05.01, flooding fatalities
Philippines: at least seven people were killed and many more reported missing after heavy floods in Davao. Unseasonal rains caused at least six bridges to collapse, cutting the town’s links to neighbouring..
Based in Dublin’s International Financial Services Centre, London Life & General Re (LLGRe) provides life, traditional and finite property/casualty, and accident and health reinsurance products to the London, continental European and Asian markets.
The company, 100%..
At the beginning of 2001 Swiss Re consolidated its European nonlife businesses into one entity by merging its Bayerische Rück (Bavarian Re) and Europe divisions.
Bavarian Re was renamed Swiss Re Germany in July last year..
India’s oil companies, with the help of general insurers in the local market, are adopting more proactive and innovative approaches to obtaining cover for power and energy risks.
The state-owned general insurers are negotiating with four..
• Truck hijacking in Colombia
fell by 41% during 2001, according to the latest figures released by the police. The value of hijacked commercial goods amounted to Col$55.3bn (US$24.8mn) in 2001, 34% less than in..
Dutch insurance group Aegon has disposed of its shares in Mexican life insurer Seguros Banamex Aegon and in pension fund manager Afore Banamex Aegon to a local subsidiary of Citigroup of the US for US$1.24bn.
Mexico’s Federal Competition Commission (CFC) has shortlisted four companies to bid for state-owned insurer Aseguradora Hidalgo (Ahisa) as the government steps up its efforts to transfer the company to the private sector.
Ahisa has a 50%..
The Hungarian insurance market is getting increasingly competitive with the entry of new players into the market and the tendency among existing players to increase their range of products.
The two newest entrants are both subsidiaries..
UK group Cox Insurance Holdings is looking to end its involvement in the Lloyd’s market after revising its exposure to the 11 September attacks from £67mn (US$95mn) to £125mn.
Rating agency Moody’s has placed the group’s..
French banks’ life insurance premium income was down by 9% last year, according to preliminary figures extrapolated from data collected during the first 11 months of last year. This was a slightly worse performance than..
Munich Re has announced it holds a 10.4% stake in Commerzbank. This makes the reinsurer the biggest single shareholder in the bank, the fourth largest in Germany.
The news has encouraged fresh market speculation about the..
Russia-based mortgage bank DeltaCredit Bank, which is backed by the US government, has signed a strategic partnership with AIG’s Russian branch to provide life insurance for all of DeltaCredit’s clients.
AIG Life general manager Alexander Zaretsky..
French reinsurer Scor is anticipating a loss of around €250mn for 2001 but is hoping for a significantly improved performance in 2002 based on the fact that premiums for big industrial risks are rising.
French insurer AGF, part of the Allianz group, has closed OKassurance.com, its internet site selling insurance policies.
Outstanding policies will continue to be managed by the company.
AGF said the decision was the result of weak growth..
A near doubling of liability insurance premiums in two years has provoked a strong reaction from Irish business.
IBEC, its representative organisation, said some companies can no longer afford cover and could go out of business...
The Swedish insurance market’s total gross premium income grew by 17.2% to SKr153.4bn (US$14.6bn) in 2000, according to the latest figures released by the Swedish Insurance Federation.
In line with the broader trend in western Europe,..
In a move to boost local companies’ investment income in the current low interest rate environment, Malaysian insurance regulator Bank Negara has reduced insurers’ minimum investment levels in government bonds from 20% to 10% of..
The Philippine Department of Finance, which acts as the country’s insurance supervisory authority, has raised the minimum paid-up capital for life and nonlife insurance companies from P10mn (US$195,000) to P50mn.
The new capital requirements will be..
The performance of the Japanese nonlife insurance market, the second largest in the world with gross direct premiums of ¥11,369bn (US$102.5bn), very much reflects the struggle of the broader economy, which has been in recession..
The Western Australian state government has introduced legislation to protect workers and employers caught by insurance problems arising from the 11 September terrorist attacks in the US.
In the wake of 11 September, international insurers indicated..
The indications are that the health insurance sector is about to take off in India.
The authorities have granted ‘in principle’ approval to seven health insurance third-party administrators (TPAs), service companies that extend operational support to..
A New Zealand District Court judge has strongly criticised state-owned Accident Compensation Insurance Corporation (ACC) for spending NZ$4,000 (US$1,700) trying to recover $30 it claimed it was owed by a policyholder. ACC engaged two lawyers..
Members of the Argentinian Insurance Association (AACS) have met to consider how the market is likely to adapt to the new macroeconomic environment, particularly the effect that the emergency legislation will have on the industry...
The US insurance industry’s appeal to Congress for federal support in the event of another large-scale terrorist attack has lost much of the momentum and moral authority that made it seem a done deal in..
The Democratic-controlled US Senate is debating whether to reauthorise an expiring nuclear accident insurance law amid disagreement that it provides adequate protection for US citizens from intentional or accidental nuclear disasters.
The Price Anderson Act has..
Reform of EU legislation on public procurement will update the rules requiring public bodies to seek competitive bids for the supply of goods and services – including insurance.
Commissioner Frits Bolkestein, responsible for ‘single market’ affairs,..
The Euronext stock exchange, created by the merger of the Amsterdam, London and Paris exchanges, has launched a series of weather indices.
And it intends in the medium term to introduce a series of derivative contracts..
The Caribbean insurance industry has greeted with relief the prediction by US National Oceanic Atmospheric Administration (NOAA) officials that 2002 is shaping up to be an El Niño year. El Niño, the warm Pacific Ocean..
Founded in 1986, financial reinsurer Luxembourg European Re (Lureco) is a subsidiary of the US-based General Electric (GE) industrial and financial conglomerate.
The company was taken into the GE fold in June 1999 when ERC Life..
The last three years have been the most challenging period in the 145-year history of the London-based Salvage Association, the maritime casualty survey organisation in the process of rebranding itself.
Until 1999 the Salvage Association comfortably..
Demand for terrorism cover is increasing in Asia. In Kuala Lumpur, Malaysia National Re (MNRB) has introduced a new policy to provide cover for properties and business interruption risks.
In India the General Insurance Corporation is..
The China Insurance Regulatory Commission (CIRC) is shifting its focus from the market behaviour of foreign insurers to their capital strength.
The commission is also refining the present system of supervision.
The announcement comes in the wake..
German chemical manufacturer BASF has confirmed plans to set up a reinsurance company. A spokesman responded to reports in the German press by saying BASF’s plans were at a very early stage.
A report in Süddeutsche..
Credit insurance is now a core business for AGF (Assurances Générales de France).
Company president Jean-Philipp Thierry used words to this effect when he announced that AGF’s credit insurance subsidiary Euler would pay €535mn (US$463mn) to..
The collapse of energy trader Enron has greatly affected several large insurers, with investment exposures totalling more than US$3bn in the fourth quarter of 2001, according to a statistical study compiled by rating agency A..
Despite facing heavy losses from damages wrought by tropical storm Allison in April last year, from 11 September and more recently from its surety bond exposure to Enron, the Chubb group is confident about its..
Last year was something of a trauma for the French insurance industry, according to Denis Kessler, president of the Fédération Française des Sociétés d’Assurances (FFSA) when he unveiled the preliminary industry figures for 2001.
19.01, damage, failed rescue
Belgium: general cargo vessel Hawk Arrow
(28,092 gt, built 1985), travelling inbound to Antwerp, struck the north wall of the channel while entering the Kallo Lock. In an attempt to prevent..
Kenya-based East Africa Re, which derives 90% of its premium income from the Comesa region (Common Market for Eastern & Southern Africa), saw gross written premiums grow by 34% to a new high of KSh304mn..
The General Insurance Corporation of India (GIC) saw a significant rise in its premium income for the year ending 31 March 2001.
Net written premiums rose by 16% to Rs21.9bn (US$469mn). A substantial portion of the..
Although no more than usually besieged by economic and political uncertainty, the Indonesian nonlife insurance market contracted by 4% in 1999.
But the market was doing a little better than the figures suggest.
The country’s 105 nonlife..
The brief revival of activity at the site of the colourfully named Kick ’em Jenny underwater volcano 9km north of the island of Grenada has been a wakeup call for Caribbean insurers, which fear volcanoes..
Urgent meetings have taken place in Argentina between high-ranking government officials – including Claudio Moroni, who was appointed insurance superintendent on 6 February – and market representatives about lifting financial restrictions on insurers.
When the financial..
The Taiwanese government has announced it will not allow the state-run health insurance system to increase its premiums but will set up a taskforce to look at other ways to refinance the struggling system.
A European Parliament decision to cede powers over the regulation of financial services, in the interests of speedier EU responses to market developments, has been hailed as a breakthrough toward fast-track reforms.
But a minority of..
An estimated 2mn Americans lost their health insurance in 2001, which is the largest increase in the number of uninsureds in almost a decade, according to data released by newly established group Covering the Uninsured.
In the months since the World Trade Center disaster there has been an increased interest in life insurance, predominantly focused on fixed universal, whole and term life products, according to a study by investment and..
Additional losses of £459mn (US$656mn) from asbestos claims and from exposures to 11 September and the Enron collapse have wiped out the operating profits of UK insurer Royal & Sun Alliance (RSA).
RSA has announced it..
Insurance brokers in the UAE are up in arms against a decision by local insurers to cut their commission payments.
The brokers complain the decision was reached without any consultation and if implemented will leave them..