Of Special Interest


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9th November 2014

Newslink Trends: Weekly Insurance Global Analysis

This week, financials and interim statements continued to flow, particularly from global insurers and reinsurers.
Regulatory issues were in the headlines-Insurance Europe emphasized the need for the Insurance Block Exemption Regulation(IBER), which fosters competition, to be fully renewed by the European Commission, and the IUA/ABI Rehabilitation Code is likely to be modified after an unprecedented response to consultation. Wolters Kluwer Financial Services looked at US insurers views and preparation relating to regulatory changes and also published the top ten conduct criticisms of insurers. The Financial Conduct Authority(FCA) fined three former Swinton directors.
A BlackRock survey, conducted by the Economist Intelligence Unit(EIU) looked at investment trends amongst insurers globally, and Axco said that the Chinese market was looking more favourable for greater foreign insurer involvement.
Eagle Investment Systems is to collaborate with Interactive Data to assist insurers with Solvency II, Towers Watson issued the latest addition to its ESG Software Suiite, and Milliman has been chosen by Royal London to transform its actuarial systems and procedures.
Following the FCA's review of UK motor claims management, DST published a Claims Handling Checklist, and Aviva has warned on the rise of Cash for Crash insurance scams. InsFocus announced the launch of its new web-based business intelligence solution, and has entered a strategic partnership with Mastek for analytics. Guidewire, at its annual get-together in San Francisco, revealed good take up for its Mobile and Portals solutions and highlighted the company, partners, and clients successes at the recent VIP Awards. Xchanging revealed an alliance in the US to streamline reporting of claimants to the Centre for Medicare Services(CMS), and FirstBest is to collaborate with Accenture Duck Creek.
Hub International acquired in the US Mid-West.
Amongst the companies announcing results were AIG(share buyback), Berkshire Hathaway(improved underwriting earnings), Allianz(positive result), Markel(comprehensive income down for quarter but still up for the year to date), Munich Re(on track for the year), NN Group(a good debut), RSA(weaker underwriting but disposal progress), Swiss Re(strong net income for nine months), Zurich(lower business operating profit and net income), Admiral(higher retention), esure(reduced premiums), Legal & General(record bulk annuity sales overshadowing individual annuity drop), Royal London(bullish on future pensions market) Endurance(confident after major transformation), Fairfax Financial(turnaround on net income and investment return), Global Indemnity(good net income growth), Lancashire Holdings(operating profit up over nine months), and RenaissanceRe(operating profit and net income down).
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