Of Special Interest


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30th June 2013

The Global Insurance Week

This week, covered by Newslink, there were a glut of reports and surveys. The FASB published its exposure draft on accounting for insurance contracts, only a week after the IASB issued one on the same subject-no wonder insurers rate regulatory trends as a major concern.
Insurance Europe responded to the European Commission regarding long term financing of the European economy, whilst EIOPA released two Good Practice papers on comparison sites and knowledge requirements for insurance distributors. The Joint Committee of European regulators held its first Consumer Protection Day. and the ABI and the UK government agreed a way forward on the long-running issue of flood risk.
The Geneva Assocition looked at the potential impact of ocean warming, an ISO/PCI report indicated a good start to the year by US p&c insurers, and the latest J.D.Power survey indicated that US customer satisfaction had dipped. Fitch was satisfied with US life insurers' ratings and prospects, Swiss Re's sigma report on global premium growth was published, a worldwide State Street/EIU survey looked at insurers' views on managing risk, whilst a Barnett Waddingham survey looked at the growth of ERM.
Frost and Sullivan researched the growth of telematics and GMC Technology said that insurers were behind in managing multi-channel customer experience development. Meanwhile, Accenture enhanced its p&c software solutions, Guidewire signed up Harford Mutual for its PolicySuite and other modules, and FirstBest client XL Group was nominated for an award for its global underwriting platform.
Direct Line surprised the market with further cost cutting and a possible loss of up to 2,000 roles, The Hartford is to sell its closed book of UK annuities to a Berkshire Hathaway subsidiary, and Legal & General moved for the Lucida closed annuity book. Swiss Re outlined its strategy at its Investors Day.
London Mayor Boris Johnson visited Lloyd's and praised its role in the City economy, as Fitch revised its Outlook from stable to positive.
The IUA has a new chairman and Kiln announced management changes.