Of Special Interest


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24th November 2013

The Global Insurance Week

This week, PA Consulting published a significant survey on insurers' readiness for Solvency II highlighting that only half did not understand its full impact and less than a third had an adequate budget to complete the programme.
Towers Watson warned on potential under-performance of UK motor insurers ahead of the imminent report from the Competition Commission into the sector which will include a review of the comparison site channel, whilst The Institute of Customer Service said that rebuilding customer trust was vital across the UK financial services sector. The CII New Generation group published a detailed report on UK flooding issues, and The Geneva Association offered the insurance industry's assistance to governments to reduce the financial burden of climate disasters-estimates of Typhoon Haiyan costs highlighted the wide gap between economic and insured losses.
Swiss Re was active, taking a slice of Zurich's disposal of its stake in New China Life, and also investing in Brazilian-based Sul America. Generali is to sell its Fata agricultural risks book to Cattolica, and Aviva is to dispose of its stake in an Italian insurer to JC Flowers. Markerstudy moved for four Capita personal lines businesses in the UK, and SCOR received a positive Outlook rating from Standard&Poor's. Hyperion is to form a global marine broking arm.
Sapiens launched a new release of its IDIT general insurance solution and also received an accolade from analysts Ovum in a recent report. TIA Mobile for Professionals was released, and SunGard launched iWorks Enterprise Financials. Willis Re announced a strategic partnership with KatRisk and SpatialKey on flood analytics.
Cooper Gay appointed a new ceo, and there were financials and interim management statements from Arig, Chesnara, and FBD-the latter was of significant interest as the insurer competes with the troubled RSA in the Irish market.