Of Special Interest


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15th September 2013

The Global Insurance Week

This week, attendees at the Monte Carlo Rendezvous were, as usual, presented with a wide range of reports. The top subject was the growth of third party capital-Willis Re and PwC produced reports and Lloyd's chairman, John Nelson, made it the centre point of his speech. Swiss Re said the rise in ILS was more of a challenge for less-diversified reinsurers and Munich Re was also relaxed about it. Guy Carpenter suggested options for reinsurers in dealing with the capital growth, whilst PwC encouraged reinsurers to get closer to their clients.
The latest Swiss Re sigma study looked at the changing marine and aviation markets, PwC highlighted the growth of European p&c run-off, citing the delayed Solvency II saga, and Marsh reviewed global power generation sector losses. Aon Benfield published its latest edition of Reinsurance Market Outlook and a Risk Study across 50 p&c markets. The Reinsurance Association of America(RAA) published 2012 figures for offshore reinsurance in the US market.
On the regulatory front, KPMG expressed concern about the PRA's draft proposals for Schemes of Arrangement.
AXA Wealth Management were fined by the FCA for failing to provide suitable investment advice, Brit is to open a branch in Bermuda, and Montpelier Re announced the launch of Montpelier Risk Institute.
Accenture's Claims solution went live at Mutual Benefit, whilst Guidewire's Insurance Suite was selected by Western Reserve Group. GMC Software is to partner with DocuConsulting, SSP Select Connect has been chosen by Legal&General, and Israeli insurer Clal is to deploy Sapiens' software across its pension portfolio. At Monte Carlo, AIR Worldwide announced that its next generation platform Touchstone would account for non-cat as well as cat risks. Xchanging outlined global opportunities, whilst its Netsett initiative has successfully delivered for RSA-a market expert has been appointed to drive the service forward. Milliman has introduced a Solvency II Readiness Assessment Tool, and Ovum reported that global insurance IT spend was increasing.
Zurich Insurance Group has appointed Tom de Swaan as chairman- replacing him as vice-chairman is Fred Kindle.
A new report entitled "Empowering the Commercial Lines Underwriter-Transforming the Insurance Front Office" was published-it was commissioned by FirstBest Systems,Inc. and written by Douglas Shillito, Insurance Newslink editor and managing director of Shillito Market Intelligence Ltd.