Investor Presentaiton
The type of cover being written is dominated by catastrophe cover of various types in ILS
cells. Also of interest and new to this chart is Longevity cover initially through the launch of
the BT Pension scheme insurer which has sparked considerable interest for further insurers
from pension schemes and actuaries. K&R, ATE and pilots loss of licence cover continue to
feature in addition to an insurer owned by a Power Utility Group covering the damage caused
by bush fires in the Australian outback and a European football club insuring the cost of it
failing to get into the 2015/2016 Champions League.
Slide 8: Geographical source of business
This chart shows the Geographical Origin of new business over the past 12 months
The dominance of the UK as the main source of business has reduced due to the ILS business
originating mainly from Cayman, Ireland and Switzerland.
Slide 9: Geographical source of all insurers
This chart shows the geographical of all 809 international insurers.
The geographical source of all 809 insurers shows the dominance of the UK as would be
expected but also the growth in Cayman over the past few years.
Slide 10: Streamlining of workflows
Moving on to the streamlining of work flows.
Last year we promised to deliver on streamlining workflows in these areas. The first four
items, Business Plan Changes, Loans, PQs for cell controllers and Directors and Alternates
were addressed in guidance papers issued in January 2014. I am pleased to say that we are
seeing the benefits of this in a reducing number of routine enquiries and correspondence.
We have already introduced fast-tracking authorisation for ILS and other fully funded entities
in certain circumstances. We are also engaged in discussions on whether specific legislation in
relation to ILS business is required
The streamlining of annual returns is linked to our revised solvency framework and to the
commission wide project on online submissions. However, we are confident that the annual
return process can be streamlined, particularly for captives. We have already streamlined the
processing of annual returns resulting in us being able to identify Key Risk Indicators as soon
as the annual return is received.
Slide 11: Risk Based Solvency Regime
The new Risk Based Solvency Regime will be operational from early 2015. Close coordination
between the Policy Council, the States, GIIA and the Commission is required and is in motion.
The Rules and Feedback paper will soon be issued. Legislative changes are in motion. As long
as there are no future challenges we will instigate a soft launch at the end of January 2015.
Slide 12: Corporate Governance Code
After consultation with industry the plans to replace the Corporate Governance code with rules
has been withdrawn and, instead a revised code has been drafted. This will be issued soon.
4View entire presentation