Swiss Re UK increased its gross premium income by 51% to £173mn in 1999. Although this increase reflects the high number of multi-year contracts that the company had entered into over the previous two years,..
Toa Re and the Japan Earthquake pool were the only professional reinsurers in Japan until the market was deregulated in 1998. But despite the entry of foreign reinsurers into the Japanese market, Toa Re remains..
GeneralCologne Re Europe (part of the Berkshire Hathaway-owned General Re Group) produced a consistent run of profits over the last six years, but like most reinsurers floundered in 1999 as a result of falling premium..
Rating agency downgrades over the last three months focused, in the main, on companies that are going into run-off namely Unionamerica and certain subsidiaries of Odyssey Re. Upgrades were handed out to two Bermudian operations,..
Swiss Re have launched a new website designed to ensure that insurers are equipped with the latest tools available to assess earthquake risks. The site provides information about recent developments in seismological research that Swiss..
Through subsidiary Munich American Reassurance, Munich Re has extended its reach into the US life reinsurance market by acquiring the life reinsurance unit of US insurer CNA. The deal also includes the AgoraRe.com life reinsurance..
After some expectation, the American International Group has filed an application for a license to operate a general insurance business in India.
Its chosen partner is one of the country’s largest companies, the Tata group of..
The Chartered Insurance Institute (CII), which last week staged its annual conference in London for the first time in a decade, not only took the opportunity to celebrate its achievements as a professional body, but..
Lebanon has the reputation of being one of the most unregulated and undisciplined insurance markets in the world. The market is easily as chaotic as the one in Saudi Arabia where insurance legislation (including the..
According to the figures put out by the Insurance Services Office (ISO) and the National Association of Independent Insurers (NAII) for the first six months of 2000, the US property/casualty industry remained burdened by overcapacity...
In a first for protected cell companies based in the leading UK offshore domicile of Guernsey, the Royal Bank of Scotland has transacted a capital markets deal to eliminate the bank’s credit risk to an..
Two Canadian insurers emphasised their commitment to the Indian insurance market last week. Canada Sun Life Assurance and Lombard Canada will enter the life and non-life markets respectively through joint venture partnerships with local industrial..
The chairman of the US House Ways & Means Committee, Bill Archer, has denied reports that Congress is imminently set to reintroduce a bill that would tax companies that reinsure a large portion of their..
17.9, floods, fatalities
Guatemala: floods and mudslides from 4 days of torrential rain wrecked buildings and bridges and swept through villages leaving at least 20 people dead and dozens injured. Authorities evacuated more than 200..
Gerling Kredit, the Gerling reinsurance group’s credit insurance subsidiary is looking to add another e-commerce initiative to its portfolio in November. This month, it presented Trusted Trade, which comes in addition to Trusted Shops unveiled..
Swedish insurer Folksam is planning a financial portal for the Internet through which it will offer insurance policies as well as banking and investment services such as pensions.
The company has been talking about starting a..
Algeria’s parliament is reported to be considering further reform of its insurance laws to allow banks to issue insurance policies. The move would represent the most significant change to the Algerian industry since the abolition..
The tribunal set up by the General Insurance Association of Singapore (GIA) to resolve motor third party property claim disputes last week received overwhelming support from the 38 insurers in the market as well as..
South Korea will return to the partial deposit insurance scheme that it operated before the financial crisis; it will open again in January.
The current scheme, which guarantees all bank deposits in full, was implemented to..
Last week’s testimonies by insurers’ organisations before the US House of Representatives Commerce Subcommittee on Finance and Hazardous Materials, emphasised the extent to which the regulation of the US insurance industry will be transformed in..
Signal Iduna, the mutual group which sprang from the merger of Signal, Dortmund, and Iduna Nova, Hamburg, is having talks with other mutuals over further mergers, chief executive Reinhold Schulte confirmed to WIR
. This follows..
India’s biggest domestic airline, Indian Airlines is faced with a huge 65% increase in its insurance premium for the current year.
This follows increased losses and a general hardening of the aviation reinsurance market. A major..
The US$20,000 donation to the Central America nation of Belize from the Organisation of American States (OAS) for immediate relief following the passage of hurricane Keith last week, once more raises the question of how..
Producers Lloyd Insurance Company and the Rural Community Insurance Company (RCIC), have become the first insurers to have their plans to sell crop insurance over the internet approved by the US Department of Agriculture (USDA)..
Kemper Insurance is to take on the renewal rights of the five Superior National Insurance companies, currently in conservation, on what it calls “a profitable basis” after receiving the final nod from the California Department..
The liberalisation of the of the state-run Iranian insurance market is entering a new phase. The Central Insurance Council of Iran (CICI) is to recommended to the Iranian Parliament that private insurance companies be allowed..
Ping-an Insurance and the China Construction Bank have signed an agreement to develop jointly their e-commerce businesses. Both companies have already made considerable investments in setting up their individual internet and IT infrastructures.
The bank currently..
The European Commission (EC) will make its third attempt in 10 years to transform EU pension fund regulations. This week the EC embarks on a two-year process to persuade member countries that the rules on..
Around 60% – 70% of US insurance companies currently rated by AM Best, and that includes almost all major property/casualty groups, could shed capital without risking their current rating level. And almost 50% have capital..
A survey of US property/casualty insurers commissioned by the National Association of Mutual Insurance Companies (Namic) has identified a high level of dissatisfaction with agencies rating the industry. The participants, 95% of which had a..
Axa Global Risks (UK) had a difficult year in 1999, partly as a result of exceptionally large losses on its property portfolio as well as the depressed market. Commenting in the company’s annual report, chief..
The reasons why the Arab insurance market is attractive to international reinsurers are not immediately apparent. For a start, it is conspicuously small compared with other emerging insurance markets. The Arab market’s premium income of..
Motor losses remain the preoccupation of Irish insurers. Figures just released by the Irish Insurance Federation (IIF) show motor accounted for more than two-thirds of the I£211mn total non-life underwriting loss in 1999. IIF president..
While the soft catastrophe reinsurance market has ended – or is at least ‘temporarily suspended’ – rates are in no hurry to climb. And the extent of increases depends on geography. So says reinsurance broker..
Bermudian reinsurer PartnerRe has announced the replacement for outgoing chief executive Herbert Haag, who retires at the beginning of December. His successor is Patrick Thiele, group development director for CGNU. Mr Thiele, who was also..
London-based Ace subsidiary Ace Global Markets has formed a new subsidiary to write business in the UK colony of Gibraltar. The new company, Ace Gibraltar, will write a range of products aimed at both the..
Canadian financial services company Trilon is spending US$200mn to set up a new reinsurer in Bermuda. Imagine Re would be a so-called ‘second-generation’ finite reinsurer paying special attention to asset management, it said. The two..
lthough the main aim of the Multilateral Investment Guarantee Agency (Miga) is to facilitate economic development in the world’s poorest countries, it is no charitable institution.
WIR profiles the political risk insurance arm of the..
The head of QBE’s European operations, Bob Grant, has resigned following a disagreement with Sydney-based chief executive Frank O’Halloran. QBE said in a statement that the two had clashed over the future management of the..
Money and pension manager Skandia sees great potential in the Japanese market. The company’s sales there have already risen 300% to SwKr400mn (US$40mn) in the first six months of this year.
However, the result is a..
German industrial insurers are confident they will stop the five-year slide of prices and conditions in the 2000 renewals. They have made a good start in the motor fleet sector where the market has tightened..
The Gerling group’s Lloyd’s subsidiary – Gerling at Lloyd’s – has launched an internet-based trading system for oil cargo insurance. Gerling at Lloyd’s chairman Felix Zaccar said that the new system, called Oilsure, was a..
Swedish pension company SPP, which is planning to sell its life subsidiary SPP Liv and its fund subsidiary SPP Fonder, is imposing a number of conditions on potential buyers.
One of the main conditions is that..
UK life company Prudential has formed its third office in the Chinese city of Guangzhou, in the prosperous southern province of Guangdong.
Prudential’s partner in the venture will be the state-owned China International Trust & Investment..
German insurer Allianz is to pay up to US$2.1bn to acquire US asset manager Nicholas-Applegate. The acquisition will bring Allianz’s assets under management to $750bn, an increase of around $150bn since 30 June this year.
1.10, fire, property damage
Taiwan: a fire broke out at a factory of Wus Printed Circuit inside the Kaohsiung Export Processing Zone, causing at least NT$50mn (US$1.5mn) in damages. The damage meant the plant had..
Despite its name, Muslim Insurance Company is not an Islamic or takaful insurer. Listed on the Karachi stock exchange, the company is run along strictly conventional lines, but with enviable success.
A non-life insurer, Muslim Insurance..
Established in 1971 by an act of parliament to oversee the development of local insurance, Bimeh Markazi Iran today functions as both the country’s insurance regulatory authority and official reinsurer. All insurers in Iran are..
The Multilateral Investment Guarantee Agency (Miga), part of the World Bank group, provided a US$23.3m guarantee for a Coca-Cola plant in Bosnia. The five year guarantee which covers the plant against currency transfer restrictions, expropriation,..
Gibraltar’s trade and industry minister has confirmed that the domicile will comply with the standards required by the Organisation for Economic Co-operation & Development (OECD) to avoid being named as an uncooperative tax haven when..
WIR looks at the contrasting approaches towards genetic testing by insurers in the UK and Australia.
Insurance companies are to be allowed to use genetic tests when assessing life and health insurance applications in the UK..
Many of the funds taking part in Sweden’s complementary premium pension plan (PPM) failed to take account of inflation and exchange rate risks, the head of Sweden’s National Debt Office, Thomas Franzen, told the newspaper..
India’s government has taken the first step towards spinning off the four subsidiaries of the state-run General Insurance Corporation. Last week it issued a notification raising the authorised share capital of each of the four..
One of the smaller German reinsurers, Gothaer Rück (Gothaer Re) has mustered all its courage and set up what it believes is the world’s first neutral reinsurance exchange on the internet.
The facility, called Reway, should..
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