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HIH commission
Asia-Pacific
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
RSA (Puerto Rico)
Latin America
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
Lloyd’s brokers
Europe
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
Allianz board reshuffle
North America
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
World insurance stock prices
Company/group
Currency
31/12/01
Capitalisation
31/12/01 US$ mn
10/1/02
Change from 31/12/01 %
Capitalisation 10/1/02 US$ mn
© iiudata
Ace
US$
40.15
9,317
37.98
(5.4)
8,813
AIG
US$
79.40
208,122..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
Egypt
Slow progress inhibits nonlife growth while life market improves
The lack of growth in the Egyptian nonlife market is widely attributed to the authorities’ cautious approach to the liberalisation of the insurance sector.
The market grew by..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
Intergroup transactions continue to set the trend in London market
Nearly 50% of the £2.3bn of reinsurance placed in the London market (excluding Lloyd’s) during 2000 originated from UK registered companies
This is according to the latest analysis by Informa’s Insurance Intelligence Unit of the..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
South Korean nonlife market stages recovery
The rapid expansion of the South Korean economy, which grew by 9% last year, was reflected in the performance of the country’s nonlife market.
Direct premium income for the market increased by 14% in the 2000 fiscal year (which ended on 31..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
Caribbean insurers exclude terrorism cover from insurance policies
Almost all Caribbean insurers have removed terrorism as an insurable event from their overall fire and allied peril policies since the 11 September disaster in the US.
But the move has not gone down well with business customers located in urban..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
Scor boosts capacity with new Irish subsidiry
French reinsurer Scor’s Irish offshoot, Irish Reinsurance Partners (IRP), opened for business in Dublin last week.
The new vehicle, which has total shareholder equity of €400mn (US$356.8mn), boosts Scor’s nonlife underwriting..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
Sale of Fondiaria stake sparks SAI/Fiat row
The sale of a 24.4% stake in Florence-based insurer Fondiaria has sparked off a major battle. The sale, by Italian financial services group Montedison to Fiat-owned Toro Assicurazioni, was announced on 3 January.
Insurance group SAI (Gruppo..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
Cigna restructures
Health insurer Cigna will reduce its workforce by 2,000 and take a US$65mn charge in the fourth quarter as a result of the restructuring of its existing healthcare service operations into just nine regional service platforms.
The changes are driven..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
Munich Re and HVB predict €315mn savings
Munich Re and HypoVereinsbank (HVB) financial group believe their partnership will yield synergy savings of €175mn (US$156mn) within a year. Such savings will rise to €315mn by 2006.
Munich Re president Jürgen Schinzler and HVB..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
Converium fails blue chip test on market debut
The stock of Converium, formerly Zurich Re, was unexpectedly denied blue-chip status by failing to make it on to the Swiss Market Index (SMI) on its market debut.
This is only the most recent of a number of setbacks suffered by the reinsurer, which..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
Fortress Re and after
The 2001 reinsurance renewal season was unusual in a number of ways. It occurred late in comparison with previous years as the market struggled to come to terms with the issue of terrorism coverage and to clarify exactly what coverage would or would..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
Palestine
Middle East/Africa
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
25 December 2001 – 7 January 2002
Late reports
21.12, roof collapse, injuries
South Africa: twenty-one people were injured, three critically, after the concrete roof of Kolonnade shopping centre in Pretoria collapsed on Christmas shoppers. Part of the roof crashed onto an ice rink..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
Gerling Global Re
A greatly improved investment performance enabled Gerling Global Re Group to achieve a remarkable turnaround in 2000 despite a deterioration in the underwriting result as a consequence of late-reported catastrophe claims from 1999 and increased..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
State gets tough on industrial negligence
The Australian state of Victoria has introduced tough new legislation targeting employers that fail to provide a safe workplace for their staff with its Crimes (Workplace Deaths & Serious Injuries) Bill.
The bill will make it easier for the..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
ICICI Lombard blitzes Indian motor market
ICICI Lombard General Insurance, the joint venture between the Lombard financial services group of Canada and Industrial Credit & Investment Corporation of India, has launched a motor insurance product in 11 cities, including Mumbai and New..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
Singapore expands scope of motor tribunal
The General Insurance Association (GIA) of Singapore and the country’s network of subordinate courts will expand the scope of the Third Party Property Damage Tribunal, set up last year to speed up motor accident claims. GIA president Law Song..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
Chilean pension funds end year on a high despite payment arrears
Chile’s remaining seven private pension fund managers (known locally as AFPs) improved the return on the assets under their management by 6.7% (in real terms) during 2001, compared with 4.4% in 2000.
Total assets under management increased by..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
EU dispute delays implementation of Erika II measures
EU maritime safety legislation prompted by the 1999 loss of the Erika
cleared its final stages in the European parliament on 13 December.
But a follow-up Erika II package of measures, including a proposal for a European maritime safety agency, has..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
State plans to suspend discriminatory insurer
South Carolina’s director of insurance is proposing to suspend for a year the operating licence of Liberty Life, a subsidiary of Royal Bank of Canada, for charging African-Americans ‘discriminatory’ rates for life cover.
An order..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
AAI criticises federal supervision legislation
The Alliance of American Insurers (AAI) has responded to the National Insurance Chartering and Supervision Act introduced in the Senate just before Christmas.
The AAI argued that the provisions of the Gramm-Leach-Bliley legislation to standardise..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
Workers’ compensation rates fall in Minnesota
Contrary to the current trend in the US, workers’ compensation reinsurance rates in Minnesota have fallen by an average of 12% for 2002. This is in stark contrast to the situation in other US states where insurers face a rise of at least 10%..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
Odyssey Re raises after-tax provisions
Odyssey Re has increased its after-tax provisions for its exposures to the 11 September terrorist attacks and the Enron bankruptcy by US$19.5mn.
According to a statement released by the company, pretax provisions for Enron, net of reinsurance, will..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
French combat fraud
French insurers have undertaken to make a greater effort to combat money laundering. New guidelines were set at last month’s Entretiens de l’Assurance annual conference organised by the insurers’ association FFSA.
Under these,..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
Mauritian firm buys into Indian market
Mauritius-based Sun Insurance has picked up a 26% stake in Genins India, a five-year-old managed healthcare company operating out of Noida near Delhi.
The two companies have been in negotiation for the best part of last year.
Confirming this,..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
EU court rules on insurer bankruptcy after 17 years
Fully 17 years after the collapse of Italian insurer Colombo Spa, creditors have not given up hope of recovering some of their money.
But for once, Italy’s notoriously slow judicial procedures are not entirely to blame, according to the..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002
China to discuss FSA-style financial supervisory body
A high-level Chinese government meeting on the country’s financial services sector taking place early next month will discuss the possibility of a joint supervisory authority for the insurance and banking sectors, according to market..
Online Published Date:
18 January 2002
Appeared in issue:
679 - 18 January 2002