- Home/Publications/World Insurance Report
Employers’ Re
Asia Pacific
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
Lloyd’s new chairman
Europe
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
WTC case referred to jury
North America
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
World insurance stock prices
Company/group
Currency
31/12/01
30/5/02
13/6/02
Change from 30/5/02 %
Capitalisation US$ mn
Ace
US$
40.15
34.13
32.15
(5.8)
8,430
AIG
US$
79.40
67.10
62.84
(6.3)
164,195
..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
Company profile: IPC Holdings
Bermuda-based IPC Holdings recorded a net loss of US$3.9mn in 2001, the company’s first negative result since it commenced operations in 1993. IPC, which primarily provides property catastrophe reinsurance through its wholly-owned subsidiary..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
Swiss Re Group
Swiss Re posted a pre-tax loss of SF104mn (US$63mn) last year. This compares with a SF3.7bn profit for 2000. The company’s net loss for 2001, its first since 1868, stood at SF165mn, compared with a net profit of SF3bn the year before.
The 11..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
Double digit premium growth as insurers step up marketing efforts
Direct written premiums for the South Korean nonlife market grew by 14% to W16.5trn (US$12.4bn) for the fiscal year 2000 (12 months ending 31 March 2001), according to the latest figures put out by the Bank of Korea. South Korea is the..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
Foreign groups undeterred by economic and political uncertainty
The new Swiss Re sigma report on the insurance industry in Latin American published last week very much emphasises the role of foreign insurance groups in the region over the last 10 years. The foreign presence is particularly marked in the six..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
Mapfre America
Mapfre America, which comprises the Spanish insurance group’s subsidiaries in 11 Latin American countries, generated a profit of US$11.14mn before writing off goodwill, acquisition costs, taxes and minority interests during the first quarter..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
Insurers challenge Virgin Islands’ rating tariff
The United States Virgin Islands in the Caribbean is set to become the subject of a test case as to whether insurance premium rates are set by insurance companies or by the regulatory authorities.
The US Virgins is probably the one territory in the..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
Allianz set to take advantage of changing demographics and radical reforms in South Korean financial services market
While AIG and MetLife of the US have walked away from South Korea, Allianz of Germany has invested more than US$1bn in the world’s sixth-largest life insurance market.
Allianz conducts 70% of its business outside Germany. Its takeover of..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
The Future of the Japanese Life Insurance Industry
T
he Japanese life insurance industry is undergoing significant transformation. Regulatory change, the severe condition of the economy and increased competition from foreign entrants are leading to change at an ever-increasing pace.
Stephen..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
Czech life market to maintain double digit growth over next decade
Favorable legislation, increased competition and changing public attitudes toward the role of insurance – and of the state – are responsible for the seemingly unstoppable growth of the insurance industry in the Czech Republic. “The..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
Axa to cut life business acquisition costs
Axa’s embedded value is down for the third year running. As of 31 December 2001, it stood at €34.9bn ($33bn), down by 1.4% from €35.3bn a year earlier. But the good news is that it was down less than expected. Analysts had been..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
Airlines call for state backed insurer
The European airline industry is lobbying the European Commission, as well as the constituent governments of the European Union, for the creation of a state-backed European captive insurer to cover them specifically against war and terrorism risks...
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
28 May–11 June 2002
Late reports
25.5, fire, fatalities
India: a fire which engulfed a shoe factory in northern India killed at least 40 people and injured several others. The death toll could still rise as many people were trapped inside the factory in Agra, 110..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
Pension funds
• Pension fund managers (OPCs) in Costa Rica
are analyzing the possibility of investing part of their assets abroad. This move was prompted by the low level of private bond issues in the country.
The Workers Protection Law establishes that..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
Santiago broker on trial for policy fraud
Falsification of policies by a Santiago insurance broker has apparently left up to 5,000 urban transport buses in the capital without passenger accident cover. According to the case put before the courts in early June, the broker had used the..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
Freedom of intermediaries seen as key to integrated market
New EU rules on insurance agents and other forms of ‘insurance mediation’are likely to be approved in the near future. European Commission proposals published in January 2001 cleared their second reading in the European Parliament on 13..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
EC attempts to unpick tangle over liability for marine pollution
MEPs voted on 11 June to support attempts by the European Commission to unravel a legislative tangle over EU policy on liability for marine pollution.
In a related vote on 12 June, the European Parliament completed the second reading of proposals to..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
Demographics and the development of pension systems in Baltics
The Baltic states inherited pay-as-you-go (PAYG) pension systems from the former Soviet Union. Under a PAYG system, those who work pay for current pensioners’ benefits. These systems rapidly became unsustainable after independence because of..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
CNP identifies Chinese market as important target in its international expansion plan
France’s largest personal lines insurer, CNP Assurances, plans to expand abroad, according to CNP board president, Gilles Benoist. Mr Benoist was speaking during the company’s recent annual general meeting.
CNP is negotiating with a..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
Market takes heart from discipline demonstrated by the new capital
After the US reinsurance market posted the worst results in its history in the fourth quarter of last year, things could only improve given the absolute determination of the industry over the last six months to increase premium rates and to..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
NZ’s Southern Cross offers premium discount to elderly customers
Faced with a flood of policy resignations, especially from long standing elderly clients in response to increased premiums, New Zealand’s largest health insurer, Southern Cross, has announced loyalty discounts for people over the age of 65...
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
OECD supports insurers’ call for terror backstop
A new economic study by the Paris-based Organisation for Economic Cooperation and Development (OECD) confirms the international insurance industry’s claim that it could not survive another terrorist attack on the scale of the attrocity which..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
Ukraine removes limits on foreign stakes in insurers
The new amendments to Ukraine’s insurance law are expected to have a tremendous impact on the development of the market.
The new rules make the market signficantly more attractive to foreign companies. It is anticipated that the more than 300..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002
Corporate risk reporting
The Institute of Chartered Accountants in England & Wales (ICAEW) believes that there are important benefits for companies in providing better information about what they do to assess and manage key business risks. As well as making available..
Online Published Date:
21 June 2002
Appeared in issue:
690 - 21 June 2002