Douglas Shillito
This week, Andrew Bailey, chief executive of the Financial Conduct Authority (FCA) gave a positive speech on free trade prospects post-Brexit. The Prudential Regulatory Authority (PRA) warned insurers regarding assessment of cyber risks following a consultation. EIOPA published an "Opinion on the Harmonisation of the Recovery and Resolution Framework for (Re)Insurers" across the EU, and also launched a consultation paper on its first set of advice to the European Commission on the Solvency II review. The International Association of Insurance Supervisors (IAIS) reported on its recent 10th Annual Global Seminar.
A Swiss Re sigma report reviewed global insurance premium trends in 2016, highlighting an exceptional performance in China, and also published new consumer research concerning retirement planning and the global ageing population. A broker survey by FWD indicated that the WannaCry ransomware virus has had little effect on demand for cyber insurance in the UK, and the Association of British Insurers (ABI) said that the level of organised fraud relating to motor insurance claims dropped by around 30% last year. The Managing General Agents' Association (MGAA) set out its strategy and sponsorship at its third annual conference and capacity exchange.
Milliman said that an innovative new study examining multi-criteria decision-making using an iterative process of advanced computing and human input has shown superior results in risk management assessment, whilst the Lloyd's Market Association Claims Committee agreed to support and fund a satellite imagery and intelligence service for all Lloyd’s managing agents. Moore Stephens and consulting actuaries JBA merged, and SSP announces a new five year contract with Direct Line to provide its SSP Select Insurance as a Service platform to support plans for growth.
AXIS Capital moved for Novae, Compre received regulatory approval to establish an insurer in Malta, and Liberty Specialty Markets is to domicile its EU operations in Luxembourg. Swiss Re announced it has commenced its joint venture in Brazil with Bradesco Seguros, and that it has already consistently integrated environmental, social, and governance considerations into its investment process since the start of the year. Marsh's CEO Peter Zaffino joined old colleague Brian Duperreault as EVP, Global COO at AIG, the Zurich board proposed past Group CEO of Swiss Re, Michel M Lies, as their next chairman, and Robert Childs, non-executive chairman of Hiscox, was appointed deputy chairman of Lloyd’s. There were other senior appointments at Fidelis, Ed, and Willis Re.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.