Of Special Interest

9th October 2016

Newslink Global Insurance Trends
Trend

This week, Standard & Poor's were particularly active in their comments on the markets-releases included a review of the key issues from the Monte Carlo Rendezvous, research indicating that UK led Continental Europe in the use of the price comparison Website channel, a review of the UAE market, and a view that insurance margers and acquisitions could increase after a slow start in the first half of the year. Interestingly, Sompo moved for Endurance Specialty, and NN Group made an offer for Delta Lloyd. Oliver Wyman reviewed potential impact of various Brexit scenarios on the UK financial services sector, and Lloyd's chairman, John Nelson, welcomed the Prime Minister's statement on the Brexit Article 50 timing. US p&c insurers collectively experienced a net underwriting loss in the first half. Willis Towers Watson's 2016 Transportation Risk Index highlighted increases in security threats for cyber and data privacy breaches, and PwCs global research looked at trends in cyber risk insurance take up.
The Financial Conduct Authority(FCA) published proposed rules and guidance to standardise the disclosure of pension investment transaction costs, and also fined Aviva £8,246,800 for failings in its oversight of outsourced providers in relation to the protection of client assets.EIOPA published its Strategic Direction Document for 2017-2019, whilst Insurance Europe aired its views on product oversight and governance. The Lloyd's Market Association(LMA)and the International Underwriting Association(IUA)published updated editions of their main Guide to the Insurance Act 2015 to include late payment of claims provisions.
Slice Labs announced further funding from Munich Re, and also launched the first on-demand insurance product in the US. Startupbootcamp InsurTech announced a partnership with Talanx, and Accountagility research indicated that insurers were unhappy with the inflexibility of their financial planning tools. RSA announced the appointment of a chief Digtal officer, and a managing director, head of Willis Re Specialty Analytics was named. Newslink interviewed Patrick Molineux, CSC General Manager, Insurance, on the background to the Xchanging acquisition and how it was settling down.
MAPFRE increased its stake in an Indonesian insurer to 51%, and MetLife took a further major step towards a planned spin-off. Qatar Re received regulatory approval to open a branch in Singapore, Helios Underwriting reported higher interim operating profits, and R&Q announced approval for yet another legacy deal, this time in Belgium. TMK appointed a head of regional liability and its Hong Kong office.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global trends database services last Wednesday and today at www.onlystrategic.com -featuring advanced structured search and report facilities and a free 14 day full trial.