Of Special Interest


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23rd June 2013

The Global Insurance Week

This week, as expected, the EIOPA technical report on the Long-Term Guarantee Assessment(LTGA) created a mixed response from trade asssociations and commentators-as did the IASB Insurance Contracts accounting report.
The IAIS held its 6th annual conference in Basle with panel discussions on the key issues, whilst the International Insurance Society(IIS) met for its 49th annual seminar in Seoul.
Newslink covered the key reports and surveys-Towers Watson, in conjunction with the IIS, surveyed 500 insurance experts to identify megatrends, whilst ACORD conducted its usual survey to glean the major concerns of delegates at the IIS seminar.
State Street collaborated with the Economist Intelligence Unit(EIU) to survey insurers'issues relating to expansion into new markets, Guy Carpenter predicted growth in the US Specialty sector, and the IUA reveiwed environmental losses.
The Chartered Insurance Institute(CII) is to review existing standards and eligibility for corporate chartered status.
On a quiet week for company news, Argenta formed an investment vehicle at Lloyd's, AXA increased its exposure to the infrastructure debt market, and RSA and Ageas signed a
bi-lateral claims agreement in the UK. The Law Society commented to a parliamentary committee that the UK government's aim to cut whiplash claims was hitting the wrong target.
Agencyport recruited a catastrophe and exposure modelling expert, and Xuber strenghened its US management team. SAS is working with Ohio Mutual on rate changes, StoneRiver has had another success in the US, and AIR has estimated the insured loss range from the recent German floods. In a surprise announcement, a Goldman Sachs affiliate has pulled out of a merger with Ebix after a U.S. Attorney opened an investigation
Allianz UK chief, Andrew Torrance, is to take over as ceo of Firemans Fund from Lori Dickerson Fouche who is to move to a senior position at Prudential Financial. Legal & General and Ironshore have a new cfo, whilst Everest Re's Joe Taranto will stay on as chairman after retiring as ceo.