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World insurance stock prices
Company/group
Currency
2000 year-end
08/03/01
22/03/01
% change from 08/03/01
Capitalisation US$mn
source: iiudata
Ace
US$
42.44
37.71
33.10
(12.2)
7,681
AIG
US$
98.56
83.78
..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Company profile: Zurich Re (K ln)
Zurich Re (K ln) (ZRK), one of the three Zurich Re branded reinsurance operations, is responsible for the group s operations in North and Eastern Europe (Switzerland and Austria but specifically Germany), North Africa and the Middle East. ZRK also..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Company profile: Caribbean Home
Caribbean Home Insurance Company (CHIC) recorded a pre-tax profit of TT$17mn (US$2.7mn) for the year ending 30 September 2000, compared with $9mn in 1999, which was for a nine-month period only, following a change of reporting date from 31..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Aon
Aon Corporation s earnings per share fell for the very first time last year from US$2.07 to $2.01. This was largely as a result of a fall in the investment income of the groups non-operating corporate division.
Pre-tax income fell by just over 1% to..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Vietnam market makes vigorous recovery
After negative growth in 1999, the non-life market staged a vigorous recovery in Vietnam last year with premium growth of 12.9% to Dong1,798bn (US$124mn).
High growth rates were achieved in marine cargo (24%), fire (16%), energy (22%) marine hull..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Colombian GWP rises
Colombian insurers suffered losses of CP134.6bn (US$59mn) in 2000, according to a preliminary report by the insurance supervising authority. The market s gross written premium increased by 15.5% to CP1.5trn and the assets of Colombian insurers..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
John Charman: Courting controversy
John Charman likes nothing more than to stir up the thick, placid pool that is the Lloyd s insurance market. But last week he exceeded his own high expectations. The market is now swirling with the news that Mr Charman, chairman and chief executive..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Rig loss in Brazil
Although underwriters managed to escape any significant catastrophe exposure in 2000, all complacency has been shattered by the loss this month of the Petrobras P-36 oil production platform off Brazil. London market sources put the value of the..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Lloyd s marine market in turmoil
The Lloyd s marine sector is going through turbulent times. John Charman, one of the market s best-known underwriters, has left Bermuda-based Ace, where he was head of its international group (see page 6)
.
At the same time, David Hope, another..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Codan keeps Topdanmark in sight
Speculation is rife in Copenhagen that Codan is going to bid for Topdanmark. The rumours appear to have been fuelled by the Topdanmark board s suggestion that voting restrictions (which limited one shareholder to a maximum of 25% of the votes at the..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
US insurers to pay $330mn for quake
A lack of cover has saved US property/casualty insurers from a massive payout for the earthquake that struck Seattle and adjoining areas in Washington and Oregon at the end of February. Estimates from the Property Claim Services (PCS) unit at the..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Le Mans R opens fourth Asian office in Labuan
French reinsurer Le Mans R, the joint venture owned 51% by Mutuelles du Mans and 49% by Bermuda s XL Capital, has announced the opening of an office in the Malaysian financial hub of Labuan.
The company joins other notable European reinsurers..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
S&P under fire
Ratings agency Standard & Poor s (S&P) has refused to issue a retraction following heavy criticism of its warning about the solvency of UK motor insurers.
Comparisons by S&P analyst David Laxton of three UK motor insurers to the..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Daewoo in India
Daewoo India, the Indian subsidiary of the South Korean motor manufacturer, has announced plans to enter the Indian motor insurance market in 2002. This follows a move by Maruti, India s largest car maker, to distribute other companies insurance..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Zurich Re to go
Zurich Financial Services is to spin off its Cologne and North American-based reinsurance subsidiary Zurich Re following the announcement of a disappointing set of results for 2000. The reinsurer is set to be given its own identity and listed..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Internet crime
Oliver Prior,
of the Research Development and Knowledge Management division at international insurance intermediary Willis, argues that insurance companies need to make themselves aware of all the problems, and opportunities, when it comes to..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
World loss log 6—19 March 2001
Late reports
1.1 crash, fatality
US: a Cessna T210L (Centurion) N222ED crashed near Salida, Colorado on a flight from Hollis, Oklahoma to Denver, Colorado. The 1 person on board was killed.
5.3, bridge collapse, fatalities
Portugal: 70 people were..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Company profile: Kurnia
Kurnia Insurans, Malaysia s insurer, saw its pre-tax profit fall by 48% from M$168mn (US$44.2mn) to M$88mn for the year ending 30 June 2000.
However, its management could take some comfort in the fact that the previous year s profits were boosted by..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Mauritius
Total gross premiums for general and life insurers in Mauritius stood at Rs4.0bn (US$160.3mn) in 1998, 6% up on the previous year and 54% up on 1994, according to the latest report of the Controller of Insurance.
The premium volume for 1998..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Residual property risks: North Carolina and Florida bear brunt
T
he losses suffered by the US residual markets for property risks in 1999 stemmed mainly from the havoc caused by hurricanes Floyd and Bret in North Carolina and Florida, but the overall experience showed a big improvement on 1998. The 1999..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Reinsurance deficit falls by 67%
T
he US reinsurance deficit with the international markets was abnormally high at US$6.2bn in 1998. But as a result of a large increase in recovieres on its outward reinsurance account, the overall deficit fell to $2bn the following year. The latest..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Mexican insurance
The Mexican financial services authorities and insurance industry chiefs have formed a joint commission to discuss the best way to implement proposed changes to Mexico s insurance laws. The changes are part of a government plan to reform the entire..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Rugby injuries
New Zealand s state-owned Accident Compensation & Insurance Corporation, (ACC) has joined forces with the New Zealand Rugby Football Union in a drive to reduce rugby injuries. In conjunction with the Rugby Football Union it will launch a series..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Mexico agreement
Formalities completed a few weeks ago are likely to create new opportunities for European insurers in Mexico — and vice versa. The event was the first meeting of EU and Mexican government representatives who will oversee an EU-Mexico free..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Victorian tax review
The release of the Harvey Committee Report on Victoria s business taxes by the state s government has paved the way for the state to take the lead in tax reform in Australia, according to the Insurance Council of Australia.
ICA deputy chief..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Recasting the rules for life cover
Proposals to streamline EU legislation on life assurance seem likely to secure speedy enactment — and a recast of European non-life insurance law is now likely. The reworking of life assurance legislation emerged unamended from a first reading..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Trinidad and Tobago sees non-life losses
Against a background of falling rates for property business, several leading Trinidad and Tobago general insurers made underwriting losses in 1999, the latest year for which financial results are available.
Figures collated by insurance brokerage..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Hungarian legal move
The Hungarian government is constructing the legal framework for a new compulsory workplace insurance scheme to provide better compensation for victims of industrial accidents and diseases. The move aims to rectify the decline in the number of..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Chile s market steady
The non-life market in Chile is expected to grow at the same pace in 2001 as in 2000 (between 5% and 8%), with much of the growth based on increases in fire and earthquake premiums.
Ignacio Barriga, general manager of Chilena Consolidada Seguros..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Sweden tightens rules
The Swedish regulator Finansinspektionen is tightening the rules governing accounting for financial reinsurance transactions. From now on, companies show the relevant figures calculated both with and without financial reinsurances. The ruling is not..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
ONGC still without cover
India s giant state-run Oil & Natural Gas Corporation (ONGC) is finding it difficult to renew its annual insurance cover, which falls due on 1 April.
This is largely because international reinsurers have become extremely wary about taking on..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Investments hit by downturn in Japan
Swedish insurer L nsf rs kringar Wasa s real estate fund, Fastighetsfonden, was the company s strongest performer last year. It rose by 43.9%, beating the underlying property and construction sector index, which rose by 21% over the period. The..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Crop insurance
Indias finance minister Yashwant Sinha has announced the setting up of a separate company to handle the crop insurance plan for farmers.
This scheme used to be offered by General Insurance Corporation, which is now the national reinsurer, Indian..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Irish motor insurers come under fire following MIAB report
Irish insurance companies are facing allegations of operating a cartel designed to keep motor insurance premiums at an excessively high level following publication of an interim report by the Motor Insurance Advisory Bureau (MIAB).
The report finds..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001