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World insurance stock prices
Company/group
Currency
2000 year-end
12/07/01
09/08/01
Change from 12/07/01 %
Capitalisation US$ mn
* Adjusted three-for-two split: 26 July 2001
Source: iiudata
Ace
US$
42.44
35.70
35.50
(0.6)
8,238
AIG
US$..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Munich Re Group
Munich Re, the world’s largest reinsurer, reported a consolidated net profit of €1.75bn for 2000, up by 54.5% on the previous year.
The result was greatly helped by the first-time consolidation of investment funds qualifying as..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Nonlife sector overshadowed by rapid expansion of life market
The size of the Polish insurance market has more than tripled over the last five years.
The market’s gross premium income increased by 19% to Z18,476mn (US$4,656.8mn) in 1999, the most recent year for which the Polish supervisory authorities..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Global market continues to consolidate
A busy half-year of mergers up to 30 June 2001 saw no less than 359 insurance-related merger announcements, according to research conducted by Insurance Mergers Alert
newsletter. The reinsurance sector provided several significant deals:
Benfield..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
China: land of opportunity?
J
ohn Cook, head of International Relations at the Association of British Insurers (ABI), outlines the opportunities and challenges that membership of the World Trade Organisation (WTO) poses for foreign insurers in China. This article is based on a..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Munich Re/Ergo deal
Munich Re has increased its holding in Ergo Versicherungsgruppe to 91.7%, surpassing the earlier provisional published figure of 90.1%. The HVB group (HypoVereinsbank), which is allied to Munich Re, holds a further 5% of Ergo, leaving 3.3% in the..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Reinsurers’ right to decide settlement upheld
David MacLoughlin
, an insurance and reinsurance lawyer based in the London office of law firm Beachcroft Wansbroughs, says the recent Court of Appeal judgment in
Gan Insurance Co Ltd v Tai Ping Insurance Co Ltd has significant implications for..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
CGNU looks to European countries for growth
CGNU continues to sell assets to finance its growth in Europe. At the beginning of August the company sold its Brazilian subsidiary to Royal & SunAlliance. This follows the sale of its US nonlife operations to White Mountain in June.
The..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Groupama seeks banking partner
French mutual insurer Groupama is reported to be seeking a strategic partnership with a bank. The company’s board – which comprises the representatives of the 36 regional units that make up Groupama – is due to meet on 6 September..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Swiss Re boosts US presence with deal
Swiss Re has paid US$2bn in cash for US reinsurer Lincoln Re from Lincoln National. The deal boosts Swiss Re’s share of the US life and health reinsurance market to 29% from 18%, putting it ahead of such rivals as Munich Re and General Re.
The..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
China Insurance to merge in Singapore
The Singapore branches of China Insurance and Tai Ping Insurance will merge by the end of this year to make better use of resources and provide improved services, according to Yang Chao, chairman of China Insurance Group.
Tai Ping, a member of China..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Generali buys Chilean fund manager
In a rare Italian incursion into the Chilean financial markets, Generali has taken over fund management company AFP Planvital through its subsidiary Banca della Svizzera Italiana OBFI. The firm was sold by the Inverraz group, holding company for..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Sampo not giving up on Storebrand bid
Norwegian insurance group Sampo is expected to continue with its bid for Storebrand. Sampo has so far still only received acceptances for 83.5% of the shares in the Norwegian company. This is not enough to comply with the Norwegian law that requires..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Axa’s acquisitions in 2000 impact on embedded value
French insurer Axa has calculated that its embedded value (adjusted asset value plus current value of expected future profits) stood at €35.35bn in 2000. This is a rise of 26.6% from 1999 levels.
But the embedded value per share rose by a far..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Allstate achieves full US banking licence
Allstate Corporation has been cleared by US regulators to set up a full service federal savings bank that will offer a wide range of new products through a telephone call centre and over the internet.
The US car and home insurer has suffered heavily..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
24 July–6 August 2001
Property and business interruption
27.7, crane collapse
Australia: the Queensland state government’s troubled bid to build a A$23mn pedestrian bridge over the Brisbane River took another blow when a massive crane working on the structure..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Company profile: GE Frankona Re
After achieving its best-ever result in 1999, Danish reinsurance company GE Frankona Re saw a 23% fall in pretax profit to DKr456mn last year.
The decline was largely due to a deteriorating underwriting result, which cancelled out a strong..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Arson expected to rise in Caribbean
After a 20-year lull, arson may again be becoming a feature of property fire claims in the Caribbean, according to the region’s leading insurance fraud investigator, Patrick Zoe. In recent weeks there have been major fires in three urban..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Former policyholders to miss out on shares
Around 140,000 former Tower policyholders in New Zealand and Australia are running out of time to claim NZ$49mn (US$22mn) of shares in the investment and insurance company. Following the demutualisation of the former Government Life NZ office in..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
NRMA New Zealand subsidiary to restructure
State Insurance, New Zealand’s largest fire and general insurer, has announced it will reorganise its operations by the end of the year, with the loss of about 240 jobs. State, now part of Australia’s largest general insurer, NRMA..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Floods hit Asia hard
Though recent weeks have seen a series of floods and water logging causing havoc in vast parts of Asia – across Taiwan, China, Indonesia, India, Bangladesh and South Korea – general insurance companies have by and large escaped the need..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Vietnam opens up
The government of Vietnam is in the process of laying the ground rules for opening up the insurance market to foreign companies according to provisions in its trade agreement with the US and in line with rules laid out by the Asia Pacific Economic..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Taiwan wants higher premiums for bad drivers
The authorities in Taiwan are planning to use insurance premium rates to check traffic violations. Insurance companies have been asked to charge higher premium rates for vehicle and motorcycle drivers who break traffic rules, beginning in..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
European commercial rates rise sharply
Premium rates for industrial risks have risen sharply in Europe recently. In the past year commercial rates have risen by between 10% and 20% for property cover, and by between 5% and 15% for third-party liability.
Two main factors have contributed..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Australia may reform marine insurance market
The Australian marine insurance market could undergo legislative changes in the parliament following the Australian Law Reform Commission’s report to the Australian government.
ALRC president Prof David Weisbrot said the country’s..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Asbestos claims rise
There has been a substantial increase in asbestos claims filed against property/ casualty insurers in the US after several major asbestos manufacturers filed for bankruptcy protection. As a result of this the US insurance industry is expected to set..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Indian government urged to consolidate state insurers
An Indian parliamentary committee has advised the government to merge the four state-owned general insurance companies into one strong entity.
The committee argued that the resulting entity will be better placed to compete with the private and..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Captive havens resist OECD
The regulatory regimes of offshore tax havens in the Caribbean and elsewhere, which have attracted scores of international insurers, particularly captives, seem likely to survive more or less intact in the long run, despite the severe pressure..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001
Third way for insurers
One of the major changes in recent years has been the willingness of sophisticated commercial litigants – the insurance industry in particular – to embrace the possibilities of alternative dispute resolution (ADR). ADR is receiving..
Online Published Date:
17 August 2001
Appeared in issue:
669 - 17 August 2001