31st January 2016

Newslink Global Insurance Trends

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This week, regulatory issues came to the fore, with wide media comment on the appointment of Andrew Bailey, deputy Governor for Prudential Regulation at the Bank of England and ceo of the Prudential Regulatory Authority(PRA), to head the Financial Conduct Authority(FCA)-an unexpected move but Bailey is generally regarded by the industry as a "safe pair of hands". At the global level, both the Global Federation of Insurance Associations(GFIA) and Insurance Europe, in response to the International Association of Insurance Supervisors'(IAIS) consultation on G-SIIs, suggested that more work was required. After the move by MetLife to divest, AIG announced its intention to conduct a partial IPO but the jury is still out on whether it will be enough to stem the pressure from leading shareholders for significant changes. Meanwhile, Insurance Europe's Reinsurance Advisory Board(RAB) published a report on Solvency II internal models from a reinsurance perspective compared to a standard model approach, and EIOPA published an Opinion on the combination of methods in assessing the group solvency calculation.
A survey of senior insurance executives by Willis Towers Watson and Mergermarket looked at Merger & Acquisition trends. Informatica research highlighted the concern by UK consumers on the level of protection for personal information shared with organisations online-a matter of significant importance to the insurance market. The Association of Briish Insurers(ABI) published pay-out rates for the most common claims categories for the first time, and the Chartered Insurance Institute(CII) launched its new employer apprenticeship guide. The Geneva Association announced a MoU with The Insurance Society of China.
DocuSign joined Guidewire's PartnerConnect, Majesco continued good growth and announced a win in Texas, and the FINEOS claims solution was chosen in the US. Octo Telematics reached its four millionth user connection, and Sapiens announced an expanded release of its DECISION suite. The London Management Group(LMG) announced the formation of a Steering Board to oversee the development of the London Market Target Operating Model(TOM), and the International Underwriting Association(IUA) outlined its priorities for 2016 with modernisation of the London Market amongst them. CoreLogic published its annual US Natural Hazard Risk Summary and Analysis. Today's Insurance Newslink update includes an interview with Chris Baker, executive director of Xuber, Xchanging's insurance software business.
Liberty Specialty joined the Lloyd's China platform, and Hyperion moved for UK's largest surety broker PMG. Marsh launched a new global cyber risk excess facility, and the Geneva Association said its Research Grant recipient would investigate potential transfer schemes for cyber risk. The new Chubb announced ACE legacy fourth quarter and 2016 financials showing record underwriting income and combined ratios, whilst Validus Holdings indicated a dip in net and operating income. There were senior appointments at EIOPA, Willis Towers Watson announced its GB senior leadership team, Dual confirmed its ceo, Towergate has a new cuo, and, as anticipated, Mario Greco is returning to head Zurich after a successful several years leading Generali.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global database services last Wednesday and today at www.onlystrategic.com