- Practice Areas
- Publication Type
- Resources
- Practice Areas
- Publication Type
- Resources
- Home/Publications/World Insurance Report
Europe
Partner Re hit by floods
Bermudan reinsurer, Partner Re is expecting claims of around US$100mn from the recent floods in eastern and central Europe. The region has seen its heaviest rainfalls for more than a century. Austria, Germany and the Czech..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
North America
Moody’s questions use of RBC ratios
A new report by rating agency Moody’s on the US life insurance sector has controversially called into question the use by the industry of risk based capital ratios to assess companies’ solvency...
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
World insurance stock prices
Company/group
Currency
31/12/01
8/8/02
22/8/02
Change from 8/8/02 %
Capitalisation US$ mn
© World Insurance Report
Ace
US$
40.15
31.82
34.00
6.9
8,922
AIG
US$
79.40
65.51
67.50
3.0..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
North America
Munich Re’s North American division saw a marked rise in premium income for the year with gross premiums rising by 21% to €4.4bn.
Munich Re said that a reduction in premiums due to termination of some business was more than offset by new..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
Munich Re Group
Munich Re, the world’s largest reinsurer, saw its net profit slump from €1.75bn in 2000 to €250mn in 2001 due to a heavy claims burden from large and very large losses. Positive one-off income of €830mn (arising from German..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
Companies set for profitability despite financial stresses and strains
Needless to say, a great deal has changed since the reinsurance industry last met in Monte Carlo. Table 3 of this survey, which is an analysis of incurred claims, operating expenses and net underwriting results, shows clearly the impact of the 11..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
State life insurer pressured by competition
Foreign life insurance companies are stepping up their operations in India at the same time as the state-run Life Insurance Corporation of India reports, for the very first time, a fall in its premium income. LIC’s income from the sale of..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
Travel insurance market blossoms as more Chinese travel by air
Chinese insurers are marketing travel insurance cover with unprecedented energy in an attempt to take advantage of the growing number of local people who now make use of air and other modes of transport.
The China Ping An Insurance Company is..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
Hungarian market
The Hungarian life and nonlife sectors performed very differently during the first half of 2002, according to data published by the insurers’ association Mabisz for its 24 member companies.
The membership of Mabisz expanded significantly when..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
Foreign insurers to bear flood damage costs
As the first rough estimates for the total insurance payout needed to cover claims after the recent floods came in last week, concerns began to grow among insurers operating in the Czech Republic about the short-term and long-term effects on..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
German authorities consider life fund
As reported in WIR
694, Germany’s financial services regulator, Bundesanstalt für Finanzdienstleistungsaufsicht (BAFin) is considering the establishment of a life insurance policyholders’ guarantee fund. Full details of the scheme..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
If raises $169mn in new capital from regional investors
Nordic nonlife insurer If has successfully raised SKr1.6bn (US$169mn) of new capital from its shareholders Sampo Plc, Storebrand, Skandia, Varma Sampo, and Skandia Liv. Some SKr1.0bn of this is in the form of equity capital, and SKr0.6bn in the form..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
Plenty of opportunities for Bermudian start-ups in buoyant reinsurance market
The new wave of Bermudian reinsurers set up in the aftermath of 11 September, have made their mark. Five of them have published interim results for the six months to 30 June which reveal that they wrote total gross premiums of $2.2bn. Yet they have..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
Asia Pacific
IAG produces underwriting profit
Insurance Australia Group (formerly known as NRMA), the biggest nonlife insurer in the country, suffered a net loss of A$25mn for the year ended 30 June as investment losses overshadowed an underwriting profit of..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
6–19 August 2002
Property and business interruption
11.8, fire, fatalities
France: a fire at an apartment building in north-east France apparently started by someone who turned up the gas to commit suicide killed one person. Two people were seriously injured in the..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
Chilean pension funds see fall in earnings
Chile’s seven remaining private pension funds (known as Afps) saw earnings (expressed in local currency, adjusted for inflation) drop by 12.9 % to US$53.5mn in the first half of 2002, with return on equity declining from 19.5% in January to..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
Colombia
The Colombian insurance industry wrote P2.4trn pesos (US$1.02bn) between January and June 2002, an increase of 18.2% over the same period last year, according to the monthly market report issued by the local insurers association, Fasecolda. Premium..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
Insurance rates rise by 30% in the Caribbean region
General insurance rates, even on the most profitable accounts, have risen by 30% in the Caribbean this year, according to leading Trinidad and Tobago broker, Risk Management Services (RMS).
On risks where claims have been made previously, the..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
Protests at increase in health premiums
A decision by the Taiwanese government to raise national health insurance premium rates has resulted in angry protests by 20,000 workers in Taipei. The furore was caused by a cabinet decision to approve a proposal from the department of health to..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
Six years of losses for Korean life companies
The Korean life insurance market has reported an operating loss for six years in a row. The total loss of South Korea’s 22 life insurers came to W660.4bn (US$550mn) for the 2001/2002 financial year which closed recently.
The reduction in..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
China embarks on the process of revising its insurance legislation
China has begun the process of implementing the promises it made to the World Trade Organisation with regard to the further liberalisation of its insurance market. The Standing Committee of China’s legislature, the National People’s..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
New reinsurance arrangements for mutuals
European Union directives are fast catching up with France’s mutual insurers. From the new year they will be required to meet the same financial and prudential standards as other insurers. This is expected to lead to a series of mergers, with..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
Axa surprises market with reduced fall in its net profitability
AXA has managed to produce a set of half yearly figures which have greatly reassured analysts. Net profit for the six months was down by 32% to €840mn (US$830mn) from €1.22bn in the corresponding period last year. This was significantly..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002
Holistic approach to risk
The financial world is increasingly aware of the importance of risk management. Yet how many institutions can say with real confidence that they are managing the full spectrum of risks effectively?
Jeremy Scott
, chairman of PricewaterhouseCoopers..
Online Published Date:
30 August 2002
Appeared in issue:
695 - 30 August 2002