Insurance telematics set for surge
In 2015 the insurance telematics market was worth $857.2 million; by 2020 it is expected to surge to $2.21 billion. The growth will be driven by increased usage of smartphones and in-car connectivity together with increased regulatory pressures for insurers.
The research from Reportlinker.com shows that large enterprises are investing heavily in telematics technologies in order to simplify their insurance processes.
Although North America will have the largest market share during the forecast period, it will be Asia-Pacific and Latin America that see the sharpest rises in market growth.
Insurers warning over ‘Brexit’
Insurance firms are concerned about the effect on the market if the UK votes to leave the European Union. A survey conducted by Haggie Partners found that more than two thirds of insurers, brokers and service providers in London’s insurance market believe a ‘Brexit’ would be bad for business.
More than 68 per cent say that Lloyd’s would be negatively impacted by a break with the EU, around a quarter feel it would have no impact and 6 per cent say it could benefit the market.
Almost 70 per cent of respondents sell directly to the EU with another 58 per cent selling indirectly to the region.
On another matter, survey respondents believe the replacement for Lloyd’s current chairman, who steps down next year, should be an insurance industry veteran. 58.1 per cent believe the next chairman should be either a Lloyd’s insider (24.1 per cent) or an insurance professional from outside Lloyd’s (34.0 per cent). 41.9 per cent would prefer a professional from another area of business.
Marsh acquires New York’s Corporate Consulting
Marsh & McLennan Agency has acquired the New York based insurance brokerage and HR consultancy Corporate Consulting Services. CCS provides services including employee benefits and retirement planning and was founded in 1989.
It generates $6 million in annual revenues and has 20 employees who will join MMA’s Northeast region. CCS president and CEO Grant Dougherty will continue to lead the team from its New York office but the business will begin using the Marsh & McLennan Agency name immediately.
