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Lloyd’s targets China
Asia-Pacific
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Europe premiums up 2.5%
Europe
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
US$50mn HCC boost
North America
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
World insurance stock prices
Company/group
Currency
31/12/01
18/4/02
2/5/02
Change from
18/4/02 %
Capitalisation US$ mn
© World Insurance Report
Ace
US$
40.15
43.39
36.39
(16.1)
9,530
AIG
US$
79.40
72.00
71.51
(0.7)..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Company profile: European Re of Zürich
European Re of Zürich, a wholly owned subsidiary of Swiss Re, saw its net written premiums rise by a massive 422% to SF8.4mn (US$5.0bn) in 2001. The volume increase was primarily caused by extraordinary intragroup retrocessions and life..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Company profile: St Paul
Minnesota-based St Paul Companies suffered its largest pretax loss in its 149-year history in 2001.
The loss was driven by claims arising from the 11 September terrorist attack and the need to substantially strengthen its loss reserves, particularly..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Markel
US speciality insurer Markel Corporation had a difficult year in 2001.
The Virginia-based group reported a pretax loss of US$182mn, down from the previous year’s deficit of $52mn.
The poor result was primarily due to World Trade Center losses,..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Bahrain
Offshore insurers flourish as domestic market struggles for growth
The primary insurance market in Bahrain saw a 4% growth in gross premium income in 2000 to BD52.4mn (US$139.1mn), according to figures published by the country’s Insurance..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Argentina debates reinstatement of national reinsurer
In the wake of the financial crisis and and their lack of access to hard currency, some insurance companies in Argentina are now considering the possibility of joining forces to negotiate their reinsurance cover in the international markets. There..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Third AFPto break Bolivian market duopoly
Bolivia’s financial regulatory body SPVS (Superintendency of Pensions, Securities & Insurance) announced on May Day the end of the duopoly in the country’s five-year old private pension fund management scheme, and put out an..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Australia guarantees doctors’ cover
The crisis in the Australian medical indemnity insurance market has forced the Federal Government to offer short term insurance for doctors left without cover after the provisional liquidation of medical insurer, United Medical Protection and its..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Lloyd’s puts 2001 losses to rest and looks to hard market for profits
Lloyd’s recently issued an annual accounting loss of £3.1bn (US$4.5bn) for 2001. Although this is the first time Lloyd’s has presented its results on an annual basis, in addition to its traditional three-year accounting system,..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Management changes forced on Generali
Italian insurer Generali effectively changed top management at its annual general meeting last weekend. Company president, Gianfranco Gutty has retained his position, but has given up his role as a general manager. Deputy president and general..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Insurance groups intent on finding ways to keep reinsurance subsidiaries at arms length
St Paul has joined a growing list of companies spinning-off their reinsurance operations into independent companies. The recent trend was started by Zurich, which created Converium from Zurich Re last year, and shows little sign of abating.
St Paul..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Aon reserves $90mn for Lloyd’s dispute
Aon has set aside US$90mn to pay for a dispute with Lloyd’s of London syndicates and that will also provide cover for claims if Aon’s case fails.
The Lloyd’s businesses filed a lawsuit against Aon recently over its attempt to..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Allianz war cover
German insurer Allianz has set up a facility to cover aviation terrorism and war risk third-party legal liability in advance of the expected withdrawal later this month of support provided by national governments. The new cover offered by Allianz..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Cat reinsurers strike it rich
First quarter results being released by US and Bermudian reinsurance companies illustrate the full impact of 11 September on 1 January renewals. They show that reinsurers which concentrate on property catastrophe have benefited much more than those..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Irish looks to captive option
The escalating cost of liability insurance in Ireland has driven small businesses to explore the possibility of forming their own captive insurer. Several organisations have come together under the banner of the Insurance Alliance. It has engaged a..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Saudi/Coface alliance
Middle East
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Natural catastrophes
16.04, flash floods, casualties
Iran: three people died in flash floods caused by several days of heavy rain in the central Iranian town of Tabas. The rains caused rivers to overflow and gas, roads and drinking water supplies were cut off..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
16–29 April 2002
Late reports
15.04, aviation crash, fatalities
South Korea: an Air China passenger jet crashed into a wooded South Korean mountain in heavy rain and fog killing many of the 166 people on board. 125 people have been confirmed dead but the toll could..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Why asset/liability model is set to be the new industry standard
The need for transparency in insurance company financial statements has never been greater. Indeed, many accountants would readily confess to not understanding a set of insurance company accounts.
The International Accounting Standards Board (IASB)..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
New government in Bahamas is keen to reassure the financial services community
Though it has a more ‘socialist’ image than the Free National Movement (FNM), the Progressive Liberal Party (PLP), which won the 2 May general election in the Bahamas in a surprise result, has moved quickly to pledge that it will..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
NZ’s Southern Cross raises premiums for the elderly in order to reduce rates for under 45s
Plans by Southern Cross, New Zealand’s largest health insurer, to introduce narrower premium age bands, which will increase premiums by up to 50% for older clients, has outraged the elderly and brought condemnation from associations which..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
New accounting rules for insurers in India
The Insurance Regulatory and Development Authority (IRDA) has issued fresh regulations on the preparation of financial statements and auditors’ reports by insurance companies.
All insurers in the market will have to provide details of how they..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Germany agrees to terror backstop
Negotiations involving the insurers’ association Gesamtverband der Deutschen Versicherungswirtschaft (GDV) and the country’s industry confederation Bundesverband der Deutschen Industrie (BDI) as well as the federal governement have..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
EU directives impact French mutuals
France’s largest mutual, Mutuelle Generale de l’Education Nationale (MGEN), which insures teachers and other state employees connected with education, reported a small profit of €7.09mn for 2001. This was down sharply from..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Medical TPL to be separate class in France
Legislation is currently being drafted to enshrine the notion of patients’ rights into French law. The enabling legislation was passed in March this year.
One of the new draft laws concerns the limits of medical third-party liability cover...
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Trade bodies push for WTO insurance talks
US insurance trade associations have joined forces with representatives from major insurance markets in Europe and Asia to push for debate on insurance liberalisation in the next round of World Trade Organization (WTO) trade talks.
A group of six US..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002
Support vs intervention
The relationship between the UK insurance industry and the government has received a lot of attention recently. On the general insurance side there is the changing regulatory environment and the debate around government support for the industry in..
Online Published Date:
10 May 2002
Appeared in issue:
687 - 10 May 2002