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Articles for issue 698 - 11 Oct 2002
Asia Pacific
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11 October 2002
Citigroup in Japan
Mitsui Sumitomo CitiInsurance, the ¥6bn (US$48.5mn) joint venture established by Mitsui Sumitomo Insurance and the US-based Citigroup last year, commenced operations at the beginning of October to coincide with the deregulation of the..
Europe
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11 October 2002
EU look at regulation of Lloyd’s market
A European Parliament committee will discuss a draft report by an English MEP which accuses the British government of serious failures in its regulation of Lloyd’s. The upcoming debate..
North America/Bermuda
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11 October 2002
Allamerica to sell life and annuity businesses
Financial services company Allamerica is looking for a buyer for its life insurance and annuity businesses in an attempt to stop investors dumping its shares which have fallen from..
Company profile: Mapfre Re
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11 October 2002
Spanish reinsurer Mapfre Re reported a pre-tax loss of €2.3mn (US$2.1mn) for its consolidated operations in 2001. This compared with a profit of €12.2mn for the previous year and reflected net losses of €16.1mn from..
Company profile: Croatia Lloyd
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11 October 2002
Croatia Lloyd, the only professional reinsurer in Croatia, had another profitable year in 2001, reporting a pre-tax profit of HRK54.3mn (US$6.6mn), up by 28% on the previous year.
The company, which provides reinsurance for all classes..
Hannover Re Group
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11 October 2002
The diversified nature of Hannover Re’s four main business areas significantly reduced the impact of 11 September losses on the reinsurers’overall result in 2001.
The company’s property/casualty business generated a pre-tax loss of €82mn (US$73mn) against..
Norway
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11 October 2002
Market suffers net loss despite improved underwriting performance
Adverse stock market conditions impacted the operating result of the Norwegian nonlife insurance industry in 2001 but underlying underwriting profitability improved, according to provisional figures released by the..
India gives go ahead to bancassurance
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11 October 2002
Indian banks can become corporate agents of insurance companies but they cannot act as independent brokers according to a recent ruling by the Insurance Regulatory and Development Authority. IRDA has long been mulling over the..
Benefits of increased rates undone by asset impairment charges
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11 October 2002
The global reinsurance industry is under scrutiny like never before. Over the last few weeks there has been a rush of reports on the state of the industry a year after the disastrous events of..
Scor
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11 October 2002
Scor has announced plans to raise a further €400mn ($394mn) in a rights issue which will be voted on in an extraordinary general meeting on 5 November.
President and managing director Jacques Blondeau explained that the..
Poland to combat motor fraud with database
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11 October 2002
Car insurance fraud in Poland is at its highest level for some years according to market leader, Powszechny Zakad Ubezpieczeñ (PZU). PZU’s deputy claims director, Jerzy Cywoniuk, said corrupt garage operators, who collude with vehicle..
Regulator blocks take over of Fortis France
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11 October 2002
There is speculation that Fortis Assurances (France), the French life subsidiary of the Belgian-Dutch Fortis group, may need to be recapitalised after the French economy and finance ministry, following advice from the country’s insurance supervisor,..
Skandia
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11 October 2002
Skandia Insurance will boost the capital its US subsidiary American Skandia by $255mn. Some $120mn of this will be raised through a rights issue. The rest of the funds will be obtained through intra group..
Generali
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11 October 2002
The new president of Assicurazioni Generali, Antoine Bernheim, is expected to concentrate on the group’s core businesses. Generali is therefore unlikely to make any aquisitions in the near future. This is despite Mr Bernheim’s purchases..
Munich Re
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11 October 2002
Munich Re is increasing the capital of its US subsidiary American Re by approximately $1.4bn. The measure was first announced in July of this year. The funds will come out of Munich Re’s existing resources.
The..
South Korean companies cut motor premium rates
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11 October 2002
South Korean general insurers will cut premiums on motor insurance by between 1% and 6.2%, the Financial Supervisory Service has announced. FSS said that 11 of the country’s 14 general insurers including LG, Hyundai and..
Low sales force change in US annuity market
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11 October 2002
Faced with declining sales of annuity products laden with hundreds of costly investment options, the nearly $830bn variable annuity market into US may undergo major changes, including the possible exit of several providers.
Two recent items..
South Korean market
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11 October 2002
South Korea's insurers are increasing their investments outside the country as domestic investments are rendered less attractive by the decline in interest rates and the weakening of the local stock market.
The Korea Life Insurance Association..
17–30 September 2002
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11 October 2002
Late Reports
13.9, explosion, fatality
Ethiopia: an explosion in the two-storey Tigray Hotel in the busy Piazza district in Addis Ababa killed one woman and injured 37 people. Media reports first said that the blast was caused..
World insurance stock prices
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11 October 2002
Company/group
Currency
31/12/01
19/9/02
3/10/02
Change from 19/9/02 %
Capitalisation US$ mn
© World Insurance Report
Ace
US$
40.15
31.60
28.76
(9.0)
7,547
AIG
US$
79.40
57.50
54.62
(5.0)
142,596
Allianz
€
266.00
91.60
87.00
(5.0)
24,440
Allstate
US$
33.70..
Company profile: Asian Re
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11 October 2002
Established in 1979 through an initiative of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), Asian Re accepts reinsurance business from the insurance markets of member states and from other..
Singapore implements new motor risk assessment system
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11 October 2002
Singapore’s General Insurance Association has introduced a new risk assessment system that rates motorists from high to low risk and which is intended to help insurance companies price their cover accordingly.
The idea behind the scheme..
EU intermediaries
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11 October 2002
The European Union’s council of ministers has finally approved the Insurance Mediation Directive which is now likely to come into force in late 2004.
The new law is based on the proposals made in September 2000,..
Compulsory motor cover to come to Russia
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11 October 2002
With compulsory motor insurance due in July 2003, the Russian motor insurance market is set for a massive transformation.
The price war once evident in the market is over, and has been for some time, according..
EC reveals aviation insurance plans
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11 October 2002
The European Commission has unveiled plans for an EU-wide aviation insurance regime. Transport Commissioner Loyola de Palacio wants to impose common, minimum standards of cover and to clarify third party liability issues. She was due..
Caribbean to develop early warning system to mitigate impact of climate change
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11 October 2002
An Early Warning System (EWS) for detecting the effects of climate change which could help insurance companies, among other interest groups, better plan risk management strategies, is being developed in the Caribbean under a US$3.5mn..
Cost of insurance at centre of Irish political agenda
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11 October 2002
Mary Harney, Ireland’s deputy prime minister, has pledged to make reduction of insurance costs a high priority for the newly elected coalition government.
Addressing the Insurance Institute of Ireland, Ms Harney said the government would consider..
Concern as Chilean pension industry stands on the verge of momentous transformation
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11 October 2002
The initial 90-day period whereby members of Chile’s remaining seven private pension funds (known as AFPs) can choose between five types of investment options for their accumulated savings ends on 29 October.
This is the first-time..
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