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Asia Pacific
Aon and Marsh receive India operating licences
Two of the world’s largest brokers – Aon and Marsh – have been granted operating licences by insurance regulators in India. Business generated in India would become a strategic..
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14 March 2003
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709 - 14 March 2003
Europe
Improved prospects for Lloyd’s market
Lloyd’s profits for the 2002 underwriting year could exceed initial expectations, said rating agency Moody’s in an update of the market’s forecasts. The 2002 year will mark a strong..
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14 March 2003
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709 - 14 March 2003
North America
WR Berkley plans new company in the UK
US company WR Berkley has said it is interested in launching a new insurance company in the UK. WR Berkley already has UK interests through its shareholding in Lloyd’s managing agency Kiln but said it..
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14 March 2003
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709 - 14 March 2003
Marine
18.2, sinking, fatalities
Sicily: the search for eight missing crew members of general cargo ship Tor I
continued for a second day after the vessel sank in heavy storms. Tor I
was navigating the waters between Sicily and Malta carrying a shipment..
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14 March 2003
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709 - 14 March 2003
IRB-Brasil Re
Profits remained resilient to uncertainty over privatisation and poor economic conditions
Brazil’s state-owned reinsurer IRB-Brasil Re achieved one of the best results in its history in 2001, posting a pretax profit of R$268mn (US$116mn).
The..
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14 March 2003
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709 - 14 March 2003
Rate increases and social security reforms make market profitable
El Salvador’s insurers saw their pretax profits rise by 19.6% in 2001 despite the impact of two devastating earthquakes at the beginning of the year and a decline in investment income.
The 18 insurers active in the country generated pretax..
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14 March 2003
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709 - 14 March 2003
Trenwick under pressure as capitalisation sinks to $10mn
With the threat of war looming, the slightest sign of bad news in the insurance sector is likely to unnerve investors further
Trenwick’s market capitalisation sunk to record lows last week when its share price dropped by a further 42% in two..
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14 March 2003
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709 - 14 March 2003
Brian Caudle, chairman, Advent Capital Holdings Plc
In a rare interview, the legendary Lloyd’s underwriter talks about his early years, the changes in the market, its future prospects and the transformation of Advent Capital from a traditional Lloyd’s business into a modern corporate..
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14 March 2003
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709 - 14 March 2003
Investment gains turn around losses
Liberalisation paves the way for steady growth in the nonlife market
Reflecting the slowdown in the country’s economic growth, South Korea’s non-life insurance business also showed reduced expansion, although it still posted a 10.2%..
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14 March 2003
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709 - 14 March 2003
Market results 2002
Life premiums recovered to boost market income by 19%
Preliminary data published by the Hungarian Insurers’ Association MABISZ for its 26 member companies revealed a sharp recovery in life insurance premiums last year, recording an increase..
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14 March 2003
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709 - 14 March 2003
ZFS records US$3.4bn loss
Restructuring plans have hit at the heart of pricing benefits
Provisions of US$3.5bn undermined the results of Zurich Financial Services for 2002 when it announced a loss of $3.4bn for the year. The bulk of the provisions were needed to restructure..
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14 March 2003
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709 - 14 March 2003
Unicredito ups the stakes in Generali fight
The struggle between Unicredito and Mediobanca for Generali is set to continue
The battle for control of Assicurazioni Generali stepped up the pace recently when investment bank Unicredito Italiano lined up Merrill Lynch and Monte Paschi di Siena..
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14 March 2003
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709 - 14 March 2003
Weather spoils Irish market’s recovery
Property losses undermined improvement in insurers’ motor results in 2002
Results from Ireland’s leading insurers point to considerable improvement in the market last year.
The improvement is most marked in motor but weather-related..
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14 March 2003
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709 - 14 March 2003
Solvency high on agenda
Insurance regulation is now firmly in the hands of the FSA. Lloyd’s has faced some of the biggest changes moving from self-regulation but there are more to come
Nonlife insurers in the UK are expected to record further deterioration in..
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14 March 2003
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709 - 14 March 2003
New Asian risk facility
Zurich North America and the World Bank are considering a joint facility to offset risks faced by banks financing medium term trade transactions in emerging markets
The board of the International Finance Corporation (IFC), the private sector arm of..
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14 March 2003
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709 - 14 March 2003
Mounting claims costs set to continue
Massive legal change and an increasing litigious society has taken its toll on insurers and reinsurers
It is often said that whatever the US does today, the UK will do tomorrow. Legal suits such as the recent case citing McDonald’s as the..
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14 March 2003
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709 - 14 March 2003
Warren Buffett, hedge funds and the morality of speculation
A comment in a shareholders’ letter has put the derivative industry under more pressure than any financial scandal
Warren Buffett’s unqualified condemnation of derivative instruments and the widespread use of them by companies to..
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14 March 2003
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709 - 14 March 2003
Charging Peter to pay Paul
The latest January renewal season provided buyers of reinsurance with some welcome signs of a return to pricing stability in the market. Over the past 12 months high premium increases have led buyers to increase retentions and place an increasing..
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14 March 2003
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709 - 14 March 2003
Middle East
Countries agree export insurance deal
Iran and Saudi Arabia have agreed reciprocal insurance arrangements for exports to each other’s country, according to local reports. The Saudi Fund of Development agreed to provide cover for US$100mn..
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14 March 2003
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709 - 14 March 2003
Security
18.2, kidnap
Italy: the 25-year-old son of a professional accountant and business consultant, who is also the ex-president of the Sondrio Chamber of Commerce, escaped from kidnappers who took him from his home in northern Italy. Reports suggested..
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14 March 2003
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709 - 14 March 2003
Aviation
18.2, crash, fatalities
US: all four people on board a Piper PA-23 were killed when the aircraft crashed in the waters off southern Florida. The twin-engine plane was en route from Tamiami Airport to the island of Bimini in the Bahamas. The cause..
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14 March 2003
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709 - 14 March 2003
Natural catastrophes
24.2, floods, damage bill
Germany: the German government has confirmed that the final bill caused by flooding in August last year cost the country less than originally feared at €9.2bn (US$9.9bn). The total matches preliminary estimates made..
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14 March 2003
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709 - 14 March 2003
Liability, awards and settlements
24.2, medical malpractice, damages
UK: A 10-year-old girl who suffered brain damage at birth, because she was not ventilated for 11 minutes, has been awarded £3.7mn (US$5.9mn) in damages. The girl, who suffers from cerebral palsy and is..
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14 March 2003
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709 - 14 March 2003
Road, rail
18.2, collision, explosion
Norway: a tanker truck collided with a freight train, igniting multiple explosions and blocking rail and road traffic to parts of neighbouring Sweden. There were no reports of injuries. Explosions of diesel and gasoline..
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14 March 2003
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709 - 14 March 2003
Property and business interruption
18.2, subway fire, fatalities
South Korea: the death toll following an arson attack on the South Korean subway is expected to exceed 130, after the fire engulfed two crowded trains. The official death toll stood at 53 identified dead, 72..
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14 March 2003
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709 - 14 March 2003
Late reports
16.2, appeal upheld
US: an appeals court has upheld a US$5.8mn verdict for a woman who was struck by a police scooter in New York. The court also reprimanded New York officials for the handling of the case. The woman received the award from a..
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14 March 2003
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709 - 14 March 2003
Gothaer Re
Mutual specialist expands outside Germany to raise premiums 15%
German reinsurer Gothaer Re succeeded in generating a break-even result in 2001, despite the impact of terrorist attacks in the US and other major losses. Pre-tax profits for the year..
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14 March 2003
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709 - 14 March 2003
Southern African Re
International growth restrained by Zimbabwe’s problems
Zimbabwean nonlife reinsurer Southern African Re posted a pre-tax profit of Z$76mn (US$1.4mn) in 2001, its sixth year of operation. This figure represented a 71% increase on the previous..
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14 March 2003
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709 - 14 March 2003
Mixed results show poor year for life, but nonlife sector excels
45% drop in 2002 earnings, but figures mask difference between life and nonlife • Authorities suspend Inverlink subsidiary after Central Bank employee found passing on information to group shareholder
Provisional results for Chile’s..
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14 March 2003
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709 - 14 March 2003
Professional indemnity premiums set to rise
Company directors are braced for a second year of higher insurance costs
The New Zealand Insurance Council has warned company directors and executives to expect a ‘dramatic’ increase in the cost of professional indemnity insurance of..
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14 March 2003
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709 - 14 March 2003
Onshore investment
Success in life insurance has forced companies to consider the best onshore investment opportunities
The life insurance market in Vietnam appears to be expanding at a rapid pace, although accurate and up-to-date figures are difficult to obtain...
Online Published Date:
14 March 2003
Appeared in issue:
709 - 14 March 2003