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IBA expands risk advisory services
The International Bureau of Aviation (IBA), the independent industry body which provides business analysis and risk advisory services to the aviation industry, has extended its offering to provide asset and lease management support services to..
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Amlin Plc
Along with the challenges presented by catastrophe losses and investment asset impairment in 2008, the two other clear themes in the Amlin annual report were the positive impact of favourable foreign exchange gains and the need to balance the inherent volatility of its catastrophe exposed business with the more predictable, if sometimes attritional, results of such lines as UK commercial motor, liability (including professional indemnity) and aviation insurance
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
World Loss: 12 May - 25 May, 2009
Late reports
10.5, crash, fatalities
Russia: The governor of the Siberian region of Irkutsk was killed in a helicopter crash. The wreckage of the US-made Bell helicopter in which Igor Yesipovsky was travelling was found around 55 miles away from..
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Willis argues case for aviation product makers
Aerospace product manufacturers are bearing a disproportionate share of aviation market premium, according to a new report from Willis Aerospace. Indeed, Willis criticised insurers for holding the line on further rate reductions for the sector in..
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
AIG completes sale of Tokio property
American International Group, Inc. (AIG) completed the sale of its prime real estate holding in the Otemachi District in Tokyo to Nippon Life Insurance Company. Under the terms of the agreement, Nippon Life Insurance Company paid approximately $1.2..
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
QBE appoints regional infrastructure manager
QBE Europe has appointed Stephen Slingsby as General Manager Operations, European Markets. This is a new role within the European business and Mr. Slingsby will focus on managing the business processes and infrastructure for European Markets. He..
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Fire departments constraint by budget cuts
A survey of US fire departments sponsored by the Fireman’s Fund, a subsidiary of Allianz Group, found that the current economic crisis is negatively impacting fire departments in the state of Illinois which are significantly constrained by..
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Vikas Newatia, Managing Director, EMB India
The Indian insurance market has made significant progress since it was liberalised just over a decade ago. Indeed, over the last six to seven years, the private sector companies’ share of the market increased from 4.0% percent to 40.0%. However, the foreign direct investment limit in the insurance sector is confined to 26.0%, despite earlier indications by the authorities that this would be raised to 49.0%. Here, Vikas Newatia, Managing Director of actuarial firm EMB India, addresses a number of issues including the nature of the competition between the private sector and the more established public sector companies, the possibility of the FDI limit being raised, the nature of the opportunities in the market for foreign companies as well as changing attitudes in the market towards rate cutting, pricing, and reserve setting
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Regional newsroundup Chilean pension companies’ profits driven by improved performance on the investment front
Chilean pension companies increased their operational profitability during the first quarter of 2009. However, the poor returns by funds under their management provided little comfort for subscribers
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Insurance Coverage For Swine Flu Claims in the US
As the world braces for a Swine Flu pandemic, the first concern of every business is the safety of their workers – and customers, if they’re in the hospitality industry or another business that draws people into physical proximity to one another. Here, Diana Shafter Gliedman, Marshall Gilinsky and Rhonda D. Orin, attorneys in the New York and Washington D.C offices of law firm, Anderson Kill & Olick, consider key issues likely to arise from claims under standard business insurance policies in the US in the event of a Swine Flu outbreak. All three attorneys specialise in insurance recovery litigation on behalf of policyholders, for which the firm is nationally known in the US
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Extreme weather losses behind five-fold rise in insurers’ claims levels
Australia’s private sector insurers grappled with slow premium growth during the twelve months period ending June 2008. Underwriting profits, not surprisingly, were down sharply as a result of the increased claims experience
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Move towards Systemic Risk council for Europe
The role of a such a body would be to monitor and assess risks to the stability of the European financial system. The idea is to provide an early warning system for future crises
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Government freezes contributions to pension fund for 10 years
In the present financial situation, the state would have to borrow to meet its annual $2.0bn obligation to the ‘Super Fund’
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Life insurance sector growth up by 10.0%, but uneven performance by individual companies
The slowdown in personal income growth, combined with the massive fluctuations in Chinese equity market values are leading to major changes in life insurance company marketing and investment strategies
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Insurers flounder as other industry sectors prosper
The values of the insurance and reinsurance stocks tracked by WIR continued their decline over the period ending 28th May, the second successive downturn for the sector since the market rallied so vigorously since the end of March; a market, which..
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Budget proposal introduces uncertainty for commercial p&c market
A US government move to progressively scale back the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA 2007) could have a negative impact on the commercial property/casualty insurance market, according to insurance intermediary Aon • TARP approval for life insurers viewed as positive by Fitch
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Insurers deny unclaimed life insurance benefits slur
France’s insurers have been stung by suggestions that they are sitting on millions of euros due against unclaimed matured life insurance contracts
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
The end of light touch regulation
The UK banking industry faces huge challenges and the recent Turner Review proposals amount to a revolution in the UK’s approach to the regulation and supervision of banks, investment banks and shadow banks. According to the author of that..
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
A challenging environment with undoubted potential
The decades long conflict between the Tamil Tiger movement and the Sri Lankan government has slowed down the pace of economic development and inhibited the growth of the insurance sector in the country. Despite the recent capture by government..
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
UK insurers urged to prepare for climate change
A new report from the UK Climate Impacts Programme (UKCIP) said that the UK can expect greater rises in sea levels and heavier rainfall in winter as a result of climate change. In the south of the country – under a medium-impact scenario - the..
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009
AIG sells part stake in reinsurer Transatlantic
The divestment is part of AIG’s efforts to sell assets and repay government money that allowed the insurer to stay afloat
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009
New health insurance levy causes further rift amongst market players
VHI welcomed the levy, which offsets the cost of insuring older policyholders, but its competitors were critical of the EU ruling
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009
LTC sales hit by economic downturn
Fewer long term care policies are being sold and new policyholders are paying less
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009
NZ firm forecasts return to profit in 2010
Despite reporting its second consecutive annual loss, Geneva Finance, one of New Zealand’s growing number of troubled finance companies, hopes to be back on track next year. In April last year, the company froze deposits worth NZ$138mn from..
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009
Optional federal charter for US life insurers
The Administration of President Barack Obama is in the process of finalising proposals for reforming the United States’ financial regulatory structure. The aim of the reform is to avoid a similar financial crisis to the recent one. The American Council of Life Insurers (ACLI) is strongly in favour of the inclusion of an optional federal charter for insurers to assure that the resulting regulatory structure operates effectively with respect to all segments of the US financial services industry. The US insurance sector is currently regulated at the individual state level. Here, in a letter sent to US Treasury Secretary Timothy Geithner earlier this month, Frank Keating, president and chief executive of the ACLI, outlines the ACLI’s argument for the inclusion of an optional federal charter for insurance in the Obama administration’s plan for financial services regulatory reform
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009
Changing the structure of natural catastrophe cover
In 2007, France ranked fifth in the world and third in Europe in terms of non-life premium income, behind the USA, the UK, Japan, and Germany. In recent years, there have been a number of important developments in the market. For example, the French postal service was allowed to distribute non-life insurance products from January 2009, after the expiry of a ban which had lasted for several years. The post office is now expected to become a significant force in the distribution of mass market insurance products such as household and motor. The French government has also proposed modifying the natural catastrophe insurance scheme so that more of the risk is borne by the insurance sector. This change would be far-reaching and contentious, both because of allegations that flood plains have been unwisely used for construction and because of the difficulties in dealing with the subsidence risk
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009
Stock market falls will change behaviour, Moody’s
Insurers in the Middle East are likely to respond to the global financial crisis by focusing their efforts on underwriting and ‘core’ businesses, protecting their balance sheets and enhancing risk management in order to limit exposure,..
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009
Florida cat reinsurance renewals fall short of expectations
The 15% rate increase at the June renewals compared with a decline of 15% last year
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009
Chile’s pension fund managers struggle to recover losses
Total assets held by pension managers were over 11% down on the year, despite stock market gains and positive Q1 earnings
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009
Insurers oppose plan to remove exemptions from EU competition law
Under the Commission’s proposal, only two of the existing four Block Exemption Regulations will be renewed
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009
Trends in Asian insurance 2009
Asia is the world’s most rapidly growing economic region. Many Asian countries recorded high economic growth rates before the global crisis. Generally, the majority of the countries in the area produced GDP growth rates of between 4% to 8%. China has the fastest growth, over 10%, while growth rates for India and Vietnam were between 8% and 10%. However, the financial crisis in the US and Europe has seriously impacted economic development in the region with the result that personal saving rates have declined and the demand for insurance products has weakened. According to Weli Yuan, senior analyst in the Asia Research Group of technology research and advisory firm, Celent, the global economic downturn is producing a number of changes in the regional market. These include a shrinking demand for non-life insurance products, while an increasing number of life insurers are now offering basic protection and health insurance products in order to attract the attention of customers. With unfavourable insurance investments, in particular, and the global financial crisis more generally squeezing insurers’ profits, companies, in addition to increasing the prices of some insurance products, are also seeking effective ways to lower expense ratios and operating costs to remain profitable. Insurers are also paying much more attention to risk management. The trends discussed in this article reflect Celent’s view of the market based on ongoing discussions with the industry, and based specifically on interviews with Asian chief information officers at the end of 2008. These interviews covered new project spending, as well as details around budget allocation, architecture strategy, standardization, web services and SOA, and the insurance IT vendor market.
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009
Validus closes in on IPC
A combined Validus and IPC would have shareholders’ funds of $3.6bn which would put it in the same league as Arch Capital and RenaissanceRe
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009
World Loss Log 26 May – 8 June 2009
Late reports
20.5, crash, fatalities
Indonesia: local air investigators sifted through the charred remains of a military transport aircraft which crashed into homes and burst into flames, killing at least 99 people. Investigators were trying to..
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009
Irish insurers under fire
Consumer groups object to double-digit rate increases in a falling property market
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009
Regulatory and legal reforms keep pace with global change
By most measures, Chile is regarded as the third largest insurance market in Latin America. It is widely considered to have the most stable market and political environment in the region. These advantages, however, are significantly counterbalanced, according to M. Machua Millett*, by the relatively high costs of doing business in the market and the country’s mature insurance market, as reflected by the region’s highest insurance penetration rate of 6%. Given the maturity of Chile’s insurance market and regulatory scheme, it is not surprising that the market’s two most significant trends mirror efforts underway in the United States and Europe: the move to modernize the country’s insurance laws and theinitiatives to reform the solvency rules and capital requirements for the sector
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009
Axa and MACIF roll out micro insurance project
A pilot scheme to provide insurance for business start-ups will be extended to the whole of France
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009
Catastrophe pool costs fall to lowest level in three years
Members of the CCRIF pool have increased coverage for hurricanes and earthquakes
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009
National Indemnity backs XL’s D&O policies
Berkshire Hathaway’s National Indemnity has agreed to provide guarantees on directors and officers insurance policies offered by XL Capital Ltd’s global insurance unit XL Insurance. “Given today’s business climate, we believe..
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009
Transatlantic Holdings Inc
Operating conditions last year were even more challenging for the group then the positive net profit result, which was boosted by a tax benefit of $99.0mn, suggests. Besides the challenges on the investment front, there was a marked increase in TRH’s loss experience. The latter was in part due due to damage caused by Hurricane Ike, which despite being only a category 2 storm, produced one of the highest insured loss figures in US history. In addition, many of the group’s core casualty reinsurance lines saw a deterioration in pricing despite an increase in claims experience over the cause of the year
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009
Harmer to leave Aon UK
Aon UK’s chief executive officer Peter Harmer is to leave his post after deciding to return to his home country, Australia. Mr Harmer joined Aon UK in January 2007 and since then he has been credited with driving change at Aon Risk Services in..
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009
Travellers displaces Citigroup on Dow as insurers stage recovery
The values of the vast majority of insurance and reinsurance stocks tracked by WIR rebounded strongly over the two week period ending 11, June.
The recovery, which comes after significant declines over the previous month, brought the insurance..
Online Published Date:
23 June 2009
Appeared in issue:
864 - 22 June 2009