Current issues in insurance - Winter 2017
18 Dec 2017
As we head into the festive period, we’re delighted to provide you with an early present in the form of our winter edition of current issues in insurance – our quarterly publication in which our team of insurance specialists share their insights into some of the current hot topics in the UK insurance market.
In this latest edition of current issues we’re pleased to share our first ever video blog, where Richard Purcell and Karen Brolly discuss how digital technology is impacting the insurance industry.
2017 has been an eventful year for the UK insurance industry, with the publication (at last!) of IFRS 17, the adoption by many firms of the new CMI 2016 longevity projections model, continued growth of the bulk annuity market, and firms exiting heritage business lines in order to focus on and to scale-up growth areas.
So perhaps it’s no surprise that it’s been a busy year for our Life & Financial Services practice – and this has supported our continued growth to in excess of 30 dedicated insurance consultants. Thank you to everyone who attended our 3rd annual life seminar in London in October, for those who were unable to attend, we’ll be running a similar event in Scotland in February next year, please click here for more details and to register.
As 2017 draws to a close, on behalf of myself and the rest of the Life & Financial Services team, we'd like to thank you all for your continuing support, and we look forward to working with you again in 2018.
We wish you and your close friends and families very Happy Holidays and a prosperous New Year!
2017 survey report on the UK protection insurance market
Protection insurance remains a valuable way for consumers to protect themselves and their families against the worst. But what does the future hold for the UK’s protection insurance market? In our latest report our team of experts analyse findings from our own research into customer needs and the products they value most, looking at how factors like age, gender and geography play a part in product selection.
Video blog - How are new digital solutions changing insurers?
From increases in the use of wearable technology to the growth in virtual GPs, technology is changing the insurance market in profound ways. In the first in a series of video blogs, Richard Purcell and Karen Brolly discuss how digital technology might develop and change the insurance market in the future.
Briefing note - Insurance-linked Securities
On 4 December 2017, a new set of regulations came in-force which will allow Insurance-linked Securities to be written in the UK. Insurance companies now have an exciting new set of tools in the box to manage their capital and risks. In this article, Theresa Chew provides an overview of the new regulations, and the opportunities they present for the UK insurance market.
Solvency II Newsflash - Consultation on Matching Adjustment reforms
In the run up to bonfire night, the Prudential Regulation Authority (PRA) announced that it would be making a series of “reforms” to Solvency II – and kicked this off by consulting on a draft Supervisory Statement on the Matching Adjustment. Our view is that the substance of the changes does not match the rhetoric – and the industry is more likely to view the Consultation Paper as a damp squib rather than a firecracker.
Solvency II newsflash - PRA told to pull a EU turn
October and early November saw the PRA hit with something of a double-whammy. First it received a significant amount of implied criticism from the Treasury Committee. This was swiftly followed up by the European Insurance and Occupational Pensions Authority recommending no change to the calibration of the Risk Margin – one of the key areas identified by MPs. This article looks at where this leaves the PRA.
Solvency II newsflash - Regulatory round-up
After a prolonged period of relative quiet in the world of insurance regulation, October and November saw a deluge of publications. In this Newsflash we pick out the highlights.
A mixed bag? Analysing headline solvency ratios
Can you believe it, we’re fast approaching the end of 2017. Firms will soon have to produce their second set of annual results for the Solvency II regime, as well as having to perform the first mandatory two year recalculation of the Transitional Measure on Technical Provisions. In this article we take a look at how firms’ headline solvency coverage ratios have moved over the first half of 2017.
Love it or loathe it, IFRS 17 is on its way
IFRS 17 was published earlier this year and is likely to be as tough as the implementation of Solvency II – we've produced a whitepaper to equip you with the details and knowledge needed to ensure a smooth implementation and transition.