European Re of Zürich, a wholly owned subsidiary of Swiss Re, saw its net written premiums rise by a massive 422% to SF8.4mn (US$5.0bn) in 2001. The volume increase was primarily caused by extraordinary intragroup..
Minnesota-based St Paul Companies suffered its largest pretax loss in its 149-year history in 2001.
The loss was driven by claims arising from the 11 September terrorist attack and the need to substantially strengthen its loss..
US speciality insurer Markel Corporation had a difficult year in 2001.
The Virginia-based group reported a pretax loss of US$182mn, down from the previous year’s deficit of $52mn.
The poor result was primarily due to World Trade..
Offshore insurers flourish as domestic market struggles for growth
The primary insurance market in Bahrain saw a 4% growth in gross premium income in 2000 to BD52.4mn (US$139.1mn), according to figures published by the country’s Insurance..
In the wake of the financial crisis and and their lack of access to hard currency, some insurance companies in Argentina are now considering the possibility of joining forces to negotiate their reinsurance cover in..
Bolivia’s financial regulatory body SPVS (Superintendency of Pensions, Securities & Insurance) announced on May Day the end of the duopoly in the country’s five-year old private pension fund management scheme, and put out an international..
The crisis in the Australian medical indemnity insurance market has forced the Federal Government to offer short term insurance for doctors left without cover after the provisional liquidation of medical insurer, United Medical Protection and..
Lloyd’s recently issued an annual accounting loss of £3.1bn (US$4.5bn) for 2001. Although this is the first time Lloyd’s has presented its results on an annual basis, in addition to its traditional three-year accounting system,..
Italian insurer Generali effectively changed top management at its annual general meeting last weekend. Company president, Gianfranco Gutty has retained his position, but has given up his role as a general manager. Deputy president and..
St Paul has joined a growing list of companies spinning-off their reinsurance operations into independent companies. The recent trend was started by Zurich, which created Converium from Zurich Re last year, and shows little sign..
Aon has set aside US$90mn to pay for a dispute with Lloyd’s of London syndicates and that will also provide cover for claims if Aon’s case fails.
The Lloyd’s businesses filed a lawsuit against Aon recently..
German insurer Allianz has set up a facility to cover aviation terrorism and war risk third-party legal liability in advance of the expected withdrawal later this month of support provided by national governments. The new..
First quarter results being released by US and Bermudian reinsurance companies illustrate the full impact of 11 September on 1 January renewals. They show that reinsurers which concentrate on property catastrophe have benefited much more..
The escalating cost of liability insurance in Ireland has driven small businesses to explore the possibility of forming their own captive insurer. Several organisations have come together under the banner of the Insurance Alliance. It..
16.04, flash floods, casualties
Iran: three people died in flash floods caused by several days of heavy rain in the central Iranian town of Tabas. The rains caused rivers to overflow and gas, roads and drinking..
15.04, aviation crash, fatalities
South Korea: an Air China passenger jet crashed into a wooded South Korean mountain in heavy rain and fog killing many of the 166 people on board. 125 people have been..
The need for transparency in insurance company financial statements has never been greater. Indeed, many accountants would readily confess to not understanding a set of insurance company accounts.
The International Accounting Standards Board (IASB) has recently..
Though it has a more ‘socialist’ image than the Free National Movement (FNM), the Progressive Liberal Party (PLP), which won the 2 May general election in the Bahamas in a surprise result, has moved quickly..
Plans by Southern Cross, New Zealand’s largest health insurer, to introduce narrower premium age bands, which will increase premiums by up to 50% for older clients, has outraged the elderly and brought condemnation from associations..
The Insurance Regulatory and Development Authority (IRDA) has issued fresh regulations on the preparation of financial statements and auditors’ reports by insurance companies.
All insurers in the market will have to provide details of how they..
Negotiations involving the insurers’ association Gesamtverband der Deutschen Versicherungswirtschaft (GDV) and the country’s industry confederation Bundesverband der Deutschen Industrie (BDI) as well as the federal governement have resulted in the creation of Extremus AG.
France’s largest mutual, Mutuelle Generale de l’Education Nationale (MGEN), which insures teachers and other state employees connected with education, reported a small profit of €7.09mn for 2001. This was down sharply from €34.02mn for 2000.
Legislation is currently being drafted to enshrine the notion of patients’ rights into French law. The enabling legislation was passed in March this year.
One of the new draft laws concerns the limits of medical third-party..
US insurance trade associations have joined forces with representatives from major insurance markets in Europe and Asia to push for debate on insurance liberalisation in the next round of World Trade Organization (WTO) trade talks.
Bermudian reinsurer LaSalle Re Holdings reported a net loss of US$11mn for fiscal 2001. This compared with a profit of $23mn for 2000. The negative result reflected underwriting losses arising from the 11 September 2001..
The insurance operations of the Omaha based investment holding company Berkshire Hathaway produced an underwriting loss of US$4.1bn in 2001 compared with a loss of $1.6bn in 2000. The 2001 result included an underwriting loss..
Guerrilla tactics is probably not the most appropriate phrase to describe the business strategy of one of the most respected reinsurers in the world; but in the case of Hannover Re, no two words more..
Allianz has now set up its planned scheme for insuring airlines against third party liability on the ground. Reports suggest that the German group’s Allianz Globus MAT unit has gone into partnership with a subsidiary..
Axa Corporate Solutions (ACS) looks set to be split up into three separate units. This will help Axa put in place the management transparency currently demanded by its shareholders.
The most important division will be between..
Insurers will need to dip into their asbestos reserves after a settlement agreed between chemical group PPG and claimants. At US$2.7bn the settlement is one of the highest in asbestos litigation history and while PPG..
Berkshire Hathaway’s investment in insurance companies outside the group’s own insurance operations continued in May when the Berkshire made a series of commitments to Kemper Insurance.
To facilitate the deal, a new holding company will be..
St Paul Companies has announced a phase of further restructuring after spinning off its reinsurance operations to form an independently-listed company. In the latest move St Paul Companies is to launch a new underwriting operation..
Endurance Specialty, one of the new wave of Bermudian companies formed since 11 September, has accelerated its growth plans through the acquisition of the in-force property catastrophe account of reinsurer LaSalle Re from current owner..
25.04, explosion, fatalities
China: 23 coal miners were killed after a gas explosion in southwest China. A further 12 miners were believed to have survived the blast.
26.04, derailment, business interruption
US: a train derailment in Ohio..
The Malaysian insurance market saw strong premium growth in 2000, but profitability was significantly down on the previous year.
Premium income for the combined life and general insurance sectors grew by 29% to M$15.2bn (US$4.0bn), driven..
Insurance analysts in France expect legislation for the the return of some form of private provision of complementary pensions if the parliamentary elections next month (with voting due in two rounds on 9th and 16th..
France’s High Court has declared void a labour agreement between the French insurers’ association and the CFDT trade union. The problem was the degree of flexibility that the agreement allowed for companies to set working..
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