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World insurance stock prices
Company/group
Currency
2000 year-end
1/11/01
15/11/01
Change from 1/11/01 %
Capitalisation US$ mn
© iiudata
Ace
US$
42.44
37.47
36.40
(2.9)
8,447
AIG
US$
98.56
80.35
81.95
2.0
214,806
Allianz..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
Company profile: Swiss Re Southern Africa
Swiss Re Southern Africa recorded a pretax profit of R155mn (US$15.9mn) in 2000, its 50th year of operation. This compared with a deficit of R18mn in 1999, when the company incurred its largest-ever individual loss – a claim for the loss of..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
Toa Re
Toa Re, the biggest reinsurer in Japan, saw its consolidated pretax profit rise by 48% to ¥5.5bn (US$37.4mn) for the year ending 31 March 2001 as increased underwriting income offset a fall in investment earnings.
After accounting for..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
Compulsory earthquake cover drives expansion of insurance market
Turkish insurers have long experience of coping with the challenges of a volatile economy and an ever-depreciating currency.
Domestic direct written premiums (including life) amounted to TL1,775trn in 2000, according to the latest annual market..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
Growth in Chilean pension fund earnings slows down in third quarter
The latest data from Chile’s Superintendency of Securities & Insurance suggests there was a slowdown in the growth in earnings of the country’s seven pension funds during the third quarter of this year.
The funds still posted a..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
European companies set sights on Mexico’s life and pensions market
The Mexican insurance market generated a premium income of Mex$78.5bn (US$8.3bn) for the third quarter to September 2001, according to a report by the National Insurance & Surety Committee (CNSF).
This is a 12.6% increase in real terms compared..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
Reinsurance market gets tough on Korea
Several international reinsurers, including Hartford Re of the US, have notified South Korean general insurers that they are not accepting new business.
Some reinsurers have refused to renew existing contracts. Other reinsurers have significantly..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
Axa reorganises units
Axa has announced plans to reorganise its activities in France. The existing Axa Assurances, Axa France, Axa Courtage and Axa Conseil will be merged into a single unit next year.
The new entity should benefit from its size and obtain operational..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
If and Sampo property/casualty division merge
Pan-Nordic nonlife insurer If is merging with the property/casualty division of Finnish insurer Sampo.
The new company will have a pro-forma premium income equivalent to SKr27.5bn (US$2.6bn) and a 24% share of the Nordic nonlife market, with 3.7mn..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
French insurers wait for terror cover support
The French finance ministry has been notably slow to respond to insurers’ demands for government guarantees against claims arising from terrorist acts.
The government has just offered similar guarantees to airlines.
Under existing French law,..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
Rising WTC exposure drives Allianz into red
Escalating estimates of its exposure to the 11 September attack on the World Trade Center have put Allianz into the red for the third quarter. The German insurance group announced a net loss of €46.3mn (US$40.9mn) for the July-to-September..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
S&P forecasts surge of capital into market
Standard & Poor’s (S&P) predicts the insurance market worldwide will receive between US$10bn and $20bn in new capital over the next six months, with the bulk of this flowing into the reinsurance industry.
More than half of the..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
Warren Buffett admits to insurance mistakes after Berkshire’s $679mn third-quarter loss
Berkshire Hathaway chairman Warren Buffett has apologised to shareholders for the performance of Berkshire’s insurance operations, which were largely responsible for the group’s net loss of US$679mn for the third quarter.
Ordinarily, Mr..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
Hannover Re launches protest against Moody’s financial security rating
Hannover Re has strongly objected to a public information financial security assessment of its business by Moody’s. The rating agency downgraded Hannover Re and its subsidiary E+S Rück from Aa3 to A2.
Hannover Re complained the rating..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
The strength of standards
WISe, the London insurance market body established in 1999 to develop e-commerce standards and support services for the market, transferred its standards activities to Acord, the US-based nonprofit industry standards body, earlier this year.
In..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
30 October – 12 November
Late reports
29.10, explosion, fatalities
China: an explosion at a fireworks plant registered to a school killed eight workers. The Woniushi Primary School Fireworks Factory was located at a safe distance from the school and no students were..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
Company profile: Bao Viet
State-run Vietnam Insurance Corporation, better known as Bao Viet, recorded a pretax profit of D113.2bn (US$7.8mn) last year, up 5% on 1999. Bao Viet is the leading insurer in Vietnam, with an overall market share of 60%. This breaks down into a..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
Company profile: Central Re
Central Re, Taiwan’s only domestic reinsurer, took its first step towards becoming a fully privatised entity last year when it gained a listing on the Taiwan stock exchange.
The Taiwan government’s stake in the company fell from 87% to..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
Fall in US loss figures points the way for world fire safety strategy
The London-based World Fire Statistics Centre has presented its annual report on the human and economic costs of fire damage to the UN Committee on Human Settlements for the last 20 years now.
But it never ceases to amaze the centre’s..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
Hong Kong insurers object to splitting of fund
Hong Kong’s General Insurance Council (GIC), which operates under the auspices of the Federation of Insurers, has expressed its objection to a government move to separate the Employees Compensation Assistance Fund (ECAF) from the insolvency..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
Insurers set to benefit from China’s WTO entry
The recent entry of China into the World Trade Organisation (WTO) is expected to attract huge capital flows into the country and present great opportunities for general insurance companies operating in the Beijing and Shanghai areas.
DBS Bank, the..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
French life grows 2%
The French life insurance market has staged something of a recovery during the third quarter of this year.
After the market expanded by 20% during 2000, the industry’s premium income contracted by 12% during the first quarter of this year, and..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
Concern mounts over lack of insurance cover in Caribbean
The total value of insured property risk in the Caribbean is about US$30bn but the uninsured risk, including public sector assets, is much higher, according to Jeffrey Montano, director of insurance operations for the region’s largest general..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
Indian state general insurers plan to make staff redundant
India’s four state-run general insurers are seriously considering making a large number of their marketing staff redundant and transferring their functions to independent intermediaries.
The idea is to bring down the companies’ overheads..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
MetLife enters Chile by buying Santander Vida
In the biggest transaction to date in the history of the Chilean insurance industry, MetLife of the US entered the local market by purchasing the life insurance operations of Spain’s Santander group for US$250mn.
Once regulatory formalities..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001
EU moves on broker barriers
Further proposals from the European Commission aimed at freeing up cross-border insurance business were expected to clear first reading in the European Parliament as WIR
went to press.
Brussels wants to dismantle barriers that face insurance agents..
Online Published Date:
23 November 2001
Appeared in issue:
676 - 23 November 2001