Of Special Interest

16th June 2013

The Global Insurance Week
Opinion

This week, EIOPA's Technical Findings report on the Long-Term Guarantee AssessmentLTGA) was published, indicating some hope that this holdup might be resolved in the coming months and a schedule for Solvency II introduction clarified. The regulator also published its second annual report, and one on financial stability, whilst Towers Watson said that Solvency II requirements could stifle the growth of the European equity release market. SAP introduced a solution aimed at integrating regulatory finance and risk.
In fact, it was a busy week on the technology front-PERILS and Aon Benfield issued footprints and scenario models respectively, relating to the Central European floods, and Sequel announced that its upcoming Impact solution will break new ground in the analysis of exposure and risk. A global telematics report was published by ABI Research, whilst Girls Drive Better promises a new approach to telematics in motor insurance in the UK. Accenture reported on its comprehensive survey of European p&c insurers which highlighted the growth in fraudulent claims and the need to modernise systems. The Innovation Group reported a contract with a leading UK mutual, Insurity and State Street announced new business in the US, and both MajescoMastek and iPipeline are working with Foresters.
FirstBest announced the latest version of its Front Office Suite, SunGard and Conning are to interface products, and iPartners had its first win in the South African market. FINEOS launched its latest version of Claims for the London Market, and is to expand office facilities and staff in Poland. Experian introduced a No Claims Discount database, and FICO is working with Friends Life to enable tailoring of annuity offers.
Insurance Europe reported on the lead positon of the insurance industry in institutional investment and the US Federal Insurance Office issued its first annual report.
On the company front, XL Group launched its Fast Fast Forward online commentary and news platform, whilst ACE enhanced its Worldview platform to include claims information for multi-national clients. Generali is to sell its minority stake in a Maxican joint venture, Travelers moved for the Dominion of Canada General Insurance Company, and Sompo Japan upped its stake in a Brazilian insurer. Berkshire Hathaway's new commercial lines insurer began operations in the US, Nexus signed a five year partnership with PartnerRe, and Trust Re increased its capital.
Ecclesiastical announced a management restructure, the ceo of Hiscox Re was named, and the Geneva Association appointed a deputy secretary general and head of research.