- Practice Areas
- Publication Type
- Resources
- Practice Areas
- Publication Type
- Resources
- Home/Publications/World Insurance Report
Aviation
17.5, aircraft crash
Iran: a Yakovlev Yak-40 aircraft carrying Iran’s transport minister and 6 parliament members crashed in northern Iran, killing all 29 on board. After disappearing early in the morning, the aircraft was located several..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Natural catastrophes
18.5, storms
Haiti: 21 people died, 11 were injured and 5 were missing after 2 days of torrential rains that swept away victims in rising waters and caused flimsy homes to collapse. 42 houses were destroyed, 267 homes were damaged and 1,014 families..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Liability awards and settlements
16.5, asbestos award
US: a Ramsey County, Minnesota jury has awarded $8mn to former Koch refinery worker Joseph Akin and his family, whose attorneys argued that his exposure to asbestos at the Rosemount refinery caused him to develop..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Property, business interruption
15.5, bloodstock losses
US: congressmen in Kentucky asked the US Department of Agriculture to help find a solution to the foetal loss syndrome affecting the state’s bloodstock industry. The Kentucky Disease Diagnostic Centre reported that the..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Marine
15.5, negligence suit
Singapore: fv Chian Horng No1,
undergoing repairs in a shipyard, was damaged badly in a fire and sank in 1996. Now her owner, Chian Horng Fishery, is suing the ship repairer and its subcontractor for negligence. It is also..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Late reports
11.5, tug capsize
US: pilot error probably caused m tug Bay Titan
to capsize in the Delaware River, causing the death of 1 crew member and blocking shipping traffic in the Chesapeake and Delaware Canal for up to a week. Coastguard officials were..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
World insurance stock prices
Company/group
Currency
2000 year-end
17/05/01
31/05/01
% change from 17/05/01
Capitalisation US$mn
source:..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Company profile: Sirius International
Sirius International blamed a 40% fall in its consolidated pre-tax profits to SKr637mn last year on a poor underwriting result and a fall in investment income.
The company’s overall underwriting loss deteriorated by SKrl36mn to SKrl91mn while..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Company profile: Santam
Santam, South Africa’s leading general insurer, saw a 65% jump in gross premiums to R4.6bn in 2000 following its merger with local insurer Guardian National. The acquisition gave Santam a 25% share of the South African general insurance..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Company profile: Bavarian Re Ireland
Bavarian Reinsurance Ireland, a subsidiary of Swiss Re, reported a sharp increase in pre-tax profit in 2000. The result was boosted by improved underwriting and investment performance.
The company, which will shortly change its name to the Swiss Re..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Company profile: PartnerRe
Helped by lower catastrophe losses, PartnerRe saw a recovery in its operating result in 2000. The Bermudian reinsurer increased its operating earnings by 109% to US$192mn while pre-tax profits were up by $48mn to $99mn. Taking into..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Lloyd’s global results 1998 Approaching the bottom
Lloyd’s figures are certain to be poor for the next few closed years of account as the market struggles to cope with the cyclical downturn within the wider global insurance industry. The 1997 year was the first since the reconstruction and..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Iran: market grows by a nearly a third
Estimates released by the Iranian authorities suggest the insurance market expanded by 30% during the first 11 months of the last Iranian fiscal year, which ran from March 2000 to March 2001.
Total direct premiums were down to IR3,339bn..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
World markets: Chile and Iran Chile: premiums and earnings advance in first quarter
First-quarter 2001 results from the Chilean insurance sector show good progress in both premium revenue and profitability for local insurers, particularly in the non-life sector.
Life insurers increased premium revenue by 5.4% to U$423mn,..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
P&l interview Alistair Groom: setting the Standard
The 150-year-old marine liability market with its mutual associations or ‘clubs’ has long been portrayed as one of those arcane corners of the insurance industry that, like the Lloyd’s market, needs to be restructured and made more..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Accident is a wake-up call for Israeli insurers
Insurers of Israeli risks have been given a wake-up call by the recent accident at a Tel-Aviv wedding, according to Risk Management Solutions earthquake expert Gordon Woo. Last week the floor of the Versailles Banqueting Hall in Talpyot, Jerusalem..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
German bancassurers decide their strategy
Two events are currently occupying the minds of most German insurance executives, and they are closely related: the takeover of Dresdner Bank by Allianz and the final passage through parliament of the bill changing Germany’s pension system...
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
New Zealand war vets to sue UK government
A group of New Zealand wartime veterans exposed to radiation during British nuclear tests in the 1950s want to sue the UK government. Papers and a submission seeking compensation from the British government for exposing servicemen to radiation..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
PPM struggles to recruit new members
Sweden’s innovative PPM pension scheme – which gives individuals control over how their complementary compulsory contributions are invested – is suffering from a lack of uptake.
Some of the fund managers who signed up to take part..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Swiss Re increases investment in India
Though it has yet to decide on whether to set up a subsidiary company in India, Swiss Re is slowly increasing the level of its investments in the country.
The world’s second-largest reinsurer is in the process of acquiring a 1% equity stake in..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Domestic savings down in Sweden
Net inflow into Sweden’s unit-linked life insurance funds totalled SwKr7.1bn (€778mn) during the first quarter of 2001, according to Statistika Centralbyran, the national statistical bureau.
This compares with a net inflow of SwKr7bn..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Auditors protected by obscure law
Arthur Andersen, auditor for failed Australian insurance company HIH, is to be protected from massive damages payouts by a little-known law on the New South Wales statute books.
Government ministers and other creditors had hoped to pursue Arthur..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Early retirement reason for low trade in SPP surplus pension funds
Trading in the surplus pension funds distributed by Alecta (formerly SPP) as bonuses to its client companies has been lower than expected.
When trading started in November last year, Carnegie Pension Consulting – one of the larger firms..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Indian state insurers suffer in open market
Things are not going too well for India’s four state-run general insurance companies in the new liberalised environment.
The companies have recorded an average growth of 4% in premium income in 2000–01, which is the worst performance in..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Norwegians oppose Storebrand merger
Den norske Bank (DnB), backed by Norway’s finance minister Karl Eirik Schjott-Pedersen, is leading local opposition to Sampo’s bid for Storebrand. The Finnish company’s agreed bid for Storebrand – valuing the Norwegian..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Airmic conference report: risk managers told to go and prepare for change
An absence of regulatory co-ordination and general market ignorance are the main factors impeding the convergence of the banking and insurance sectors. Delegates at the recent UK Association of Insurers & Risk Managers conference in Birmingham..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Swedish life insurers badly hit by fall in stock market prices
Figures from the Swedish financial markets regulator Finansinspektionen show that three companies – Folksam Liv, KPA, and Spar Liv – have seen their consolidation ratio (assets to projected obligations) fall below 100% in the first..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
US government agency predicts average hurricane season
Experts from the US government’s National Oceanic & Atmospheric Administration (NOAA) have predicted normal levels of activity for the 2001 Atlantic hurricane season, which begins on 1 June.
But the centre warned that Atlantic and Gulf..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Captives – pros and cons
It is estimated that more than 75% of Fortune 500 companies now operate their own captive insurance subsidiaries in addition to numerous smaller companies and enterprises that have followed the same route. Despite the soft insurance market and..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Bold bid to end spirals
UK-based accounting and consulting firm Grant Thornton has launched a bold bid to bring about the end to one of the most costly and inefficient problems that besets the international reinsurance industry: the 1980s spiral.
The Grant Thornton..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001
Irish government threatens to cap insurance premiums
Ireland’s insurers could be facing the prospect of controls on premium increases. The veiled threat was made by Ireland’s deputy prime minister in a speech to the recent annual lunch of the Irish Insurance Federation (IIF).
Mary Harney,..
Online Published Date:
08 June 2001
Appeared in issue:
664 - 08 June 2001