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Asia
No safe havens
Rating agency Standard & Poor’s said that failures and withdrawals will remain a feature of the Asia-Pacific insurance sector in 2003. Ian Thompson, credit analyst and head of S&P’s Asia-Pacific Ratings Group..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
Europe
Lloyd’s record ‘abysmal’
A senior figure within the Lloyd’s market has criticised syndicates for concentrating too much on market share in the past and described the market’s financial track record as..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
North America/Bermuda
Terrorist backstop in doubt
Contrary to earlier expectations, it now seems unlikely that legislation to enable federal financial support for the insurance industry in the event of another terrorist attack on the scale of 11 Septembner will be voted..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
World insurance stock prices
Company/group
Currency
31/12/01
31/10/02
14/11/02
Change from 31/10/02 %
Capitalisation US$ mn
© World Insurance Report
AIG
US$
79.40
62.55
65.75
5.1
171,653
Allianz
€
266.00..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
Insurance Australia Group
Insurance Australia Group (formerly known as NRMA) is set to consolidate its leading position in the Australian and New Zealand general insurance markets with its planned acquisition of Aviva’s Australasian nonlife operations.
The acquisition,..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
Market grows by 19% as insurer privatisation legislation is finalised
Slovenia’s insurance market grew by 19% to SlT230bn (US$937mn) in 2001, its highest growth rate since 1995, according to statistics published by the Slovenian Insurance Association.
Gross premiums for the nonlife market grew by 16% to SlT181bn..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
Insurers unsure about tax implications of Argentine aviation decree
In the late 1940s the Argentine government established a monopoly on reinsurance through an agency that later became the State-owned “Instituto Nacional de Reaseguros (INdeR).” Purchasing policies protecting “any persons, property..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
The International Finance Corporation takes stake in Vietnamese insurance company
The International Finance Corporation (IFC), the private sector development arm of the World Bank Group, announced that it will take a 15% stake in Allianz General Insurance (Vietnam) Co. Ltd.
Allianz General provides nonlife insurance to foreign..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
Old Mutual chief praises prospects of Indian insurance market
The Indian insurance industry is on the threshold of a big boom according to Old Mutual chief executive, Jim Sutcliffe. This is primarily because the Indian investor community will graduate from mutual funds to the safer haven of savings related..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
Local companies rise to demand for real estate cover in Russia
Until recently, risks taken on the Russian real-estate market have gone largely uninsured. Now the situation is changing radically and recent months have seen a growth in the number of local insurance companies offering products aimed specifically..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
Insurers see compulsory motor class as key to gaining market share
The abolition of price controls from the beginning of 2003 is likely to make the Hungarian compulsory third party motor liability (ctpml) business even more competitive and provide few opportunities for making an underwriting profit.
At the same..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
Swiss life and Scor: new leader, new vision?
Swiss Life’s new managing directors Rolf Dorig who replaces Roland Chlapowski.
Mr Chlapowski lasted barely eight months. The poor performance of the shares of Rentenanstalt/Swiss Life – which was as much the fault of Mr..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
Allianz • Generali
The Allianz group has reported a loss of €2.5bn (US$2.5bn) for the third quarter, which brought the total net loss for the nine months to September to €924mn. However, analysts were much more concerned about the fall in the insurance and..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
New Zealand fund loses NZ$242mn as a result of overseas investment strategy
The New Zealand government Superannution Fund, which pays the pensions of retired government employees, including MPs and judges, and which was widely criticised in June for losing NZ$12.1mn (US$5.88mn) (WIR
6 July) playing the currency market, has..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
Czech Rep calls time on bankruptcy insurance pool
Insurance companies in the Czech Repubic have criticised a decision made public by the country’s anti-monopoly office (UOHS) last week to extend a pool for providing mandatory bankruptcy insurance to travel agents and tour operators for just..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
29 October–11 November 2002
Property and business interruption
29.10, office block, fatalities
Vietnam: at least 61 people died after a huge fire at an office block heavily populated by foreign companies in Vietnam’s southern hub of Ho Chi Minh City. The fire at the..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
Company profile: Arab Re
Arab Re recorded positive premium growth for the first time since 1995, according to the company’s 2001 annual report. Established in Beirut, Lebanon, in March 1972, Arab Re writes all types of reinsurance as well as managing the Arab..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
Company profile: The Underwriter
UK liability insurer The Underwriter (TU) reported a pre-tax loss of £12mn (US$18mn) for 2001, its second full year of operation.
This compared with a profit of £2mn for the previous year. The negative result stemmed largely from the..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
Chile: tough nine months for life insurers hit by investment losses
Chilean insurers’ results for the first nine months of 2002, published in early November, show a deterioration in the performance of companies in both the life and nonlife sectors.
The 34 life insurance companies came off worse as their..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
NZ Earthquake fund suffers equity losses
The New Zealand Earthquake Commission, which provides insurance for earthquake and natural disaster damage, has lost NZ$104 mn (US$50.2mn) investing in world markets between November last year and June this year. The Commission was given permission..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
Poland’s PZU is looking to move into Latvia and the Ukraine
Although Poland is the largest insurance market in Eastern and Central Europe (excluding the former Soviet Union), it seems to be too small a space for the country’s largest insurer, PZU.
Press reports indicate that the company is seeking to..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
Life insurers and the new anti-money laundering measures
On 17 October, the Financial Crimes Enforcement Network (“FinCEN”) of the US Department of the Treasury imposed a suspicious activity reporting requirement upon life insurance companies and others engaged in the issuing, underwriting or..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
Restructuring, reorientation and commitment to the London market
There has been a great deal of speculation about the future of the London market insurer and reinsurer, Württ UK. So much so, that two weeks ago the company’s managing director, Stephen Redmond, issued a statement after press reports..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
Russian motor TP insurance delay
The introduction into Russia of compulsory motor third-party liability insurance could well be delayed beyond its 1 July 2003 implementation date, according to a press-release by the All-Russian Insurance Association (ARIA) this week.
ARIA President..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
Managing risk during information technology change
With new technology as one of the key drivers to maintaining competitive advantage and sustained success in the insurance sector, change is one of the few constants within the sector. Any change, especially fast-paced change creates risk – on..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002
India clears way for launch of new public sector insurer
The Indian Finance Ministry has cleared a proposal by a group of state-owned companies to float a joint venture agricultural insurance company. The company will issue cover for general crop risks, agricultural property, machinery and inputs ranging..
Online Published Date:
22 November 2002
Appeared in issue:
701 - 22 November 2002