Of Special Interest


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28th September 2014

Newslink Trends: Weekly Global Insurance Analysis

This week, Bank of England Governor, Mark Carney, reviewing the insurance market at an actuarial conference, said that the Bank's intention is to introduce a regime for senior insurance management-more detail is awaited. Meanwhle, Towers Watson looked at how UK life insurers were progressing in their preparation for Solvency II. Ovum examined the speedy growth of telematics usage-based motor insurance.
The Association of British Insurers(ABI) indicated mixed views on the Competition & Markets Authority's(CMA) final report on motor insurance.
Conning looked at the US p&c mutual sector, and a new white paper reviewed trends in financial planning and technology. The UN Climate Change Summit opened with a plea for countries to do more, whilst RMS announced a partnership with The Rockefeller Foundation to help 100 cities globally to build resilience to catastrophic events. AXA and the IFC signed an agreement to expand insurance and foster economic growth in emerging markets.
The Chartered Insurance Institute(CII) is to extend its Broker Academy courses by 20% and the Lloyd's Market Association(LMA) is to open its committees to young professionals under 30.
Lloyd's announced a 21% rise in pre-tax profit for the half-year. Direct Line is to sell its German and Italian units to Mapfre and concentrate on the UK, Old Mutual launched the partial IPO of its US-based subsidiary, and Shanghai Life received the regulatory nod to commence business in the city's Free Trade Zone. Charles Taylor purchased another Isle of Man international life book. Willis structured and placed a Californian cat bond, and both Gallagher and Hub International acquired in the US.
Applied Systems announced its MobileProducer app for UK brokers, CATEX's Pivot Point Reinsurance Transaction System was chosen by US Re, and ALTIMA is to digitise its business processes through the Prima Insure platform. At a London Market conference, MSIG's cio called on the insurance industry to urgently address the effects of the digital economy. London Market broker CLM implemented the latest version of Websure, and Xuber revealed its offering for the Bermuda market in Hamilton. Legal & General is the first life insurer to implement a new solution to streamline the processing of medical reports.
There were senior appointments in Dubai by Markel International and RFIB, and in London, at Acappella Syndicate, Eurobase, and again at Websure.
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