Of Special Interest

19th July 2015

Newslink Trends: Global Insurance Analysis
Trend

This week, the Financial Conduct Authority(FCA) announced that it's chief executive Martin Wheatley is standing down, but will continue to act as an adviser until the end of January-the Weekend media has viewed him as a bank basher but also a consumer champion. A joint report by EIOPA and the Romanian Financial Supervision Authority(AFS) indicated that some insurers in that country had some way to go to meet the requirements of Solvency II. Meanwhile, Solvency II Wire and Thomson Reuters announced that they are to collaborate to deliver detailed information on the state of implementation of Solvency II.
The Associatation of British Insurers(ABI) said that an increase in insurance fraud had been uncovered last year, and SAS announced that its Fraud Framework for Insurance is to be offered over the cloud. The International Underwriting Association(IUA) and the International Union of Aerospace Insurers(IUAI) named chairmen of committees and members of technical study groups, respectively.
Munich Re reviewed global natural catastrophe losses in the first half of the year, Willis looked at ILS trends, whilst Xuber reported on its Round Table held with market executives in Bermuda on present and potential future trends. Conning predicted a growth in retirement income sales from the Baby Boomer generation, Swiss Re and Backbase are to develop a digital platform to sell and service life and health products online, and Timetric looked at the potential impact of wearable technology on the health insurance sector. The UK motor insurance market continued to be a subject of research, with Towers Watson and confused.com saying that premiums were beginning to rise, except for young drivers, and Churchill Car Insurance research pinpointed the high level of misunderstanding relating to Driving Other Cars cover.
In the US, Guidewire announced deployment of several modules of its PolicyCenter suite in New Jersey, whilst Ipartners' AFFIRM for Annuities solution has been selected by Standard Reliance Life, and Insurity announced that its Policy Decisions offering is now live with a Connecticut insurer. Sapiens' ALIS suite was chosen by Cyprus-based EuroLife.
Willis moved for a UK market leading healthcare adviser and broker, PMI Health Group, and AXA announced a longevity swop deal with RGA in connection with its UK Group Pensions Scheme. Munich Re has decided that Johannesburg is to be its sole hub for Sub-Saharan African business.
PartnerRe previewed its second quarter financials, which indicatsd a loss on mark-to-market investments. QIC showed growth for the second quarter, and after-tax profit was down at Tryg for the first half. There were appointments at Peak Re, Pool Re, Willis, and Charles Taylor.
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