- Practice Areas
- Publication Type
- Resources
- Practice Areas
- Publication Type
- Resources
- Home/Publications/World Insurance Report
CGNU to close in Taiwan
Asia-Pacific
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
PZU privatisation
Europe
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
Insurers pay out on Enron
North America
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
Company profile: Lureco
Founded in 1986, financial reinsurer Luxembourg European Re (Lureco) is a subsidiary of the US-based General Electric (GE) industrial and financial conglomerate.
The company was taken into the GE fold in June 1999 when ERC Life Re Corp of Kansas..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
In search of a future beyond the London market
The last three years have been the most challenging period in the 145-year history of the London-based Salvage Association, the maritime casualty survey organisation in the process of rebranding itself.
Until 1999 the Salvage Association comfortably..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
Lloyd’s takes on risks in Malaysian market
Demand for terrorism cover is increasing in Asia. In Kuala Lumpur, Malaysia National Re (MNRB) has introduced a new policy to provide cover for properties and business interruption risks.
In India the General Insurance Corporation is developing a..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
China tightens regulations
The China Insurance Regulatory Commission (CIRC) is shifting its focus from the market behaviour of foreign insurers to their capital strength.
The commission is also refining the present system of supervision.
The announcement comes in the wake of..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
BASF to form its own reinsurance company
German chemical manufacturer BASF has confirmed plans to set up a reinsurance company. A spokesman responded to reports in the German press by saying BASF’s plans were at a very early stage.
A report in Süddeutsche Zeitung
had suggested..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
Credit insurance becomes AGF core business
Credit insurance is now a core business for AGF (Assurances Générales de France).
Company president Jean-Philipp Thierry used words to this effect when he announced that AGF’s credit insurance subsidiary Euler would pay €535mn..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
Enron failure hits fourth-quarter results hard
The collapse of energy trader Enron has greatly affected several large insurers, with investment exposures totalling more than US$3bn in the fourth quarter of 2001, according to a statistical study compiled by rating agency A M Best.
Life insurance..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
Chubb stays upbeat
Despite facing heavy losses from damages wrought by tropical storm Allison in April last year, from 11 September and more recently from its surety bond exposure to Enron, the Chubb group is confident about its future prospects.
Chubb’s various..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
French market had ‘traumatic’ last year
Last year was something of a trauma for the French insurance industry, according to Denis Kessler, president of the Fédération Française des Sociétés d’Assurances (FFSA) when he unveiled the preliminary industry..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
Cargo premiums reduced
Middle East
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
Good ratings despite cats
Caribbean
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
21 January – 4 February 2002
Late reports
19.01, damage, failed rescue
Belgium: general cargo vessel Hawk Arrow
(28,092 gt, built 1985), travelling inbound to Antwerp, struck the north wall of the channel while entering the Kallo Lock. In an attempt to prevent further damage,..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
Company profile: East Africa Re
Kenya-based East Africa Re, which derives 90% of its premium income from the Comesa region (Common Market for Eastern & Southern Africa), saw gross written premiums grow by 34% to a new high of KSh304mn (US$3.9mn) in 2000.
But the..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
General Insurance Corporation of India
The General Insurance Corporation of India (GIC) saw a significant rise in its premium income for the year ending 31 March 2001.
Net written premiums rose by 16% to Rs21.9bn (US$469mn). A substantial portion of the growth came from the..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
Nonlife insurance companies are a step ahead of inflation
Although no more than usually besieged by economic and political uncertainty, the Indonesian nonlife insurance market contracted by 4% in 1999.
But the market was doing a little better than the figures suggest.
The country’s 105 nonlife..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
Underwater volcano revives fears among Caribbean insurers
The brief revival of activity at the site of the colourfully named Kick ’em Jenny underwater volcano 9km north of the island of Grenada has been a wakeup call for Caribbean insurers, which fear volcanoes may be posing a more general threat..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
The going gets tough for Argentina’s insurers
Urgent meetings have taken place in Argentina between high-ranking government officials – including Claudio Moroni, who was appointed insurance superintendent on 6 February – and market representatives about lifting financial..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
Floods worry insurers
Insurers in Indonesia are worried about an avalanche of claims, with extensive damage of property and the death toll rising to 125 as a result of the recent floods. This is despite the fact that much of the damage occurred in the rural areas and was..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
Crisis hits Taiwan’s health insurance system
The Taiwanese government has announced it will not allow the state-run health insurance system to increase its premiums but will set up a taskforce to look at other ways to refinance the struggling system.
This statement came amid speculation that..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
Parliament decision heralds breakthrough in EU reforms
A European Parliament decision to cede powers over the regulation of financial services, in the interests of speedier EU responses to market developments, has been hailed as a breakthrough toward fast-track reforms.
But a minority of sceptics in..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
Bush administration moves to extend health cover to increasing number of US uninsured
An estimated 2mn Americans lost their health insurance in 2001, which is the largest increase in the number of uninsureds in almost a decade, according to data released by newly established group Covering the Uninsured.
The group consists of the US..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
Life business goes up
In the months since the World Trade Center disaster there has been an increased interest in life insurance, predominantly focused on fixed universal, whole and term life products, according to a study by investment and asset management firm Conning..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
Extra losses wipe out RSA operating profits
Additional losses of £459mn (US$656mn) from asbestos claims and from exposures to 11 September and the Enron collapse have wiped out the operating profits of UK insurer Royal & Sun Alliance (RSA).
RSA has announced it will more than double..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
UAE brokers complain about commission cuts
Insurance brokers in the UAE are up in arms against a decision by local insurers to cut their commission payments.
The brokers complain the decision was reached without any consultation and if implemented will leave them with no profits at all. The..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
Regulation and competition
The UK government’s decision to implement the EU insurance mediation directive by giving the job to the Financial Services Authority (FSA) now means the FSA will have to take a much greater interest in the relationship between the individual..
Online Published Date:
15 February 2002
Appeared in issue:
681 - 15 February 2002
World insurance stock prices
Company/group
Currency
31/12/01
24/1/02
7/2/02
Change from
24/1/02 %
Capitalisation US$ mn
* Formerly NRMA Insurance Group
© World Insurance Report
Ace
US$
40.15
36.95
38.96
5.4
8,876
AIG
US$
79.40..
Online Published Date:
17 February 2002
Appeared in issue:
681 - 15 February 2002