Insurance managers and captive owners will recognise that building strategic partnerships is an essential part of their business, none more so than with chosen technology provider.
It is no secret that the traditional (re)insurance firms have a reputation of reluctance to adopt and adapt to new technologies. However, here we are, in the 21st century and technology is shaping as well as transforming our whole world and fast, and it does not intend to slow down for anyone.
2016 was a challenging year for captives with much attention being placed on Solvency II, BEP’s and Employee Benefits (EB). Now 2017 is in full swing, it is clear to see that last year’s three hot topics are going to continue as trends in the market for the foreseeable future.
The concept of having one or multiple global insurance programmes in place has continued to be attractive to multinational corporations. The benefits are well understood and include contract certainty and regulatory compliance and, having agreed coverage terms, conditions then apply on a blanket basis to all of the international operations within the programme.
With another 3 months still to go, 2016 has already been quite an eventful year. The renewal season was kicked off with the pre-Rendezvous AM Best Reinsurance outlook. Some of the issues covered were woven like a red thread throughout the Monte Carlo Rendezvous, the Guernsey ILS roundtable and will certainly be discussed during other events such as the ECF in Luxembourg in November this year.
Two recent articles in the Guardian, both covering the post Brexit situation, got me thinking about the impact so far of the referendum vote.
One of the authors represented the view that “the FTSE has shrugged off a quick post referendum dip” and is now stronger than ever and that the drop in the value of the British pound represents an opportunity for more exports.
Not a day goes by without another expression of strongly held views in the media. With engagement from people on both sides of the debate, this will intensify as we grow closer to the day of the vote, June 23rd 2016.
There are a lot of potential areas which may be troubled by the UK’s exit from the EU and all of them are widely discussed with the opponents fiercely trying to eviscerate each other’s arguments.
The areas of potential concern range from consumer affairs (pricing, safety testing, TCF), global role and defence, policing and security (cross border policing and security), immigration, sovereignty and laws, work and pay, travel and living abroad to the important area of trade and the economy.
With ILS (insurance-linked securities) heading into the London Market, every effort is being made to push the corporation tax legislation through in 2016. UK companies will then be able to make the most of the business opportunities on offer.
So, what is this ILS regulation and what makes it different from traditional (re)insurance?
Three days in Qatar in March, high 20’s and a room full of insurance experts – what could possibly take the edge off that? How about tigers on the loose on the streets and all the Brits in the room bringing inclement weather with them… the locals were not impressed on either front!
Last month, Eurobase spoke at the London Market Technology Exchange forum (www.lmte.london). The focus was on TOM (the Target Operating Model for the London Market). Joe Dainty, Global Head of Operations at Lloyd’s, was the keynote speaker and a hard act to follow. So, in order to give the audience something new to think about, we thought we would share some insights and similarities we recognise through our experiences of working in the Banking sector over the last 20 years.
Companies wishing to manage their insurance risks have long looked towards captives as a viable alternative to self-insurance. The captive market continues to flourish both domestically and abroad with small captives emerging as valuable players in their own right and growth being seen in new and emerging markets such as Latin America.