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Hanwha to close deal
Asia Pacific
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
German life poo
Europe
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
World insurance stock prices
Company/group
Currency
31/12/01
25/7/02
8/8/02
Change from 25/7/02 %
Capitalisation US$ mn
1: Hannover Re implemented a 3:1 stock split 12 July 2002. • 2: RenaissanceRe’s Board of Directors approved a 3:1 split of the..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Company profile: Scor UK
London Market insurer and reinsurer Scor UK had one of its best years ever in 2001 in terms of premium income. Gross written premiums rose by 1% to £107mn (US$156mn) but premiums retained for own account grew by 46% to £51mn.
UK business..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Company profile: Allianz AG
Allianz AG serves as both holding company and reinsurance carrier for the Allianz Group. The company generates most of its premium income from group subsidiaries and from other companies in which Allianz has an equity interest.
Allianz AG’s..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Marsh & McLennan Companies
US financial services group Marsh & McLennan Companies (MMC) is active in the insurance and reinsurance brokerage, asset management, and consulting sectors through its subsidiaries of Marsh, Putnam and Mercer, respectively.
MMC saw its..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Vietnam
Market premium volume grows by 50% despite economic slowdown
The Vietnamese insurance market posted strong growth in 2001, according to the country’s state-owned reinsurer Vietnam National Re (VINARE) which collects data on the local..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Chilean insurers see sharp drop in their first half earnings
Despite an increase of 5.2 % in premium revenue, which reached the equivalent of US$1,265mn for the first six months of this year, and stable claim levels (down 1% at US$1,203mn), earnings in Chile’s insurance sector dropped sharply during the..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Boonzaier quits top job at Tower
Failure to obtain a license in China, along with the NZ$3mn (US$1.68mn) cost establishing a presence in that country, were among reasons why the board of New Zealand’s Tower Group have parted company with chief executive James Boonzaier.
Mr..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Aegon forced to issue profit warning
The Dutch insurer Aegon has been forced to issue a profit warning as a result of tough conditions in the US market and the strength of the euro. The company has said that 2002 profits could be as much as 35% below the €2.4bn (US$2.41 billion)..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
German insurers under investigation
Germany’s anti-cartel office last week ordered a raid on 13 of the country’s insurers. Allianz, Gerling, and Axa Konzern were among those targeted. The searches were approved by a lower court in Berlin.
The anti-cartel office was..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Swiss Life looking to dispose of its German subsidiaries
Swiss Life is reported to have put its German operations up for sale. But the company declined to comment on the reports, and instead issued a statement saying that its business was sound and its customers’ pensions secure.
The life company,..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Diversification, primary lines and preparing for the downturn
Although there is tremendous pressure on specialist insurance groups in the London market to be profitable, there is also a clear understanding between many of these groups and their investors that 2002 is an interim period: a time for managing..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
What future is there for the new start-ups?
Approximately US$8bn of the $20bn in new capital funnelled into insurance start-ups over the past nine months has come from private equity investors. Private equity firms that have invested new money into the insurance industry include a number of..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Conseco to restucture debt for second time
North America
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Road, rail
26.7, derailment, fatality
New Zealand: one man died and another was seriously injured after an overnight freight train derailed in a remote area of eastern Taranaki. The seriously injured man was trapped inside the cab of the locomotive for more..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
23 July–5 August 2002
Late reports
19.7, Collapse of bridge, fatalities
China: nine people were killed and seven injured when a bridge in central China’s Hubei province collapsed suddenly. The victims died when the 200-foot bridge in Xiliuhe township gave way,..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Company profile: Swan Insurance Company
Mauritian nonlife insurer Swan Insurance posted a pre-tax profit of Rs69mn (US$2.5mn) in 2001. This figure represented an increase of 10% over the previous year’s surplus of Rs63mn.
As part of the Swan Group, which also includes leading life,..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Country profile: Egypt
Growth of state dominated market driven by aviation sector
The Egyptian insurance market grew by 4.8% to £E2.2bn (US$566mn) in the financial period ending 30 June 2001, according to the Egyptian Insurance Supervisory Authority’s Annual..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Insurance costs rise steeply in Latin America
In May 2002 Venezuelan insurers’ premium income amounted to Bs221.4bn, making a total of Bs935bn since January. The top 10 companies account for 66% of the market. Companies’ profits for the same period amounted to Bs84bn, 65% of which..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Colombia: first quarter insurance results
The Colombian insurance market’s premium income grew by 11.5% in real terms during the first quarter of 2002 over the same period in 2001.
According to the Banking Superintendency, most insurers, particularly those writing nonlife business,..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Cuba urged to better protect itself against hurricane threat
Cuba is the most hurricane-prone territory in the insular Caribbean region, a fact that will, no doubt, cause insurance companies to heave a quiet sigh of relief, since they only do minimal business in the communist Caribbean state.
Foreign..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Insurance premium income significantly up in Peru
According to the Peruvian Banking and Insurance Department, fire insurers’ premium income totalled US$53mn at the end of May, against $32mn over the same period in 2001, an increase of 66%. Fire rates had fallen to technically unacceptable..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
ACC in dispute with New Zealand doctors
New Zealand’s government controlled Accident Insurance and Compensation Corporation, (ACC) has called in Deloitte Consulting to try and resolve a long running dispute with doctors over the amount ACC pays them to register claims..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
China introduces liability cover for lawyers
Professional indemnity cover for lawyers is now available in China as lawyers become increasingly vulnerable to legal action by clients. They also see the new cover as a way of improving their own competitiveness.
The introduction of the cover..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Singapore premium income falls
New business premiums in Singapore fell by 47% to S$1.8bn during the first six months of 2002.
Great Eastern Holdings, which is the only insurer listed on the Singapore stock market,. has reported a 6% drop in net earnings to S$79.5mn for the six..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Regulators focus on better risk management
Insurance regulators in south east Asia are taking a different approach to industry oversight. They are now focusing on facilitating industry growth and improving the standards of risk management and corporate governance.
The Office of the..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Toro/Fineco
Toro, the insurer belonging to the FIAT group, is to merge its life insurance business with that of Fineco, the subsidiary of Bank Capitalia (formerly Banca di Roma).
Toro subsidiaries Nuova Tirrena, Lloyd Italico Vita, and Augusta Vita, as well as..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Russian update
The Russian insurance market resumed growth in the second quarter of 2002, after plateauing the previous three quarters. Total premiums in the first half of the year reached R153.2bn (US$4.94bn), up 18.9% over the same period in 2001, according to..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Caribbean kidnap risk
A new and highly unwelcome risk has arisen in Trinidad and Tobago, the richest and most developed of the 15 Caribbean Community and Common Market (Caricom) countries – kidnapping.
This is a new phenomenon in the insular Caribbean and has, so..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
Inadequate reserves
The US property and casualty industry suffered its first ever net loss in 2001 as the result of sharply higher underwriting losses and substantial deterioration investment results, according to a recent report by the Insurance Services Office (ISO)...
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002
French mutuals up in arms
Plans to streamline France’s financial watchdogs face opposition from the country’s small mutuals.
The sweeping reforms, due to be finalised by the government this autumn, include merging the stock exchange regulator Commission des..
Online Published Date:
16 August 2002
Appeared in issue:
694 - 16 August 2002