week commencing 25/11/18:

Those with their finger on the zeitgeist will know that the magic trio of topics this week is Brexit, the Kate / Meghan “feud” and the weather! Take a break from stockpiling cans and searching for umbrellas this weekend and catch up on the industry news you might have missed.

No-deal Brexit preparations underway at the FCA
In the light of the real possibility of crashing out of the EU, the watchdog has issued a set of proposals aiming to minimise significant disruption on Brexit day. External-link [Insurance Age]

China: Allianz and AXA approved as first wholly-owned insurance companies
China has made good on promises to open the doors to increased outside investment, with Allianz, swiftly followed by AXA, given the go-ahead to establish the first wholly-owned insurance company by a foreign insurer. External-link [Asian Insurance Review]

AI to identify fraudulent robbery claims
VeriPol, a new AI system, can identify fake robbery claims with over 80% accuracy using automatic text analysis and machine learning. External-link [Insurance Business Magazine]

Cat bond losses spark risk reassessments
In the wake of recent natural disasters including the California wildfires, investors have been forced to reassess the risks involved in potentially costly catastrophe bonds. External-link [Financial Times]

New EU proposals target insurers
New proposals from the European Systemic Risk Board could see insurers in the EU having to contend with new capital demands and enhanced reporting requirements. External-link [Law 360]

Talbot exits Lloyd’s in the UAE
AIG-owned Talbot has jettisoned its service company in Lloyd’s Dubai. External-link [Insurance Insider]

Lemonade to expand into Europe
Daniel Schreiber, Chief Executive of USA-based insurtech firm Lemonade, has announced plans to expand into Europe in the near future. External-link [Insurance Times]

Lloyd’s changed for good by non-traditional capital
Lloyd’s Chairman Bruce Carnegie-Brown says that non-traditional capital has “cracked the moat” of the market and looks set to stay for good, but that firms are still not leveraging it for best results. External-link [Artemis]

Germany plans Brexit management for the industry
Germany is planning a temporary fix for carriers facing contract continuity issues when UK insurers have to continue operating through German outlets post-Brexit. External-link [Insurance Insider]

Vector: the latest AI export with a surprising origin
AI now plays a daily part in modern life and that only looks set to expand in the very near future. One of the most exciting exports set to make its mark on our lives is called Vector: a very “cute” new robot. External-link [1843 Magazine]


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