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12% of Californians have earthquake insurance
North America
Online Published Date:
09 June 2008
Appeared in issue:
839 - 09 June 2008
Regulations challenge Brazil’s risk managers
Latin America
Online Published Date:
09 June 2008
Appeared in issue:
839 - 09 June 2008
IMG teams with UAE firm
Middle East
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09 June 2008
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839 - 09 June 2008
UK firms ignore fraud
Europe
Online Published Date:
09 June 2008
Appeared in issue:
839 - 09 June 2008
Active hurricane season expected, NOAA
North America
Online Published Date:
09 June 2008
Appeared in issue:
839 - 09 June 2008
International
Global M&A: US insurers on the sidelines
Mergers and acquisition activity (M&A) within the global insurance industry in 2007 were driven by non-US insurers, mainly Western European companies, according to a new report by Conning Research..
Online Published Date:
09 June 2008
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839 - 09 June 2008
Aviation
13.5, crash landing, investigation
UK: the British Airways Boeing 777 which crash-landed at London Heathrow Airport in January had low fuel pressure at the inlet to the fuel pumps, an accident report said. The on board computers detected the reduced..
Online Published Date:
09 June 2008
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839 - 09 June 2008
Natural catastrophes
15.5, earthquake, fatalities
China: the earthquake that struck Sichuan Province, killing thousands of people, caused an estimated $20bn in damage - most of it uncovered by insurance - a catastrophic risk modelling firm said. Besides, given the..
Online Published Date:
09 June 2008
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839 - 09 June 2008
Marine
13.5, sinking, fatalities
China: a total of five crew members were missing after a cargo vessel sank off the coast of the China’s Zhejiang province. The ship with 11 people aboard, registered in Ningbo, as Zhefeng 6
, sank off Leqing Bay,..
Online Published Date:
09 June 2008
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839 - 09 June 2008
Liability, awards and settlements
13.5, oil spill, fine
US: a Singapore-based shipping company whose vessel spilled oil into Elliott Bay last year paid a $27,500 fine to the Washington Department of Ecology. OSM Ship Management’s payment resulted from the spill of an..
Online Published Date:
09 June 2008
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839 - 09 June 2008
Property damage and business interruption
14.5, Panama Canal slowdown
Panama: work slowdown by pilots who guide ships through the Panama Canal caused unprecedented delays and created a costly bottleneck for shipping companies. Some 250 Panama Canal pilots wanted a pay raise and formal work..
Online Published Date:
09 June 2008
Appeared in issue:
839 - 09 June 2008
Hannover Re
The negative overall underwriting result obscures the shift last year into underwriting profitability for the first time since 2004 by Hannover Re’s non-life division
Online Published Date:
09 June 2008
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839 - 09 June 2008
Foreign investors await approval to form first joint ventures
There are currently a number of representative offices of foreign companies in the country. So far, Japan’s Mitsui Sumitomo and Sompo Insurance have applied for approval to sell their products via joint ventures with Myanma Insurance, the only licenced insurer in the market. However, the country’s regulator appears to be in no hurry to process their applications
Online Published Date:
09 June 2008
Appeared in issue:
839 - 09 June 2008
AIG continues to head sharp fall in sector prices
As with the previous period, the travails of the world’s biggest insurer, AIG, were a big pre-occupation for the financial markets over the two weeks ending 29th May. This was despite the fact that AIG’s prospects received something of a..
Online Published Date:
09 June 2008
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839 - 09 June 2008
Slump in investment profits sends Chilean life insurers into the red
Premiums increased 21% but a downturn in investment income ended the first quarter with a loss of US$86.2mn
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09 June 2008
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839 - 09 June 2008
Aon and Marsh receive licences as market poised for growth
The developing market is driven by legislation for compulsory health and motor insurance and the potential for takaful
Online Published Date:
09 June 2008
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839 - 09 June 2008
Earthquake costs insurers US$31mn
The regulator has confirmed that almost 16,000 life insurance policyholders lost their lives in the disaster
Online Published Date:
09 June 2008
Appeared in issue:
839 - 09 June 2008
Motor insurance losses depress profits in early 2008
The motor insurance segment of the industry suffered a loss of $24mn in the first quarter of this year
Online Published Date:
09 June 2008
Appeared in issue:
839 - 09 June 2008
Ombudsman receives record rise in PPI complaints
Consumers are concerned about the sales practices behind their payment protection insurance policies
Online Published Date:
09 June 2008
Appeared in issue:
839 - 09 June 2008
Ageing population prompts support for compulsory pensions
Government funding, expected to be sufficient for 10 to 12 years of pensions, now has to last for 25 to 40 years
Online Published Date:
09 June 2008
Appeared in issue:
839 - 09 June 2008
European state support for terror risks takes pressure off market
Last year Belgium followed the trend when the government became the reinsurer of last resort
Online Published Date:
09 June 2008
Appeared in issue:
839 - 09 June 2008
Study links insurance cycle to reserving policy
Insurers use well-tested actuarial approaches to calculate reserves but there will always be a need for adjustments
Online Published Date:
09 June 2008
Appeared in issue:
839 - 09 June 2008
Europe life insurance market outpaces long term growth trend
The UK was the largest national life market, with premiums of E196bn • Fortis acquires 51% stake in ABN AMRO Verzekeringen
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09 June 2008
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839 - 09 June 2008
Program business attracts capital investment for new ventures
Merger and acquisition activity is expected to take-off in the current vibrant market
Online Published Date:
09 June 2008
Appeared in issue:
839 - 09 June 2008
Selling life insurance in rural India
India’s life insurance market is booming. From a single company a decade ago to 18 active players today, the market has grown at a healthy compound annual growth rate of 24% over the past five years. Most of this growth is coming from the urban areas. However, the increase in competition is forcing insurance providers to look beyond urban centers and take their trade to the more challenging rural hinterlands of the country, where only 3% of the population of more than 720 million people have any form of life insurance coverage. It is expected that the rural market will grow to a potential of INR78bn or US$1.95bn by 2015 from the current INR19.5bn or US$487mn. Here, Ravi Nawal
, an analyst with financial services technology research and consultancy firm, Celent, looks at a key aspect of tapping this immense market opportunity: distribution channels. Mr Nawal analyzes the current distribution models and provides a perspective on the models of the future
Online Published Date:
09 June 2008
Appeared in issue:
839 - 09 June 2008
Investing in security before disaster strikes
The Olympics is one of the largest global events, but unfortunately, the headlines often have little to do with the athletes’ performance on the field - The Munich massacre of 1972; the Atlanta bombing of 1996 and this year’s games..
Online Published Date:
09 June 2008
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839 - 09 June 2008
Colombia to transform healthcare provision
Existing social security subscribers will be switched to private sector styled system
Online Published Date:
09 June 2008
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839 - 09 June 2008
South Korea eases access for foreign insurers
Foreign companies will be able to set up local operations without prior approval
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09 June 2008
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839 - 09 June 2008
Genetics moratorium extended
Europe
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Willis put on RWN by Fitch
US
Online Published Date:
23 June 2008
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840 - 23 June 2008
Pacific Life elects new board chairman
US
Online Published Date:
23 June 2008
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840 - 23 June 2008
Changes in Partner Re’s global unit
International
Online Published Date:
23 June 2008
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840 - 23 June 2008
S&P positive on global multi-lines
International
Online Published Date:
23 June 2008
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840 - 23 June 2008
Security
3.6, piracy
Somalia: gunmen holding general vessel cargo Amiya Scan
(2546 gt, built 2004) off Somalia reportedly demanded a $1.1mn ransom for the vessel, a day after the United Nations Security Council gave countries the right to combat piracy...
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Aviation
27.5, crash, fatalities
Russia: nine crew members of a Russian An-12 cargo aircraft were killed when it crashed near the city of Chelyabinsk in the Urals region. The aircraft reportedly malfunctioned some 10 km from the airport. It was flying to the..
Online Published Date:
23 June 2008
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840 - 23 June 2008
Natural catastrophes
1.6, tropical storm Arthur
Mexico: two of Mexico’s three main crude oil ports were closed to shipping because of rough seas due to the proximity of tropical depression Arthur. Dos Bocas and Cayo Arcas ports were shut for shipping while a third..
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Marine
29.5, Duc Tri sinking, update
Vietnam: another body was discovered in tanker vessel Duc Tri
which sank off Binh Thuan coast not far from Ho Chi Minh City in March, killing 14 out of the 15 people on board. The badly decomposed body was taken to the..
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Liability, awards and settlements
4.6, Rezzak disappearance, investigation
India: general cargo Rezzak
, which disappeared in the Black Sea three months earlier, was allowed to sail with nearly 12 deficiencies, according to an interim safety investigation report by India’s..
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Property damage and business interruption
27.5, explosion, damaged pipeline
Turkey: natural gas supplies from Iran to Turkey were severed after an explosion damaged a pipeline between the two countries. The blast, the cause of which remains unknown, occurred 13 kilometres from the Iranian..
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
QBE Insurance Group Ltd
The group has literally outgrown its Australian origins and writes its business very much on a global basis. But, while QBE Australia now accounts for only 18.6% of the group’s gross premium income, it remains one of the most profitable divisions
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Gateway to the east for foreign insurance groups
The extension of the European Union has not had a major effect on the Austrian market, because a number of companies located in Austria have already been writing business in the new member states. Wiener Staedtische in particular has established subsidiaries in more than 13 eastern European countries and Austrian insurance groups, such as Uniqa and Generali, are growing more in eastern Europe than locally. Austrian businesses are very successful in establishing themselves in Eastern Europe, with which they share a common history and outlook, and Vienna is again becoming a gateway to the east
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Market depressed by oil price volatility and interest rate fears
The values of the insurance and reinsurance stocks tracked by WIR deteriorated further over the two week period ending 12 June. As in the previous period, the volatility of the oil price was a significant factor. Indeed, the price of crude oil..
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Ecuador acquisition almost completes Mapfre’s regional investment
Mapfre takes 60% stake in Seguros Atlas • Crop insurance expands in region • Colombian premiums rise • Uruguay delays new compulsory insurance rules •
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
MetLife faced with US$48mn unpaid tax bill
Clamp down comes at a time when foreign groups are showing a keen interest in the Japan’s investment management sector
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Regulator monitors local companies for sub-prime exposure
Insurers that derive a major part of their income from investment activity will come under particular scrutiny
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Government steps in to rebuild earthquake struck regions
However, the vast majority of the homeowners will have to rely on their own resources to rebuild their houses
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Macro insurance will mitigate cat risk: Swiss Re
Transferring catastrophic risk should be a key element in the strategy of every disaster-prone country, the reinsurer says
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Europe remains key for SCOR Life, despite global expansion
Two thirds of SCOR Global Life’s premium income continues to be sourced in Europe
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Higher cat losses impact Berkshire’s Q1 results
Overall market net premiums were up by just 1%, reflecting significant reductions in business volumes for some companies
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Death toll from tornadoes already setting new records
Tornado-related deaths stood at 111 as of 4 June, making 2008 the deadliest tornado season since 1998
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
AIG could sell Transatlantic Re
The new chief executive says nothing is off the table as a strategic review gets underway
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
The applicability of solvent schemes of arrangement in Germany
In 2007, a two part article* published in the German insurance journal Versicherungswirtschaft
on whether solvent schemes of arrangement are effective under German and EU law made a powerful case for casting doubt on the validity of such schemes under German law. Here, Vivien Tyrell
, a partner, and Nick Stern
, an associate, in the London office of law firm Edwards Angell Palmer & Dodge and Philip Heitlinger
, executive director at PRO Insurance Solutions, consider the arguments put forward in the Versicherungswirtschaft
article from both a commercial and legal standpoint
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Investing in pandemic preparedness
The first study to assess the impact of an influenza pandemic on individual companies was released by the Schulich School of Business at York University in Toronto last week. The study, “Making a case for investing in pandemic..
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Chinese ban to be lifted
Chinese insurers could be allowed to operate in Taiwan as a response to the improvement in Taiwan-China relations
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
VHI ready to go it alone
The health insurer is confident of complying with the 40% solvency requirement
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008