Douglas Shillito
This week, regulatory issues were to the fore. The Association of British Insurers (ABI) commented on the Ministry of Justice proposals to tackle the high level of whiplash-related personal injury claims, and said that UK insurers are calling for refinement of Solvency II to be more appropriate for the UK market rather than replacing it after Brexit. The Financial Conduct Authority (FCA) published the interim findings of its asset management market study which highlighted weak pricing competition in several areas, and announced final rules on capping early exit charges on contract-based and workplace personal pensions. The Prudential Regulatory Authority (PRA) issued a new Consultation Paper headed Cyber Insurance Underwriting Risk, and a London Market Working Group was set up to review upcoming EU General Data Protection Regulation. The International Association of Insurance Supervisors (IAIS) concluded its 23rd Annual Conference, and research from the International Mutual and Cooperative Insurers Federation (ICMIF) indicated that its sector continued to grow faster than the rest of the market last year.
On the research front, Beazley looked at cyber security trends amongst SMEs in Singapore, and Conning reviewed growth of digital marketing and distribution in the US small business sector, and its potential impact.
AIG is to sell its Japan life book to FWD - its last life business in Asia. MAPFRE is on track to achieve 2016-18 financial and strategic objectives, and RSA has split commercial lines into two new divisions, and made appointments. Zurich set out its three-year targets, while Ageas (net profit continues in third quarter) and Prudential (a strong performance) announced latest financials. Ecclesiastical appointed a Group development director, and Marsh finally agreed the acquisition of AXA UK's Bluefin. Argo Global moved for Ariel Re and MS Amlin's UK Country Manager said its "potential was tremendous". Hiscox appointed a chief Underwriting officer for its European Operations, and there were senior appointments at Lloyd's (a new position of Strategy and Change Director, Chief Risk officer, and Country Manager, Singapore). Nexus Underwriting formed a new claims management company, and The Norwegian Hull Club opened an underwriting office in London.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.