Of Special Interest


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15th June 2014

Newslink Opinion: Weekly Insurance Global Analysis

This week, EY reported that UK motor insurers made a profit last year for the first time in 20 years. Meanwhile, the long-awaited publication from the Competition and Markets Authority(CMA) on the cost of courtesy car hire and other cost and competition issues produced wide-ranging comment from the industry, which was mainly positive. However, a survey by EDM indicated that the equivalent of a third of the UK population changed insurer during the last two years due to poor service. The LMA aired its views on whiplash claims.
The FCA updated on the retirement income market and revised its Terms of Reference for its study, whilst the ABI and NAPF pressurised the government for action on the Budget promise of free "face to face" advice for retirees-a PwC survey indicated that the consumer would be prepared to buy through digital channels if professional advice was offered by providers.
In the US, life new business in the first quarter was hit by lower sales of guaranteed universal life products, and commercial insurance premium increases continued to slow.
EIOPA issued its Annual Report 2013.
Swiss Re's Admin Re is to take over the pensions policies and other unit-linked assets of HSBC Life(UK), and Gallagher acquired in Maryland and New Jersey. AIG announced a new ceo and is to offer auto insurance direct in Dubai. The Hartford also appointed a new ceo and made other senior appointments, RSA announced its ceo for Scandinavia, and Generali's Sergio Balbinot is to serve a further year as president of Insurance Europe. Fitch upgraded Lloyd's Insurer Financial Strength.
Quindell was unsuccessful in its application for a UK Premium Listing at this time due to the speed of its growth. In the week of the annual IASA event in the US, Guidewire said Gartner had positioned it as a Leader in its first Magic Quadrant for p&c Claims Management Modules, and Insurity reported it had achieved eight sales in the last six months. FirstBest Systems and Yodil are to collaborate, and Innovation Group announced a new mobile app integrated with its Insurer Analytics offering. A survey by Strategy Meets Action(SMA) indicated that US commercial lines underwriting systems could be better supported and developed. RMS has opened an office in Singapore to build on its Asian presence, and Pegasystems moved for Firefly.
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