Of Special Interest


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24th July 2016

Newslink Global Insurance Trends

This week, the International Association of Insurance Supervisors(IAIS) issued a Public Consultation Document on its Risk-based Global Insurance Capital Standard(ICS)-Insurance Europe were quick to respond, saying several issues needed to be addressed. Insurance Europe also responded to EIOPA's consultation on changes to the Solvency II ultimate forward rate(UFR). The financial Conduct Authority(FCA) issued a thematic review which found significant shortcomings in control and oversight of appointed representatives by principal firms in the general insurance sector. The Association of British Insurers(ABI) criticised a Supreme Court decision to allow "collateral lies" in the course of an insurance claim.
Timetric projected growth in the Bermuda market, and also reported on ILS second quarter issuance trends. The International Cooperative and Mutual Insurance Federation(ICMIF) reported that the European mutual insurance sector grow to 31.2% of the total market in 2014.
LexisNexis Risk Solutions surveyed UK consumers to ask how future motor insurance premiums should be calculated in a growing telematics environment, and also acquired Insurance Initiatives(IIL). PwC and Startupbootcamp published a survey of 1,300 InsureTech start ups globally, indicating that improving customer relations was the top focus. Air Worldwide formed a global resilience practice, and NFU Mutual chose further Guidewire modules. Tokio Marine Kiln(TMK) launched its digital exchange to enable brokers to quote and bind online.
Legal & General completed a £750m Buy-In transaction for the ICI Pension Fund, and Manny Roman was appointed ceo at Allianz's asset management arm, PIMCO. Randall & Quilter(R&Q) acquired in Bermuda, and JLT Re bought in Peru. XL Catlin set up a new African facultative and treaty reinsurance unit, and Berkshire Hathaway subsidiary National Indemnity is to acquire New York-based Medical Liability Mutual(MLMIC). Second quarter results began to flow-Allied World(strong quarter), Beazley(good US growth) and Travelers(net income down) were amongst them. There were senior appointments at Marsh and Willis Towers Watson.
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.