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Company profile: QBE
QBE Insurance Group increased its gross premium income by 33% to A$3.6bn for the year ending 30 June 2000. This was largely due to acquisitions the company made during the year and included specialist UK employers liability insurer Iron Trades in..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
Proportional losses escalate
Part 1 of the WIR
UK reinsurance survey looked at the performance of companies in terms of net written premium. In part 2 the focus is on underwriting results. The underwriting loss for companies writing proportional business worsened from..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
South African market 1999
South Africas non-life insurance industry saw a 6.5% growth in gross premium income in 1999, according to the latest annual report issued by the Registrar of Short-term Insurance, the regulatory authority for non-life business in South Africa. Based..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
Skandia new blood
Skandia s nominating committee has proposed that former German economics minister G nther Rexrodt, London-based management consultant Oonagh McDonald, and Swedish company director Clas Reuterskiold, should join the Skandias board. Existing board..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
Insurers of last resort?
WIR looks at the role and prospects of government-owned or backed export credit agencies (ECAs) as private sector insurers rapidly increase their involvement in the export credit and political risk insurance markets.
Although governments continue..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
Chile sees higher premiums but larger losses
Chile s insurance market results for 2000, published last week, show an increase in premium income for both life and general insurers. However, both sectors suffered heavy underwriting losses. Acloser look at the market suggests losses were not..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
Genetic testing to face German ban
Germanys health minister Ulla Schmidt is determined to ban the use of genetic test results by insurers. She said a bill containing such a ban would be introduced during the life of the present parliament, ie before 2004.
So far, German insurers have..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
Codan on war footing
Danish insurer Codan, owned by Royal & SunAlliance of the UK, is building up its war chest in preparation for what it regards as the inevitable consolidation of the Nordic insurance market. The company has announced plans for a new share issue..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
Hannover Re buys
Through subsidiary Insurance Company of Hannover (ICH), German reinsurer Hannover Re is to expand its US programme business by acquiring certain property/casualty lines of Acceptance Insurance. The move comes despite the worse-than-expected result..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
AIG tests currency rules
Tata AIG General Insurance, the joint venture between Mumbai-based Tata Group and AIG, has launched a unique programme to target Indian information technology companies. It wants to collect premium in rupees and settle claims in foreign..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
Allianz bears the brunt of motor price war in German market
Allianz domestic property/casualty supremo Reiner Hagemann must rue the day in 1996 when he decided to start the rebate war in German motor insurance. The market has never recovered from the downward spiral of prices seen since then.
True, Allianz..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
Risk assessment and prudential standards
Sir Howard Davies
, chairman of the UK Financial Services Authority (FSA) says the regulation of the UK non-life insurance sector will see significant change with the coming into force of the Financial Services and Markets Act over the coming months..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
20 February—5 March 2001
Late reports
16.2, kidnapping
Bangladesh: 2 Danes and a Briton were kidnapped in dense forest in the thickly forested Chittagong Hill Tracts while working on a road project. The government ordered their release or the captors would be flushed out..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
World insurance stock prices
Company/group
Currency
2000 year-end
22/02/00
08/03/01
% change
from 22/02/00
Capitalisation US$mn
* acquisition by Radian Group completed 28 February 2001.
Ace
US$
42.44
36.30
37.71
3.9
8,750
AIG
US$..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
Company profile: Sri Lanka Insurance Corporation
Sri Lanka Insurance Corporation (SLIC) saw its pre-tax profit fall by Rs43mn (US$0.5mn) to Rs565mn in 1999, largely because of a sharp fall in non-life underwriting profits. SLIC, the legal successor of the state-owned Insurance Corporation of Sri..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
General Insurance Corporation of India
The General Insurance Corporation of India (GIC), now called Indian Re, reported a 10% increase in net premiums written to Rs18.9bn for the year ending 31 March 2000. Apart from its direct aviation account, GIC derived most of its premium income..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
FBD bucks trend
FBD Insurance, the largest locally-owned non-life insurer in Ireland, has reported a 17.5% improvement in operating profits for 2000 to 12.1mn (US$11.2mn). Its performance contrasts favourably with that of larger Irish insurers like Hibernian.
FBDs..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
Hibernian s non-life profits fall
Hibernian Group, CGNUs Irish subsidiary, has reported a 7% increase in operating profits to I£95.8mn (US$112.2mn) in 2000. But this result conceals a sharp divergence between life and non-life performance. Operating profit from life business..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
Increase in non-life profits for Pohjola
The restructuring of Finlands Pohjola Group is forging ahead. The Finnish Insurance Supervision Authority has given the go-ahead for the transfer of Pohjolas non-life business to Pohjola Non-Life, a company specially set up for the purpose. All the..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
New Zealand government supports ACC on overseas claims
In 1990 a Greek fish and chip shop owner in Wellington, New Zealand suffered a hernia lifting bags of potatoes. The Accident Compensation & Insurance Corporation, (ACC) awarded him a weekly compensation payment. Four years ago the man went to..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
Argentina worried by latest insurer failures
Two Argentine insurers, Vision and Omega, have filed requests with the Insurance Department to start liquidation proceedings. These are two high-profile companies, especially in the motor sector, and this latest development, although not unexpected,..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
NRMA board at war
Infighting continues to plague Australias largest general insurer, NRMA. The latest spat involves the companys chairman Nick Whitlam and fellow board member Anne Keating. In a report prepared by Queens Counsel Robert McDougall, Ms Keating and Robert..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
US state goes offshore
The US state of South Carolina has moved to extend its captive legislation, which it passed last year. Under proposals currently before legislators, reinsurers would be allowed to form captives allowing them to discount their loss reserves. South..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
London market worried about marine claims
Serious marine hull claims for 2000 are likely to show an upward trend when the annual statistics become available soon. Insurers are particularly concerned about the level of claims emanating from machinery damage and engine room fires. They..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
Indian Re turns to bond market
Indian Re, formerly the General Insurance Corporation of India (GIC), plans to raise funds by borrowing on the international markets. The idea is for the company to raise its cash provisions in order to obtain a higher rating from international..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
Threat to Caribbean captives
Despite lengthy discussions in Barbados, London and Paris between OECD officials and representatives of the captive insurance industry in the Caribbean during the last two months, Caribbean governments still stand accused by the OECD of maintaining..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001