Of Special Interest

22nd November 2015

Newslink Trends: Weekly Global Insurance Analysis

This week, the Geneva Association issued its statement signed by 68 global insurance industry leaders indicating a commitment to climate resilience and adaption, to coincide with the COP21 meeting of political leaders at the end of the month. Meanwhile, Standard & Poor's issued a report on the possible implications of climate change for insurers.
EY's biannual survey of the UK motor insurance market indicated premiums could rise on average by 8% next year, whilst Direct Line revealed how much motorists would miss the use of a car.
The Financial Conduct Authority(FCA) is to review competition in the asset management industry. EIOPA issued a Call for Evidence regarding the Solvency II treatment of infrastructure corporates, and Solvency II Wire suggested that Bermuda and Japan could receive Solvency II equivalence status by the end of the month. Insurance Europe published a position paper on draft regulation for a European framework for STS, and the Islamic Financial Services Board(IFSB) and the International Association of Insurance Supervisors(IAIS) issued a joint paper on Microtakaful.
Ebix was in the news as it joined Capita and CSC in bidding for Xchanging and Willis announced the rollout of its global electronic accounting platform developed in partnership with the company. Lloyd's hosted a FinTech seminar and Aon expanded its Workday footprint. Axco is to offer Insight Risk Manager through PARIMA across AsiaPac, and The Floow won a Road Safety Award for its telematics work with Direct Line. PZU successfully implemented Guidewire modules, the Medical Protection Society(MPS) chose Sapiens' IDIT solution for its new membership system, and SSP signed up Endsleigh for is Intelligent Quotes Hub and EDI services.
Pool Re members are taking a greater retention in the event of a terrorism loss, and its chief executive welcomed the Chancellor of the Exchequer's speech at GCHQ on cyber security. Flood Re announced that it was on course to secure a £2.1bn reinsurance programme. Lloyd's responded to the publication of draft regulations for registration and operation of a reinsurance branch in India, PartnerRe shareholders voted for the EXOR takeover, and the terms were tweaked relating to the proposed merger of equals between Willis and Towers Watson. Cooper Gay is looking to sell CGSC North America, and Ryan Specialty moved for a London-based MGA. Hasting Group continued its growth and increased its operating profit, Talanx is on track, and UK retail broker A-Plan had a landmark year. There were appointments at Advent Solutions, Barnett Waddingham, and IGI in London.
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