Of Special Interest


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16th October 2016

Newslink Global Insurance Trends

This week, the Association of British Insurers(ABI) lobbied for the proposed minor whiplash injury compensation reform to be introduced soonest by the UK government. The Financial Conduct Authority(FCA) published findings of its thematic review of non-advised annuity sales practices, and JLT Employee Benefits released its latest Buyout Marketwatch report looking at the possible impact of Brexit on the bulk annuity market, and reviewing possible trends for the rest of the year. The FCA also announced internal diversity targets. Leading ICMIF(International Cooperative and Mutual Insurance Federation) members are to join with the Insurance Development Forum(IDF) to create more resilient economies. AIR Worldwide estimated the possible range of insured losses from Hurricane Matthew in the Caribbean and the US. Willis Towers Watson and Confused.com, in their latest report on UK motor insurance premiums, indicated an average increase of 3% in the third quarter.
CSC unveiled its vision and strategy to support commercial insurance clients on their digital transformation journey to a packed audience in London. Admiral's Italian subsidiary chose Guidewire solutions, and Oman Insurance Company selected Sequel's Impact risk exposure and aggregation tool. Midwest Builders' Casualty favoured the Tropics Breeze solution for workers' compensation. Sapiens IDIT Insurance Suite was chosen by the LB Group in Denmark, and its ALIS offering received top product scores in a Gartner report on life policy administration providers in North America. Willis Towers Watson released its new version of vGrid to enable life insurers to run financial models quicker and more easily, whilst Target Group appointed a chief Client officer. Insurance Europe signed a joint declaration on social effects of digitisation.
A solvent Gable Insurance entered administration, having struggled with the new Solvency II regulatory framework. Pool Re announced the launch of the International Forum of Terrorism Risk (Re)Insurance Pools(IFTRIP), and Swiss Re signed a definitive agreement for a large-risk joint venture with Bradesco Sequros in Brazil. XL Catlin opened a second Mexican office in Monterrey, and Aon is to acquire global risk management company Stroz Friedberg. There were senior management appointments at Asta, Liberty Specialty Markets(LSM), Markel International, 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.