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20th March 2016

Newslink Global Insurance Trends

This week, the Financial Conduct Authority(FCA) and the Treasury published their Financial Advice Market Review, which intends to enable wider access to financial advice following the changes brought in through the Retail Distribution Review(RDR) three years ago-the use of greater automation to provide better guidance could be key. Standard & Poor's reviewed issues over the designation of G-SIIs.
The chief executive of the International Underwriting Association(IUA) was beating the drum in Brazil on behalf of the London Market, the Association of British Insurers(ABI commented on the the Budget proposals to raise the Insurance Premium Tax to pay for flood defences, and also the potential impact of a Lifetime ISA. The Chartered Insurance Institute(CII) reported that there had been a 50% rise in technical insurance apprentice starts since 2013, and the International Cooperative and Mutual Insurance Association(ICMIF) highlighted that mutual and cooperative global premiums had grown 30% between 2007 and 2014 to $1.3tr, compared to an overall insurance market increase of 13.6%. The Reinsurance Association of America(RAA) reported that their members' underwriting profit, net premiums, investment income, and incurred losses were all down last year. There were new chairmen appointed at the London&International Insurance Brokers' Association(LIIBA) and at the Managing General Agents' Association(MGAA).
Accountagility said research indicated that cfos using spreadsheets to tackle the requirements of Solvency II could face major problems. Sapiens announced the general availability of the latest version of its IDIT Software Suite for p&c insurers, and Transactor Global Solutions said it had doubled its staff in Krakow, Poland's Silicon Valley. ArgoGlobal launched an online portal targeting the UK commercial drone market, and a keyless car theft prevention device was awarded Thatcham Research certification. Bill Pieroni was elected to the ACORD Board of Directors as its new president and ceo, replacing the long-serving and respected Greg Maciag, who was appointed President Emeritus and will act as an advisor.
Ageas announced that it had reached a settlement in its civil proceedings relating to the former Fortis Insurance Group, and Swiss Re announced proposals for its upcoming AGM, and published its Annual Report 2015 and its Economic Value Management Report 2015. The end of the 2015 result announcements neared its end-amongst those reporting were Legal&General(a good all-round performance), Hastings Group(another strong year), Helvetia(increased earnings and growth), LV=(increase in pensions business), Vienna Insurance Group(aiming to double pre-tax profit in 2016), and Crawford & Company(net loss after restructuring and other charges). Generali announced Philippe Donnet, head of its Italian business, as its new Group ceo, and Alberto Minali as general manager. Joachim Wenning will succeed Nickolaus von Bomhard as ceo at Munich Re next year. There were Group cuo appointments at Fidelis and Tokio Marine Kiln.
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.