15th January 2017

Newslink Global Insurance Trends

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This week, a covered agreement between Europe and the US was announced after prolonged discussions, and could potentially greatly enhance international reinsurance regulation-both the International Underwriting Association(IUA) and EIOPA made supportive comments.
Meanwhile, TheCityUK outlined key issues for Brexit which need to be addressed to achieve the best possible deal for UK and EU27-the Prime Minister's speech next Tuesday is awaited for clarity on Brexit as TheCityUK report did not emphasize "passporting" which is a key issue for the insurance industry, particularly London Market and non-UK insurers achieving EU Common Market access through the UK.
The World Economic Forum Global Risks Report 2017 looked at top trends which will shape global developments in the next 10 years, whilst the latest Allianz Risk Barometer report highlighted top global risk concerns. Aon Benfield's Reinsurance Market Outlook reviewed market trends, and Guy Carpenter indicated moderation in pricing decline for 1st January reinsurance renewals. EDHEC's latest position paper looked at what solutions the European insurance sector has to the low interest rate environment, and Insurance Europe again criticised the EC's legislative proposal for a European Services e-card as an unnecessary burden to insurers. The Association of British Insures(ABI) welcomed the UK Government's adoption of insurance industry proposals regarding insurance of automated vehicles, and commented on the latest Confused.com/Willis Towers Watson report indicating that UK motor insurance premiums continue to rise but at a slower rate. Standard & Poor's reviewed Italian P&C and life market trends.
Aon introduced Brexit Navigator, and Helvetia launched the Helvetia Venture Fund to help drive forward digitisation by investing in start-ups. Newslink also wrote an Opinion piece on global trends with particularly reference to the opportunity and challenge in the growth of Insurtech and FinTech startups and their increasing support by insurers,reinsurers,and banks. Investec Wealth & Investment launched its Solvency II reporting solution for financial mutuals and insurers, and experienced insurance software developer and manager Adrian Morgan(Rebus, Xchanging,and CSC)is to head NIIT Insurance Technologies(NITL).
Pioneer Underwriters announced a new US-based Miscellaneous, Technology and Cyber Liability unit and a vice president, and Bahrain-based Trust Re increased its authorised, and issued and paid-up capital. Hyperion Group's annual result to 30th September 2016 produced a "strong underlying performance". There were senior appointments at Crawford and Gallagher, and founder cfo at Fidelis, Neil McConachie, is to stand down next January but remain as a non-executive director. Jim Bichard was named as head of PwC's UK practice and the Lloyd's Market Association(LMA) Personal Accident Committee appointed a new member.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global trends database services last Wednesday and today at www.onlystrategic.com -featuring advanced structured search and report facilities and a free 14 day full trial.