Of Special Interest


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11th December 2016

Newslink Global Insurance Trends

This week, The Association of British Insurers(ABI) director general, speaking in Dublin, said that the UK Government should commit to seek an early agreement on a high level Brexit transitional implementation period. The Financial Conduct Authority(FCA) published its finalised guidance on treating life closed-book customers fairly-firms need to review practices within three months. Leading UK investment and pensions trade associations are to work together to investigate ways of improving the process of transferring pension and investment assets.
EIOPA published its Financial Stability Report reflecting market trends in the first year of Solvency II, and also announced the start of a review of Solvency II with a Discussion Paper on the Standard Capital Requirement(SCR) standard formula. Insurance Europe and other trade associations wrote to the European Commission(EC) to express concerns about aspects of an anticipated legislative proposal to introduce a "proof of insurance" service card. J.D.Power's US Large Commercial Insurance Study highlighted key variables driving customer experience as insurer profitability and broker expertise.
Efma and Accenture issued a joint call for entries to the second annual global Innovation in Insurance Awards, and Generali received a Big Data Innovation Award. Fadata signed up its first Peruvian insurer, the Sequel Impact solution was chosen by Korean Re, and Xceedance launched an operations centre in Krakow,Poland. Conning's Economic Scenario Generator solution won a Risk-net Award, and Insurity moved for California-based Systema Software and its highly-rated SIMS Claims offering.
Liberty Mutual is to acquire Ironshore from Fosun. Lloyd's published details of its new Corporation Operating Model(COM) and associated appointments, and also reported it had improved its ClimateWise score. Enstar entered into a major reinsurance conditional agreement with QBE in the US, and Helios Underwriting acquired LLV Salviscount. There were senior appointments at Legal&General(ceo of General Insurance), Towergate(ceo Underwriting), BRIT(new Group ceo), PartnerRe(head of Life & Health), SCOR(several in the Global Life division in AsiaPac), XL Group(chief Investment officer), and XL Catlin(chief executives of Reinsurance in Bermuda and London).A new chairman was named at the Singapore Reinsurer's Association(SRA).
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global trends database services last Wednesday and today at www.onlystrategic.com -featuring advanced structured search and report facilities and a free 14 day full trial.