10.5, derailment, fatalities
UK: seven people were killed and three critically injured after a train derailed at Potters Bar just outside London. Nine people were seriously injured and between 20 and 30 people were trapped...
London market reinsurer Faraday Re saw its pre-tax profit fall by 79% to £1.8mn (US$2.6mn) in 2001. The downturn was mainly due to unrealised investment losses of £1.4mn compared with investment gains of £8.0mn in..
Thai Re saw its pre-tax profits fall by 13% in 2001 to B403mn. This deterioration was mainly due to a decline in investment income as the company’s underwriting operations continued to show a profit, although..
Bermuda-based reinsurer RenaissanceRe Holdings was one of the very few reinsurers exposed to the events of 11 September to report an underwriting profit in 2001.
The company saw its pre-tax profits rise by 37% to US$180mn..
No real surprises from Lloyd’s on the publication of its global results for 2001. The closed 1999 underwriting year, marking the bottom of the insurance cycle, turned in a loss of £1.9bn but continuing poor..
Colombia’s Insurance Superintendency reported that nonlife insurers produced a profit of US$40mn in 2001. This compares with a loss of $65mn in 2000. Similarly, life insurers generated profits of $13mn compared with a loss of..
The three biggest nonlife insurers in China, Japan and South Korea (People’s Insurance Company of China, Tokio Marine & Fire Insurance and Samsung Fire & Marine Insurance Company) are in the process of establishing an..
Marsh is to acquire Visu Polise, Latvia’s biggest insurance broker. The company will be renamed Marsh Latvia according to Jerry Manner, head of Marsh’s European operations. The size of the deal is confidential. This represents..
The names of the bidders for Bulgaria’s State Insurance Institute (SII or DZI) are being bandied about the market. Three offers are said to have been submitted so far by Allianz, Ceska Pojistovna and a..
After a lucklustre performance in 2001, the Hungarian insurance market has demonstrated a remarkable recovery during the first quarter of this year, with most market segments improving on last year’s rates.
Following a negative development in..
AXA’s plans for the unbundling of its large risks and reinsurance division, Axa Corporate Solutions (ACS) have become a little clearer.
Firstly, ACS’s large industrial risk business, Axa Grands Risques, will be put under pressure to..
The timing could not have been better. On the day WIR
interviews Charles Philipps, chief executive of the Lloyd’s based insurance group, Amlin, Standard & Poor’s restores the status of the market’s single-’A’ financial strength..
Gross premiums for the Botswana insurance market grew by 29% to P491mn (US$71mn) in 2000, according to the Registrar of Insurance, the industry’s governing body which operates as a department of the Ministry of Finance.
Mexican pension funds will be able to invest in overseas assets through a wide range of investment instruments after a bill, now under consideration by Congress, is approved. The bill has already been approved by..
During the first quarter of 2002, Chile’s life and general insurance markets increased their combined premium income by 9.4% to the equivalent of US$654mn, but claims paid increased at an even faster rate (up by..
Japan’s Financial System Council (FSC) recently gave its agreement to widening the range of insurance products to be offered for sale by banks.
Until now these were confined to policies associated with housing loans and overseas..
Tower Corporation, the New Zealand based insurance and financial group, has given up its two and a half year effort to win an insurance operating licence in China. Tower spent nearly NZ$7mn (US$3.08mn) establishing a..
The management of the French teachers’ mutual Maif has declared itself as satisfied, given market conditions, with the company’s 2001 results.
Maif’s turnover (which includes that of the nonlife mutual Filia-Maif which insures non-teachers, and the..
Members of France’s Association des Reassureurs Francais (ARF) saw aggregate premiums rise by 38% last year to more than €11bn (US$10.1bn). But their net result was still a combined loss of €575.9mn which compares with..
The Continent Assurances group has reported increased sales and a profit for 2001. Turnover was up by 4.5% to €750.7mn (US$690mn) last year. Of this figure, nonlife insurance generated €472.1mn ($434.3 million), a rise of..
Azur-GMF has signed an agreement with the Credit Cooperatif banking group to distribute Azur-GMF insurance and savings products to its customers. Personal insurance products will include life and ‘accident de la vie’ (expanded personal accident)..
The cost and terms of motor vehicle insurance, one of the two main sources of premium income for Caribbean nonlife companies, varies so widely that it is virtually impossible to make a meaningful comparison among..
Bermuda-based IPC Holdings recorded a net loss of US$3.9mn in 2001, the company’s first negative result since it commenced operations in 1993. IPC, which primarily provides property catastrophe reinsurance through its wholly-owned subsidiary IPCRe, saw..
Direct written premiums for the South Korean nonlife market grew by 14% to W16.5trn (US$12.4bn) for the fiscal year 2000 (12 months ending 31 March 2001), according to the latest figures put out by the..
The new Swiss Re sigma report on the insurance industry in Latin American published last week very much emphasises the role of foreign insurance groups in the region over the last 10 years. The foreign..
Mapfre America, which comprises the Spanish insurance group’s subsidiaries in 11 Latin American countries, generated a profit of US$11.14mn before writing off goodwill, acquisition costs, taxes and minority interests during the first quarter of 2002,..
The United States Virgin Islands in the Caribbean is set to become the subject of a test case as to whether insurance premium rates are set by insurance companies or by the regulatory authorities.
While AIG and MetLife of the US have walked away from South Korea, Allianz of Germany has invested more than US$1bn in the world’s sixth-largest life insurance market.
Allianz conducts 70% of its business outside Germany...
he Japanese life insurance industry is undergoing significant transformation. Regulatory change, the severe condition of the economy and increased competition from foreign entrants are leading to change at an ever-increasing pace.
Stephen O’Hearn and Toru..
Favorable legislation, increased competition and changing public attitudes toward the role of insurance – and of the state – are responsible for the seemingly unstoppable growth of the insurance industry in the Czech Republic. “The..
The European airline industry is lobbying the European Commission, as well as the constituent governments of the European Union, for the creation of a state-backed European captive insurer to cover them specifically against war and..
25.5, fire, fatalities
India: a fire which engulfed a shoe factory in northern India killed at least 40 people and injured several others. The death toll could still rise as many people were trapped inside..
• Pension fund managers (OPCs) in Costa Rica
are analyzing the possibility of investing part of their assets abroad. This move was prompted by the low level of private bond issues in the country.
Falsification of policies by a Santiago insurance broker has apparently left up to 5,000 urban transport buses in the capital without passenger accident cover. According to the case put before the courts in early June,..
New EU rules on insurance agents and other forms of ‘insurance mediation’are likely to be approved in the near future. European Commission proposals published in January 2001 cleared their second reading in the European Parliament..
MEPs voted on 11 June to support attempts by the European Commission to unravel a legislative tangle over EU policy on liability for marine pollution.
In a related vote on 12 June, the European Parliament completed..
The Baltic states inherited pay-as-you-go (PAYG) pension systems from the former Soviet Union. Under a PAYG system, those who work pay for current pensioners’ benefits. These systems rapidly became unsustainable after independence because of demographic..
France’s largest personal lines insurer, CNP Assurances, plans to expand abroad, according to CNP board president, Gilles Benoist. Mr Benoist was speaking during the company’s recent annual general meeting.
CNP is negotiating with a Chinese partner..
After the US reinsurance market posted the worst results in its history in the fourth quarter of last year, things could only improve given the absolute determination of the industry over the last six months..
Faced with a flood of policy resignations, especially from long standing elderly clients in response to increased premiums, New Zealand’s largest health insurer, Southern Cross, has announced loyalty discounts for people over the age of..
A new economic study by the Paris-based Organisation for Economic Cooperation and Development (OECD) confirms the international insurance industry’s claim that it could not survive another terrorist attack on the scale of the attrocity which..
The new amendments to Ukraine’s insurance law are expected to have a tremendous impact on the development of the market.
The new rules make the market signficantly more attractive to foreign companies. It is anticipated that..
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