Of Special Interest

27th July 2014

Newslink Opinion: Weekly Insurance Global Analysis
Opinion

This week, attention was on the UK life market. The government outlined plans for free advice for retirees after the upcoming changes to compulsory annuities in the March Budget, which got a mixed reception. Towers Watson took an optimistic view of the annuity market going forward. Accenture revealed the extent to which the UK life insurance consumer was using digital channels, but the survey also highlighted the continuing issues over "guidance" and "advice". The Financial Conduct Authority(FCA) said that there was a risk of poor advice for people moving from a DB to DC pension scheme.
Aviva put forward a plan for "care, not cash" for claimants involved in minor whiplash incidents, and the UK property industry criticised the inadequate scope of Flood Re. Aon Benfield analysed the drop in global natural disasters in the first half.
The Managing General Agents'Association(MGAA) reported that it now represented around 66% of the UK MGA market.
Ovum published a significant report predicting the growth of global insurance IT spend, with Asia Pac leading, and Xuber publish the third and final chapter of a roundtable discussion headed "The Challenges of Local vs Global". The deputy chairman of the Chinese insurance regulator(CIRC) indicated that the use of the internet in the insurance market has risen tenfold between 2011 and 2013 and it was speeding up its supervisory approach. Eurobase announced that VICO was live with the latest version of its synergy2 solution, and Towers Watson released the latest version of its Igloo financial modelling software for p&c insurers.
CGSC launched a healthcare MGA in the US, Gallagher acquired in Texas and signed an agreement to buy in the UK, whilst USI took over a New Jersey-based broker.
Results started to flow with the usual early birds from Bermuda to the fore-amongst the front runners were ACE, Allied World, Aspen(its shareholders have rejected the unsolicited approach from Endurance Specialty), Lancashire, Validus, Beazley, Chubb, Travelers, AIA(continuing impressive growth), and Aon.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global database service on Wednesday and today at www.onlystrategic.com