By Douglas Shillito
This week, a thin Queen's Speech included proposed measures regarding rising motor insurance premiums, but no reference to the Ogden rate-The Association of British Insurers (ABI) and the Lloyd's Market Association (LMA) were amongst others that commented. The Financial Conduct Authority (FCA) was in the headlines. Its chairman is to stand down next March. It is also seeking views and evidence of the challenges firms face in providing travel insurance for consumers who have, or have had, cancer, and the challenges for these consumers, and it published new proposals on advice relating to pension transfers. EIOPA published its June 2017 Financial Stability Report, and also said that the majority of (re)insurers have made good progress with the ORSA process, but a wider range of management need to be involved. Insurance Europe published its insight into the European Commission proposal for a Pan-European Personal Pension Product, and the Chartered Insurance Institute (CII) launched a new level three Certificate in London Market Insurance.
Fitch reported a 35% growth in US cyber insurance premiums in 2016, Standard & Poor's commented on the continuing pricing decline in the reinsurance market, and official UK government data indicated that millennials lead the increase in workplace pensions participation.
AIR Worldwide released a significantly updated earthquake model for the US, and smartphone usage-based insurance specialist TrueMotion is to join the LexisNexis Telematics Exchange. Atradius Atrium, a new credit digital platform, was unveiled, and Wawanesa Mutual completed core Guidewire solution implementations in the US.
The Standard Life/Aberdeen merger received shareholders overwhelming approval, and also cleared the Competition & Markets Authority review. Chaucer Dublin achieved regulator formation approval to write international specialty and reinsurance business, and Randall & Quilter is to sell its Lloyd's Managing Agency to Coverys, and also wrote a Loss Portfolio Transfer reinsurance contract to assume a Bonds portfolio issued by a Fortune 500 Insurance Group. There were senior appointments at Aon Benfield, Aviva, AXIS Insurance, Ed, Epsilon Underwriting Agency, and Willis Towers Watson.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.