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World insurance stock prices
Company/group
Currency
2000 year-end
14/06/01
28/06/01
Change from
14/06/01 (%)
Capitalisation US$mn
Ace
US$
42.44
39.14
39.68
1.4
9,208
AIG
US$
98.56
80.75
86.51
7.1
201,656
Allianz
398.60..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
PXRE
PXRE Group had another poor year in 2000 as its results continued to be adversely affected by the previous year’s European storms.
The company, domiciled in Bermuda since relocating from the US in 1999, reported a pre-tax loss of US$23mn last..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
Life insurers hopeful
Better prospects for the Peruvian economy during the second half of 2001 should push life sector premiums up by 20% for the whole year, according to Juan Carlos Vallejo, chief executive of local life insurer Interseguros.
Economic growth fell by..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
Back on the hard road to profitability
The US reinsurance sector, which took a beating in 2000 despite a significant reduction in the level of catastrophe losses, has staged an impressive recovery during the first three months of 2001, according to figures released by the Reinsurance..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
Singapore to allow Lloyd’s presence
The Monetary Authority of Singapore (MAS) is seeking to change local legislation to allow Lloyd’s to carry on its underwriting activities in Singapore through locally established representatives of Lloyd’s managing agents.
The..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
Foreign bids for failed insurers
Foreign bidders are rushing to take over three ailing South Korean general insurance companies. The firms put up for sale by their owner – state-run Korea Deposit Insurance Corporation – are Regent Insurance, Daehan Fire & Marine..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
Prudential thrives in French life market
UK insurer Prudential is pleased with the progress of its Prudential Europe Vie product, launched in France at the beginning of this year when the company also set up a French subsidiary. Some 800 of these policies have been sold in the first half,..
Online Published Date:
06 July 2001
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666 - 06 July 2001
RSA leaves Taiwan
Taiwan’s Ministry of Finance is believed to be very concerned by the decision of UK-based Royal & SunAlliance (RSA) to pull out of the country. This is because RSA has done some impressive work in the field of residential fire insurance,..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
Swedish rates to rise
Big Swedish corporations can expect a significant rise in their insurance premiums over the next few years, according to industry reports from Stockholm.
Commercial business has not been profitable for local insurers for several years. But the gains..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
Den norske’s increased stake in Storebrand poses problem for Sampo’s takeover plans
The Norwegian state-controlled Den norske Bank (DnB) is close to blocking Sampo’s bid for Storebrand.
DnB has built up a holding of 9.76% in the Oslo-listed insurer (up from its earlier stake of 2.5%). If the holding reaches 10%, DnB will have..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
Vietnam’s life market sees record growth
The size of the Vietnamese life insurance market increased by 2.5 times to D1,250bn (US$86.1mn) in 2000 and was the main driving force behind the 48% increase in the market’s total premium income to D3,075bn ($211.8mn).
The Vietnamese non-life..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
World loss log 12–25 June 2001
Late reports
9.6, explosion, property damage, injuries
Vietnam: at least four people were injured and about 100 homes badly damaged by an explosion at an army base in central Vietnam. 3.5 tonnes of explosives and ammunition were detonated at an..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
Company profile: Vinare
Vietnam’s insurance market posted strong growth last year as the country’s economic recovery continued, with the economy growing by two percentage points to 6.75%.
The non-life sector saw premiums up by 14.5% to D1,825bn last year while..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
Company profile: Gerling Global Re South Africa
Gerling Global Reinsurance Company of South Africa experienced a sharp downturn in its pre-tax result in 2000, producing a loss of R11mn, against the previous year’s profit of R51mn.
The decline in profit was mainly because of a fall in..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
Company profile: WR Berkley
After recording a pre-tax loss of US$79mn in 1999, largely due to the poor performance of its US regional operations, WR Berkley Corporation achieved a pre-tax profit of $41mn last year. The improved result was driven by price increases, higher..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
The smallest insurance market in Africa
Over the last five years Uganda has become one of the biggest recipients of foreign investment in sub-Saharan Africa (excluding South Africa) as a result of the World Bank and IMF sponsored economic reforms of the Museveni government.
But despite..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
Good start for Chile’s health insurers
Chile’s private health insurers, which are struggling to maintain their market share in the face of rising unemployment and the counteroffensive by a reinvigorated state health insurance scheme, have published encouraging financial results for..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
South Africa strengthens insurance law
South Africa has amended its insurance legislation to offer greater protection to short-term (non-life) insurance policyholders. The changes to the country’s Short-term Insurance Act (1998) were signed into law earlier this year and the new..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
Thin ice and heavy claims: Independent and the rating agencies
T
he fact is that UK-based Independent Insurance Company, until recently much praised by financial journalists and investment analysts alike, is insolvent with net liabilities that might well exceed £1bn.
But who is to blame? Already fingers..
Online Published Date:
06 July 2001
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666 - 06 July 2001
Caribbean insurers object to public adjusters
A new development on the Caribbean insurance scene – the so-called “public adjuster” – is adding a new note of bitterness to the normal post-disaster disagreement between insurers and policyholders over the settlement of..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
French market grows by 16%
The French insurance industry collected premiums totalling 205.1bn (US$173.8bn) last year, according to figures published by the industry federation Fédération Française des Sociétés d’Assurances (FFSA). This..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
Australia moves to close health gap
Australia’s health minister, Dr Michael Wooldridge, has announced an unprecedented move to ensure Australians using their private health insurance are no longer hit with surprise medical bills after receiving treatment in hospital. He said the..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
New Zealand fleet warned not to go to sea
More than 1,700 New Zealand commercial fishing vessels have been warned they will not be insured if they put to sea before they replace contaminated diesel fuel. This could leave them tied up for several days while they wait for new clean supplies..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
Hong Kong set to restructure system
A major restructuring of Hong Kong’s insurance regulatory system is in the offing. The Office of the Commissioner of Insurance (OCI) is working on plans that will result in either transforming the OCI into a truly independent organisation free..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
Tasmania welcomes new builders’ insurer
Australia’s Master Builders Association (MBA) has secured a new insurer for Tasmania’s builder indemnity market. The appointment of Dexter Corporation ends a short-term monopoly following the collapse of insurance giant HIH.
Until March..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
New Zealand companies encouraged by success of insurance claims register
New Zealand insurance companies have saved ‘millions of dollars’ in the two years since the New Zealand Insurance Council began operating an Insurance Claims Register, according to council chief executive Chris Ryan. He expected savings..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
EU parliament set on motor insurance reform
The European Parliament is pressing for further reforms of EU legislation on motor insurance. Having secured a better deal for “visiting motorists” on settlement of cross-border claims, it wants to extend some of the improved..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
European insurance solvency legislation clears first reading
Proposals to update EU rules on insurance sector solvency margins cleared first reading in the European Parliament on 4 July. Early enactment is likely. The Parliament, the European Commission (EC) and EU states are collaborating closely on a raft..
Online Published Date:
06 July 2001
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666 - 06 July 2001
Support for GIC
Two of India’s newly licensed general insurers – Reliance General Insurance and Iffco Tokio Marine & Fire Insurance – have decided to pass on their entire reinsurance programme to the state-run General Insurance Corporation..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
Chile set to introduce compulsory fire cover
In a surprise announcement on the commemoration of the 150th anniversary of the Chilean Fire Service – an underfunded force comprised mainly of volunteers – Chile’s president Ricardo Lagos announced short-term plans to introduce..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
Way beyond the limits
There have been significant recent developments in the law of limitation, not least because of the Court of Appeals decisions in
Brocklesby v Armitage & Guest and
Cave v Robinson Jarvis and Rolf. Oscar Harrison-Hall
, a partner at Davies..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001
New Zealand fund loses millions in currency deals
The New Zealand government Superannuation Fund, which invests the retirement savings of cabinet ministers, MPs, judges and civil servants, lost NZ$12.1mn (US$5.04mn) playing the currency market last year. The Serious Fraud Office is investigating..
Online Published Date:
06 July 2001
Appeared in issue:
666 - 06 July 2001