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..
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..
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..
Market regulation and supervision shaped by economic growth
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...
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..
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..
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..
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..
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..
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..
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..
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..
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..
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..
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..
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’..
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..
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..
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 (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,..
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..
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..
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.
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 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..
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..
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..
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 (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..
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..
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..
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.
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..
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..
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..
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..
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 &..
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..
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
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..
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..
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 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’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..
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).
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..
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..
Lloyd's and the Lloyd's Crest are trademarks of the Society incorporated by the Lloyd's Act 1871
by the name of Lloyd's