Of Special Interest


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4th May 2014

Newslink Opinion: Weekly Insurance Global Analysis

This week, insurance telematics came to the fore with a positive report from Fitch for motor insurers, and Direct Line emphasized their development in which The Floow is to provide data analytics. The Insurance Telematics Europe 2014 major event in London on Tuesday/Wednesday next will no doubt provide further headline stories.
EIOPA is to undertake important Solvency II stress testing.
Aon Benfield reviewed the first quarter growth in the ILS sector, and Generali entered into a reinsurance agreement over European windstorm. Standard & Poor's reviewed Bermudian (re)insurers' performance in 2013, and AIR and the Association of British Insurers(ABI) collaborated to produce a white paper on non-modelled catastrophe risks. Towers Watson expects more insurers to get involved in the UK bulk annuity market.
Xchanging signed a further three-year contract with the Lloyd's market for claims services and showcased its new Mobile Claims Agreement Service, whilst also launching Global Cargo Services. Insurance Newslink interviewed Xchanging's executive director, Insurance, Adrian Guttridge about the company's global insurance strategy. Guidewire Live MyAgents app was announced as was the first sale of the product, and Rockhill Insurance Group went live with three of Guidewire's core solutions. Sapiens' reinsurance software was chosen by a major South African insurer. FINEOS announced its fourth London Market client, Charles Taylor launched a new TPA central database for Lloyd's managing agents, and Adactus's Pulse claims management solution was selected by Independent Group UK. Verisk Analytics introduced a new mobile app to improve the motor underwriting process. Quindell announced the renewal of a contract with a major UK broker, and founder and chairman, Rob Terry, took the opportunity to thank shareholders for their recent support.
On the company front, ING announced a promised major investment from Japan for its upcoming insurance IPO, Fairfax Financial is to acquire a majority stake in an Indonesian insurer, and Sanlam is to invest in Malaysia again. Allianz Global Corporate & Specialty is to expand to two more countries in South America, and the takeover of Canopius by Sompo Japan was finalised.
Willis Ltd has a new ceo.
Results were announced in a regular flow. Montpelier Re, PartnerRe, RenRe, Validus, and White Mountains followed the earlier Bermudian announcements. Others included ACE(bullish), Berkshire Hathaway(halved underwriting earnings), Chubb, Direct Line, Lancashire(big increase in net written premiums), The Hanover Insurance Group, Standard Life(annuity sales halved but confident), Aon, JLT, Towergate(who also moved for Arista), and Willis.
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