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Global Insurance Trends 12.10.2016

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Posted October 12, 2016

By Douglas Shillito

This week, Standard & Poor’s were particularly active in their comments on the markets. Releases included a review of the key issues from the Monte Carlo Rendezvous; research indicating that UK led Continental Europe in the use of the price comparison Website channel; a review of the UAE market; and a view that insurance mergers and acquisitions could increase after a slow start in the first half of the year.

Interestingly, Sompo moved for Endurance Specialty, and NN Group made an offer for Delta Lloyd. Oliver Wyman reviewed the potential impact of various Brexit scenarios on the UK financial services sector, and Lloyd’s chairman, John Nelson, welcomed the Prime Minister’s statement on the Brexit Article 50 timing. US P&C insurers collectively experienced a net underwriting loss in the first half. Willis Towers Watson’s 2016 Transportation Risk Index highlighted increases in security threats for cyber and data privacy breaches, and PwC’s global research looked at trends in cyber risk insurance take up.

The Financial Conduct Authority (FCA) published proposed rules and guidance to standardise the disclosure of pension investment transaction costs, and also fined Aviva £8,246,800 for failings in its oversight of outsourced providers in relation to the protection of client assets. EIOPA published its Strategic Direction Document for 2017-2019, whilst Insurance Europe aired its views on product oversight and governance. The Lloyd’s Market Association (LMA)and the International Underwriting Association (IUA) published updated editions of their main Guide to the Insurance Act 2015 to include late payment of claims provisions.

Allianz and IFC are to partner to finance infrastructure projects in emerging markets worldwide. MAPFRE increased its stake in an Indonesian insurer to 51%, and MetLife took a further major step towards a planned spin-off. Qatar Re received regulatory approval to open a branch in Singapore, Helios Underwriting reported higher interim operating profits, and R&Q announced approval for yet another legacy deal, this time in Belgium. TMK appointed a head of regional liability and its Hong Kong office.

Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.

 

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