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28th July 2013

The Global Insurance Week

This week, covered by Newslink, State Street published a survey highlighting that Solvency II was the biggest challenge facing Europeam insurers. Standard & Poor's reviewed the rating aspects for G-SIIs insurers, and also the impact of an anticipated rise in interest rates on the global insurance market. The FCA looked at early progress following the introduction of the Retail Distribution Review(RDR) and its chief executive also spelt out the FCA's role in maintaining a competitive market.
Aon Benfield published its latest catastrophe summary, PwC were confident of UK insurance growth, and Willis reviewed ILS activity in the second quarter. Deloitte released its annual IT Trends survey, and Ovum warned on professional insurance fraud, whilst the ABI said that UK insurers were uncovering more fraud. Hiscox opened a new direct and online offering in Germany for knowledge-based small businesses, MetLife is to establish a life joint venture in Vietnam, and RenaissanceRe opened a reinsurance agency in the US. XL Group and Stone Point formed a Bermudan investment manager for the ILS sector and other reinsurance capital markets.
Accenture Duck Creek's rating software is aiding growth at UK speciality car insurer Ist Central, CDL have launched a Big Data solution working with IBM software, and Farm Bureau Insurance of Michigan selected several Guidewire modules. The bordereaux solution from VIPR was chosen by two London Market brokers and SSP announced its annual results.
Tom Woolgrove, managing director, personal lines at Direct Line Group, is the new president of the Chartered Insurance Institute(CII).
Second quarter results started to flow-they included ACE, AIA Group, Beazley, Mapfre, Travelers, WellPoint, Willis, W.R.Berkley, and Aspen, Everest Re, Lancashire Holdings and Montpelier Re.