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16th August 2015

Newslink Trends: Weekly Global Insurance Analysis

This week, Swiss Re's latest sigma report indicated that while global economic losses through disaster events were down at £37bn in the first half, insured losses represented 45% compared to the previous 10-year average of 27%. Marsh's Global Insurance Quarterly Market Briefing reviewed commercial lines rating trends.
The Prudential Regulatory Authority(PRA) issued a cyber-security questionnaire to insurance firms, and with the Financial Conduct Authority(FCA), published near final rules for the new accountability regime relating to Solvency II. Insurance Europe said that EIOPA advice to the European Commission on infrastructure risk categories did not go far enough to remove impediments to invest.
The UK Pensions Regulator released the first in a series of guides for trustees of DB pension schemes.
The Association of British Insurers(ABI) gained some respite over the introduction of a higher rate of Insurance Premium Tax(IPT) at short notice, and also revealed that dishonest applications for motor insurance increased last year. Consumer Intelligence reviewed downward trends in UK household insurance premiums. Lloyd's Market Association(LMA) completed its initial revue of changes needed to Lloyd's Wording's Repository(LWR) because of the new Insurance Act.
Sapiens' solution was chosen for a new life insurance venture in South Africa.
In the UK, annuity specialists Just Retirement and Partnership Assurance Group are to merge, Unum is to acquire National Dental Plan, Howden UK took over Birmingham-based Perkins Slade, and Nexus Underwriting moved for specialist MGA and Lloyd's service provider EBA.
Direct Line entered the Professional Indemnity market for small firms after researching average loss per business through poor advice. Standard Life is to increase its stake in its Indian joint venture HDFC Life, Sumitomo Life is to buy US-based Synetra Financial, and XL Group entered into a definitive agreement to acquire Allied International Holdings. UnipolSai and Willis Capital Markets & Advisory completed a indemnity-trigger catastrophe bond primarily for Italian earthquake risk. PartnerRe declared dividends.
On the results front, Prudential's performance across the board stood out, whilst Aegon's ceo was pleased with the increase in sales. Enstar reported a drop in consolidated net earnings, Liberty Mutual also saw net income reduce but gross written premiums increase, and Talanx said interim figures exceeded previous performance expectations. esure profit was down and it warned of an increase in premiums. There were management appointments at Old Mutual and Willis Re.
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