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Company Profile: Sirius International Insurance
Sirius International Insurance Corporation saw its pre-tax profits rise by 29% from SKr824mn (US$93.3mn) to SKr1.1bn in 1999. Record investment gains of SKr1.1bn helped offset an underwriting loss of SKr55mn. The company produced an underwriting..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Company Profile: Terra Nova
Last year was a tough time for Terra Nova. The company has since been renamed Markel International following the completion of its purchase by Markel Corporation in March this year. The company’s pre-tax result plunged from a US$101mn profit..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Company Profile: Zurich Financial Services Group
Zurich Financial Services (ZFS) Group reported strong results in 1999. A decision earlier this year to reorganise the company’s corporate structure will help it to translate good results into a positive stock market performance. Operating..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
American Re
Munich Re’s main US operation, American Re suffered a fall in its pre-tax result from a profit of US$322mn in 1998 to a loss of $178mn in 1999. A severe deterioration in the company’s loss experience caused the underwriting loss to..
Online Published Date:
04 August 2000
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643 - 04 August 2000
IUA company figures 1999: taking on US regulators
Our review of the annual report of the International Underwriting Association (IUA) in the last issue looked at the important dialogue between Lloyd’s and the IUA. But convergence issues were not the organisation’s only concern. Chief..
Online Published Date:
04 August 2000
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643 - 04 August 2000
Lack of regulation stifles Saudi market
Economic pressures are threatening to transform the informal, largely unspoken arrangement which currently constitutes the Saudi Arabian insurance market.
The fall in the oil price over the years and the subsequent decision by the Saudi government..
Online Published Date:
04 August 2000
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643 - 04 August 2000
Lloyd’s records 26% increase in Canadian business
The transformation of the Canadian economy from its traditional reliance on natural resources to technology and knowledge-based industries has impacted on the Lloyd’s market, the eighth largest insurer in Canada. In 1999, Lloyd’s..
Online Published Date:
04 August 2000
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643 - 04 August 2000
Equitas improves position despite poor investment performance
Equitas has managed to strengthen its overall financial position despite a massive fall in its investment income from £714mn (US$1.06bn) in 1999 to £178mn for the year ended 31 March. Michael Crall, Equitas’ chief executive described..
Online Published Date:
04 August 2000
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643 - 04 August 2000
ReAC, Steffey sued by former shareholder
Run-off Australian reinsurer ReAC has hit further troubles with shareholders. Hong Kong-based Grand Improve Holdings has divested itself of its shareholding in the company and is to sue ReAC for A$3.7mn (US$2.2mn).
The claim relates to losses..
Online Published Date:
04 August 2000
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643 - 04 August 2000
Losses up at PXRe
Bermudan reinsurer PXRe has said that it underestimated the effect last year’s natural catastrophes would have on its books. The company said that losses from last December’s French windstorms, Hurricanes Floyd and Lennie and Typhoon..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Clarendon closes Redland deal
Hannover Re’s US programme insurance subsidiary Clarendon Insurance has completed its purchase of Redland Insurance (RMR537/02
) (WIR636/12
). Redland, a subsidiary of Acceptance Insurance, was sold following a ratings downgrade by AM Best of..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
German reinsurers look to better prospects
Both Munich Re and Hannover Re, respectively the largest and fifth largest reinsurers in the world, are looking forward to significantly improved underwriting prospects for 2000.
The two companies staged their annual general meetings within a day of..
Online Published Date:
04 August 2000
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643 - 04 August 2000
Italian insurers fined
Italy’s insurers have been caught out by the country’s regulatory authorities engaging in anti-competitive practices in the country’s motor insurance sector. And the fine imposed on the industry has set a record for one awarded by..
Online Published Date:
04 August 2000
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643 - 04 August 2000
Indian aviation premiums to rise in wake of crash
India’s General Insurance Corporation was the insurer of the Alliance Air Boeing 747 that crashed in Patna in eastern India on 17 July. The company’s liability will come in at around US$8mn.
The aircraft which broke into four after the..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Improved prospects for If
After a troubled eight months, things are at last beginning to look up for If. The pan-Nordic insurance joint venture seemed headed for certain disaster when two months ago Finland’s biggest insurer, Pohjola, decided not to join its business..
Online Published Date:
04 August 2000
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643 - 04 August 2000
Ethiopia mulls foreign participation
The governor of Ethiopia’s central bank has given a strong hint that foreign insurers may be allowed to participate in the country’s domestic market. Speaking to the Ethiopian Economic Association, Teklewold Atnafu said that..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Swiss Re in US life move
In a bid to further increase its US life business, Swiss Re is to acquire National Capital Financial Corporation, the parent of Midland Life.
The purchase is being structured as an administrative reinsurance transaction.
Under the arrangement, Swiss..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Fortis acquires funeral insurer
Fortis, the Belgium-based insurance and banking group has further strengthened its presence in the US market by acquiring funeral insurer, American Memorial Life from Service Corporation International (SCI).
The deal will make Fortis the second..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Sydney Olympics underinsured
This summer’s Olympic Games in Sydney are only insured against possible revenue losses of €66mn (US$61mn), according to Munich Re. With a 10% to 15% share of the market, the company is currently the biggest insurer of major sporting..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Allianz targets MBA
Allianz is still negotiating to buy the 32% stake in Malaysia British Assurance (MBA) held by the Malaysian industrial group, Amsteel. The deal, which has the blessing of the Malaysian government, has been dragging on for some time. The government,..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
ZFS takes stake in National Life
Zurich Financial Services (ZFS) will take a 25% stake in a Thai life insurer, National Life Assurance Company. National Life, which was established three and half years ago, is a subsidiary of the Thai financial services group, National Finance..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
ING snaps up Aetna businesses for $5bn
Dutch banking and insurance group, ING has finally bought Aetna Corporation’s financial services operations in the US and its overseas insurance businesses for US$5bn in cash and $2.7bn in assumed debt. This is not much less than the $8bn that..
Online Published Date:
04 August 2000
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643 - 04 August 2000
HDI sells part of Hannover Re stake
The lull in the German property/casualty market is beginning to bite.
For many years, mutual Haftpflichtverband der Deutschen Industrie (HDI), took a great deal of pride in the fact that as a mutual it could withstand higher loss ratios than other..
Online Published Date:
04 August 2000
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643 - 04 August 2000
BAIG acquisition forms largest aviation insurer
One of the companies most heavily affected by the crash of the Air France Concorde in Paris is to form the largest aviation underwriter in the world. The British Aviation Insurance Group (BAIG) will buy Associated Aviation Underwriters (AAU) for an..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Tough times for Allianz
German insurer Allianz has not had a good month. The company announced half-year figures for its German property/casualty company, one of the cornerstones of its business, and had to revise sharply downwards the earlier optimistic profit forecast..
Online Published Date:
04 August 2000
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643 - 04 August 2000
Insurance in the new services economy
Orio Giarini
, Secretary General of the Geneva Association (the think tank for the international insurance industry), says that insurance is a field which offers incredible commercial, cultural and intellectual opportunities, but the terrain is also..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Frankona sidelines Fink
ERC Frankona’s chief executive Bernhard Fink is to be sidelined following a reorganisation of the company’s structure. The German reinsurer, a subsidiary of GE Capital and sister company to Employers Re, will also be renamed. In future,..
Online Published Date:
04 August 2000
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643 - 04 August 2000
World Loss Log 12 July – 24 July
Late reports
7.7, collision, chemical spill
US: m tug Jackie Cenac
(144gt, built 1974), which was pushing tank barge CTCO 315
(1,619gt, built 1995) loaded with petroleum distillate raffinate collided with moored construction barge and caused..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
World Insurance Stock Prices
Company/Group
Currency
1999 year end
13/07/00
27/07/00
% change from 13/07/00
Capitalisation US$mn
1. CGU
Ace
US$
16.69
31.13
36.69
17.9
8034
Axa
€
71.00
156.00
163.90
..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Company Profile: ERC Frankona Re
Danish reinsurer ERC Frankona Re described 1999 as its best year ever, despite a 13% fall in the company’s gross premium income. Improved underwriting and investment results together with a fall in administration expenses helped the company to..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
New Chilean insurers’ chief pushes growth
Following the decision of Mikel Uriarte not to stand again the Chilean Insurers’ Association (locally known as the Asociación de Aseguradoras de Chile) has elected Marcos Buchi as its president for a two year term. The association..
Online Published Date:
04 August 2000
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643 - 04 August 2000
India relaxes reinsurance regulations
The Insurance Regulatory and Development Authority (IRDA) has relaxed its previously tough stance against foreign reinsurers. Earlier proposals had indicated that individual companies would be limited to 5% of the total amount of reinsurance..
Online Published Date:
04 August 2000
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643 - 04 August 2000
Zurich extends political risk coverage to Latin America
Zurich US has extended its coverage of political risk to the capital markets of Central America. A new contract will help the El Salvadoran subsidiary of giant global power giant AES raise capital with investment grade rated senior notes.
The deal..
Online Published Date:
04 August 2000
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643 - 04 August 2000
CGNU disposes of German subsidiary
CGNU continues its strategy of disposing of selected non-life subsidiaries and strengthening its life and savings divisions. After putting up its US general insurance subsidiaries for sale, CGNU has now agreed to sell its German non-life subsidiary,..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
India auto manufacturers to enter insurance
India’s biggest motorcycle and scooter manufacturer, Bajaj Auto has plans to sell non-life insurance products when the market is opened to private insurers later this year. Bajaj follows the example of Maruti Udyog, the auto manufacturing..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Oriental Insurance to enter bank alliance
Delhi-based Oriental Insurance is negotiating a strategic alliance with the Calcutta-based UCO Bank. Both are state-run companies. Oriental wants UCO to distribute its products in India’s eastern region where it has a wide network of..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Nipponkoa to launch
The merger of Nippon Fire & Marine and Koa Fire & Marine in April next year will be called Nipponkoa Insurance. The two companies have also announced that for Japanese regulatory purposes, the designated ‘surviving entity’ will..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Pharmaceuticals tap insurance
Cadila, the Indian pharmaceuticals giant based in the west of the country, has joined four other Indian pharmaceutical companies in the race to tap the non-life insurance market.
The company is in the process of making an application for a..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Southern Cross to buy Aetna subsidiary
As Aetna sells its financial services and international insurance unit to ING (see page5), New Zealand mutual health insurer, Southern Cross Medical Care Society has reached an agreement with Aetna to buy its New Zealand subsidiary, Aetna Health..
Online Published Date:
04 August 2000
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643 - 04 August 2000
IRDA solvency test
A senior official with India’s Insurance Regulatory and Development Authority (IRDA) said it had adopted accepted international practice for determining solvency margins. The authority has prescribed a three-stage formula for determining the..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Sri Lanka liberalises
The Sri Lankan parliament has voted for a change in the country’s Insurance Control Act
to allow the creation of an insurance regulator independent from the finance ministry. According to the deputy Finance Minister, Gamini Peiris, the new..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Japan sets date for ‘third sector’ liberalisation
After coaxing by the US, Japan has moved to liberalise the so-called ‘third sector’ of its insurance industry. The decision will result in Japanese companies being able to compete with the foreign companies that currently dominate the..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Brazil: Reinsurance regulations create opportunity
Beatriz da Costa Viellas, resident Counsel at the London representative office of Brazilian law firm Amaral Gurgel Advogados outlines the regulatory framework which will govern the soon-to-be liberalised Brazilian reinsurance market, the biggest in..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Professional liability cover for China
A Domestic Chinese insurer has launched the first professional liability policy in the country.
Initially aimed at accountants, the China Ping’an Insurance Company (CPIC) hopes to extend the policy to other professions soon.
The policy was a..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
NRMA
Australia’s largest general insurer NRMA will float on the stock exchange on 8 August. This follows the exhaustion of all legal avenues to prevent it by dissident directors. It now seems that institutional investors will take a larger stake..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
NZ national insurance scheme falters
The move by New Zealand’s Labour-led coalition government to put a national pension scheme in place looks unlikely to win the cross party support needed to push the scheme through parliament. The government is now considering a direct appeal..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
IRDA in broker appeal
India’s Insurance Regulatory and Development Authority has approached the government for an amendment to the Insurance Act
that prohibits payment of commission by an insurance company to anyone other than an agent. This provision is coming in..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Mitsubishi plans online weather market
Japanese conglomerate Mitsubishi is to establish an online weather derivatives market to enable Japanese companies to hedge against weather related risks such as snowfall, rain or windstorms. The idea is that a company can, with one derivative..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Towers Perrin warns CEA
A review carried out by consultancy firm Tillinghast-Towers Perrin has recommended that the California Earthquake Authority re-examine its reinsurance arrangements describing them as too expensive. The report also warned that the rise of specialty..
Online Published Date:
04 August 2000
Appeared in issue:
643 - 04 August 2000
Company Profile: Thai Re
Although Thai Re is privately owned (its shareholders comprise a number of local insurers), its position in the market is that of the ‘national’ reinsurer. All local insurers ‘voluntarily’ cede 5% of their reinsurance to the..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
Münchener Rück
The annual report of Münchener Rückversicherungs (Munich Re), parent company of the Munich Re Group and responsible for German operations, outlined the strategy divesting its cross holdings in other insurance companies. Principally, the..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
Mergers and Acquisitions in 2000
Exclusive research for WIR
looks at recent trends in merger and acquisition activity involving insurers and reinsurers.
Worldwide, for the first six months of 2000, to 30 June, there were 276 merger announcements. This compares with 288 mergers for..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
World disasters report 1999
Last year was a record-breaker for the insurance industry in the number of billion-dollar losses produced by catastrophic events, but how did 1999 compare overall in terms of the devastation caused by cats?
The World Disasters Report
produced by..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
GeneralCologne Re upbeat despite losses
Low premium rates, underwriting losses, and reduced investment income from its insurance operations, have hit the overall operating profits of Berkshire Hathaway, the Omaha-based investment vehicle and holding company for GeneralCologne Re, the..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
Cap Re founder takes over ACA
Michael Satz, the founder and former chief executive of Capital Re has been named chief executive of ACA Financial Guaranty. The company is the only A rated financial bond insurer in the US and is now looking to expand into other areas. To this end,..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
RSA and Zurich take on Indian partners as four Indian banks talk of joint venture
Royal & SunAlliance and its Indian partner have restructured the ownership of their non-life venture in India. The restructuring was prompted by a decision of India’s central bank, the Reserve Bank of India, that non-banking companies..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
Safeco in search for new leader
A combination of poor results and investor pressure has forced top management changes at Safeco, the sixteenth largest property/casualty insurer in the US. Roger Eigsti, who is credited with transforming Safeco from a Seattle-based insurer into a..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
Czech Republic has progressive non-life market says S&P
Although the Polish non-life market is three times the size of that of the Czech Republic, the latter provides more opportunities for insurers, according to ratings agency, Standard & Poor’s. The Czech Republic has been included in..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
EU investigates Chinese insurance license delay
The EU will seek an explanation from the Chinese government for its failure to issue the full set of licenses promised to European insurers as part of the World Trade Organisation agreement reached between China and the EU in May.
Britain, France..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
ICHEIC refusal costs Munich Re deal
Munich Re’s decision not to join the International Commission on Holocaust Era Insurance Claims (ICHEIC) has cost its subsidiary American Re control of the United National Group. United National’s parent, American Insurance Services..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
GDV in negotiations
The German insurance industry association, Gesamtverband der Deutschen Versicherungswirtschaft (GDV), has begun negotiations over a co-operation agreement with the International Commission on Holocaust Era Insurance Claims (ICHEIC). GDV’s..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
Allianz lowers profit expectations as losses climb
Half-year figures for Allianz’s domestic property/casualty business has forced the group to revise downwards its expectations for the current year. Allianz Sachgruppe said it expects turnover to reach €9.3bn, which would be a slight..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
World Loss Log 25 July – 7 August
Late reports
17.7, crash, fatality
US: pilot killed when Air Tractor AT-401, agricultural aircraft, crashed while manoeuvring Panhandle, TX.
17.7, crash, fatality
US: pilot killed when Beechcraft 58P crashed into Arkabutla Lake, Hernando,..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
World Insurance Stock Prices
Company/Group
Currency
1999
27/07/00
10/08/00
% change
from 27/07/00
Capitalisation US$mn
1. CGU
Ace
US$
16.69
36.69
33.63
(8.3)
7363
Axa
€
71.00
163.90
163.30
(0.4)
49300
AIG
US$
72.09..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
Company Profile: QBE International Insurance
QBE International Insurance, the London market arm of the Australian parent, was significantly affected by the high frequency of natural catastrophes in 1999 in its property portfolio. Its marine excess of loss book was also hard hit. The..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
Company Profile: Egypt Re
Moves by the Egyptian Insurance Supervisory Authority to reduce then amount of reinsurance ceded to Egypt Re seem to have made little impact on the company’s overall performance.
Egypt Re’s non-life gross premiums written fell by 6% to..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
Company Profile: Cologne Re
UK property/casualty reinsurer Cologne Reinsurance, an arm of German reinsurer Cologne Re (now known as GeneralCologne Re) suffered on both the underwriting and investment fronts in 1999.
The company’s underwriting performance deteriorated..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
ESG Re divests healthcare operation
Troubled medical reinsurer ESG Re is to sell its healthcare operation to a related party, HMI Partners. ESG hopes the move will lead to an injection of US$3.6mn of capital into the business by new investors in the second half of this year. ESG..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
German insurers and the internet
German insurers are increasingly using the potential of the internet, according to a survey by the German insurance industry association, the GDV. A total of 290 insurers took part in the study, representing some 90% of the market. The results show..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
Motor rates increase
Swedish insurers are raising motor premium rates by around 25%, following losses of some SKr1.2bn (US$130mn) last year.
One of the major players, If, has increased premium levels four times since December, by a total of around 25%. Main rivals..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
Svenska in court again
The saga of Svenska Kreditforsakring is not quite finished yet. The liquidator of the credit insurer that went bankrupt in late 1992 with debts of about SKr4bn (US$434mn) will press his claim for a further SKr800mn from up to 65 reinsurers all the..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
Indian companies suffer high loss ratios
One of the biggest challenges facing foreign non-life companies seeking to enter India is to make underwriting profits in a market where the existing non-life players have consistently suffered underwriting losses.
The four non-life companies in..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
Germany offers greater opportunity to foreign players
Ratings agency Standard & Poor’s has said that tax changes in Germany could further open the door for foreign players in the country’s notoriously parochial insurance market. Speaking at the launch of S&P’s annual..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
Japan: losses up, premiums down.
Non-life direct premiums written by the 33 companies active in Japan totalled ¥9,200bn (US$88bn) for the year ending 31 March 2000, a decrease of 2.8% from the previous period. The figures, published by the Marine & Fire Insurance..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
Brazil: New categories for reinsurers
B
eatriz da Costa Viellas, resident Counsel at the London representative office of Brazilian law firm Amaral Gurgel Advogados, looks at the capital and other requirements for the three categories of foreign reinsurers allowed to operate in Brazil...
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
NRMA floats
The long-awaited listing of Australia’s largest general insurer NRMA has proceeded smoothly. At the same time it had boosted the stock market fortunes of the local insurance industry as takeover speculation begins to mount.
NRMA listed with..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
South Carolina enacts captive legislation
South Carolina has joined the growing number of US states to enact captive legislation. The law, signed by the Governor on 11 August, was designed for uniformity and is close to similar legislation in New York and Vermont.
The move had been a key..
Online Published Date:
18 August 2000
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644 - 18 August 2000
Earthquake report dismissed as scaremongering
A study by scientists at Queensland University of Technology has been dismissed as scaremongering by Gordon Woo, a technical consultant with EQE International who described the study as little more than a bid to get additional funding from the..
Online Published Date:
18 August 2000
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644 - 18 August 2000
Citigroup profits up
Citigroup, the US banking, securities and insurance conglomerate increased its second quarter profits by 23% to US$3bn for the first quarter of 2000. This was down on first quarter profits of $3.6bn. But the group’s insurance operations,..
Online Published Date:
18 August 2000
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644 - 18 August 2000
EBRD takes new tack on nuclear risk
The new director of the European Bank for Reconstruction and Development’s nuclear safety unit anticipates an increased role for insurance companies in insuring nuclear power stations in Eastern Europe and the former Soviet Union. Vince Novak..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
Swedish insurers hit by floods
Swedish insurers will pay out an estimated SKr110mn (US$12mn) to some 1,300 households that have been flooded in Norrland and Dalarna.
In parts of southern Norrland it has rained five times as much as in a normal July, causing extensive damage and..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000
Keeping pace with the net
Simon Lofthouse
, head of marketing at digital certification company InterClear, argues that insurance companies do not have a clear understanding of the risk management issues involved in electronic business transactions.
‘For many years the..
Online Published Date:
18 August 2000
Appeared in issue:
644 - 18 August 2000