Moore Stephens Says Insurance Industry Must Embrace Business Intelligence
Regulatory developments mean that failure to make proper use of business intelligence systems and actuarial consultancy to assess risk could lead not only to significant financial losses but also to disciplinary penalties for insurance underwriters and brokers, according to leading accountant and consultant Moore Stephens. designed to support the development of effective reserving and forecasting procedures. They are now an essential part of insurance industry practice. analytical and risk management services. Steve Downing says, "The insurance industry must embrace a centralized approach to risk management, one which has the ability to analyse data in a flexible way, to search for trends and patterns, to analyse productivity and to help business planning and forecasting.
Moore Stephens: Insurance Industry Should Tighten Loopholes
Moore Stephens have warned companies engaged in the insurance industry that they must put in place formal, anti-fraud structures, or risk being targeted both externally and internally. Writing in the firm’s Insured Interest newsletter, Moore Stephens’ Alan Tidy says, “There is evidence to suggest that there are potential gaps in the systems that the insurance industry has put in place to detect and eliminate fraud. “Historically, exposure to fraud in the insurance industry has been regarded as a comparatively low-level risk, and one most closely associated with claims. But today, with the massive growth in internet business, the risk can no longer be considered peripheral.
Moore Stephens: Insurance Industry Must Prepare for IASs
financial reporting for publicly traded companies in the EU will mean that the insurance industry will have to develop a much sharper focus on actuarial processes and claims run-off projections. The IASs are due to be introduced in the EU during 2005. been gestating since 1997. potential source of problems for non-life insurers. outstanding claims liabilities and settlement patterns. MVMs are to be calculated. different classes of insurance. some non-life insurers. recorded and recognized at the time a contract is written. underwriting results from the year of contract inception. business. products will need to be re-examined. accounting standards.
Moore Stephens: Further Consolidation for Insurance Industry
Moore Stephens says that current trends in the UK insurance industry point towards further consolidation and convergence in the underwriting and broking sectors over the next twelve months. In the latest issue of the Moore Stephens’ newsletter Insured Interest, Simon Gallagher, head of the firm’s Insurance Industry Group, says, “Consolidation has been a feature of the insurance industry for some years now, but there may be still some way to go. There are still a lot of potential buyers with large war-chests, willing to pay over and above what market intelligence might suggest is a realistic price. An underwriting period free of catastrophic losses, and a similar, concurrent period of healthy profits for insurers, has also increased the amount of capital in the market.
Moore Stephens: Contract Certainty Gaps Must be Filled
Moore Stephens say there are big gaps in the U.K. insurance industry’s application and understanding of FSA requirements on contract certainty. While acknowledging that a lot of work has been put in by the London Market Reform Group, among others, Moore Stephens says the target of achieving between 75 and 80 percent compliance looks optimistic, at best. The FSA is to review the industry’s performance and it is understood that later this month it may decide to adopt a more rigorous approach to enforcement. Moore Stephens Insurance Industry Group partner Simon Gallagher says that firms should be monitoring their progress in terms of trying to meet contract certainty targets.
Insurance Industry Must Take Data Governance Seriously
Leading accountant and insurance industry adviser Moore Stephens has questioned whether data governance is being accorded the attention it deserves by the insurance industry. Recent FSA Arrow visits have highlighted a number of frequently recurring problems in insurance firms relating to risk management, governance, data and reporting. These include poor risk control culture, poor reporting, ineffective governance, inadequate allocation of control staff, lack of integration across controls and risks, and poor formalisation of roles and accountability.
Engstrom is Named Willis' Seattle CEO
Willis has named Chris Engstrom CEO of its Seattle office, one of the global insurance broker's leading U.S. operations. Engstrom brings tremendous local market knowledge and 16 years of insurance industry experience. He previously served as senior vice president for Wagle Insurance Companies in Seattle.
Moore Stephens Strengthens BI Team in Latin America
Leading accountant and consultant Moore Stephens has recruited insurance analyst Norma Peralta as Operations Manager for Moore Stephens Latin America, based in Panama City. Norma joins Moore Stephens from ProClarity Corporation, the U.S.-headquartered provider of analytical solutions with whom Moore Stephens has a strategic worldwide partnership. Norma's work will involve a range of consultancy, project management, strategic planning, training, sales and demonstration work in connection with Business Intelligence (BI) solutions for the insurance industry.
Moore Stephens Says Insurers Must Make Greater Use of Risk Analysis
consultancy to assess risk. foundations. Now is not a time for being wise after the event. insurance can de designed and sold on price alone. "The best insurance is a combination of commercial acuity, actuarial perception, technical awareness, intuition and luck. Many underwriters and brokers make use of financial and actuarial consultancy to assess risk. don't. Today, those services are more valuable than at any time in history and the good news is that software tools today facilitate the ability to analyze data in ways that were simply not feasible in the past. "Underwriting in ignorance of the true nature of risk and of potential and aggregate liabilities can no longer be considered a viable option.
Fidelis Launch Inland Marine Division
Fidelis Group Holdings, through its subsidiary company Continental Underwriters, Ltd., a national marine Insurance coverage and service leader, announced today the formation of its new Inland Marine Division. Ed Helfers and Lisa Uzzo named Managing Directors. The new Inland Marine division will be based in the Company's New York office. H. Elder Brown, Jr., FGH's Chairman and Chief Executive Officer, said in a company statement, "We are excited to bring very senior, experienced talent into this new division of the Company.
Builders Risk Policy Serves as Inland Marine Insurance
The US Court of Appeals for the Seventh Circuit ruled that, under Michigan law, a builders risk insurance policy is a form of inland marine insurance and is controlled by the statute of limitations applicable thereto. For our purposes, the decision is probably most interesting in its historical analysis of the insurance industry and the division of casualty insurance into two large groups: fire insurance and marine insurance. Under Michigan law, fire insurance claims must be submitted within one year of the casualty. All other casualty insurance claims are subject to a six-year statute of limitations. [Source: HK Law]
XL Group Grows in Asia
XL Group strengthened its Insurance Marine team with the appointment of Mike Davies as Chief Underwriting Officer, Marine, Asia Pacific and Ian Picton as Senior Upstream Underwriter. Understanding the local industry and what is impacting it, is a key recruitment driver for XL Group. Explaining, Lee Meyrick, Chief Underwriting Officer, Global Marine and Offshore Energy, said: “Asia is an important market for our global clients and it plays a huge part in supply chain logistics for companies operating around the world. Mr. Meyrick added: “Mike has 35 years’ experience in the insurance industry and an in-depth understanding of the marine market across Asia. Mr.
IUMI's Focus on Education, Communication, Lobbying
At the highly anticipated International Union of Marine Insurance (IUMI) annual conference, IUMI President, Dieter Berg, detailed a number of key initiatives that will continue to raise the organisation’s profile and political influence on an international level. To strengthen the association’s presence in emerging markets, specifically in Asia and Latin America, by building relationships with its members in the Far East and with an Asia roadshow planned for this winter with meetings organized in Indonesia, Malaysia and Thailand. Tokyo will be the location for the 2017 annual conference.
Moore Stephens Strengthens Regulatory Advisory Team
Moore Stephens has further strengthened its regulatory advisory capability with the appointment of John Westlake as compliance manager. John Westlake has a broad perspective of the insurance industry acquired through a variety of roles, which has enabled him to support insurers and brokers in establishing effective compliance solutions. He has a strong commercial background, having acted as operations director with a personal lines insurer, compliance director with a commercial insurance broker and most recently training and advising senior management in the management of risk at JLT Group. He also worked with the FSA advising insurance intermediaries on regulation.
Sumitomo And Mitsui Finalize Merger Conditions
Sumitomo Marine & Fire Insurance Co. and Mitsui Marine & Fire Insurance Co. on Tuesday announced terms under which they will merge next October, creating Japan's largest non-life insurer with assets of 5.7 trillion yen ($51.6 billion). In a joint statement, the companies said 1.09 Mitsui Marine shares will be allocated for one Sumitomo Marine share. The merged entity will be named Mitsui Sumitomo Insurance Co. with Mitsui Marine president Takeo Iguchi and Sumitomo Marine president Hiroyuki Uemura serving as co-chief executive officers. Mitsui Marine, currently Japan's third-largest casualty insurer, and fourth-ranked Sumitomo Marine agreed to merge in March.
SUNY Maritime to Host e-Navigation Conference
It is likely that regions like the Baltic, the North Sea, the Strait of Malacca, Torres Strait and other areas will implement e-Navigation services that modern ships transiting these areas will be required to subscribe to. This will have the effect of requiring such ships to implement e-Navigation even without a formal IMO carriage requirement. Ships transiting the St Lawrence Seaway are already using e-Navigation services. The U.S., too, is making plans to implement certain e-Navigation Services in its coastal and inland waters. The maritime insurance industry is starting to realize that proper implementation of e-Navigation will improve their general average and is considering avenues to encourage their customers to implement e-Navigation.
Watkins Syndicate Appoints Senior Underwriters
Watkins Syndicate Singapore Pte. Ltd. has appointed two senior underwriters to bolster its expanding presence in the Asia Pacific region. Watkins Syndicate Singapore, which is part of the Lloyd’s Asia Platform and represents Watkins Syndicate 457 at Lloyd’s, has hired Colin Fordham as Liability Underwriter and Richard Dare as Energy Underwriter. Both underwriters join Watkins in Singapore with strong track records in the insurance industry. Colin Fordham joins from Seasia P&I Services Singapore where he was general manager.
New Director Joins Braemar Steege
Loss adjuster, Braemar Steege, announced that Ian Baxter (FCILA, ACII) will be joining the company’s Singapore office as a Director, effective 1 April 2009. Ian has been in the insurance industry for 35 years. The past 26 years have been spent in South East Asia. Prior to joining Braemar Steege, Ian served many years with the international adjusters, Thomas Howell Group, latterly as Director of Asia Pacific. Roger Law, Managing Director of Braemar Steege, said “We are delighted with Ian’s appointment as it strengthens our team in Singapore.
SeaWave Names Markell as Account Manager
SeaWave LLC, a wireless communications company serving the maritime industry, has announced the appointment of David B. Markell as account manager responsible for sales in the northwest and northeast of the United States and Canada. Markell will be based at SeaWave Corporate Headquarters in Middletown, Rhode Island. Having served the marine insurance industry for the past twenty-two years, Markell brings to SeaWave his extensive marine industry experience. Before joining SeaWave, he was president of Hansen Marine Associates, Inc. in Newport, Rhode Island. Markell holds a Bachelor of Science degree in Business Administration from the University of Massachusetts.
Seacurus Debates MLC Abandonment Insurance Issues
During a recent tour of northeast England, Lord Livingston, the UK’s Minister for Trade and Investment, visited the Gateshead headquarters of Seacurus which, in April 2013, launched CrewSEACURE, the first ever insurance policy designed exclusively to protect the rights of seafarers when ships are abandoned at sea. Seacurus has a well-established relationship with UK Trade & Investment (UKTI), having received expert advice and support from its Passport to Export scheme which helped the company to develop 99 percent of its insurance premium income from overseas markets.
International Seminar To Be Held in Hong Kong
ITOPF, OCIMF and INTERTANKO will be holding a series of meetings in Hong Kong at the beginning of November 2002. These meetings will bring together senior representatives from the world's oil, tanker shipping and marine insurance industries. The three organizations are therefore taking the opportunity to organize a one-day international seminar on Tanker Safety, Pollution Prevention, Spill Response and Compensation, which will be held the same week as the autumn meetings of INTERTANKO's Executive Committee and Council. The seminar will feature speakers and presentations from the associations involved as well as by specialists within their fields, including: Jan Kopernicki, Chairman of OCIMF, Dr.
MN100: XL Catlin
XL Group plc through its subsidiaries and under the XL Catlin brand, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. The firm employs 7,000 and has sales of $9,300,000,000 annually. XL Catlin’s insurance segment provides commercial property, casualty, professional liability, environmental liability, aviation and satellite, marine, product recall, political risks, surplus lines and other coverages.
LIG Marine Managers 2011 CMIP Seminars
LIG Marine Managers’ sister company, LIG Educational & Consulting Services, in conjunction with the International Institute for Marine Insurance Studies, announced the 2011 CMIP Seminar Schedule for those individuals working towards earning the Certified Marine Insurance Professional (CMIP) Designation. The designation is designed for agents, brokers, CSRs, Insurance Company Personnel, Underwriters or other insurance industry professionals who wish to expand their knowledge of Commercial Marine Insurance. The CMIP Designation requires attendance at four 2½-day Seminars and passing a short exam at the end of each Seminar. The first of the 2011 CMIP Seminars, “Fundamentals of Marine Insurance” will be held in Tampa, Fla. April 13-15, 2011.