family time. And lie-ins. External-link [The Times]


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