Douglas Shillito
This week, Swiss Re, in a Sigma report, estimated that insured global losses from natural and man-made catastrophes came to $37bn last year, compared to a 10-year average of $62bn, representing 40% of total economic losses. The gap is reducing but indicates the major role that the insurance/reinsurance industry can play, particularly in developing countries. Willis Re reported on 1st April renewals pricing reducing at a slower rate and higher demand, whilst Conning highlighted that there was a significant increase in insurance distribution and services M&A worldwide in 2015.
A US District Court rescinded MetLife's Systemically Important Financial Institution (SIFI) designation, which will provide encouragement to others, particularly AIG who are under pressure from leading shareholders to significantly restructure. Flood Re opens officially tomorrow, and EIOPA published Guidelines on the supervision of third-country insurance undertakings under Solvency II. The Global Federation of Insurance Associations (GFIA) met with representatives of the Chinese Group of 20 Presidency (G-20), outlining the important role that the insurance industry can increasingly play in the global economy. The Association of British Insurers (ABI) reported that after the first year of major UK pension reforms, customers were taking a common sense approach.
Royal London revealed a record-breaking 2015 result, and Sun Life Financial is to acquire the remaining 51% of its Indonesian joint venture. AmWINS received backing from Berkshire Hathaway International Insurance for its London-based MGA, Unicorn Underwriting, to widen business lines, and made two senior management appointments. Fosun International reported 2015 results and reviewed its insurance investments, whilst Bahrain-based Trust Re doubled profits last year. Catalina is to acquire the AGF Insurance UK liability run-off from Allianz. There were also appointments at Markel International (UK marine underwriter) and Tokio Millennium Re (CRO).
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.