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Davison heads Dubai body
Middle East
Online Published Date:
26 April 2002
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686 - 26 April 2002
Sun Life enters Tianjin
Asia-Pacific
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26 April 2002
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686 - 26 April 2002
Hiscox joins capital markets
Europe
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26 April 2002
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686 - 26 April 2002
Chubb predicts expansion
Latin America
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26 April 2002
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686 - 26 April 2002
Silverstein settles dispute
North America
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26 April 2002
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686 - 26 April 2002
2–15 April 2002
Late reports
31.03, train collision
China: seven people were killed and three severely injured when a train collided head-on with a farm truck in northeast China’s Liaoning province. The train was travelling from Chengde in China’s..
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26 April 2002
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686 - 26 April 2002
World insurance stock prices
Company/group
Currency
31/12/01
4/4/02
18/4/02
Change from
4/4/02 %
Capitalisation US$ mn
1: Formerly NRMA Insurance Group • 2: Tokio Marine & Fire delisted from Tokyo stock exchange on 26 March and replaced with..
Online Published Date:
26 April 2002
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686 - 26 April 2002
Scor Group
French reinsurance group Scor increased its gross premium income by 41% to €4.9bn (US$4.3bn) in 2001. On a comparable basis – after restatement for the first-time consolidation of the results of recently acquired subsidiaries Scor Life..
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26 April 2002
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686 - 26 April 2002
Pakistan
Regulators step up implementation of new rules to stimulate growth
The gross premium income for Pakistan’s general insurance market grew by 12% to PRs10.2bn (US$216mn) in 2000, according to the latest figures issued by the Securities &..
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26 April 2002
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686 - 26 April 2002
China prepares to become second-largest insurance market in Asia
China is about to embark on the next stage in the process of reforming the domestic insurance market. The authorities have opened up some segments of the market to foreign insurers and have made a number of other structural changes as part of..
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26 April 2002
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686 - 26 April 2002
Japanese life insurers see policy retention and new products as key
These are eventful times for the besieged Japanese life insurance sector and the last two weeks have been no exception. The most recent attempt to fathom the state of the market was a special report by rating agency Fitch, the findings of which were..
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26 April 2002
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686 - 26 April 2002
Swiss Re suffers historic net loss
The published figures did not look so bad after months of fervent speculation about Swiss Re’s 2001 loss figures.
The reinsurer’s net loss for the year was SF165mn (US$100mn), which was below the SF200mn forecast earlier this year. This..
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26 April 2002
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686 - 26 April 2002
Munich Re expresses an interest in Fondiaria
Munich Re is in talks with La Fondiaria, the Florentine insurer that is also being pursued by the Italian group SAI (Società Assicuratrice Industriale). Munich Re confirmed press reports that it has also been in contact with SAI.
For the time..
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26 April 2002
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686 - 26 April 2002
MAAF stays in profit but Executive Life allegations will not go away
French mutual insurer MAAF has surprised the market by producing a respectable set of results for 2001, with total premium income up by 11.1% to €2.18bn (US$1.94bn).
Profit was up to €81mn from the equivalent of €74mn a year..
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26 April 2002
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686 - 26 April 2002
Allstate increases its mould reserves
Operating income recorded by Allstate Corporation was 12% down during the first quarter of this year at US$488mn following an increase in reserves for its property and liability businesses.
Reserves were strengthened by US$148mn during the first..
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26 April 2002
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686 - 26 April 2002
Pressure mounts for government backstop
The US Senate is coming under increasing pressure to pass terrorism insurance legislation that would provide a federal backstop for the reinsurance of such risks, over seven months after the 11 September attacks.
Since its return from spring recess..
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26 April 2002
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686 - 26 April 2002
Indian market faces rate war
India’s 11 private life insurance companies, competing among themselves for the business not currently written by the state-owned Life Insurance Corporation (LIC), are about to engage in a fierce rate war.
Contrary to expectation, the Indian..
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26 April 2002
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686 - 26 April 2002
Company profile: Malaysian National Re
Malaysian National Re (MNRB), the main reinsurer in the Malaysian market, saw its pretax profits slump from M$117mn (US$30.8mn) to M$45mn for its fiscal year ending 31 March 2001.
The profit decline stemmed from falling investment returns and an..
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26 April 2002
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686 - 26 April 2002
Company profile: Oil Casualty
Bermuda-based Oil Casualty Insurance (OCIL), which celebrated its 15th anniversary in 2001, reported a net loss of US$19mn for the year ending 30 November 2001.
The company, which writes umbrella general liability (UGL) and directors’ and..
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26 April 2002
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686 - 26 April 2002
Catastrophe losses drive property/casualty sector into red for first time
The US property/casualty industry suffered a net loss of US$7.9bn last year, its first annual loss ever. The result compared with a net profit of $20.6bn in 2000.
The result was heavily impacted by the terrorist attacks in the US in September and a..
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26 April 2002
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686 - 26 April 2002
Insurance will top the agenda in EC study on marine safety
The European Commission (EC) is to study insurance issues relating to ships in distress as part of the latest EU moves to curb marine hazards.
A key question is whether port authorities should be entitled to deny entry to a ship in distress, in the..
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26 April 2002
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686 - 26 April 2002
Long-awaited industry report takes the side of Irish motor insurers
The final report of Ireland’s Motor Insurance Advisory Board (MIAB) has been less harsh on insurers than its interim report suggested it would be. It does not accuse them of profiteering although it questions their efficiency and rating..
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26 April 2002
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686 - 26 April 2002
M&A activity slips
The predicted increase in insurance merger and acquisition (M&A) activity for the first few years of the new century has fallen short of expectations, according to a new report by Conning & Co.
Last year the number of M&A transactions..
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26 April 2002
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686 - 26 April 2002
Chilean motorists increasingly opt for cover
Since 1997 Chile’s once-booming economy has slowed down to a third of its historical levels. GDP growth averaged 7.6% per annum in the period 1986 to 1997 but has since dropped to around 2.4% over the following five years.
The market for new..
Online Published Date:
26 April 2002
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686 - 26 April 2002
EU court rules in favour of broker
Businesses are increasingly turning to the European Court of Human Rights to challenge decisions handed down in their national courts. Rulings by the Strasbourg court in recent months have involved issues ranging from tax and competition affairs to..
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26 April 2002
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686 - 26 April 2002
Caribbean market set to consolidate
The Caribbean general insurance industry is in the throes of ‘fundamental change’, according to the Caribbean regional office of international financial services company Ernst & Young. The change will lead to ‘more innovative..
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26 April 2002
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686 - 26 April 2002
EU sees recycling insurance as the solution to Europe’s problem of environmental waste
The European Parliament is proposing ‘recycling insurance’ as a way of ensuring manufacturers meet their liabilities under new legislation on waste. Environment commissioner Margot Wallstrom wants manufacturers of electrical household..
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26 April 2002
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686 - 26 April 2002
Air China crash will cause further rate rises
The recent crash of an Air China plane will have a crippling effect in terms of increasing premiums on aviation insurance.
Although the exact nature of increases will be known only after some time, some experts feel it will be at least 20% over and..
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26 April 2002
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686 - 26 April 2002
Managing the customer
The insurance market today is facing a number of challenges. Regulations have made it increasingly difficult for insurance industries to determine what information can be shared with what customer at what time. With customers comparing prices on the..
Online Published Date:
26 April 2002
Appeared in issue:
686 - 26 April 2002