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Articles for June 2008
International
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09 June 2008
Global M&A: US insurers on the sidelines
Mergers and acquisition activity (M&A) within the global insurance industry in 2007 were driven by non-US insurers, mainly Western European companies, according to a new report by Conning Research..
Aviation
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09 June 2008
13.5, crash landing, investigation
UK: the British Airways Boeing 777 which crash-landed at London Heathrow Airport in January had low fuel pressure at the inlet to the fuel pumps, an accident report said. The on board..
Natural catastrophes
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09 June 2008
15.5, earthquake, fatalities
China: the earthquake that struck Sichuan Province, killing thousands of people, caused an estimated $20bn in damage - most of it uncovered by insurance - a catastrophic risk modelling firm said. Besides, given..
Marine
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09 June 2008
13.5, sinking, fatalities
China: a total of five crew members were missing after a cargo vessel sank off the coast of the China’s Zhejiang province. The ship with 11 people aboard, registered in Ningbo, as Zhefeng..
Liability, awards and settlements
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09 June 2008
13.5, oil spill, fine
US: a Singapore-based shipping company whose vessel spilled oil into Elliott Bay last year paid a $27,500 fine to the Washington Department of Ecology. OSM Ship Management’s payment resulted from the spill..
Property damage and business interruption
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09 June 2008
14.5, Panama Canal slowdown
Panama: work slowdown by pilots who guide ships through the Panama Canal caused unprecedented delays and created a costly bottleneck for shipping companies. Some 250 Panama Canal pilots wanted a pay raise..
Hannover Re
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09 June 2008
The negative overall underwriting result obscures the shift last year into underwriting profitability for the first time since 2004 by Hannover Re’s non-life division
Foreign investors await approval to form first joint ventures
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09 June 2008
There are currently a number of representative offices of foreign companies in the country. So far, Japan’s Mitsui Sumitomo and Sompo Insurance have applied for approval to sell their products via joint ventures with Myanma Insurance, the only licenced insurer in the market. However, the country’s regulator appears to be in no hurry to process their applications
AIG continues to head sharp fall in sector prices
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09 June 2008
As with the previous period, the travails of the world’s biggest insurer, AIG, were a big pre-occupation for the financial markets over the two weeks ending 29th May. This was despite the fact that AIG’s..
Slump in investment profits sends Chilean life insurers into the red
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09 June 2008
Premiums increased 21% but a downturn in investment income ended the first quarter with a loss of US$86.2mn
Aon and Marsh receive licences as market poised for growth
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09 June 2008
The developing market is driven by legislation for compulsory health and motor insurance and the potential for takaful
Earthquake costs insurers US$31mn
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09 June 2008
The regulator has confirmed that almost 16,000 life insurance policyholders lost their lives in the disaster
Motor insurance losses depress profits in early 2008
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09 June 2008
The motor insurance segment of the industry suffered a loss of $24mn in the first quarter of this year
Ombudsman receives record rise in PPI complaints
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09 June 2008
Consumers are concerned about the sales practices behind their payment protection insurance policies
Ageing population prompts support for compulsory pensions
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09 June 2008
Government funding, expected to be sufficient for 10 to 12 years of pensions, now has to last for 25 to 40 years
European state support for terror risks takes pressure off market
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09 June 2008
Last year Belgium followed the trend when the government became the reinsurer of last resort
Study links insurance cycle to reserving policy
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09 June 2008
Insurers use well-tested actuarial approaches to calculate reserves but there will always be a need for adjustments
Europe life insurance market outpaces long term growth trend
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09 June 2008
The UK was the largest national life market, with premiums of E196bn • Fortis acquires 51% stake in ABN AMRO Verzekeringen
Program business attracts capital investment for new ventures
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09 June 2008
Merger and acquisition activity is expected to take-off in the current vibrant market
Selling life insurance in rural India
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09 June 2008
India’s life insurance market is booming. From a single company a decade ago to 18 active players today, the market has grown at a healthy compound annual growth rate of 24% over the past five years. Most of this growth is coming from the urban areas. However, the increase in competition is forcing insurance providers to look beyond urban centers and take their trade to the more challenging rural hinterlands of the country, where only 3% of the population of more than 720 million people have any form of life insurance coverage. It is expected that the rural market will grow to a potential of INR78bn or US$1.95bn by 2015 from the current INR19.5bn or US$487mn. Here, Ravi Nawal
, an analyst with financial services technology research and consultancy firm, Celent, looks at a key aspect of tapping this immense market opportunity: distribution channels. Mr Nawal analyzes the current distribution models and provides a perspective on the models of the future
Investing in security before disaster strikes
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09 June 2008
The Olympics is one of the largest global events, but unfortunately, the headlines often have little to do with the athletes’ performance on the field - The Munich massacre of 1972; the Atlanta bombing of..
Colombia to transform healthcare provision
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09 June 2008
Existing social security subscribers will be switched to private sector styled system
South Korea eases access for foreign insurers
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09 June 2008
Foreign companies will be able to set up local operations without prior approval
Security
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23 June 2008
3.6, piracy
Somalia: gunmen holding general vessel cargo Amiya Scan
(2546 gt, built 2004) off Somalia reportedly demanded a $1.1mn ransom for the vessel, a day after the United Nations Security Council gave countries the right..
Aviation
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23 June 2008
27.5, crash, fatalities
Russia: nine crew members of a Russian An-12 cargo aircraft were killed when it crashed near the city of Chelyabinsk in the Urals region. The aircraft reportedly malfunctioned some 10 km from the..
Natural catastrophes
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23 June 2008
1.6, tropical storm Arthur
Mexico: two of Mexico’s three main crude oil ports were closed to shipping because of rough seas due to the proximity of tropical depression Arthur. Dos Bocas and Cayo Arcas ports were..
Marine
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23 June 2008
29.5, Duc Tri sinking, update
Vietnam: another body was discovered in tanker vessel Duc Tri
which sank off Binh Thuan coast not far from Ho Chi Minh City in March, killing 14 out of the 15..
Liability, awards and settlements
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23 June 2008
4.6, Rezzak disappearance, investigation
India: general cargo Rezzak
, which disappeared in the Black Sea three months earlier, was allowed to sail with nearly 12 deficiencies, according to an interim safety investigation report by India’s maritime regulator,..
Property damage and business interruption
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23 June 2008
27.5, explosion, damaged pipeline
Turkey: natural gas supplies from Iran to Turkey were severed after an explosion damaged a pipeline between the two countries. The blast, the cause of which remains unknown, occurred 13 kilometres from..
QBE Insurance Group Ltd
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23 June 2008
The group has literally outgrown its Australian origins and writes its business very much on a global basis. But, while QBE Australia now accounts for only 18.6% of the group’s gross premium income, it remains one of the most profitable divisions
Gateway to the east for foreign insurance groups
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23 June 2008
The extension of the European Union has not had a major effect on the Austrian market, because a number of companies located in Austria have already been writing business in the new member states. Wiener Staedtische in particular has established subsidiaries in more than 13 eastern European countries and Austrian insurance groups, such as Uniqa and Generali, are growing more in eastern Europe than locally. Austrian businesses are very successful in establishing themselves in Eastern Europe, with which they share a common history and outlook, and Vienna is again becoming a gateway to the east
Market depressed by oil price volatility and interest rate fears
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23 June 2008
The values of the insurance and reinsurance stocks tracked by WIR deteriorated further over the two week period ending 12 June. As in the previous period, the volatility of the oil price was a significant..
Ecuador acquisition almost completes Mapfre’s regional investment
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23 June 2008
Mapfre takes 60% stake in Seguros Atlas • Crop insurance expands in region • Colombian premiums rise • Uruguay delays new compulsory insurance rules •
MetLife faced with US$48mn unpaid tax bill
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23 June 2008
Clamp down comes at a time when foreign groups are showing a keen interest in the Japan’s investment management sector
Regulator monitors local companies for sub-prime exposure
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23 June 2008
Insurers that derive a major part of their income from investment activity will come under particular scrutiny
Government steps in to rebuild earthquake struck regions
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23 June 2008
However, the vast majority of the homeowners will have to rely on their own resources to rebuild their houses
Macro insurance will mitigate cat risk: Swiss Re
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23 June 2008
Transferring catastrophic risk should be a key element in the strategy of every disaster-prone country, the reinsurer says
Europe remains key for SCOR Life, despite global expansion
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23 June 2008
Two thirds of SCOR Global Life’s premium income continues to be sourced in Europe
Higher cat losses impact Berkshire’s Q1 results
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23 June 2008
Overall market net premiums were up by just 1%, reflecting significant reductions in business volumes for some companies
Death toll from tornadoes already setting new records
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23 June 2008
Tornado-related deaths stood at 111 as of 4 June, making 2008 the deadliest tornado season since 1998
AIG could sell Transatlantic Re
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23 June 2008
The new chief executive says nothing is off the table as a strategic review gets underway
The applicability of solvent schemes of arrangement in Germany
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23 June 2008
In 2007, a two part article* published in the German insurance journal Versicherungswirtschaft
on whether solvent schemes of arrangement are effective under German and EU law made a powerful case for casting doubt on the validity of such schemes under German law. Here, Vivien Tyrell
, a partner, and Nick Stern
, an associate, in the London office of law firm Edwards Angell Palmer & Dodge and Philip Heitlinger
, executive director at PRO Insurance Solutions, consider the arguments put forward in the Versicherungswirtschaft
article from both a commercial and legal standpoint
Investing in pandemic preparedness
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23 June 2008
The first study to assess the impact of an influenza pandemic on individual companies was released by the Schulich School of Business at York University in Toronto last week. The study, “Making a case for..
Chinese ban to be lifted
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23 June 2008
Chinese insurers could be allowed to operate in Taiwan as a response to the improvement in Taiwan-China relations
VHI ready to go it alone
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23 June 2008
The health insurer is confident of complying with the 40% solvency requirement
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