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GE considers sale
North America
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
5–18 March 2002
Late reports
01.03, sinking
China: a pilot was killed and six people were missing after a 12-metre engineering boat, Lifeng 13
, sank in the Huangpu River following a collision with cargo vessel Xing da Sheng
, carrying 680 tons of sand. The eight..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
World insurance stock prices
Company/group
Currency
31/12/01
7/3/02
21/3/02
Change from
7/3/02 %
Capitalisation US$ mn
* Formerly NRMA Insurance Group
© World Insurance Report
Ace
US$
40.15
43.11
41.91
(2.8)
10,938
AIG
US$
79.40..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Odyssey Re Holdings
Odyssey Re Holdings was incorporated in the state of Delaware in March 2001 to serve as the holding company for the reinsurance-related subsidiaries of Canadian financial services group Fairfax.
Odyssey Re acquired all the outstanding shares of..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Part 2: MAT treaty edges into profit as proportional losses increase
Part 2 of the WIR
UK reinsurance survey focuses on underwriting results. Part 1 looked at the performance of companies in terms of net written premium.
The survey is based on the annual returns of 202 general insurance and reinsurance companies,..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Companies’ underwriting losses mount as insurance market expands
The Irish insurance industry generated I£13.95bn (US$16.6bn) in premium income in 2000, an increase of 32% over 1999. The figure includes premium income received by head offices and branches in Ireland.
The life insurance sector accounted for..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Argentinian insurers accept government bonds as premium payments
The Argentinian insurance industry’s premium income for January 2002 amounted to P544.5mn (US$185mn).
Nonlife premiums at P356.5mn accounted for 65.5%, life at P140mn for 25.7%, and retirement related insurance business with premiums of P48mn..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Corifrance
Balancing opportunity with caution in a volatile market
Although reinsurance premium rates have increased by as much as 300% for some classes, these are not the best of times for small to medium-sized professional reinsurance companies.
Not only..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Munich Re’s 2001 results disappoint analysts
Munich Re declared a net profit of €250mn (US$219mn) for 2001, below analysts’ expectations. In addition to Munich Re’s 11 September exposure, two aircraft accidents in November 2001 – American Airlines in New York and..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Axa 2001 results hold up amid reports that group wants to dispose of reinsurance unit
Axa has reported better results for 2001 than expected. Despite the fact that net income was well down at €520mn (US$453.9mn) for 2001 from €3,444mn in 2000, the result exceeded analysts’ expectations. Axa blamed the decline on the..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Martin Kauer, Converium
Looking to profit from the turmoil of cash-strapped competitors
Converium, formerly Zurich Re, has issued its first set of results as an independent entity. Although the keynote figure is a net loss of US$367.4mn for 2001 (compared with a loss of..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Munich Re predicts increase in catastrophes
In its report on natural catastrophes in 2001, Munich Re Group noted a substantial rise in insured natural hazard losses.
Climate change has been a major cause of many natural disasters and scientists at the group fear it is going to have an..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Jordan floats motor rates
Middle East
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Taiwan faces tough year
Asia-Pacific
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Hermes seeks new chair
Europe
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Company profile: Southern Africa Re
Southern Africa Re commenced operations on 1 January 1995 as a nonlife reinsurer in Harare, Zimbabwe, with a capital base of Z$15mn (US$273,000).
Capital was subsequently increased to Z$25mn in 1996 in a public flotation.
A rights issue at the end..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Company profile: Kurnia
Kurnia Insurans, Malaysia’s largest general insurer, saw its gross premium income rise by 23% to M$704mn (US$185.4mn) for the financial year ending 30 June 2001. This was a record result for the company.
The other significant event for Kurnia..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Insurance regulator takes insurers to task
France’s insurance regulator, the Commission de Contrôle des Assurances (CCA), has warned action would be taken against those insurers that do not provide adequate information regarding their solvency margins and the adequacy of their..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
French mutual group breaks with FFSA
The French mutual insurers’ association, ROAM (Réunion des Organismes d’Assurance Mutuelle), has formally declared its independence from the main French insurers’ association FFSA (Fédération Française des..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Marsh plans to extend consultancy division
Marsh Europe, the European subsidiary of the insurance broking group, plans to extend its consultancy services. In a recent interview with newspaper Les Echos
, its head Daniel Jones explained that the recent rise in insurance premium rates was..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Insurance support sinks state candidate
In the recent election for California insurance commissioner, one candidate found that his identification with the insurance industry (he is alleged to have accepted US$1.5mn in campaign contributions from insurance companies) seriously damaged his..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
India puts new restrictions on corporate commissions
Prospective entrants in the corporate insurance agency business in India will now have to revise their plans following the decision by the Insurance Regulatory & Development Authority (IRDA) to bar payment of commissions on business from..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Poland to address thorny issue of PZU’s ownership
A Polish government working group to be named later this week will look to resolve the struggle for control of Polish insurer Powszechny Zaklad Ubezpieczen (PZU), Polish Treasury officials have confirmed.
The ministry offered few details about the..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Change for the better
The events of 11 September have changed the shape of the global insurance market, and in particular the aviation insurance market, for years to come.
In the months that followed, in the very real expectation that more losses of a similar nature..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002