France: six Somali pirates captured after the rescue of hostages on board passenger (cruise) Le Ponant
arrived in Paris for trial. The six were brought to France on board a military plane and quickly..
15.4, crash, fatalities
Democratic Republic of the Congo: a McDonnell Douglas DC-9 9Q-CHN crashed into a residential area and caught fire following take-off from Goma Airport. The aircraft was destroyed. Seventy-nine of the 85 persons on..
15.4, volcanic eruption
Colombia: the country’s Nevado del Huila volcano erupted in a shower of hot ash, prompting thousands of people to leave their homes. The remote volcano, 150 miles south-west of Bogota, erupted shortly before..
15.4, collision, fatalities
China: general fishing vessel Zhe Dai Yu
11524 collided with general cargo vessel Han Lord
(6788 gt, built 1983) in the East China Sea, leaving 10 people missing. The collision happened near Shanghai..
18.4, sinking, report
New Zealand: a report into the sinking of fishing (general) Kotuku
in Foveaux Strait two years ago questioned the maritime regulatory system that certifies fishing vessels. Six people, including two children, drowned when..
15.4, damage to undersea internet cables, charge
United Arab Emirates: an Indian chief officer of an Iraqi ship believed to be responsible for cutting an undersea cable that led to Internet outages in the Middle East..
Bancassurance has now developed as a major sales method because of the strong ownership ties existing between banks and insurers. In 2006 more than 63% of new life and capitalisation business was sold by bancassurance. There are some fears that banks can sell life insurance with little effort almost by inertia. Customers do not always understand that they may have given agreement to the deduction of life insurance premium from the balance of a new deposit account
After a sharp deterioration at the end of the last period, many of the insurance and reinsurance stocks tracked by WIR staged substantial recoveries for the two weeks ending 1st May. Although further losses by..
Industry braces for slower demand • Brazil motor premiums up 12% in 2008 • IRB Brasil Re’s profits up 25% in last year as Brazil’s only reinsurer • Brazil increases reinsurance broker licences • Fitch reports on Argentine market
Solvency II represents a major factor of change for the European insurance industry. Indeed, it is generating and will certainly continue to generate most of the new IT project spending in the field of compliance for European insurers. In addition, the new set of regulations currently in preparation will have a drastic impact not only in Europe but in other parts of the world too. Here, Nicolas Michellod,
senior analyst in the insurance division of information technology research and consulting firm, Celent, considers the impact of Solvency II on European insurers, particularly the way in which it will drive their IT initiatives. Significantly, Mr Michellod situates these trends within the broader context of change influencing the regulation of the international insurance industry
Within the Standard & Poor’s global reinsurers’ rating universe, Enterprise Risk Management (ERM) is emerging as one of the strongest indicators of an entity’s ability to deliver an appropriate cross-cycle risk-adjusted return. According to S&P..
In response to shrinking premium volume, share repurchases have been the weapon of choice as companies strive to maintain returns to shareholders. During the first quarter most companies were continuing to buy back shares, some like Platinum and RenaissanceRe quite aggressively. However, Aspen, Axis and PartnerRe reduced repurchases to negligible or zero amounts
28.4, crash, fatalities
Ukraine: a helicopter belonging to the country’s state gas company Naftogaz crashed into the Black Sea, killing all 20 people on board. The Mi-8 helicopter went down as it was trying to land..
New Zealand: thick fog disrupted domestic flights in and out of Auckland Airport. A total of 32 incoming and outgoing domestic flights were affected by the fog. Flights were delayed as airlines worked through..
29.4, vessel list
US: Mazda Motor Corporation scrapped more than 4,000 new cars involved in a shipping mishap in the Pacific two years ago. Vehicle carrier Cougar Ace
, with 4,703 vehicles held securely in straps on..
1.5, guilty plea
US: shipping company National Navigation pleaded guilty to a US Court in Oregon and was fined $7.25mn after admitting several of its chief engineers and crew members dumped oily waste from six ships..
30.4, train derailments
Australia: two train derailments affected both the Dalrymple Bay and the Hay Point Coal Terminals. The first derailment occurred at Jilalan, the train holding yard which services both of the coal terminals. This..
Nigeria: ExxonMobil Corporation took the drastic step of declaring force majeure
on its energy operations in Nigeria because of an ongoing labour strike, signalling the damaging effect the dispute is having on its operations..
While Brit’s UK and Reinsurance units appear relatively small next to its Global Markets business, these two divisions, the UK division in particular, currently represent the greater underwriting challenges for the group
Foreign insurers are now heavily involved and influential in the Mexican market, having brought in new capital and expertise. The number of companies in the market has grown from 48 insurers and bonding companies in 1994 to 108 by August 2007. Of these, 52 had majority foreign capital
It is somehow fitting that the most significant deterioration for the period ending May 15th was posted by AIG, the world’s biggest insurance group as well as a blue chip stock, the symbolic value of..
Although the African Trade Insurance Agency (ATI) has clear developmental objectives, the Agency’s approach is much more informed by a streetwise pragmatism rather than by the high minded idealism that characterised the work of so many United Nations sponsored international financial institutions in the past. One recent example of the Agency’s pragmatism was to sign up Sudan, which at the moment is in less than good standing with the World Bank Group, as an ATI Member State. Another was the decision to change the Agency’s capital and legal structures. As a direct result of this move, which significantly increased operational flexibility and underwriting capacity, the ATI was last month assigned an ‘A’ counterparty and insurer financial strength rating by Standard & Poor’s
In response to growing pressures on Turkey from foreign investors, the IMF and the EU to strengthen its financial services sytem in which the roles of banks and non-banking institutions are clearly defined and in which they are effectively supervised by the regulatory authorities, that country’s parliament passed Insurance Law No. 5684 on 14 June 2007. Here, Turkish law firm Hergüner Bilgen Özeke*
, considers the scope and implications of the new legislation. The key questions addressed by the firm’s attorneys are: what new changes are being introduced by the law and secondary legislation? What are the issues regarding the protection of policy holders? What are the amendments to the legal and organizational structure of insurance and reinsurance companies? And what are the changes in the solvency requirements for these companies?
The UK economy during the Blair years enjoyed strong growth with unemployment shrinking and house prices more than doubling across most of the nation. Financial services organisations, including insurers, responded by setting up schemes to..
Insurers have reacted angrily to the government’s decision, which they say was taken without consultation, to allow La Banque Postale, a public service entity with numerous offices around the country, to sell non-life insurance
AIG insisted that, despite the difficult environment and the resulting effect on its overall financial performance for the first quarter, the group’s core insurance businesses are continuing to perform satisfactorily
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