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Local groups look to regional market for growth
Vietnam, Laos and even Taiwan are targets for Japanese and Korean companies
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
Life insurers end two-year premium decline
Sales in March alone were up 22%, with the demand for life insurance driven by low interest rates on savings accounts
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
Eureko enters fresh PZU talks with Poland
The two sides have signed another agreement to avert arbitration proceedings over the ownership of Polish insurer PZU
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
Industry ‘strong in the face of adversity’ on multiple fronts
Sector’s net income would have been lowest for 20 years but for loss suffered in 2001 as result of World Trade Centre attack
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
New life insurance sales shrink by 6%
India’s state-run general insurance companies lost market share in 2008-9 to the private players
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
State banks will compete for life and non-life business
The insurance and banking regulators are likely to allow the Bank of China to open an insurer this year
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
Solvency II approved, minus controversial group rules
But concerns remain about amendments to the treatment of equity risk which the EU Internal Market and Services Commissioner warned could result in the introduction of “an imprudent regime” for investment in risk-based capital
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
Munich Re reduces stake in UK’s Admiral
The sale will contribute €107mn to Munich Re’s second quarter results after “gratifying rise” in Admiral’s share price
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
Bolivia launches single market regulator
Premiums from Bolivia’s insurers increased by 25% in 2008
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
BNP Paribas takes majority stake in South Korean insurer
Foreign players are continuing to increase their investment in Asia, despite the economic slowdown
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
US P&c companies distance themselves from AIG and life insurers
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
Foreign investment limit raised to 70%
Overseas insurers will also be allowed to hold majority stakes in takaful companies
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
Berkshire Hathaway
Although the Omaha-based investment holding company Berkshire Hathaway’s insurance and reinsurance operations delivered an underwriting profit for the sixth consecutive year last year (despite an increased level of catastrophe losses), 2008 was a tough year for the group with overall net profits slumping from $13.2bn in 2007 to $4.99bn. Consolidated revenue also fell by $10.5bn to $107.8bn. Losses of around $900mn from hurricanes Gustav and Ike resulted in a reduced underwriting profit of $2.8bn in 2008 for the company’s (re)insurance operations, Berkshire’s core business. This figure was $582mn, or 17%, down on the previous year’s surplus.
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
Government reluctant to privatise state-owned insurers
The increase in non-life gross written premium income in Tanzania in recent years (the market expanded by 29.7% in 2007) is attributed to a number of factors, not least the improvement in the economic environment that has inevitably led to more demand for insurance. In addition, the public is gradually regaining confidence in the insurance sector, together with greater compliance of the non-admitted insurance regulation by the business community. Although these regulations continue to be flouted, Tanzania’s Insurance Supervisory Department (ISD) is forging ahead with its programme to educate the public and increase its efforts to seek out and impose penalties on those not complying
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
AIU Holdings targets federal projects
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
World Loss Log: 31 March - 27 April 2009
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
Zurich Global Energy appointment
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
ITIC maintains loyalty credit
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
‘White listing’ puts Guernsey in pole position in China
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
Management of markets in diverse cultures
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
Tough times call for a new approach from insurers
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
Much reduced appetite for Brazilian business
The financial crisis, coinciding with several significant losses, have caused some reinsurers to withdraw capacity from the market
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
Majority of kidnapping incidents still occur in Latin America
Kidnapping is a thriving business that is more common than companies would like to admit. Statistics are difficult to gather because only about 10% of incidents are reported on average
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
RenRe gets Lloyd’s license
Online Published Date:
12 May 2009
Appeared in issue:
860/861 - 11 May 2009
Credit insurers defend industry against government complaints
Euler Hermes said buyers will be able to check ratings and credit guarantees from June
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
P/c insurance industry will emerge from financial crisis 3% smaller
Capital and assets could fall much farther and faster than many believe, taking years to return to 2007 peaks
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
The role of technology in a changing South African insurance market
The South African insurance industry is undergoing a serious makeover. Several insurers are investing heavily in changing their business models to reflect the new South Africa. According to Catherine Stagg-Macey, senior analyst at financial services technology consultancy firm Celent, this new landscape requires technology to move beyond policy administration systems and support innovative distribution and premium collection including mobile phone technology, voucher card, flexible billing options, improved product design, and management. Indeed, it is now clear that much of the microinsurance business sold will have to have a supporting IT infrastructure that has a different cost base to the existing monolithic systems. In order to do this, Ms Stagg-Macey argues, most insurers in South Africa will have to overcome legacy technology issues to support the changes in their business priorities
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
APRA turns focus to reform of life insurance rules
Proposals for an enhanced prudential regime will be based on the new prudential framework for general insurance
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
Economic downturn threatens UK growth trend
Statistics highlight changing trends for insurers, including longer life expectancy and pressures on healthcare
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
Regulator proposes tougher rules for brokers
Intermediaries in all financial sectors will have to be registered and comply with new disclosure rules
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
Generali outlook reflects financial crisis pressures
Concerns about the insurer’s capital strength has earned its ratings a negative outlook
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
Investment gains help markets defy financial crisis
Premium growth may have slowed but investment income restored earnings in both life and non-life insurance markets
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
L&G plans joint life venture with two local banks
Bank of Baroda and Andhra Bank have 4,000 branches between them and 40 million customers
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
Regulator takes action to protect Starlite’s policyholders
An external auditor says outstanding claims from the insurer, which is subject to a police investigation, total HK$272mn
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
World Loss Log 28 April - 11 May 2009
Late reports
24.4, strike ends
Pakistan: the pilots of Pakistan International Airlines (PIA) called off their seven-day strike after talks with the national carrier’s administration at the Defence Ministry. Flights reverted to the normal..
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
Arab Insurance Group (Arig)
Last year was much less punishing in underwriting terms for Arig, the Middle East’s biggest indigenous reinsurer, than 2007. This is despite continuing soft reinsurance market conditions in the Gulf region and despite two large property losses totalling $11.0mn in the United Arab Emirates in 2008. Arig says that this year is looking much better, despite the slowdown in the regional construction sector. Investment and technical losses by reinsurers means that there is now significantly less alternative capital in the market, particularly for reinsurance programmes with catastrophe exposures which should benefit Arig due to its regional stature and its position as a proportional treaty reinsurer. According to Arig, none of the foreign reinsurers which entered the Gulf region in 2008 has so far developed the momentum to even to begin to threaten its business.
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
Market loses ground but sense of optimism remains
With a few notable exceptions, the values of the insurance and reinsurance stocks tracked by WIR generally declined over the two week period ending 14th May. However, the deterioration was nowhere near as steep as during the first two, traumatic..
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
IAIS calls for simpler accounting
With the aim of improved transparency and comparability in financial standards, the International Association of Insurance Supervisors (IAIS), encouraged by the latest G20 recommendations, has called on other regulatory bodies to reduce accounting..
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
UK should reform LTC
A new model for the funding of long-term care for older people is needed in the UK, delegates at the Actuarial Profession’s Health and Care Conference in Glasgow heard. University of Birmingham’s Health Services Management Centre..
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
Nippon Life acquires AIG site in Tokyo
American International Group, Inc (AIG) has sold its prime real estate holding in Tokyo for $1.2bn in cash to Nippon Life Insurance Company. For AIG, the sale realises a significant proportion of its asset disposal programme to help restore its..
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
US cat renewals trend
While US catastrophe risks do not feature heavily in the April 1 reinsurance renewals, the deals that did occur saw a continuation of the trends seen in January. In its analysis of the April 1 reinsurance renewals, reinsurance intermediary Aon..
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
Northeast US “overdue” hurricane
The Northeast region of the US is “overdue” a major hurricane, warns rating agency and analyst AM Best. The area has avoided a major storm since 1991 but AM Best said losses from a category 2 or 3 storm “would be significant..
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
Validus offers cash for IPC
Bermudian firm Validus Holdings has revised its offer for IPC Holdings and has introduced a cash element to try and persuade IPC shareholders to vote against the rival Max Re deal. Validus Holdings said it will offer IPC shareholders $3 in cash and..
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
Swiss Re and XL begin rebuilding balance sheets
Swiss Re’s travails do not appear to have inflicted serious damage on client confidence but doubt over XL Re’s security is reflected in a 30% premium drop
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
Market with considerable room for expansion
The life insurance market in Slovenia continues to be dominated by the quasi-privatised former state company, Triglav, which in 2007 had a market share of 43.6%. (The company was privatised in September 2008 when its shares were listed on the..
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
Hannover Re scales back in US
The reinsurer is reducing its exposure in markets where rates have been slow to harden
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009
The key challenges in a difficult economic climate
What will be the impact of the economic crisis on the insurance and reinsurance markets and how should they respond to this unprecedented challenge which, for the insurance and reinsurance companies themselves, includes reduncies, cutbacks and..
Online Published Date:
28 May 2009
Appeared in issue:
862 - 25 May 2009