- Practice Areas
- Publication Type
- Resources
- Practice Areas
- Publication Type
- Resources
- Home/Publications/World Insurance Report
World loss log 9–22 January 2001
Late reports
1.1, collision, fatalities
Greece: more than 50 people died after mv Pati,
carrying illegal immigrants to Greece, hit rocks and broke in 2 during a storm. Only 10 bodies were recovered. Some 33 people were saved but cold seas and high..
Online Published Date:
02 February 2001
Appeared in issue:
655 - 02 February 2001
Samsung Fire & Marine
Samsung Fire & Marine Insurance, South Korea’s largest non-life insurance company, saw its pre-tax profit rise by 35% to Won198.4bn during 1999. A strong investment result helped offset a deterioration in the company’s underwriting..
Online Published Date:
02 February 2001
Appeared in issue:
655 - 02 February 2001
Sewing the seeds of change
Preliminary evidence from the end of the renewals season suggests that, even with plentiful capacity, reinsurers have held the line on pushing up rates as pressure to improve bottom lines increases. This determination to break the nexus between low..
Online Published Date:
02 February 2001
Appeared in issue:
655 - 02 February 2001
The quest for scale
T
he life reinsurance sector has been responsible for much of the growth in the broader reinsurance industry in recent years. And nowhere else is that growth happening faster than in the US. Paul Rutledge III, president of Transamerica Reinsurance,..
Online Published Date:
02 February 2001
Appeared in issue:
655 - 02 February 2001
Latin American round-up
Motor, hospitalisation, medical expenses and fire policies are causing losses to insurers in Panama
, said the country’s Insurance Superintendent, Ana Lorena Broce. Rates are so low, she added, that selling policies “is no longer a good..
Online Published Date:
02 February 2001
Appeared in issue:
655 - 02 February 2001
Shortage of actuaries in India
Two of the newly-licensed non-life companies in India have not been able to launch operations because they have not found actuaries.
Royal Sundaram Alliance and IFFCO-Tokio Marine & Fire obtained licences on 23 October and 24 December..
Online Published Date:
02 February 2001
Appeared in issue:
655 - 02 February 2001
NRMA quits reinsurance
NRMA, Australia’s largest general insurer, has announced it is to quit the reinsurance business less than two months after the company said it had decided to renew its business for this year.
The company said the book was to go into run-off..
Online Published Date:
02 February 2001
Appeared in issue:
655 - 02 February 2001
Irish flood losses weigh on 2000 results
Insured losses from flooding in Ireland last November are estimated at €50.8mn by the Irish Insurance Federation (IIF).
The 5,256 household claims accounted for IR£21mn of the total and 844 commercial property claims for the remaining..
Online Published Date:
02 February 2001
Appeared in issue:
655 - 02 February 2001
Munich Re buys cat bonds
The catastrophe bond market has received a strong boost with the news that the world’s largest reinsurer, Munich Re, has bought US$300mn in three-year multi-territory protection to cover its high-level earthquake and windstorm exposure.
Rather..
Online Published Date:
02 February 2001
Appeared in issue:
655 - 02 February 2001
World insurance stock prices
Company/group
Currency
2000 year-end
11/01/00
25/01/01
% change from 11/01/00
Capitalisation US$mn
* cap price for the year end in the last issue should have read US$3,495mn not US$495mn
source: iiudata
Ace..
Online Published Date:
02 February 2001
Appeared in issue:
655 - 02 February 2001
World currency values (year end 2000)
Country
Currency
1996
1997
1998
1999
2000
Algeria
Dinar
56.01
58.52
60.75
68.16
73.42
Argentina
Peso
1.00
1.00
1.00
1.00
0.998
Australia
Dollar
1.26
1.53
..
Online Published Date:
02 February 2001
Appeared in issue:
655 - 02 February 2001
Australia moves to close gap in health insurance funding
One of the most politically contentious issues in Australian private health insurance is the gap between the cover provided by private health insurance funds and the actual cost of hospital care to the insured patient. The Australian government has..
Online Published Date:
02 February 2001
Appeared in issue:
655 - 02 February 2001
Export credit cover to go private
Private insurance companies are hoping for a share of a new export credit insurance scheme to be set up by the New Zealand government in April.
The NZ$350mn (US$140mn) scheme will provide credit insurance for small and medium-sized exporters who..
Online Published Date:
02 February 2001
Appeared in issue:
655 - 02 February 2001
Insurers see internet growth
General insurers, along with fund managers, are reporting greater growth in internet sales than any other sector of the UK financial services industry, according to the latest Confederation of British Industries (CBI)/PricewaterhouseCoopers (PwC)..
Online Published Date:
02 February 2001
Appeared in issue:
655 - 02 February 2001
Indian life market to triple
The Confederation of Indian Industry (CII), the largest industry body in India, has predicted that the size of the domestic life insurance market could treble to Rs600bn (US$13.2bn) by 2005. This estimate is based on the strength of an 18% annual..
Online Published Date:
02 February 2001
Appeared in issue:
655 - 02 February 2001
NZ trauma payments
The New Zealand government is considering making compensation payments, through the Accident Compensation Corporation (ACC), to people suffering trauma or mental injury through witnessing ‘horror’ situations.
It may set up a special fund..
Online Published Date:
02 February 2001
Appeared in issue:
655 - 02 February 2001
Indian Re expands abroad
Indian Re-insurer, formerly known as the General Insurance Corporation, plans to expand its global inward reinsurance business. It intends to almost triple inward reinsurance income to US$150mn in the first year.
So far GIC’s main focus was..
Online Published Date:
02 February 2001
Appeared in issue:
655 - 02 February 2001
Guyana repairs sea wall
Guyana, which is home to the 15-nation Caribbean Community & Common Market (Caricom) headquarters, is plugging holes in the 35km sea wall that has long protected its economy from the potential ravages of the Atlantic Ocean. Guyana is located on..
Online Published Date:
02 February 2001
Appeared in issue:
655 - 02 February 2001
The prudential carve-out
Edward Forshaw,
manager of international relations at the Insurance & Friendly Societies Division of the UK’s Financial Services Authority, comments on the inter-relationship between the prudential and competitive demands of world trade..
Online Published Date:
02 February 2001
Appeared in issue:
655 - 02 February 2001