Of Special Interest

13th April 2014

Weekly Insurance Global Analysis

This week, regulatory matters were to the fore. A PwC survey on insurers' progress with Solvency II indicated that there was still much to do under Pillar 3. The FCA made the news for the last two weeks and continued with its initial findings on the handling of household and travel claims, concern that many advisors were not being clear enough on services offered and fees, and reporting that consumer complaints against financial services companies had reduced. The Chinese Insurance Regulator(CIRC) is to allow mergers of China-located insurers within the same business sector. The ABI is to merge its investment activities with the Investment Management Association.
A US survey looked at the impact of key rating factors on the domestic motor insurance sector, whilst the regular report from Towers Watson and Confused.com showed UK motor rates still reducing and telematics beginning to have an impact on pricing. A survey for Insurance Ireland painted an optimistic future for the Irish insurance market, and Prudential looked at the position of state and personal pensions for this year's UK retirees. Aon Benfield reported a rise in reinsurance capital last year, and Willis said there was an increase in third party investment in the reinsurance sector in the first quarter.
Catlin announced the formation of a General Aviation Consortium at Lloyd's Asia, and IGI acquired a majority stake in Alico Pakistan from MetLife. AXA is mulling over the potential sale of a US reinsurance unit which specialised in backing variable annuities, and Gallagher moved for Wesfarmers' broking arm.
Quindell started the week with the announcement of a major joint investment with the RAC, centered around telematics, and followed through with news of a statistics reporting solution sale to Zurich Canada. A new London-based motor MGA will be using Transactor's software. Accenture launched a new version of its Life Insurance Platform, FICO announced a personal identity fraud detection application, and Guidewire signed up US-based Alfa Insurance for its InsuranceSuite. Charles Taylor introduced three new claims adjusting services for Lloyd's managing agents, and the Skuld Syndicate went live with the OPEN Data Warehouse from Agencyport. Towers Watson introduced its Igloo Reinsurance Evaluation Tool.
Hastings Group produced an upbeat financial report.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global database service on Wednesday and today at www.onlystrategic.com