Douglas Shillito
This week, a covered agreement between Europe and the US was announced after prolonged discussions, and could potentially greatly enhance international reinsurance regulation.
Both the International Underwriting Association (IUA) and EIOPA made supportive comments. Meanwhile, TheCityUK outlined key issues for Brexit which need to be addressed to achieve the best possible deal for UK and EU27. The Prime Minister's speech next Tuesday is awaited for clarity on Brexit as TheCityUK report did not emphasize "passporting" which is a key issue for the insurance industry, particularly London Market and non-UK insurers achieving EU Common Market access through the UK.
The World Economic Forum Global Risks Report 2017 looked at top trends which will shape global developments in the next 10 years, whilst the latest Allianz Risk Barometer report highlighted top global risk concerns. Aon Benfield's Reinsurance Market Outlook reviewed market trends, and Guy Carpenter indicated moderation in pricing decline for 1st January reinsurance renewals.
EDHEC's latest position paper looked at what solutions the European insurance sector has to the low interest rate environment, and Insurance Europe again criticised the EC's legislative proposal for a European Services e-card as an unnecessary burden to insurers.
The Association of British Insurers (ABI) welcomed the UK Government's adoption of insurance industry proposals regarding insurance of automated vehicles, and commented on the latest Confused.com/Willis Towers Watson report indicating that UK motor insurance premiums continue to rise but at a slower rate. Standard & Poor's reviewed Italian P&C and life market trends. Pioneer Underwriters announced a new US-based Miscellaneous, Technology and Cyber Liability unit and a vice president, and Bahrain-based Trust Re increased its authorised, and issued and paid-up capital. Hyperion Group's annual result to 30th September 2016 produced a "strong underlying performance".
There were senior appointments at Crawford and Gallagher, and founder CFO at Fidelis, Neil McConachie, is to stand down next January but remain as a non-executive director. Jim Bichard was named as head of PwC's UK practice and the Lloyd's Market Association (LMA) Personal Accident Committee appointed a new member.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.