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12th January 2014

Weekly Insurance Global Analysis

This week, the insurance markets slowly came alive again around the world. The PwC report on RSA problems in Ireland indicated with other findings that the reserving issue was isolated and two suspended executives were dismissed.
Merger activity included Chinese conglomerate Fosun winning the bid to take a majority stake in Portugal's leading insurer, CNP moved for a dental insurer in Brazil, and troubled Tower Group International is to merge with ACP Re. Marsh bought the leading independent Scottish broker, Hub continued on the acquisition trail, and Insurance Noodle was purchased by Insureon in the US from Willis, who moved for high new worth life solutions adviser Charles Monat. Catlin Bermuda opened in Singapore, as Nationale Suisse also got the regulatoy nod there. ACE and Validus launched SPV's, SCOR placed a fully collaterised sidecar, Argo Group three catastrophe bonds, and Nexus Group secured $100m of underwriting capacity in the London Market.
On the report front, Deloitte said that US p&c insurers should be bolder with technology developments, PwC estimated the insured cost of recent UK floods, and Munich Re higlighted reduction in catastrophe insured losses in 2013 but an increase in loss of life. A UK report suggested that customer focus could be the key in 2014.
A study carried out at a FINEOS event indicated areas where London Market claims processes could be improved, RDT signed up UIA for its Landscape solution, and Earnix is to work with Samsung Fire & Marine in South Korea to enhance pricing capabilities. GMC released Inspire Client Onboarding for Insurance.
Articles on the above topics were included in those added to the Insurance Newslink and Financial Newslink global database service today at www.onlystrategic.com