News Insurances Weekly

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A short outline of the week's top news in the insurance sector.

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In this edition of News Insurances Weekly, we look at Moody's estimate on the insured losses resulting from the Costa Concordia shipwreck off the coast of Italy. The company said it expects losses of up to a billion U.S. dollars (£640 million) from environmental damage, personal injury and life insurance claims.IFED has released some details of their impressive first few weeks in operation. The department arrested three people for selling fake Groupama insurance policies in Manchester. The insurer themselves launched an investigation into the practice, which had been going on for some months. The trio were arrested and released on bail and are currently waiting for their court date.Finally, Marc-Philippe Juilliard speaks to News Insurances about how the UK insurance market performs in relation to the continental European Market. He says the UK market often acts as an 'early indicator' to movements in the continental market. Check back to News Insurances later this week to see the full interview with Mr Juilliard.View all our News Insurances Videos here : newsinsurances.co.uk/blog/category/video/weeklyView all of our videos here : newsinsurances.co.uk/toutes-les-videos

In this week’s top news; the OFT investigates the rise in motor insurance premiums, Italian insurance companies downgraded by Fitch ratings and Swinton’s board of directors get sacked.The OFT launched a study into the private motor insurance industry to investigate a steady increase in premium prices over the past 2 years. According to the office, premium prices rose by an average 12 per cent in between 2009 and 2010, and a further 9 per cent in the first 3 quarters of 2011.Fitch Ratings announced the downgrades of Italian insurance companies Generali and Fondiaria-SAI. These downgrades were a result of the on-going debt pressure facing Italy and Greece.The entire board of directors at Swinton Insurance was sacked last week for putting their personal short term interests ahead of the long term interests of the company.French parent company Covea made the decision because it though the former board was no longer beneficial to the company.View all our NIW videos here : newsinsurances.co.uk/blog/category/video/weeklyView all our videos here : newsinsurances.co.uk/toutes-les-videos

In this week's top news Allianz reveal's that economic turbulences in Europe seem to be slightly declining, Aon Benfield released its latest Aggregate report and Paul Ryman-Tubb from the MIB outlines the CIE to a journalist for News Assurances. Allianz's recent Euro Monitor Report reveals that since the global financial crisis began in 2007 there seems to be a decline in the economic turbulences in Europe. The report, which Allianz says is an "early warning tool measuring the stability of the Euro area" shows positive signs for the Eurozone. In Aon Benfield's latest Aggregate report, the European debt crisis had a minimal effect on the reinsurance sector. The only company to suffer a noticeable loss was Munich Re, who had around EUR8 billion of direct exposure to the crisis. For the 60th anniversary of the French guarantee fund, insurers and road safety officials met to discuss how the insurance sector can influence road safety. At the seminar, Paul Ryman-Tubb, Claims Integrity Controller at the Motor Insurance Bureau outlined for our French Colleagues at News Assurances how the UK is equipped to tackle uninsured driving.Find all our videos here : http://www.newsinsurances.co.uk/toutes-les-videosFind all our weekly news videos here : http://www.newsinsurances.co.uk

Much change to the motor insurance market in this week’s insurance news. Moneysupermarket.com will launch an iPhone application, China opens its doors to foreign insurance companies and Geoffrey Finley outlines Lysanda’s vehicle technology. Moneysupermarket.com will launch a new iPhone application that will allow vehicle owners to purchase and renew motor insurance from their smartphones. All motor insurance policies and insurers present on the aggregator’s website will also be available on the application. China’s Insurance Association Chairman announced that foreign insurance companies will have the possibility to deal mandatory motor insurance in the country. China is regarded as the largest automobile market of the world. Geoffrey Finlay, Executive Chairman of Lysanda, driver behaviour technology developer, speaks about his company’s technology services. As the European Court of Justice has ruled out the possibility to use gender in determining insurance premiums, companies will be likely to turn towards empirical data to set motor insurance policies. Lysanda’s technology is created to measure the way a driver behaves on the roads. This data can then be used to adjust a motor insurance policy. View all of our videos here : http://www.newsinsurances.co.uk/toutes-les-videos

In this week's top news Admiral's shares have dropped to the announcement of lower than expected full year results, and Luke Savage from the Lloyd's highlights how insurance prices are currently reacting.Admiral's reputation as one of the best underwriters in the market has taken a blow last week as the announcement that full year results will be lower than what analysts have forecasted. This is due to a higher level of large personal injury claims which could lead the group in a downgrade cycle.Across the globe, 2011 has been a year with an unprecedented level of large disasters. Premiums in these areas should be expected to rise strongly. However the Lloyd's Finance, Risk Management and Operation Director Luke Savage see the rates and premiums on the whole to be hovering, not really rising or falling.View all our videos here : http://www.newsinsurances.co.uk/toutes-les-videos

In this week’s top news, Axa announces its financial results for the first nine months of 2011, Aviva warns homeowners that Bonfire Night is the worst for home burglaries and finally Graeme Trudgill outlines what motor insurance sign posting will be like in 2012.For the first nine months of 2011 Axa’s results were down 2% to 65.9 billion euros. The third quarter of the year was broadly in line with the first half of 2011, and the company confirms its objectives for the Ambition 2015 plan.Aviva warns homeowners about the increase in home burglaries during the week between October 30 and November 5. According to data compiled during the last 10 years, Bonfire Night would be the worst night for home burglaries. In 2010 there was a 26% increase during that week compared to the weekly average of the rest of the year.Graeme Trudgill, Head of Corporate Affairs at BIBA outlines what the new sign posting regulations will be like.View all of News Insurances videos here : http://www.newsinsurances.co.uk/toutes-les-videos

In this week’s top news, Italian insurance company Generali has been downgraded by Fitch Ratings, then Clara Hughes from Fitch Ratings comments on how the US reacts to solvency II measures and finally Jesus Carmona, Axa Travel’s CEO, highlights his company’s expectations for 2012.Generali’s outlook has been revised by Fitch Ratings to negative from stable. It is important to note that the insurer’s rating is closely linked to that of the Italian sovereign rating. Indeed, Generali holds 51 billion euros of Italian government bonds, and if Italy’s rating was to be revised then so should Generali’s.Clara Hughes, Director at Fitch Ratings outlines for News Insurances how the US reacts to the Solvency II measures. The difficulty is set for companies who do business in the US or the Europe and have a mother company in the other. Solvency regimes must be respected where the business is actually done. There should be a framework for equivalency between the two regimes.Jesus Carmona, Axa Travel’s CEO, will focus on developing the Axa Travel Insurance business unit model in 2012 and developing new business in the emerging markets. The aim is to become one of the largest players in these markets in the next 3 to 4 years.View all of our videos here : http://www.newsinsurances.co.uk/toutes-les-videos

In this week's top news; the FSA announced Solvency II rules in the UK to be implemented in January 2013, and Chris Waterman, from Fitch Ratings, outlines the European insurance market challenges.January 2014 is the final date for the Solvency II rules to be implemented, replacing the 2013 deadline. Yet new research from a Marketforce survey shows that some companies have planned for additional costs for the extended deadline, leaving them to feel penalised for actually being on schedule. This led the FSA to go ahead with the January deadline.Fitch Ratings held its first insurance road show in Paris this week where the challenges faced by the US and European insurance markets were discussed. Chris Waterman, Managing Director and Head of Fitch's EMEA Insurance Team, outlines the challenges for the European market.Find all News Insurances videos here : http://live.news-assurances.com/And here : http://www.newsinsurances.co.uk/toutes-les-videos

In this week's top news; Lloyd's of London announces it will reduce its exposure to Government debt, then British regulation for planning will be reviewed and finally Bob Ewers talks about AXA Assistance expectations for 2011 earnings.The Lloyd's of London insurance market has announced that it will reduce its exposure to European Government debt, and has pulled out some cash from some of the region's banks.Frank Savage, Lloyd's financial Director says it is only natural to reduce its exposure in banks that are in countries presenting a potential risk.For the first half of the year, the company has made a pre tax loss of 697 million pounds due to an unprecedented number of catastrophes.To answer high demands for housing in Britain, the government is looing into easing planning requirements.If the changes go ahead, the framework of over one thousand pages of requirements will be reduced to only 52.The worry is there will be more homes built in flood risk zones, thus flood insurance will be more difficult to get and more expensive.We have met with Bob Ewers, AXA Assistance UK & Ireland CEO, who outlines the company's expectations for 2011's results.Find all News Insurances videos here : live.news-assurances.com/​And here : newsinsurances.co.uk/​toutes-les-videos

Europe's largest bank HSBC is in view of selling its non life insurance unit, valued at USD 1.5 billion. The bank is cutting expenses in preparation of Basel III requirements. Already some 30,000 jobs worldwide are to be eliminated by the end of 2013.French Mutual insurer Groupama's financial profile has been set on CreditWatch negative by rating agency Standard & Poor's. Already in may Groupama has lost its 'A-' rating, and now faces further downgrade of up to two notches. Groupama must watch its capital adequacy, and is advise by S&P to reduce its exposure to sovereign debt.The Motor Insurance bureau's Chief Executive, Ashton West, explains what the current legislative events impact the motor insurance premium pricesFind all News Insurances videos here : http://live.news-assurances.com/And here : http://www.newsinsurances.co.uk/toutes-les-videos

This week reinsurers are meeting at the annual Monte Carlo event where discussions should turn around the global market outlook, and preparing for the renewal season. News Insurances has met with Chris Waterman, Managing Director and Head of EMEA Insurance Group at Fitch Ratings to ask what will be the renewal price trends for 2012. The renewal prices have been anticipated to rise significantly due to the catastrophic losses from the beginning of the year. Yet it would seem that these have been overestimated and if there is a normal catastrophe second half of the year then prices should not increase above single digit or low double-digit figures.Also in the news this week the Office of Fair Trading has gathered to announce the launch of a major investigation into the rise of motor insurance prices. News Insurances has met with Graeme Trudgill, Head of Corporate Affaires at BIBA, who outlines the main concerns developed by the OFT. Find all News Insurances videos here : http://live.news-assurances.com/And here : http://www.newsinsurances.co.uk/toutes-les-videos

Axa’s private equity unit acquired a package of private equity interests from Barclays Bank. This is the second time AXA Private Equity acquires fund stakes this month; in the beginning of June a fund stake worth USD 1.7bn was acquired from New York based Citigroup. Barclays mentioned that the purchase price exceeded the book value allowing them to make a small profit. This deal is a result of stricter regulations in the banking sector. Fitch Ratings held a conference this week on the future of the bond market in the light of Solvency II. We have met with Clara Hughes, Director in the Insurance team at Fitch, who presented the impact of solvency II on the insurance sector and on the ratings. We have asked her what kind of feedback does she receive from the insurance companies concerning Solvency II. Find all News Insurances videos here : http://live.news-assurances.com/And here : http://www.newsinsurances.co.uk/toutes-les-videos

UK businesses are exposed to fines under the latest legislation regarding environmental liability. We have met with Steve Jenkins of the Chartered Insurance Institute who outlines the institutes current focus. Andrew Coburn highlights for us recent strong developments for RMS.

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Catastrophe modelling firm AIR Worldwide estimates that industry insured losses from earthquake that struck New Zealand on February 22nd will be between 3.5 billion USD and 8 billion USD. German insurer Allianz announced 2010 net profits jumped by 20 percent to 5.05 Billion Euro. Earlier this year we have met with David Powell, Underwriting Manager at the Lloyd’s Market Association and asked him what he expects for 2011. Find all News Insurances videos here : live.news-assurances.com/​category/​interview-uk/​ And here : news-insurances.com/​category/​video-interviews