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16–29 October 2001
Late reports
12.10, mine collapse, fatalities
India: up to 150 people mining illegally were buried when an abandoned coal mine in West Bengal collapsed. Specialist workers with earth-moving equipment were at the scene of the cave-in in Asansol, 185..
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09 November 2001
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Reinsurers bolster reserves to counter the underpricing of the past
The figures in the Reinsurance Association of America’s (RAA) underwriting report for the six months to 30 June 2001 emphasise the intense financial pressure on US reinsurers prior to the trauma of the terrorist attack on the World Trade..
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09 November 2001
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Arab World
Market grinds to halt after decade of strong growth
The Arab insurance market had a disappointing year in 1999, according to the most recent survey of the region by Arab Insurance Group (Arig). Arig is the biggest and most influential indigenous..
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09 November 2001
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Computer viruses and cybercrime: the new catastrophes for insurers
Financial losses caused by cybercrime were estimated to have cost businesses worldwide more than US$1.4trn last year, according to the PricewaterhouseCoopers (PwC) European Economic Crime Survey 2001.
According to the survey, 43% of companies in..
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09 November 2001
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E-procurement: making the move to a customer-oriented industry
M
arket conditions have been tough for the UK retail insurance industry for some years. But the additional pressure of the current economic downturn now means the cost to an insurer of its existing purchasing systems and processes – something..
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09 November 2001
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Hartford downsizes
US financial services group Hartford has decided to reduce its international reinsurance operations, which currently generate around US$150mn in premiums, and instead focus its resources on the North American market.
The group will close its offices..
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09 November 2001
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Liberty Mutual grows
Liberty Mutual Group has acquired US$1.5bn of commercial and personal lines business from OneBeacon, a wholly owned subsidiary of Bermuda-based White Mountains, which acquired OneBeacon from CGU of the UK.
Liberty Mutual’s Regional Agency..
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09 November 2001
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XL Capital takes over control at Le Mans Ré
XL Capital has confirmed plans to increase its stake in Le Mans Ré to 67% and improve the French reinsurer’s share capital by FF400mn (US$54.7mn). XL is in discussion with Le Mans Ré’s other shareholder, Mutuelles du Mans..
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09 November 2001
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Reinsurers criticise proposal for French liability legislation
French doctors could find it very difficult to obtain third-party liability insurance next year as a result of new legislation proposed by the government to provide privately funded care for the victims of clinical accidents.
French junior health..
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09 November 2001
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675 - 09 November 2001
JLT correction
In a news item in WIR
674/3 headlined ‘State carrier in reinsurance premium scandal’, we incorrectly reported that reinsurance broker Jardine Lloyd Thompson (JLT) had not provided documentation to Philippines National Power Corporation..
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09 November 2001
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675 - 09 November 2001
Willis reports rise in third-quarter revenue
In its second set of quarterly results since listing on the New York stock exchange, Willis Group revealed an 11% increase in revenues to US$325mn for the third quarter of the year.
This stimulated revenue growth of 8% to $1.03bn for the nine months..
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09 November 2001
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Philippines limits number of foreign players
The Philippines Insurance Commission will soon impose a two to three-year moratorium on the entry of new foreign life insurance companies into the local market. The department order is expected to be released in the middle of this month.
The purpose..
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09 November 2001
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Watching the words
When a major insurance claim arises it is often the case that the wording has not yet been prepared or agreed. And if it has been agreed, it may contain clauses that are ambiguous, inappropriate or even unintelligible.
Michael Dobias
and
Robert..
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09 November 2001
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World insurance stock prices
Company/group
Currency
2000 year-end
18/10/01
1/11/01
Change from
18/10/01 %
Capitalisation US$ mn
© iiudata
Ace
US$
42.44
36.86
37.47
1.7
8,695
AIG
US$
98.56
83.00
80.35
(3.2)..
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09 November 2001
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Company profile: National Re, Philippines
National Reinsurance Corporation of the Philippines recorded a pretax profit of P109mn (US$2.2mn) in 2000, almost unchanged on the previous year. Established in 1979, National Re is the leading domestic professional reinsurer in the..
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09 November 2001
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Company profile: Russian Re
Russian Re had a good year in 2000, achieving its first-ever combined ratio of less than 100%. The company, which was founded by the Russian Union of Insurers in December 1992, also achieved strong growth in its premium income.
Russian Re’s..
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09 November 2001
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Company profile: Universe Re
Nigerian nonlife reinsurer Universe Re was incorporated as a private limited liability company in 1983.
The company’s largest shareholder is Nigeria Pension Management with a 28.8% stake. Other major shareholders include Nigeria Life &..
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09 November 2001
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Cologne Re
Cologne Re, acquired by General Re in 1994, accounts for about 71% of the international property/casualty premiums written by GeneralCologne Re group, the common brand name adopted by General Re Corp and its subsidiaries last year.
Cologne..
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09 November 2001
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675 - 09 November 2001
Small Bolivian market demonstrates strong and consistent growth
The land mass of Bolivia might be twice that of Spain, but with a GDP of less than US$9bn in 2000 and a population of 8.3mn, according to a census carried out earlier this year, it is one of the poorer economies in South America.
Following a period..
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09 November 2001
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Bancassurance becomes significant growth area in Latin America
There is strong growth in bancassurance in Latin America, especially in Argentina, Brazil, Chile, Colombia and Mexico, according to a recent report on the region by insurance consultancy Tillinghast – Towers Perrin.
Improvements in economic,..
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09 November 2001
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NZ private care grows
Pressure on the state health services and increasing provision of health insurance as part of an executive package deal have fuelled a growing demand for private health insurance in New Zealand. More than one in three New Zealanders now has private..
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09 November 2001
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675 - 09 November 2001
New insurers for India
Two Indian organisations are working on plans to launch nonlife insurance companies. They are the Murugappa industrial group and a voluntary organisation, the Self-Employed Women’s Association (SEWA), which is based in western India and has..
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09 November 2001
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675 - 09 November 2001
New Zealand pension scheme passes into law
The New Zealand Labour government’s Superannuation Fund has become law despite strong resistance from three of the four opposition parties in parliament and severe criticism from many observers.
This has come particularly from banking..
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09 November 2001
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Indian corporates search for insurance cover
Indian companies are finding it difficult to obtain terrorism and war reinsurance cover for their properties.
The giant Indian Petrochemical Corporation (IPCL) recently gave up its efforts to obtain terrorism cover for its plants in the towns of..
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09 November 2001
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Government infighting delays progress of US federal terrorism fund
Attempts by the US insurance industry and the White House to agree on a state-supported programme to meet future terrorist claims have been delayed by political infighting and criticisms from insurance executives that the proposed plans are just a..
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09 November 2001
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675 - 09 November 2001
Hungarian insurers feel slump in life income
Hungary’s insurance sector suffered a drop in combined premium income in real terms in the first half of this year, ending the earlier trend of brisk growth led by unit-linked life insurance instruments.
According to a report released in..
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09 November 2001
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675 - 09 November 2001
Romanian regulator halves number of insurers
The number of insurers operating in Romania has halved, with the Romanian insurance regulator CSA renewing the licences of only 37 companies. Previously there were 73 insurance companies. This cleanup has been anticipated for some time as several..
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09 November 2001
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EU e-commerce clash looms
A confrontation is looming between the European Parliament and the 15 EU governments on the issue of online financial services. Europe’s E-Commerce Directive, adopted last year, allows governments to take powers to control..
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09 November 2001
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EU Parliament clears the way for revision of investment legislation
The European Parliament has cleared the way for long-overdue revision of EU investment funds legislation.
Strasbourg has agreed to clear the second reading of legislation updating 1985 directives on UCITS (undertakings for collective investments in..
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09 November 2001
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Caribbean insurers to focus on underwriting
The rising cost of excess-of-loss reinsurance cover following the events of 11 September in the US will force Caribbean insurers, which depend extensively on the international reinsurance market, to tighten up their underwriting practices.
For..
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09 November 2001
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