Of Special Interest


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1st November 2015

Newslink Trends: Weekly Global Insurance Analysis

This week, Standard & Poor's looked at the impact of continuing low interest rates on European life insurers, whilst Towers Watson's Risk Calibration Survey highlighted major changes that would be required to Solvency II internal models by UK life insurers.
J.D. Power in its latest U.S Auto Claims Survey on customer satisfaction noted that Generation Y were happier and growing statistically. The International Underwriting Association(IUA) reported that London Market insurers wrote premiums worth £22.943bn last year.
EIOPA published revised business documents relating to the Solvency II reporting and disclosure package, and also released a Consultation Paper on revised preparatory Guidelines on product oversight and governance arrangements. The Islamic Insurance Association of London(IIAL) announced its first conference in Dubai.
Ageas chose SAP's end-to-end insurance solution in the cloud, Guidewire announced a Scandinavian partner, and Milliman released a new version of its loss reserving system. IGI chose the Xuber for Insurers administration platform, and FINEOS announced an enhancement to its Claims solution to support ECF Write Back in the London Market.
Just Retirement said that its merger with Partnership Assurance had been approved by the Competition & Markets Authority(CMA). TMK and Lloyd's signed an MoU with PICC P&C in Beijing, Antares is to launch on Lloyd's Asia Platform, and Asta received "in principle" approval to establish and manage a Skuld SPS.
Results for the third quarter began to flow. Axis Capital and PartnerRe benefited and were impacted respectively by the merger termination fee. Arch Capital net income dipped, Validus improved, and Everest Re's ceo was pleased with results in challenging conditions. Mike McGavick said XL Catlin produced "solid results", and Swiss Re's nine months figures impressed despite a $250m hit from the Tianjin explosion disaster. The Hartford reported a triple hit. Aviva Friends Life merger savings were going well, Standard Life showed good growth, and St.James's Place continued its upward path. Aon expects a strong finish to the year, MarshMac were on track, and Willis's ceo said the broker was "in very good shape" and that the broker was looking forward to the proposed merger with Towers Watson.
There were senior appointments at Gallagher, Fidelis, and Willis, software house RDT, and the London Market Group(LMG) appointed a Programme director for the Target Operating Model(TOM).
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