Douglas Shillito
This week, the UK Chancellor's Autumn Statement included a further hike in Insurance Premium Tax, and was criticised across the market. Prior to the Statement, EY research indicated a poor two year outlook for UK motor customers and insurers as premiums continue to rise. On a more positive note, Insurance-Linked Securities (ILS) draft regulations for London were published for consultation and early introduction. Insurance Europe responded to a call for evidence on the EU regulatory framework for financial services, and the Islamic Insurance Association of London (IIAL) called for brokers to better meet the need of Islamic clients by offering Shariah compliant solutions.
The Financial Conduct Authority (FCA) is to require annuity providers to inform buyers how much they could gain by shopping around before purchase. Earlier in the week, Willis Towers Watson questioned the appropriateness of annuity pricing in the UK as a higher mortality rate continues. The Association of British Insurers (ABI) identified eight priority markets post-Brexit. Standard & Poor's reviewed the growth in the China and Indian reinsurance markets, Swiss Re published its Global insurance review and outlook for 2017/18, and Zurich reported cyber crime concern amongst SMEs globally.
Generali outlined its strategy and targets at its Investors Day, Legal & General reached agreement to sell its Dutch book to Chesnara, and Towergate reached a milestone in its recovery, according to CEO Ross. MGA Fiducia launched to focus on the UK regional marine market, and W.R.Berkley formed Berkley Cyber Risks Solutions. AXA's Amanda Blanc is to chair the ABI General Insurance Council (GIS), and there were senior appointments at AEGIS London, Hiscox, Pool Re, and Price Forbes, as the CEO of Sompo Canopius Group stood down.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.