Of Special Interest

17th May 2015

Newslink Trends: Global Insurance Analysis
Trend

This week, some thought-provoking surveys were published- Accenture reported that 90% of financial services companies globally will increase investment to raise risk management capabilities over the next two years, as Juniper Research predicted that rapid digitisation will raise the cost of data breaches to $2.1tr by 2019. Millennials in the UK surprisingly prefer to have personal contact rather than use social media when buying insurance, according to a survey commissioned by Capgemini and Pegasystems, Swiss Re's latest sigma report said that insurance M&As were being boosted by defensive and strategic deals, and Marsh revealed in a benchmark study that captives were increasingly covering non-traditional risks.
The Financial Conduct Authority(FCA) said that UK insurers and intermediaries do not always provide enough information on payment options.
Xchanging and Total Objects launched BrokerCloud 360 for the London Market, Guidewire announced the deployment of ClaimsCenter at Zurich in the UK for personal lines with commercial business to follow, and also launched Guidewire Live Spotlight to assist underwriters assessing location-based risk. Accenture Duck Creek completed a software delivery initiative for its implementation partners, Innovation Group's Insurer Claims solution was implemented at US-based Homesite Group, Insurity acquired Montreal-based Oceanview, and Unirisx was successful with its Insurer Solution Suite in Utah. Transactor Global Solutions and iWonder both launched new offerings at the BIBA Conference in the UK. A Sapiens solution was chosen by Israeli insurer Clal. SSP appointed a head of Insurer Relationships.
Nassau Re opened for insurance and reinsurance business and is to focus on the life, annuities, and long-term care sectors, whilst PartnerRe received a further bid from EXOR after improving terms for its proposed merger with Axis Capital-the saga continues. Pool Re significantly improved its proposition and also announced a Loss Mitigation Credit Initiative with NaCTSO.
Charles Taylor Adjusting opened an office in Rome, and Willis Re announced a unique syndicated $400m casualty reinsurance facility. Admiral's innovative ceo Henry Engelhardt is to stand down next year, with coo David Stevens replacing him, and AXA became to first foreign insurer to gain government approval to raise its stake in its Indian joint venture with Bharti Enterprises to the new ceiling of 49%-others are in the pipeline.
The end of the first quarter results and Interim Management statements is near-this week's announcements included Enstar(net earnings up and announced new cfo), Hiscox(growth in specialty and US business), Liberty Mutual(net income increased), Novae Group(strong start), and Skuld(positive start); Generali(best quarter for seven years), Just Retirement(happy with sales projection), Old Mutual(performed well), PZU(good start), and Talanx("pleasing" quarter).
The LMA announced six new nominated members for the Lloyd's Board, whist two new IUA Board members were co-opted.
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