Emphasis on ‘functional’ state-based insurance regulation • Willis is quietly, but diligently, pursuing the acquisition trail
The row over the future regulation of the US insurance industry is continuing unabated.
In recent days there have been further..
But opposition from leftist parties means government has difficult task ahead
The Indian prime minister, Mr. Manmohan Singh, has once more emphasised the government’s determination to raise the foreign direct investment (FDI) limit in the insurance..
Analysts noted that the capital increase was essential for an improved rating without which the company would be forced out of business
Converium's shareholders have given it the go-ahead to conduct a rights issue. The move..
Agency concerned that changes might impact Aspen’s rating
Ratings concern AM Best is to open talks with Bermuda-based p/c insurer and reinsurer Aspen Insurance Holdings, after Aspen revealed last week that it plans to boost the..
Current practice is creating a ‘severe and arbitrary’ division among carriers
Rival companies are accusing insurer Allianz of threatening a price war in the German motor insurance market. One company, HUK Coburg, said that Allianz's motor..
House of Representatives panel votes to extend TRIA
The US House of Representatives’ financial services committee has approved the extension of the federal terrorism insurance backstop, known as TRIA, for two years until end-2007. The American..
2, 9, fire, damage
Germany: the fire that burnt a historic library in Weimar destroyed twice as many books as previously thought, with some 50,000 works suffering irreparable fire damage. The fire at the Duchess..
The company sees room for expansion in the reinsurance markets of South Korea, Japan, China and Southeast Asia
Premium growth for Taiwan’s non-life insurance market slowed down in 2003. Direct written premiums for the sector grew..
Death and endowment cover is the most important segment in the life sector, accounting for 54% of life premium income
The robust development of the Slovenian insurance market continued in 2003, recording a rise in premium..
The question is not whether to offshore or not to offshore, says Ashley Bailey, managing director, Pitney Bowes Management Services, but how well off-shored functions are integrated with those processes best administered at home
Generali plans Chinese and East European growth
Italian insurer Generali has said that it has asked for a third licence in China and for authorisation to sell non-life policies. The company is currently authorised to sell..
The group’s management is confident that its current strategy should allow it to increase its market share in the eurozone
Generali’s result for the first half of 2004 continued the positive trend of the previous year..
A new insurance law, intended to bring brokers into scope of current legislation, has been on hold for the last 3 years
As at January 2004 there were 18 insurance companies operating in Guatemala including the..
Munich Re, however, says that hurricanes will make it much more difficult to achieve 2004 profit targets
Relatively few of the insurance stocks monitored by WIR
moved higher during the fortnight ending 30 September. Of those..
Below is a corrected version of tables 9 and 10 in WIR’s survey of the World’s Largest Professional Non-life Reinsurers (WIR747/9
). Table 9 ranks the top 35 reinsurance groups by their 2003 pre-tax results and..
Competition between public and private sector insurers • New study hails potential of health insurance market • ICICI
The upheaval in the non-life insurance sector in India began with the Kolkata-based National Insurance Company grabbing the..
Loss estimates for Ivan make it the second most destructive cyclone after Andrew which caused over $20bn of damage
It seems that this year's windstorm season in the Atlantic and the Pacific will keep in check..
Arig profits climb after summer of hectic activity
Bahrain s Arab Insurance Group (Arig) has reported nine-month net profits to end-September of $19mn, well up on the group s 2003 full-year result of $7.6mn. Buoyed by..
Lloyd s to raise £500mn in long term debt
Lloyd s insurance market is to raise £500mn in long-term subordinated debt on the capital markets. Funding had previously been restricted to corporate members, individual names and..
Senate delay could jeopardise US terror insurance Act
The US Congress s passage of an extension to the Terrorism Risk Insurance Act (TRIA) appears less likely this year following Senate banking committee chairman Richard Shelby s..
The company was one of the few reinsurers to receive an upgrade in its financial strength rating in 2003
Spain s leading reinsurer Mapfre Re had a good year in 2003 with both turnover and profitability..
Aon, Willis, Benfield and JLT share prices impacted as investors fear that Spitzer probe will spread
US insurance stocks fell sharply on 14 October, the date of WIR s market snapshot, after New York Attorney General..
The government has reportedly offered fund managers a face-saving concession
Pension fund managers in Argentina have accepted a deal on defaulted government debt estimated at more than $16bn.
The deal, brokered by Minister of the Economy Roberto..
An announcement in 2003 hinted at reducing state ownership in the three main companies but has yet to be implemented
The vigorous economic growth experienced in Far Eastern economies, lead by China, is more than being..
There is still a lot of work to be done to better understand the dynamics of the credit risk represented by reinsurers
There is increasingly the feeling among cedants and reinsurance brokers that while reinsurance companies..
But Canadian industrial lines business retained as part of Allianz Global Risks
ING Canada is to buy, for an undisclosed sum, the property and casualty business of Allianz in that country.
This will involve ING purchasing Allianz..
But any difference in treatment has to be based on relevant actuarial data
Insurers in the European Union will continue to be allowed to charge different premium rates for men and women. The draft European directive..
Reinsurer s prospects improved by successful capital increase
Troubled reinsurer Converium AG has recovered part of its pride as rating agency Standard & Poor’s raised its long-term counterparty credit of the parent company to BBB+ from..
The government is pressing CCR to achieve returns similar to private reinsurers
The drive for profitability is pushing the French state reinsurer Caisse Centrale de Reassurance (CCR), one of only three reinsurers in the world with..
Jamaican insurers warn of 20% increase in rates for 2005
The damage inflicted in the Caribbean during this year s hurricane season could see property insurance rates climb in Jamaica, according to Andrew Levy, chairman of..
Chinese insurers must improve data-gathering
The China Insurance Regulatory Commission (CIRC) will from next month require local insurers to adopt new standards for the compilation of insurance statistics. The move aims to turn around the current..
16.9, hurricane, damage
US: hurricane Ivan will end up costing US property/casualty insurers around $6bn as a result of 600,000 claims, according to figures compiled by the Property Claim Services (PCS) unit of New Jersey-based..
Patria s gross written premiums for 2003 grew by 25% to US$100mn, recording double-digit increases in all lines
Mexico s insurance market had a mixed year in 2003. Total direct premium income fell by 8% to..
The industry is calling for mandatory health cover for all and the removal of barriers to increased foreign investment
The Indian healthcare industry wants the Government to reduce the stipulated capital requirement for health insurers from..
The life insurer wants its assets in more accessible forms
Swiss Life is selling the majority of its private equity (non-listed share) portfolio, valued at some SF400mn to the Russell Investment Group s private equity specialist..
But rates could fall if customers believe that deceptive practices by their insurer led to higher past premium costs
Few people would proclaim that the insurance sector is well regarded by the general public. Insurance policies..
is both the more transportable companion volume, as well as the update, to the heavier tome
, first published in 1979
While Reinsurance Essentials
takes into account changing trends in the industry since September..
The hardening of the international reinsurance markets as a result of the spate of recent hurricane claims in the US and Mexico is making it difficult for the Indian public sector insurers to find reinsurance..
Harvie Brown, the newly-installed President of the Faculty of Actuaries, on the challenges the Actuarial Profession needs to address in the 21st century. Here he looks at the need for the introduction of a formal..
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