Of Special Interest


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1st February 2015

Newslink Trends: Weekly Insurance Global Analysis

This week, the Economist Intelligence Unit(EIU) published global research, sponsored by SAP, predicting that mobile technology would change the insurance industry, whilst Towers Watson indicated the key challenges facing insurers worldwide in the next one to three years. The regular ISO/PCI survey of US p&c insurers results showed that net income and pre-tax operating income had dropped for the first nine months of 2014. In the UK, it was predicted that insurance pay levels would increase as the industry was in need of more experience staff, and the EY Item Club looked at trends in the retirement market, asset management, and insurance generally. The Financial Conduct Authority(FCA) said that pensions providers would need to ask retirees more questions about their decision after new flexibility is introduced in April.
Insurance Europe warned that proposed changes to data protection rules in the EU could result in higher premiums, and EIOPA issued a statistical database for occupational pensions.
On the M&A front, the big news was the intention of Axis Capital and PartnerRe to merge, with more deals expected in the reinsurance sector. Lloyd's broker APG announced a management buyout aided by private equity company PSC Capital, Thomas Miller formed a legal firm, Aon Benfield acquired in Switzerland, and in the UK, Saga moved for Bennetts, the motor cycling specialist broker. Willis Scotland commercial business was acquired by Clark Thomson who will join the Willis Commercial Network.
In the Middle East, a proposed Egyptian reinsurer will start with more than double the level of capital initially announced, and Qatar Re reported a 25% increase in 1st January renewals.
The Floow, a leading telematics company, appointed a manager to oversee the growth of its business in North America, and Willis and Oxford Analytica launched a political risks model.
JLT announced several senior appointments, as did Willis China, and there were others at Liberty Specialty Markets and Novae Group.
The Bank of England filled the vacancy of Executive Director for Insurance Supervision, the Association of British Insurers(ABI) appointed two new Policy Directors, and EIOPA named a new Alternate Chairman.
The China insurance market had a high growth year and Chubb, Qatar Insurance Company(QIC), and Validus Holdings all finished 2014 well.
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