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Europe
Le Mans Re
Le Mans Re, the French multi-line reinsurance company, which is majority owned by XL Capital, is expanding its casualty and engineering capacity for the 2003 underwriting year. French insurance group MMA has a 33% stake in Le Mans Re...
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
North America/Bermuda
Terrorism bill stalled by differences over legal liability question
Differences about the extent to which businesses would be liable for damages to third parties in the event of a terrorist attack on the scale of the World Trade Centre, held up the..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
World insurance stock prices
Company/group
Currency
31/12/01
3/10/02
17/10/02
Change from
3/10/02 %
Capitalisation US$ mn
* as at close 15th October
© World Insurance Report
Ace
US$
40.15
28.76
34.70
20.7
9,105
AIG
US$
79.40..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
Company profile: Trenwick International
Bermuda-based Trenwick Group realigned the business written by its two London distribution platforms at the end of 2001. Treaty reinsurance for non-US ceding companies previously written by Trenwick International (TIL) was moved to Chartwell (now..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
Axa
Axa, the biggest insurance group in France, had a difficult year in 2001. The company’s result was hit by a significant diminution in the value of its equity investments and by substantial losses arising from the 11 September terrorist attacks..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
Kazakhstan: market expansion driven by voluntary insurance covers
The Kazakhstan insurance market grew by 70% to Tenge13.9bn (US$92mn) in 2001, according to the National Bank of Kazakhstan, the Central Asian republic’s insurance regulatory body. The bank says the market’s high growth rate was driven by..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
Peru introduces export credit insurance
Peru’s Finance Development Corporation (Cofide) has launched an export credit insurance scheme. The scheme was first announced by the Peruvian government some months ago as part of a broad package of measures to encourage exports.
To this..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
Rise in kidnappings poses problems for Argentine insurers
A rash of kidnappings in Argentina has brought new challenges for the country’s already beleaguered insurers.
More than 180 cases have rated police investigation so far this year. Many lesser crimes go unreported, especially cases of..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
Terrorist cover
The General Insurance Association of Singapore (GIA) is in the process of submitting a report on the need for a terrorism reinsurance pool to support property insurers in Singapore. The report will call on the government to be the reinsurer of the..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
Loss forecasts
Moody’s Investors Service’ latest forecast for Lloyd’s is that the market will suffer a loss of £2.4bn for the 2000 year of account and £2.6bn for the 2001 year of account. The rating agency points out that these figures..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
Capital resources and the resurgence of the subscription market
The prospects of the Lloyd’s insurance market have improved significantly since November last year. Back then, the market had to face up, not only to its 11 September exposures, but also to the massive losses it had suffered during the 1998,..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
EU insurance support for airlines scrapped
The economic ministers’ council of the European Union has effectively signed the death warrant of the state guarantees accorded to airlines to cover third-party liability losses on the ground in the case of a terrorist attack.
The economic and..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
Irish market results: operating loss despite steep rate increases
Steep rate increases last year helped Irish nonlife insurers to recover from the dire results of 2000, according to figures released recently by the Irish Insurance Federation (IIF). Their total underwriting loss shrank from €453mn to..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
Allianz in China
An Allianz joint-venture in China has obtained a ‘preparation’ licence to establish a fund management company, Guotai Junan Allianz Fund Management Co.
The moves that led to the award of the licence were started eight years ago by..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
France to change medicial liability law to avoid crisis
The French government wants to make changes to the law to prevent insurers from withdrawing third-party liability cover for doctors, private hospitals, and clinics. The draft law is being submitted to interested parties for comment.
The crisis..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
Improving strategic agility
As director of Performance Management for Fortis Health,
Cathy Jorgensen
has long argued for the importance of aligning financial decision-making with corporate strategy. She refers to the immense benefits that could be achieved with more frequent..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
India sets up committee to look into foreign investment
The Indian government has now set up a committee to determine if foreign players could be allowed to take up to a 49% stake in insurance joint ventures.
Foreign players have been desperate to have a bigger stake in Indian ventures but have been..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
Asia
China takes hardline
China’s leading anti-corruption official has been appointed as the new chairman of the China Insurance Regulatory Commission. Wu Dingfu, formerly an official at the Central Commission for Discipline Inspection, the agency..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
27 September–9 October 2002
Late reports
27.9, sinking, fatalities
Senegal: about 970 people died when ferry Le Joola
(2,087 gt, built 1990), carrying nearly 1,034 people sank off the Gambian coast. Only 64 people are known to have survived. The ferry had been sailing from..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
Company profile: Reasuransi Nasional Indonesia
Incorporated in 1994, Reasuransi Nasional is one of four domestic reinsurers operating in the Indonesian market.
The company is wholly owned by the state-owned insurer PT Asuransi Kredit Indonesia (ASKRINDO)
Nasional’s performance in 2001..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
Tanzania: strong growth as public confidence in market returns
Tanzania’s insurance industry had a good year in 2001. The market was boosted through a combination of strong premium growth and a reduction in nonlife underwriting losses.
Gross written premiums for the overall insurance market grew by 12% to..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
St Paul Companies sells Argentine unit
Argentine health care service provider, Grupo Swiss Medical (GSM) last week signed an agreement with St Paul Multinational Holdings, to acquire all of St Paul’s local nonlife insurance business, St Paul Argentina Compañía de Seguros,..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
Bolivia
Bolivian insurers are complaining about their fast vanishing profit margins on compulsory traffic accident insurance (SOAT) business. By the end of August 2002, the market’s written premium income for this class had reached only US$5.5mn..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
Chilean insurers to better manage investment risks
Chile’s Insurance and Securities Superintendency (SVS) will from next month require that local insurers adopt a market risk assessment model for their investment portfolios, according to a statement made at the opening of the 9th International..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
Medical indemnity insurers driven out of market by rise in claims
A crisis in health-related insurance is forcing many hospitals and clinics in Argentina to operate without liability/malpractice cover.
The latest problem facing the country’s once-vaunted health insurance system has been caused by a mass exit..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
Indian health insurance set for rapid growth
The introduction last week of a cashless claim service by Indian health insurers is seen as a significant development for the market as it allows policy holders to obtain medical treatment at authorised hospitals without having to make a cash..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
Hungary
The Hungarian insurers’ association (MABISZ) and the financial sector supervisory authority (PSZAF) are considering changes to the country’s insurance law to prepare for the forthcoming entry to the European Union.
The present focus is..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
Gerling seeks capital ahead of Baden-Baden
The Gerling Group continues to look for an investor to inject capital into Gerling Global Re. There was speculation that if the group failed to do this before the reinsurers’ annual meeting in Baden-Baden this week, there was a danger that the..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002
Coping with earthquakes in Chile
‘A small earthquake in Chile’ is something of a journalistic catch phrase, but it does not change the fact that Chile is indeed prone to natural disasters, among them earthquakes. There are several fault lines along the 2,600 miles or so..
Online Published Date:
25 October 2002
Appeared in issue:
699 - 25 October 2002