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2nd November 2014

Newslink Trends: Weekly Insurance Global Analysis

This week, as third quarter results started to flow, Solvency II was also a hot topic, with EIOPA issuing four press releases as the pace quickened. OAC launched a new risk management system to assist mutuals with Solvency II and also announced that its Mo.net financial modelling solution was now being used in several new countries. eg solutions is offering a claims processing workforce optimisation system to also assist insurers with the upcoming regulation, whilst Towers Watson released the latest version of its ResQ reserving software.
The IAIS reported on its 21st Annual Conference, and EIOPA said its EU-US Project was on track. Major UK IFA, Sesame, was fined by the Financial Conduct Authority(FCA) for setting up a pay-to-play scheme.
Guidewire was also busy with announcements-A Belgian insurer chose its ClaimCenter solution and Westfield Insurance in the US deployed it-Endurance Specialty signed up for Guidewire's InsuranceSuite. Pegasysytems revealed significant innovations to its customer service application, and Xchanging won ACORD awards.
The Association of British Insurers(ABI) reported that the average UK motor insurance policy premium reduced slightly last quarter, UK annuity rates are still dipping, and a J.D. Powers survey indicated that US auto insurers continue to improve claims process satisfaction levels. The International Underwriting Association(IUA) reported that its research indicated that the London Market must be vigilant in representing its interests to regulators and the government-the IUA also published London company market statistics for 2013.
Third quarter results and interim management statements included Aspen, AXIS Capital(net income doubled), Everest Re(strong quarter), Montpelier Re, PartnerRe(lower net income), Validus(impacted by aviation, war and energy losses), White Mountains, XL Group(improved underwriting profit and combined ratio), Aviva(improving but still some way to go), Direct Line(premiums down but on target for the year),LV=, St James's Place, Standard Life(bullish), The Hartford(good quarter), W.R. Berkley, Aon(net income up), Gallagher(good growth), Marsh Mac(improvement all round), and Willis(expense reduction ahead).
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