Of Special Interest

18th December 2016

Newslink Global Insurance Trends

This week, EIOPA announced the results of its 2016 EU-wide stress test, and Insurance Europe was quick to comment. EIOPA also published Guidelines on facilitating an effective dialogue between the National Competent Authorities(NCAs) supervising insurance undertakings and their auditors, and issued its fifth Consumer Trends Report highlighting the potential impact of digitisation and financial innovations. Insurance Europe said it was encouraged by recent progress between the EU and US on a bilateral agreement relating to (re)insurance. The Financial Conduct Authority(FSA) said that UK pensions providers have made significant progress to meet IPB recommendations to reduce costs and charges, and also invited views on future funding of the Financial Services Compensation Scheme(FSCS), to which the Association of British Insurers(ABI) responded by saying it will challenge the rationale of the recommendations. A House of Lords report warned that Brexit could result in some of London's financial services roles moving to New York, and not to EU countries. Bulgaria joined the International Association of Insurance Supervisors(IAIS) MMoU, and the International Insurance Society(IIS) announced Nikolaus von Bomhard, chairman of the Board of Management of Munich Re, as the 2017 Insurance Hall of Fame Laureate. The Task Force on Climate-related Financial Disclosures(TCFD) announced the publication of its report, and Swiss Re said it would adopt its recommendations.
The latest Swiss Re sigma report reviewed economic and insured losses from natural and man-made catastrophes in 2016. EY identified some key aspects which could impact the UK life and pensions market next year. Standard & Poor's believes the majority of rated insurers in EMEA will retain capital strengths in 2017, and also published a report on the highly competitive motor insurance market in Central and Eastern Europe(CEE).
US-based Auto-Owners selected Duck Creek Technologies' policy software to replace four legacy-based systems, Hubio recruited two for senior roles, and Sapiens opened in Copenhagen to enable Nordic market expansion.
A leading South African investor is to buy 29.9% of Hasting Insurance Group, Old Mutual announced the public offering of 13 million OM Asset Management shares, and Zurich moved for Australian-based global travel insurer Cover-More. AXIS Capital is to repurchase up to $1bn of the company's common shares, SCOR launched a new E300m 3-year contingent capital facility, and Skuld reported a positive bottom line after nine months. Guy Carpenter created a new role to oversee international businesses, and also formed the Global Strategic Advisory organisation. Neon appointed two non-executive directors in Bermuda, Mary O'Connor will lead the Client and Business Development function for Willis Towers Watson Great Britain, and Invesco appointed a head for its UK Insurance Team.
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.