Somalia: talks with pirates who seized tug Svitzer Korsakov
, carrying a Russian-British-Irish crew off the coast of Somalia two weeks earlier continued. Copenhagen-based Svitzer A/S, owners of tug Svitzer Korsakov
said in a statement..
7.2, air crash investigation
Venezuela: Italian experts were sent to Venezuela to investigate the disappearance of an aircraft that crashed at sea in January with 14 people on board, including eight Italians. Experts from Italy’s navy,..
Canada: stormy weather caused problems for road and ferry traffic in parts of British Columbia. High winds forced BC Ferries to suspend all sailings between Swartz Bay and Tsawwassen until further notice. Environment Canada..
8.2, New Delhi Express, legal action
US: Seaspan Ship Management and Seaspan Corporation, owners of fully cellular containership New Delhi Express
, sued the US government over an April 2006 grounding in Kill Van Kull, blaming the..
5.2, damage to undersea internet cable
Middle East, Asia: less than a week after Egypt lost two-thirds of its international networking cables, two more lines were cut off the coast of Dubai. Cables linking the United..
The licensing of private insurers in Iran in 2001 has provided the market with real competition for the first time in years. These companies are innovative and have been established on western principles. With around 18% of gross premiums currently being written by the private insurers, change may be coming quicker than originally anticipated. The next few years will be pivotal in the development of the Iranian insurance market
Insurance and reinsurance stocks tracked by WIR continued to experience mixed fortunes for the fortnight ending 21 February. Only this time there was something of a reversal of fortunes between the US, Europe and Asian.
There are about 15 foreign reinsurers operating under Brazil’s new reinsurance laws • Brazilian life insurance market gains 13% • Swiss reinsurer Glacier Re enters Latin America with Buenos Aires office
In the week that Munich Re established a $1.5bn bond programme for pandemic risk, Tom Bakke,
business continuity co-ordinator for Dutch insurance group Delta Lloyd, gives an account of how his own organisation views and is addressing the issue
It is becoming increasingly evident that the traditional consumer/supplier relationship in the insurance market is changing. In the financial services sector, according to
, head of financial marketing at Royal Mail in the UK,..
London market insurance group Beazley is offering US law firms a risk management package which combines legal malpractice insurance cover as well as professional reputation management advisory services. In order to provide the latter, Beazley..
20.2, aircraft grounded
Singapore: Singapore Airlines said an A380 flight had to be grounded due to a fuel pump defect, the first major technical glitch to ground the world’s largest passenger jet. The carrier said the..
20.2, tropical cyclone Ivan
Mozambique: tropical cyclone “Ivan” had been downgraded to a tropical storm as it headed for flood-ravaged Mozambique after killing 60 people on the Indian Ocean island of Madagascar, where it reportedly flattened..
19.2, fire, fatalities
Brazil: three Chilean sailors were confirmed dead following a fire on board vehicle carrier Rio Blanco in the port of Santos. Investigators from the Chilean Navy were sent to Brazil to help with..
19.2, toxic waste, criminal charges
Netherlands: Dutch prosecutors planned to file criminal charges against oil trading company Trafigura and the Amsterdam council over their roles in the incident involving toxic waste from combined bulk and oil..
US: shares of Alon USA Energy fell to their lowest level in more than a decade after the Dallas-based petroleum refiner announced that its Big Spring refinery in West Central Texas was temporarily shut..
Catastrophe business currently accounts for around 30.0% of the reinsurance division’s income. However, the company learned some profound lessons in 2004 and 2005 and continues to grow the volume of its non-catastrophe exposed business
A number of recent studies have suggested surprisingly high levels of non-insurance and under-insurance in Australia. According to a recent survey by the Insurance Council of Australia, 26% of households in New South Wales have no form of buildings or contents insurance. According to new research by insurer CGU, 65% of small businesses have no consequential loss insurance and most businesses fail to increase their property sums insured on a regular basis
The region’s non-life market in 2006 was characterised by strong price competition, although broader factors which contributed to economic development in these countries worked in favour of premium growth
The 19.4% increase in the premium income of Chilean insurers last year (measured in real terms), to a total of US$6.1bn, did not extend to the companies’ bottom line performance.
The 46 companies reporting by the..
The ‘protection gap’ – expressed as the failure to make adequate provision for financial emergencies – is as wide as 20% of personal disposable income in the UK, according to recent calculations by Swiss Re Life & Health.
√In December 2007, Japan opened up its bancassurance market. Banks have been allowed to sell a limited range of products, primarily annuities and homeowners’ insurance, since the early 2000s, but this recent move represents one of the largest changes to the Japanese markets in the past few years. Here, Catherine Stagg-Macey*, senior analyst with research and advisory firm Celent’s Insurance Group and Neil Katkov*, managing director of Celent’s Asia Research Group, examine the Japanese life and non-life insurance industries against the backdrop of mature bancassurance markets abroad and analyse the critical factors for success
Every day sees another headline that illustrates how data protection has been ignored resulting in vital government or corporate data that has been exposed or lost. Yet it is common knowledge that government agencies and..
Hannover Re chief executive Wilhelm Zeller was optimistic about the company’s medium term outlook based on what he calls its ‘cycle thermometer’. Mr Zeller noted that the number of non-proportional treaties renewed in January at lower rates had exceeded the number renewed at higher rates for the first time during the present cycle
4.3, helicopter crash, fatalities
Nepal: a United Nations helicopter crashed while flying in bad weather in Nepal’s mountainous east, killing 12 people including at least seven UN staff. The helicopter went down about 125 miles east..
6.3, capsizing, fatalities
Vietnam: Vietnamese rescue workers struggled to locate 13 missing sailors and stave off a potential major oil slick after Tanker Duc Tri
overturned in the South China Sea. Rescue workers believed that the..
6.3, Coastguard stoppage
UK: the UK was dependent on contingency plans for coastguard cover as workers at the Maritime and Coastguard Agency launched a 24-hour stoppage in pursuit of a pay claim. The Prospect and Public..
Thanks to the Equitas deal Berkshire’s net earned premiums from its insurance and reinsurance activities jumped by 33% to $31.8bn in 2007. This enabled Berkshire’s total revenue from (re)insurance to rise by 29% to $36.6bn in 2007
While individuals in Benin tend to go directly to insurance companies, corporate entities tend to buy their insurance through brokers, because they understand better the service brokers provide. The result is that a single major broker can generate anywhere up to half of the turnover of an individual company, depending on the profile (corporate or otherwise) of an insurer’s portfolio of business
Recovery’ is necessarily a contentious term given the current volatility in the financial markets, but insurance and reinsurance stocks put in their strongest performance over the two week period ending 20 March. The gains (or,..
On 29 February 2008, the English Court of Appeal handed down its judgment in the case of Wasa International Insurance Co Ltd and AGF Insurance Co Ltd v Lexington Insurance Co (Court of Appeal, 29 February 2008)
, reversing the decision of the judge at first instance and over turning the expected approach of the English courts to ‘follow the settlements’ cases involving US insurers and reinsurance contracts governed by English law. Here, Katy-Marie Wilson
, a partner in the Reinsurance and International Risk team at London law firm, Barlow Lyde & Gilbert, considers the implications of this unexpected, but significant, judgement for the insurance industry
The current problems for the municipal bond market arose when the bond or financial guaranty insurers’ credit rating was threatened by deterioration in the subprime mortgage market. The bond insurers had also insured billions of..