Slow progress inhibits nonlife growth while life market improves
The lack of growth in the Egyptian nonlife market is widely attributed to the authorities’ cautious approach to the liberalisation of the insurance sector.
The market grew by..
Nearly 50% of the £2.3bn of reinsurance placed in the London market (excluding Lloyd’s) during 2000 originated from UK registered companies
This is according to the latest analysis by Informa’s Insurance Intelligence Unit of the statutory..
The rapid expansion of the South Korean economy, which grew by 9% last year, was reflected in the performance of the country’s nonlife market.
Direct premium income for the market increased by 14% in the 2000..
Almost all Caribbean insurers have removed terrorism as an insurable event from their overall fire and allied peril policies since the 11 September disaster in the US.
But the move has not gone down well with..
French reinsurer Scor’s Irish offshoot, Irish Reinsurance Partners (IRP), opened for business in Dublin last week.
The new vehicle, which has total shareholder equity of €400mn (US$356.8mn), boosts Scor’s nonlife underwriting capacity by about 25%. IRP..
The sale of a 24.4% stake in Florence-based insurer Fondiaria has sparked off a major battle. The sale, by Italian financial services group Montedison to Fiat-owned Toro Assicurazioni, was announced on 3 January.
Insurance group SAI..
Health insurer Cigna will reduce its workforce by 2,000 and take a US$65mn charge in the fourth quarter as a result of the restructuring of its existing healthcare service operations into just nine regional service..
Munich Re and HypoVereinsbank (HVB) financial group believe their partnership will yield synergy savings of €175mn (US$156mn) within a year. Such savings will rise to €315mn by 2006.
Munich Re president Jürgen Schinzler and HVB president..
21.12, roof collapse, injuries
South Africa: twenty-one people were injured, three critically, after the concrete roof of Kolonnade shopping centre in Pretoria collapsed on Christmas shoppers. Part of the roof crashed onto an ice rink..
A greatly improved investment performance enabled Gerling Global Re Group to achieve a remarkable turnaround in 2000 despite a deterioration in the underwriting result as a consequence of late-reported catastrophe claims from 1999 and increased..
The Australian state of Victoria has introduced tough new legislation targeting employers that fail to provide a safe workplace for their staff with its Crimes (Workplace Deaths & Serious Injuries) Bill.
The bill will make it..
ICICI Lombard General Insurance, the joint venture between the Lombard financial services group of Canada and Industrial Credit & Investment Corporation of India, has launched a motor insurance product in 11 cities, including Mumbai and..
The General Insurance Association (GIA) of Singapore and the country’s network of subordinate courts will expand the scope of the Third Party Property Damage Tribunal, set up last year to speed up motor accident claims...
Chile’s remaining seven private pension fund managers (known locally as AFPs) improved the return on the assets under their management by 6.7% (in real terms) during 2001, compared with 4.4% in 2000.
Total assets under management..
EU maritime safety legislation prompted by the 1999 loss of the Erika
cleared its final stages in the European parliament on 13 December.
But a follow-up Erika II package of measures, including a proposal for a..
South Carolina’s director of insurance is proposing to suspend for a year the operating licence of Liberty Life, a subsidiary of Royal Bank of Canada, for charging African-Americans ‘discriminatory’ rates for life cover.
An order has..
The Alliance of American Insurers (AAI) has responded to the National Insurance Chartering and Supervision Act introduced in the Senate just before Christmas.
The AAI argued that the provisions of the Gramm-Leach-Bliley legislation to standardise insurers’..
Odyssey Re has increased its after-tax provisions for its exposures to the 11 September terrorist attacks and the Enron bankruptcy by US$19.5mn.
According to a statement released by the company, pretax provisions for Enron, net of..
French insurers have undertaken to make a greater effort to combat money laundering. New guidelines were set at last month’s Entretiens de l’Assurance annual conference organised by the insurers’ association FFSA.
Under these, insurers would undertake..
Mauritius-based Sun Insurance has picked up a 26% stake in Genins India, a five-year-old managed healthcare company operating out of Noida near Delhi.
The two companies have been in negotiation for the best part of last..
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