Reinsurance News
EY
Covid, FCA pricing review & climate change set to define re/insurance in 2021: EY
18th December 2020
Covid, the Financial Conduct Authority’s pricing review and climate-related strategies are set to define the re/insurance sector in 2021, according to analysts at professional services firm EY. Rodney Bonnard, EY's head of insurance in the UK, said the pricing review will have a big cost implication for the sector as many insurers ... Read the full article
EY & SAP develop new accounting solution for re/insurers
30th January 2020
Financial services firm EY and software corporation SAP have developed a new solution to help re/insurance companies transform their data, systems and processes to comply with new international and US reporting standards. From January 2022, IFRS 17 and US GAAP Long Duration Targeted Improvements (LDTI) will fundamentally change how re/insurers disclose ... Read the full article
Finding new talent critical to advancing insurtech: EY
31st December 2019
Re/insurers agree that finding new talent is critical to build on investments in technology and digital transformation, but attracting and retaining will require better communication and more customer-centric approaches, according to analysts at EY. As part of a new report, EY noted that re/insurance industry growth had remained stagnant for another ... Read the full article
Impact of Brexit on UK financial services nears £4bn: EY
27th June 2019
According to data from EY, the impact of Brexit on UK financial services has reached nearly £4 billion as of May 31, 2019. This sum includes costs of £1.3 billion for relocating staff and operations, legal advice, and contingency provisions, as well as an additional £2.6bn for capital injections to scale ... Read the full article
Insurwave and Zhuhai Port Holdings sign MoU on marine insurance
22nd May 2019
An agreement has been signed between Insurwave Limited and Zhuhai Port Holdings Group Co., Ltd. that sees the pair collaborate on shipping logistics and marine insurance to promote "frictionless trade" across the Greater Bay area and beyond. The signing of the agreement between Insurwave Limited, EY and Guardtime's marine insurance blockchain joint venture ... Read the full article
£800bn of UK assets shifted to Europe since EU referendum: EY
9th January 2019
Since the UK’s EU referendum in 2016, companies comprising the UK’s financial service sector have announced a transfer of assets out of London totalling £800 billion, according to a report from multinational professional services firm EY. The report tracked 222 UK-based firms and shows that 36% of companies have publicly confirmed, ... Read the full article
Severe H1 weather events cause drop in profits for UK home insurers: EY
10th October 2018
The profitability of UK home insurance companies is expected to fall in 2018 due to the financial impact of severe weather events such as February’s cold wave, Storm Eleanor, and May’s flash flooding, according to analysts at EY. In 2017, home insurers posted one of their best Net Combined Ratios (NCR) ... Read the full article
RiskBlock Alliance partners with EY on blockchain insurance services
22nd August 2018
The Institutes RiskBlock Alliance, a not-for-profit enterprise-level blockchain consortium for the risk management and re/insurance industry, has announced that Ernst & Young (EY) will serve as a primary service provider for blockchain-specific cybersecurity and risk management guidance. The services constitute part of the consortium’s efforts to implement and test multiple uses ... Read the full article
Re/insurers step up Brexit plans as uncertainty remains
2nd July 2018
Analysis by Ernst & Young (EY) via its Financial Services Brexit Tracker reveals that re/insurers continue to step up their Brexit contingency plans despite the transition agreement, as widespread uncertainty remains. Despite the importance of the financial services sector to London and the wider UK, it appears that insurers and reinsurers, ... Read the full article
EY partners with InsurTech company Concirrus on AI-driven marine solutions
13th April 2018
EY has announced that it will collaborate with InsurTech company Concirrus to support the adoption of behavioural-based underwriting and risk management in marine insurance, using artificial intelligence (AI) powered software. The partnership is intended to help modernise the marine sector’s traditional demographic based underwriting models, which rely on data like the ... Read the full article
Re/insurance M&A trends will accelerate over 2018 and beyond: EY
26th March 2018
Ernst & Young (EY) has predicted that global Merger & Acquisition (M&A) trends for insurers and reinsurers are likely to accelerate over 2018 and beyond as companies look to transform, despite a slump in activity last year. EY notes that, although deal activity has steadily grown in recent years, 2017 saw ... Read the full article
Insurance M&A market more sophisticated as sector boundaries blur: EY
14th March 2018
The insurance merger & acquisitions (M&A) market is becoming increasingly sophisticated as the sector transforms in response to the impact of technological innovation, driving convergence between sectors and the growth of digital ecosystems. Lines in both InsurTech application and investor-types have become blurred as digital ecosystem-based distribution platforms open up industries ... Read the full article
LIIBA & EY urge brokers to be ready for Brexit
15th February 2018
The London and International Insurance Brokers’ Association (LIIBA) and EY have released a report to advise on the significant uncertainty that still surrounds regulation for intermediaries, and their authorisation process for placing and servicing European risk from the UK post-Brexit. Christopher Croft, Chief Executive Officer (CEO) of LIIBA, said that although ... Read the full article
UK motor insurers to enjoy a rebound while home insurers’ profits fall in 2018: EY
21st December 2017
UK motor insurers will likely enjoy a rebound in 2018 following the proposed revised Ogden discount rate, while home insurers' profitability is expected to deteriorate in 2018, with or without extreme weather conditions, according to Tony Sault, UK General Insurance Leader for EY. "Last year was undoubtedly tough for the insurance ... Read the full article
EY expects robust reinsurance renewal negotiations
14th December 2017
Reinsurance renewal negotiations are expected to be robust as brokers look to secure multi-year deals for their clients at attractive rates, while reinsurers are likely to resist and look to push rates up after years of declining prices and the impacts of catastrophe events in the second-half of 2017, according ... Read the full article
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