Of Special Interest


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23rd March 2014

Weekly Insurance Global Analysis

This week, the major news was the surprise UK Budget which offered more flexibility for retirees to handle their own pension pots. There has been much sensationism in the media, whilst leading life insurers have made calming statements so far. Meanwhile, the FCA reviewed the independence of IFAs post the Retail Distribution Review(RDR), a sector that has so far been relatively silent in commenting on the Government promise to provide free advice upon retirement.
Fitch wrote of the successful 2013 results from the US p&c sector, and Standard & Poor's said that draft Solvency II standards would be unlikely to prevent insurers moving away from securitisation investment. LexisNexis published a revealing survey on UK motor insurance customers' inclination to provide misleading information. The GFIA underlined the importance of insurance in the worldwide economy to the Australian-lead of the G-20.
Earnix signed up an Israeli insurer for pricing and customer analytics and Towers Watson said that insurers were now interested in software that enabled changing pricing within minutes. Guidewire went live with its ClaimCenter solution in Canada, and received an EMEA accolade from researchers Ovum. SAS opened a research and development centre in Glasgow to combat fraud and financial crime, and SSP joined with Wunelli and Drivology to offer an innovative telematics platform. Unirisx was selected by Primary Asia Holdings for China, with several other Asia-Pac countries to follow on, Transactor won a new UK deal, and Charles Taylor Insurance Services is to apply its offering to a new MGA in the London Market. Insurity was chosen again by American Modern.
Besso was fined by the FCA, Howden Insurance Brokers is to acquire again in Columbia, and Willis opened a representative office in Myanmar. JLT Towers Re commenced its combined operation in Bermuda, Aon acquired Lorica Employee Benefits in the UK, and Gallagher bought in Connecticut.
Allianz is to take over part of UnipolSAI's p&c book, Ariva has added its customer claims service performance figures to its website, and ING published the share pricing for its latest IPO to further reduce its stake in its US insurance operation.
Brit, Canopius, and Resolution announced results-Resolution is to become Friends Life, with Clive Cowdery and John Tiner stepping down from the board to concentrate on opportunities in the US and continental Europe, whilst still acting in an advisory capacity for the UK based-business.
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