Douglas Shillito
This week, Willis Re reported that insured losses from natural catastrophes reached $39.5bn last year -the highest since 2012. Pool Re warned of a "Virtual Caliphate" in a terrorism report. Overall customer satisfaction in the UK insurance sector has increased over the past year, continuing the ongoing upward trend in satisfaction since 2011, according to the latest UK Customer Satisfaction Index (UKCSI), published by The Institute of Customer Service. The Association of British Insurers (ABI) were pleased that the UK Department of Transport is planning a simple approach for insurance rules for self-driving cars which the industry proposed, and Insurance Europe published an insight briefing on the need for policymakers to support innovation in FinTech and InsurTech.
The London Market Group (LMG) appointed two new directors, and reported that the PPL electronic trading platform usage figures were showing a positive trend. SCOR was satisfied with internal Blockchain tests and joined the wide industry initiative B3i. QuanTemplate named a senior Solutions Architect.
Aviva sold its 50% shareholding in French joint venture Antarius, Reliance Mutual signed an agreement to demutualise and transfer business to the Life Company Consolidation Group (LCCG), and RSA signed contracts to dispose of £834m of UK legacy insurance liabilities to the Enstar Group. Beazley acquired MGA Creechurch Underwriters in Canada. Berkshire Hathaway Specialty Insurance Company (BHSI), in coordination with its affiliate Berkshire Hathaway International Insurance (BHIIL), announced that it has established a new office in London and filled key executive roles. MAXIS Global Benefits Network (GBN), the international joint venture between MetLife and AXA, also established headquarters in London as the firm looked to capitalise on global demand for employee benefits programmes from multinationals.
Results for the fourth quarter and 2016 continued to be released, including Aspen (repositioning of insurance segment impacted fourth quarter result but CEO O'Kane confident), Everest Re (net income up for fourth quarter and 2016), Munich Re (beat profit target for 2016 but profit down in fourth quarter), Validus ("another strong year" but net and operating income dipped in fourth quarter), and White Mountains (increase in net income for 2016 with an "OK last quarter" says CEO Barrette); Ageas (warned that fourth quarter result will be negatively impacted by exceptional items totalling E137m), CNA Financial (improved on fourth quarter but net and operating income down for year), Manulife (a strong year), MAPFRE (net profit 9.4% up for 2016), The Hartford (fourth quarter result impacted by $423m charge from a reinsurance agreement with National Indemnity Company over A&E liability exposures), and Zurich (finished year with an outstanding fourth quarter); Aon (net income down in fourth quarter) and Willis Towers Watson (reported on first year after merger). There were senior appointments at Charles Taylor, Ed, Markel International, and Novae Group.
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