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Asia Pacific
AIG rises in Japan
American International Group (AIG) has consolidated its position in the Japanese life insurance market through the purchase of General Electric’s (GE) GE Edison Life Insurance, for up to US$2.2bn. The sale also includes..
Online Published Date:
04 July 2003
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717 - 04 July 2003
Europe
Genetics moratorium stays
UK insurers welcomed the outcome of a government white paper recently that will extend the moratorium on the use of genetic testing in the industry until 2006. The moratorium was first introduced in November 2001, and set..
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04 July 2003
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717 - 04 July 2003
North America
Life income halves
US life and health insurers recorded a 53% dive in net income last year, according to rating analysts Weiss Ratings. Earnings slipped from US$15.4bn in 2001 to just $7.3mn largely as a result of declining equity markets. Weiss..
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04 July 2003
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717 - 04 July 2003
HSB Engineering Insurance
North America continues to account for the bulk of HSB’s business, but the UK contribution is increasing
UK-based insurer HSB Engineering, part of American International Group (AIG), reported a 43% increase in consolidated pretax profits in..
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04 July 2003
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717 - 04 July 2003
Folksamerica Re
Property business accounted for 48% of premium income in 2002, up from 30%, but casualty writings fell from 59% to 37%
US broker-market reinsurer Folksamerica Re, which provides reinsurance cover for property/casualty and accident/health risks in..
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04 July 2003
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717 - 04 July 2003
IPC Holdings
The relatively lower level of catastrophe losses in 2002 transformed a net loss of $3.9mn into a profit of $158mn last year
Bermuda-based IPC Holdings, which primarily provides property/catastrophe reinsurance through its wholly-owned subsidiary..
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04 July 2003
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717 - 04 July 2003
Introduction of compulsory motor TPL and life tax boost market
After rising by 4% in 2001, direct premiums for non-life insurance soared by 71.9% in 2002
The Lithuanian insurance market experienced extraordinary growth in 2002 following the introduction of compulsory motor third-party liability (TPL) insurance..
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04 July 2003
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717 - 04 July 2003
Scor’s revival short-lived
Executive exits, rating actions and capital concerns combined to give European insurers a rough ride at the half year stage
In the space of just two weeks Scor’s capitalisation slipped by 23% to US$758mn from its highest capitalisation value..
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04 July 2003
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717 - 04 July 2003
News round up
The government is pushing through measures to aid ailing life insurers
• Worried about the possibility of some life insurers collapsing, the Japanese government has introduced a law to allow companies to reduce the guaranteed yields they had..
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04 July 2003
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717 - 04 July 2003
Alex Letts: chief executive, ri3k
ri3k is now the only independent online reinsurance platform left in Europe. But will it move to fill the gap left by Inreon?
The sudden closure six weeks ago of Inreon, the London based online reinsurance trading platform, has had two main..
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04 July 2003
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717 - 04 July 2003
Mannheimer rescue
State steps in to save failed company
Protektor Lebensversicherungs AG, the life company set up by the German insurance industry under pressure from the regulator BaFin, is to take over the portfolio of the failed Mannheimer Lebensversicherungs AG...
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04 July 2003
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717 - 04 July 2003
Non-life boost for market’s premium income
1st quarter results indicate that insurance sector is set to build on 2002 growth
Premium income from property and liability insurance in France rose by 9% in the first quarter of this year, according to the French insurers’ association..
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04 July 2003
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717 - 04 July 2003
27 MAY–9 JUNE 2003
Property and business interruption
12.6, explosion, fatalities
India: two people were killed and 18 were injured in an explosion and fire at a pharmaceutical plant in Punjab state. The fire broke out in the factory in Mohali, near Chandigarh. The..
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04 July 2003
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717 - 04 July 2003
Results confound SARS epidemic
The Asian life sector is doing better than it did during the boom years
The SARS epidemic, which has shaken several industries, has not affected the life insurance sectors in China, Hong Kong and Singapore. The life insurance industry is also..
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04 July 2003
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717 - 04 July 2003
Swiss Life resorts to ‘back to basics’ policy
Further divestments are expected this year as company focuses on core lines
Swiss Life is concentrating on its core business of life insurance following a recent spate of disposals.
The sale of subsidiaries in Britain and Spain are expected to..
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04 July 2003
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717 - 04 July 2003
EU companies set to launch massive marketing drive in region
Foreign insurers are targeting the growing number of small entrepreneurs who work from home
The arrival of a growing number of western insurers, rising crime rates and an expanding number of high income households is helping to increase the take-up..
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04 July 2003
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717 - 04 July 2003
Chile to change legislation
US and EU companies will be able to market their products directly from abroad
The Chilean government has announced a series of significant measures to further the modernisation of the country’s financial markets started a few years..
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04 July 2003
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717 - 04 July 2003
First American cancels plans to enter Hungarian market
But undeterred by its experience in one country, the company plans to offer title insurance cover in the Czech Republic
Contrary to earlier expectations, First American Title Insurance, one of the largest title insurance compaines in the US, will..
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04 July 2003
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717 - 04 July 2003
Corporate governance and social responsibility
The publication of the Higgs Report into the role and effectiveness of non-executive directors has important implications for the insurance industry – both in terms of the effectiveness and profitability of business, and in the wider realm of..
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04 July 2003
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717 - 04 July 2003
India lifts limits on brokers
IRDA eases rules as brokers prove that they are able to regulate themselves
India’s insurance regulator has allowed insurance brokers to work for state run companies. It has also put an end to the existing system under which insurance..
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04 July 2003
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717 - 04 July 2003