Global Insurance Trends 08.03.2016
By Douglas Shillito
This week, the ABI has replaced its Solvency II Committee with a new Prudential Regulation Committee, headed by David Innes, RSA Group Capital and Financial Risk director. Four leading European associations have issued a joint paper supporting the new framework for securitisation regulation. Meanwhile, the Chartered Insurance Institute(CII) published a guide in connection with the FCA’s new Senior Insurance Managers Regime to be introduced tomorrow.
Willis Towers Watson released a survey reviewing the increased use of predictive analytics and big data by US P&C insurers. Capgemini with EFMA released World Insurance Report 2016, which highlighted the potential impact of the Internet of Things on the insurance market and customers’ changing behaviours and preferences. Munich Re issued Topics Geo, which reviewed last year’s major natural catastrophes and introduced a new method to enable evaluation of historic loss data.
The FCA (Financial Conduct Authority) published a report on the fair treatment of long standing life closed-book customers, particularly exit fees, and identified that significant work had still to be done on this major reputational issue for some leading market players. Further reports are to follow. The FCA also stated that it is to launch general insurance claims “scorecards”, initially for a small number of products. EIOPA appointed new members to its (Re)insurance and Occupational Pensions Stakeholder Groups.
Berkshire Hathaway reported underwriting earnings up and insurance investment income down, net income improved at Enstar, and retail business accounted for 50% of income at Hiscox last year, whilst GWP grew at Novae Group. Pool Re renewed its reinsurance cover and added a new layer, and Swiss Re completed its public share buy-back programme. Endurance recruited and is to establish a presence in the London casualty market, and Plum Underwriting moved for specialist MGA Synergy from R&Q. XL Group is to change the place of incorporation of its holding company from Dublin to Bermuda.
Henry Engelhardt, the innovative Admiral Group CEO, presented a bullish final report before standing down after 15 years of remarkable progress, and Direct Line also produced a strong set of 2015 figures, doubling motor telematics policies and investing in digital capabilities. RSA announced it had finalised the sale of its Brazilian business, with the sale of other Latin American books to follow shortly.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.Category: News