Of Special Interest

21st September 2014

Newslink Trends: Weekly Global Insurance Analysis

This week, Hannover Re, Munich Re, Swiss Re and MarshMac were amongst companies expressing their view of the global reinsurance market and positioning at the annual Monte Carlo Rendezvous. Swiss Re also reported that liability claims were likely to rise, Guy Carpenter reviewed the ILS market, and Gibraltar's financial regulator published guidelines on ILS and was bullish on attracting business. PwC said that brokers need to take a more risk advisory role, and also reported that the European run-off sector was likely to grow with Solvency II looming. Solvency II Wire reported on three investment associations collaborating on a data exchange templace for asset data, and there were opinions expressed over issues arising out of the UK Treasury's Solvency II consultation which has just ended.
Towers Watson surveyed capital management practice trends amongst US life insurer cfos, and a J.D.Power survey showed that US Generation Y were the most critical of their homeowners and renters insurance experiences.
Insurance Fraud was in the news-the Association of British Insurers(ABI) revealed statistics on attemped fraud in UK motor insurance, US telematics leader, Progressive Insurance, selected BAE Systems' counter-fraud solution, and SSP revealed customer fraud figures through the broking channel in launching its Intelligent Quotes Hub.
BIBA is to develop a voluntary code of conduct, and the Insurance Bill updating insurance contracts was introduced to the UK Parliament.
Applied Systems released its latest version for US, UK, and Canadian brokers and agencies, Mastek is to de-merge its insurance business, and CATEX won the Best Technology Award again at Monte Carlo. Xchanging spoke at the Rendezvous on its global positioning and further investment, and announced that its global accounting settlement platform, Netsett, is to be piloted by UK Ruschlikon members Ace, Generali, and XL Group, and CGSC and Willis-and a Letter of Intent has been signed by a top three global insurer to pilot in five business units across US, AsiaPac and Europe. Xchanging also revealed a TPA partnership in Canada for London Market-placed business.
Allianz is to integrate its Fireman's Fund p&c commercial lines business with Allianz Global Corporate & Specialty(AGCS) in the US, and Aviva announced the sale of a Spanish joint venture stake. Lloyd's China has been granted a license to open a branch in Beijing, and Novae Group is to launch operations in Bermuda. Gallagher acquired in Australia and the US, Willis Re entered an agreement to purchase Maine-based SurePoint Reinsurance Advisors, whilst Sedgwick CMS moved for T&H Global Holdings.
Just Retirement produced a profit despite the expected big drop in individual annuity new business, and MISC at Lloyd's reported a record underwriting profit.
There were senior appointments at Moore Stephens and Websure.
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