Of Special Interest

16th March 2014

Weekly Insurance Global Analysis
Opinion

This week, the Omnibus II confirmation by the European Parliament resulted in comment about outstanding issues relating to the introduction of SolvencyII. The Financial Conduct Authority(FCA) issued an action paper on general insurance add-on products.
The ABI estimated the costs to the industry from the recent UK floods. Towers Watson surveyed North American p&c cfos over current reinsurance market trends, and reported on the easing of rises in US commercial insurance rates. SNL Financial reviewed the position of European insurers, and also asked analysts about the future direction of the UK motor insurance market. Conning published a report on the merger and acquisition scenario.
Zurich announced a streamlining plan which could see a reduction of up to 800 jobs, and Lloyd's improved its position at the Top Employer awards.
Guidewire signed up Admiral for its PolicyCenter and BillingCenter, Canal Insurance in the US deployed BillingCenter, whilst the software house introduced a further implementation partner. Quindell went live at Equity Insurance Group with a range of its Challenger offerings, and reported that it had more than met recent targets. The LMA/LIIBA reported on the progress of London Market claims processing, and Hiscox chose Xchanging's Fees Direct+ service. Admin Re is working with Corporate Modelling's workforce management software, and FINEOS introduced a critical illness claims solution in the US. TIA produced a 57% increase in net profit, and AIG is working with telematics specialist The Floow in Ireland.
Results for 2013 are tailing off but esure, Generali(best result for six years), Hannover Re(record return), Helvetia, Ping An(doubling of life net income) and Prudential(better all round) provided a strong set.
There were appointments at KPMG, LIIBA, and Willis.
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