Douglas Shillito
This week, the International Association of Insurance Supervisors (IAIS) launched a major consultation package covering proposed revisions to a number of IAIS Insurance Core Principles and ComFrame-related material, in addition to an Application Paper on Group Corporate Governance. Insurance Europe responded to the EIOPA discussion paper on the upcoming review of Solvency II, and also separately said that a new EU framework on recovery and resolution for insurers is not required. The Financial Conduct Authority (FCA) published the first of its two consultation papers on the implementation of the Insurance Distribution Directive. Willis Towers Watson research indicated that the rising cost of employee benefits around the world is prompting more and more international companies to set up multinational pooling and employee benefit captive arrangements.
The London Market Group (LMG) published its recommendations to the UK Government in its Brexit negotiations, and the PPL platform was opened for Marine business. Claims submissions can now be made into the XIS Bureau electronically to globally-agreed ACORD standards, and PwC has created a working blockchain prototype for the London Market Target Operating Model Innovation Exchange. Duck Creek Technologies joined the IVANS Partner Program, and Safety National Casualty Corporation, a leading US provider of specialized insurance and reinsurance, added to its Guidewire solutions by selecting BillingCenter, DataHub, and InfoCenter applications. Telematics specialist, The Floow, announced a £13m equity investment led by Fosun Insurance, whilst Willis Towers Watson released an updated version of its Radar pricing software. Dutch insurer VIVAT is to deploy Pegasystems' customer engagement software.
AIG CEO Peter Hancock announced his intention to resign, and the insurer plans to locate an insurance company in Luxembourg because of Brexit. Standard Life and Aberdeen Asset Management agreed merger terms. Latest 2016 results included Admiral (another strong year pre-Ogden), Direct Line (2016 result impacted by Ogden rate change), esure ("a significant and positive year" said Chairman Wood), Aviva ("2016 results are simple and clear cut: more operating profit, more capital, more cash, more dividend-and there is more to come" said Group CEO Mark Wilson), Legal & General ("delivered terrific financial performance in 2016" says Group chief executive Nigel Wilson), and Old Mutual (updated on the progress on its separation strategy), Charles Taylor (solid overall performance), Hannover Re (fifth consecutive record result), and Novae Group (GWP up). There were senior appointments at Allianz, Chubb, Fidelis and the Council of Lloyd's.
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