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Articles for October 2001
World insurance stock prices
#
12 October 2001
Company/group
Currency
2000 year-end
21/9/01
4/10/01
Change from
21/9/01 %
Capitalisation US$ mn
Source: iiudata
Ace
US$
42.44
20.95
34.11
62.8
7,915
AIG
US$
98.56
68.90
80.14
16.3
210,061
Allianz
€
398.60
218.00
250.75
15.0
56,560
Allstate
US$
43.56
31.75..
Company profile: Labuan Re
#
12 October 2001
After several years of declining premium volume, Malaysian offshore reinsurer Labuan Re increased gross premium income by 21% to US$41.5mn in 2000.
Premiums from overseas business jumped by 50.5% to $11mn, increasing the share of foreign..
Company profile: China International Re
#
12 October 2001
China International Reinsurance Company had a particularly good year in 2000, its 20th year of operation.
The company, which is based in Hong Kong and is part of China Insurance Group, saw its pretax profits rise..
London Re
#
12 October 2001
Canadian composite reinsurer London Reinsurance Group (London Re) managed to expand its business by nearly a third last year but its underwriting and pretax results suffered from significant losses on its accident/health (A&H) and Lloyd’s..
Egypt
#
12 October 2001
Market regulation and supervision shaped by economic growth
T
he insurance industry in Egypt started in the middle of the 19th century through the presence of agencies or subsidiaries of foreign (particularly British and French) insurance groups...
Strike Club
#
12 October 2001
Charting an independent course
The Shipowners’ Mutual Strike Insurance Association, known as the Strike Club, operates on the same cooperative principles as the rest of the marine protection and indemnity (P&I) market but is not in..
Are the terrorist attacks in the US one tragic event or a number?
#
12 October 2001
T
he insurance communities have given assurances that policy coverage issues from the US terrorist attacks on 11 September will be handled expeditiously and sympathetically, but there must be a risk that these assurances will pale..
Gan loses CIC links
#
12 October 2001
Groupama and CIC have confirmed they are unwinding the arrangement that linked insurer Gan (subsequently bought by Groupama) to CIC (which has since been bought by Banque Fédérative du Crédit Mutuel (BFCM)).
In the process Groupama..
Vietnamese nonlife market gathers speed
#
12 October 2001
After a weak performance last year, the nonlife market in Vietnam is showing improved growth for the first half of 2001.
Premium income increased by 19% in the six months, double the rate achieved in the..
Poor investment performance pressures AGF
#
12 October 2001
AGF was among a number of companies that cited the attacks on the US as a reason to refrain from making full-year profit forecasts when announcing its half-year results.
But in the case of AGF it..
Irish motor market in turmoil
#
12 October 2001
Companies may be forced to withdraw from the Irish motor insurance market if what are described as unsustainable losses continue, warns the Irish Insurance Federation (IIF).
A sharp deterioration in the motor account drove the country’s..
18 September – 1 October 2001
#
12 October 2001
Property and business interruption
20.9, collapse of hotel, fatalities
Turkey: a two-storey budget hotel in Istanbul’s commercial district of Aksaray collapsed, killing four people. About 30 hotel guests made their way to safety after the collapse of..
Company profile: Secura
#
12 October 2001
There was a significant deterioration in Belgian reinsurer Secura’s bottom-line performance in 2000 when a €8.5mn pretax profit was transformed into a €4.5mn loss. The downturn was due to adverse claims development on the 1999..
Country focus: Philippines
#
12 October 2001
Nonlife market contracts as fierce competition drives rates down
According to data recently released by the Philippines Insurance Commission (part of the Department of Finance) there were 112 insurance companies active in the Philippines nonlife insurance..
IUMI conference
#
12 October 2001
Marine underwriters increase rates in wake of US terrorist attacks
The retreat in the marine insurance market is well and truly over. Even before the terrorist upheaval in the US in September, the market had been..
Russia to offer state guarantees to airlines
#
12 October 2001
Russian aeroplanes bound for international destinations may be grounded if the government does not offer guarantees for insurance of risks against terrorist acts or war.
After hijacked aircraft struck the World Trade Center in New York..
Gerling/NCM merger set to benefit credit insurance sector
#
12 October 2001
Coface president and chief executive François David held out the prospect of improved premium rates in the credit insurance market for his group after the merger of Gerling and NCM.
The two companies – the fourth..
French insurance unions in disagreement over introduction of 35-hour week policy
#
12 October 2001
Local politics played a part in complicating the introduction of the 35-hour working week into the French insurance industry. France’s socialist-led government has designed the policy in an effort to reduce unemployment.
Last week the mutuals’..
Offshore financial centres come under fresh scrutiny
#
12 October 2001
Just when the Caribbean offshore insurance sector thought the pressure had been taken off the region with the removal of the Bahamas and Cayman Islands from the money-laundering blacklist, the 11 September terrorist incidents in..
State-influenced market expected to consolidate further
#
22 October 2001
The Greek government still retains participations in the two major banks which own the two largest insurers in the market
At the end of 2002 there were 72 insurance companies with a head office in Greece..
World insurance stock prices
#
26 October 2001
Company/group
Currency
2000 year-end
4/10/01
18/10/01
Change from
4/10/01 %
Capitalisation US$ mn
Source: iiudata
Ace
US$
42.44
34.11
36.86
8.1
8,553
AIG
US$
98.56
80.14
83.00
3.6
217,558
Allianz
€
398.60
250.75
255.00
1.7
61
Allstate
US$
43.56
37.60..
Company profile: Nemwil
#
26 October 2001
NEM (West Indies) Insurance, known as Nemwil, is the largest indigenous general insurer in the Caribbean. It saw its pretax profits rise by 60% to TT$44mn (US$7mn) in 2000. A significant proportion of last year’s..
Axa Corporate Solutions
#
26 October 2001
Axa Corporate Solutions (ACS) was created in 2000 following the merger of Axa Re, Axa Global Risks and Axa Cessions.
The new entity focuses on servicing large international corporations operating in hi-tech sectors such as energy,..
High cost of reinsurance hits Chilean insurers
#
26 October 2001
The Chilean Insurers’ Association has met with the local press to comment on the likely impact on the sector from the 11 September bombings in the US.
Association president Marcos Buchi expected premiums for certain types..
RSA increases its Asia-Pacific revenue
#
26 October 2001
The Asia-Pacific operations of Royal & SunAlliance (RSA) accounted for 14% of the group’s total business in the first half of 2001. The region’s contribution rose to £54mn (US$78mn), compared with £39mn during the corresponding..
State carrier in reinsurance premium scandal
#
26 October 2001
A scandal involving Philippines National Power Corporation (Napocor) and its insurer, Government Service Insurance System (GSIS), has rocked the local industry.
The allegations followed an examination of the utility’s books by London-based auditor Currie & Brown.
Napocor’s..
Asian states help airlines get insurance cover
#
26 October 2001
Airlines in Asia can look forward to support from their respective governments to meet the increased insurance costs after the attacks in the US on 11 September.
Airline companies in Singapore, Hong Kong, South Korea, China,..
RenaissanceRe boosts war risks capacity with new P/C venture
#
26 October 2001
RenaissanceRe will form a new property catastrophe reinsurer, with support from other industry players, to meet the demand for this kind of cover in the wake of the terrorism in the US. RenaissanceRe’s net exposure..
Government agrees with insurers on need for state-backed fund
#
26 October 2001
Insurers are looking to the US Congress to establish a US$10bn government-backed terrorism reinsurance pool along the lines of the UK’s Pool Re.
With losses from the World Trade Center disaster escalating, insurers and reinsurers are..
Göran Thorstensson: Cautious on the road to success
#
26 October 2001
These are challenging times for Sirius International Corporation, the reinsurance group owned by Swedish engineering, electronics and financial services conglomerate Asea Brown Boveri (ABB).
Sirius is no stranger to testing market conditions. Together with Folksam and..
Sampo finally abandons bid for Storebrand
#
26 October 2001
Finnish group Sampo has abandoned its bid for Norwegian insurer Storebrand.
First the Finnish company failed to obtain more than 81% of Storebrand stock. Norwegian law requires a bidder to obtain a 90% stake to proceed..
Axa Corporate Solutions raises industrial rates
#
26 October 2001
Axa Corporate Solutions (ACS) has indicated its premium rates for industrial risks will go up on average by between 35% and 80% in the coming year.
ACS chief executive Jean-Marie Nessi told a seminar organised by..
Hungarian government issues terrorism and war risks guarantee to national airline
#
26 October 2001
Hungary’s parliament has approved a government proposal to provide the ailing Malév Hungarian Airlines with a US$950mn guarantee against potential damages incurred by acts of war and terrorism.
Without the guarantee, Malév would have been forced..
US insurance association investigates Lloyd’s
#
26 October 2001
The US National Association of Insurance Commissioners has ordered an investigation into the estimated £6bn (US$8.5bn) gross liabilities that Lloyd’s faces in the wake of the World Trade Center attacks. Investigators based in the UK..
High-rise costs soar
#
26 October 2001
The cost of insuring high-rise buildings in the UK is expected to soar by 80% following the attack on the World Trade Center and the potential threat of further plane hijackings in the west.
Risk levels..
Scor calls for Europe-wide terrorism fund
#
26 October 2001
Jacques Blondeau, head of French reinsurer Scor, has called for the creation of a supranational European fund to cover the risks of terrorism. In the wake of the attacks on the US, which could cost..
Chemical factory explosion hits French insurers hard
#
26 October 2001
The explosion of the AZF chemical factory on the southwestern outskirts of Toulouse is expected to cost insurers up to €2.3bn (US$2.1bn), according to estimates published by the French insurers’ association, FFSA.
The accident occurred on..
Rising mould claims intensify for US insurers
#
26 October 2001
The rising level of mould claims continues to cause problems for insurers in the US. Many are considering the possibility of excluding mould damage from homeowners’ policies.
The Texas Department of Insurance has called for a..
2–15 October 2001
#
26 October 2001
Late reports
27.9, fire, explosion, injuries
Egypt: six people were critically injured after a barge set to carry them through the Suez Canal caught fire, exploded and sank while refuelling outside Suez port. The barge, a Ukrainian-registered..
Company profile: Aioi
#
26 October 2001
Aioi Insurance is the new name for the merged operations of Dai-Tokyo Fire & Marine Insurance and Chiyoda Fire & Marine Insurance. The merger, which took effect on 1 April 2001, makes Aioi one of..
Company profile: Asian Re
#
26 October 2001
Asian Re was established in 1979 by the United Nations Economic & Social Commission for Asia & the Pacific (ESCAP).
The company accepts reinsurance business from the insurance markets of member states and from other markets..
Market struggles to adapt to the stress and strains of liberalisation
#
26 October 2001
Singapore’s general insurance sector has seen considerable change since the market was liberalised and the 49% limit on foreign ownership of local insurance companies was abolished in March last year.
According to a recent Standard &..
Argentina ‘needs insurance fraud strategy’
#
26 October 2001
Between 20% and 50% of nonlife claims reported in Argentina are fraudulent. According to Carlos García Grossi, director of local consultancy Insurance Fraud Services, either claims are totally false or damages are padded.
Mr Grossi said..
Panama feels effects
#
26 October 2001
The international reinsurance market has advised insurers in Panama that new or renewed treaties will exclude terrorism risks, according to Luis Bandera, president of the Panama Insurers Association (Apadea).
Interviewed by local paper El Panamá América
,..
ING grows in Mexico
#
26 October 2001
Dutch financial services group ING has offered to buy the remaining 13% of Mexico’s largest insurer, Seguros Comercial América (Segcoam). ING already has an 87% stake in the company.
ING, which began the year with a..
Indonesian insurers come under scrutiny
#
26 October 2001
With several insurance companies in Indonesia facing financial problems, the Ministry of Commerce has decided to maintain a close check on the capital position of every player in the sector.
The Department of Insurance and the..
Blood donors covered
#
26 October 2001
Full insurance cover should be required under EU law to compensate blood donors who are accidentally injured or infected, the European Parliament has announced.
The issue is a potential problem as health insurance companies might resist..
CNP’s net profits rise
#
26 October 2001
CNP Assurances, the biggest personal lines insurer in France, reported net profits up by 18.4% to €219.5mn for the first half of this year. More impressively, the result was achieved on a reduced turnover down..
France to bring financial regulators together
#
26 October 2001
France’s insurance regulator, Commission de Contrôle des Assurances, and the country’s banking regulator, Commission Bancaire, are expected to sign a cooperation agreement before the end of this month.
The authorities regard this as desirable because the..
US banks report 22% increase in sales of insurance products
#
26 October 2001
Selling insurance and investment products is becoming increasingly popular with banks in the US.
Bank sales of insurance, including annuities, increased by 22% last year to US$45bn, according to the American Bankers Insurance Association (ABIA).
Bank sales..
St Paul opens representative office in Beijing
#
26 October 2001
St Paul has opened a representative office in Beijing. St Paul Re, the group’s reinsurance subsidiary has a well-established relationship with the Asian market, including reinsuring Chinese risks placed overseas.
St Paul Re chairman James Duffy..
Australia tightens up safety rules for space insurance
#
26 October 2001
In one of its last insurance decisions before the next federal election on 10 November, the Australian government has issued the most stringent safety rules to ensure Australian space launches pose negligible insurance risk to..
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