Of Special Interest


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26th October 2014

Newslink Trends: Weekly Insurance Global Analysis

This week, Munich Re reviewed changing weather risks, whilst a Ceres survey of US insurers indicated that some of the bigger players were leaders in recognising climate-related indicators but many others had taken little or no action. Standard & Poor's reviewed Polish p & c insurers' country and industry risk, and FERMA, in its annual Benchmarking Survey, highlighted that the risk manager's role was becoming more strategic. Towers Watson reported that EMEA insurers were selling rather than buying units. The UK personal lines sector was in the spotlight, as EY predicted that Home insurers were due for a downturn next year, and Towers Watson said, in its annual UK Motor Insurance report, that insurers were going through a "seat of the pants experience." Aon Benfield introduced a new catastrophe model for the Arabian Peninsula to evaluate the financial implication of earthquake risk. Quindell signed up a top three Canadian insurer for its telematics solution, and SunGard reviewed actuarial risk modelling trends by North American insurers. Gartner estimated that ICT spending by the Indian insurance market would rise next year. Leading London Market IT professional, Ian Summers, joined Sequel as Business Development director, and telematics specialist, The Floow, appointed an experienced account director to manage its relationship with major user and investor Direct Line.
Willis and Miller are in talks to form a London Market wholesale specialist broker, and AIG is to partner with Cobalt Underwriting over Shariah-compliant commercial lines. Swiss Re's Admin Re sold a US closed book subsidiary to RGA, and Old Mutual Wealth is to acquire Quilter Cheviot. SNS REAAL Insurance's long term rating was lowered by S & P.
On the regulatory front, IAIS announced that it had concluded the development of its global insurance capital standard(BCR)for G-SIIs, and Insurance Europe warned that potential Data Protection legislation might impact insurers' ability to detect fraud.
Vermont once again won an accolade for captive management, and the IUA's new Cyber Risk group received strong support at its first meeting.
Third quarter results started to roll out-including ACE(finalised Brazilian acquisition), Allied World(a proposed structural realignment), Chubb(an "outstanding third quarter"), and Travelers.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global database service on Wednesday and today at www.onlystrategic.com