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1st March 2015

Newslink Trends: Weekly Insurance Global Analysis

This week, EIOPA published relevant risk free interest rate term structures for Solvency II. The Prudential Regulatory Authority(PRA) outlined accountability for senior managers and non-executive directors, and the Financial Conduct Authority(FCA) published new rules for insurers to provide appropriate tailored warnings to retirees wishing to access pension funds from next month. The FCA also fined Aviva Investors £17.6m for systems and controls failures.
The Capgemini/Efra Annual World Insurance Report highlighted that customer experience ratings were declining. Wesleyan went live with Sapiens ALIS 6.5 solution.
A Swiss Re sigma report predicted that private health insurance premiums would double in emerging countries by 2020.
Heritage invested in Ambant Underwriting Services, ProSight received regulatory approval to form a managing agency to run its Lloyd's Syndicate, and Lloyd's appointed its first General Representative in South Korea. UK P&I Club and Skuld both reported good renewals, and Charles Taylor is to acquire the three management companies of The Strike Club. Ariel Re launched a new E&S property underwriting unit in Atlanta, AXA acquired a stake in Africa Re, BMS opened a Miami Hub for Latin America, Talanx is to sell its Bulgarian and Ukrainian units to Euroins, and Willis is to make a 49% investment in a leading Indian broker.
2014 results continued to be announced-Allianz and AXA both recorded record revenues, RSA and QBE returned into profit, and Brit ended its independence on a strong note.
AIA continued its surge, Just Retirement performed better than expected, St James Place maintained its growth record, Old Mutual operating profit increased, and MassMutual was another insurer that had a record year. There were senior appointments at AXA in the UK, Towergate, and Novae Group. Xchanging as a group achieved key 2014 objectives and is confident that the decision last year to acquire Agencyport Europe, the subject of a CMA enquiry to be finalised by mid-year, was sound.
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