Of Special Interest

14th February 2016

Newslink Global Insurance Trends

This week, information technology made the headlines. PwC's Global CEO Survey indicated that data and analytics were at the top of insurer ceos priorities to tackle changing insurance market challenges. CSC, in line to acquire Xchanging, published a new positional paper headed "Key Shifts Mark the Path to Digital Insurance", and Ovum said that more insurers plan to increase IT spend this year. ACORD announced a new partnership with Global Insurance Accelerator(GIA), Guidewire reported an InsuranceSuite win in Canada and an implementation in France. Meanwhile, Legal & General is to partner with SSP to continue its digital expansion, and RSA announced a seven-year IT infrastructure partnership with Wipro. Newly-branded Sompo Canopius is to work with flood modelling specialists SSBN to assess risks in the US.
The Geneva Association issued a paper on the key implications of the COP21 climate change agreement for the (re)insurance market, and the ceo of the International Insurance Society(IIS), Michael J. Morrissey, spoke at a recent Investor Summit on Climate Change at United Nation's HQ in New York. The regular ISO/PCI report on US p&c insurers highlighted an increase in net income for the first nine months last year, and Standard & Poor's reviewed its risk assessment on the P & I sector. The Prudential Regulatory Authority(PRA) highlighted three items of interest to Solvency II insurers, and Lloyd's cro Sean McGovern, in a speech to the Insurance Institute of London, said that a UK exit from the EU would be bad for the London Market.
AIG reported a fourth quarter loss and announced that John Paulson and an Icahn managing director, Samuel Merksamer, would be appointed as directors-a move likely to keep AIG in the news. CNA Financial also reported a loss in the fourth quarter, but Manulife and Sun Life Financial both achieved financial objectives for 2015. Zurich, as it had earlier indicated, reported a disappointing year for general insurance, with around 8,000 roles across the company being effected over the next three years-incoming ceo Mario Greco will take over sooner than originally expected, whilst his previous ceo role at Generali will be filed on a temporary basis by the company's chairman.
Brit announced it is to open in Singapore after receiving the regulatory and Lloyd's nod, and Flood Re talked about its statutory plan. SCOR was pleased with January renewals, and amongst the companies reporting financials were Arch Capital(net income down in fourth quarter), Argo(net income up last year), Markel(pleased with underwriting operations), PartnerRe(net income impacted by AXIS Capital termination fee and investment income drop), White Mountains("a big year" for the company said ceo), and pre-merger Willis figures. There were management appointments at Liberty Specialty, Marsh(a past director of GCHQ will act as a cyber risk senior advisor), and Sompo Canopious. Lloyd's announced three new Council Members.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global database services last Wednesday and today at www.onlystrategic.com