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..
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..
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..
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..
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..
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..
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
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..
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
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..
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..
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..
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..
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,..
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..
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
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
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..
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
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..