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13–26 November 2001
Late reports
9.11, fire damage
Russia: a fire on board Russian research vessel Morskoy Geofizik
destroyed 46 Japanese cars and over 1,000 tyres. The vessel was making a commercial voyage from Japan to Vladivostok. The fire started 15 miles off the..
Online Published Date:
07 December 2001
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677 - 07 December 2001
Company profile: Munich Re of Africa
Munich Re of Africa Group (MroA) saw a 28% rise in group pretax profits to R101mn (US$13.3mn) last year as increased nonlife losses were offset by significant investment gains and an improved life result.
MroA, which is active in most of the..
Online Published Date:
07 December 2001
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677 - 07 December 2001
Generali
Generali saw a 12% rise in consolidated pre-tax profits to €1.8bn (US$1.6bn) last year as increased investment and life insurance earnings offset a deterioration in the profitability of its nonlife operations. Net profit grew from €819mn..
Online Published Date:
07 December 2001
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677 - 07 December 2001
Country profile: Austria
Growth in life market compensate for nonlife losses
The Austrian Insurance Association, the Verband der Versicherungsunternehmen Österreichs (VVO), is not too bothered that last year nonlife claims and life assurance benefits increased faster..
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07 December 2001
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677 - 07 December 2001
Portugal
Insurer/banking alliances dominate fastest-growing market in EU
Portugal may be one of Europe’s smaller insurance markets but it is one of the fastest-growing on the continent both in terms of insurance premium income as a percentage of GDP..
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07 December 2001
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677 - 07 December 2001
Motor theft rises as Colombian law is relaxed
Car thefts in Colombia have increased significantly over the last few months, largely due to the decision by the country’s constitutional court to suspend certain articles of the new Criminal Procedures Code.
The decision means car thieves who..
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07 December 2001
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677 - 07 December 2001
Munich Re profits of €85mn surprise market
Munich Re has forecast a premium income of more than €34bn for the whole of this year, a year-on-year increase of more than 10% as the group announced a turnover of €25.8bn for the first nine months of this year.
Munich Re noted that..
Online Published Date:
07 December 2001
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677 - 07 December 2001
French government moves on insurers’ demand for terror guarantee
The French government has finally responded to local insurers’ fears about their exposure to terrorist attacks. But the move came only as insurers were sending cancellation notices to their major industrial clients.
It is understood that a..
Online Published Date:
07 December 2001
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677 - 07 December 2001
Insurers deny reports that Enron’s collapse will substantially impact on their earnings
The financial failure of Enron Corporation, the largest in US history, is expected to cost insurers billions of dollars in losses.
According to industry analysts, life insurers have about US$1bn in exposure to investments in Enron and nonlife..
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07 December 2001
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677 - 07 December 2001
Shouldering the burden: 11 September and the insurance sector
Over the last three months, aviation and property/casualty insurers and reinsurers have significantly increased estimates of their losses from the 11 September terrorist attacks on the World Trade Center in New York.
A number of reinsurers had their..
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07 December 2001
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677 - 07 December 2001
Keep a check on your partner
Many London market insurers persuade themselves that they are immune to the dangers posed by insurance fraudsters. Accordingly, they adopt a relaxed approach to audits and inspections – thereby achieving minor short-term cost..
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07 December 2001
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677 - 07 December 2001
New German legislation will favour big insurance groups
The German parliament is close to passing legislation that would allow dominant shareholders to ‘squeeze out’ entrenched minority shareholders.
The draft text, which is awaiting approval from the upper house, the Bundesrat, would allow..
Online Published Date:
07 December 2001
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677 - 07 December 2001
World insurance stock prices
Company/group
Currency
2000 year-end
15/11/01
29/11/01
Change from 15/11/01 %
Capitalisation US$ mn
© iiudata
Ace
US$
42.44
36.40
38.78
6.5
8,999
AIG
US$
98.56
81.95
..
Online Published Date:
07 December 2001
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677 - 07 December 2001
Company profile: Brasil Re
The Instituto de Resseguros do Brasil (IRB), the only reinsurer allowed to operate in the Brazilian market, was transformed from a state institution to a public limited company in 1997 as an interim step before privatising the reinsurer. It was..
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07 December 2001
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677 - 07 December 2001
US attacks hurt Chile
Chile’s domestic insurers have been hurt by the fallout of the terrorist attacks against the US, according to Marcos Büchi, president of the Chile Insurers Association.
Projections for 2001 annual profits fell from 10.83% to 4.08% after..
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07 December 2001
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677 - 07 December 2001
Argentina to reduce AFJP fund charges
Tough economic conditions in Argentina have prompted the government to put measures in place to help ease the social security burden on the workforce.
Patricia Bullrich, Argentina’s social security minister, met representatives of pension fund..
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07 December 2001
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677 - 07 December 2001
New Jamaican insurance law set to regulate activities of foreign players more effectively
The new Jamaica Insurance Act currently winding its way through parliament was primarily motivated by the collapse of the life insurance sector in the mid-1990s but will help strengthen the regulatory function for general insurers as well.
The..
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07 December 2001
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677 - 07 December 2001
PZU privatisation hits yet another obstacle
There is concern in the Polish insurance market following comments from Treasury minister Wieslaw Kaczmarek indicating he will allow time to run out on a deal to privatise PZU, Poland’s largest insurer.
Mr Kaczmarek last week said he would not..
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07 December 2001
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677 - 07 December 2001
EU approves money-laundering legislation
Delayed by a protracted wrangle over lawyer/client confidentiality, new EU legislation on money laundering recently approved by the European Parliament will impose wider responsibilities on insurers, banks and other financial institutions.
Current..
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07 December 2001
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677 - 07 December 2001
Prominent industry figure calls for French health system privatisation
The French employers’ association, Medef, has proposed opening up the country’s social security system to competition.
The announcement – intended to stir up a public debate – was made by Medef deputy president Denis Kessler,..
Online Published Date:
07 December 2001
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677 - 07 December 2001
Texas amends claims procedures for mould
Texas insurance commissioner Jose Montemayor has finally responded to local pressure to do something about mould damage insurance cover.
He ruled that cover for high-priced procedures for disposing of mould damage – beyond that necessary to..
Online Published Date:
07 December 2001
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677 - 07 December 2001
Japanese motor theft reaches record levels
The incidence of motor vehicle theft in Japan has escalated over the last three years. The number of stolen cars rose from around 36,000 in 1998 to over 56,000 in 2000.
First-half 2001 data indicates a further 20% increase is likely in the current..
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07 December 2001
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677 - 07 December 2001
New Zealand government forges ahead with pension fund despite widespread opposition
New Zealand’s Labour government is pushing ahead with its NZ$50bn (US$22bn) superannuation fund despite warnings from Treasury officials and private sector economists, and a threat from one of the smaller opposition parties that it will move..
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07 December 2001
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677 - 07 December 2001
Report clears Ireland’s motor insurers of excessive profits
A
report by consulting actuarial firm Tillinghast – Towers Perrin refutes allegations that Irish insurers have been earning excessive profits from motor insurance.
The report was commissioned by the Irish Insurance Federation (IIF) earlier..
Online Published Date:
07 December 2001
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677 - 07 December 2001