- Home/Publications/World Insurance Report
Asia Pacific
Japan: profits under threat
The country’s non-life insurers remain under “severe” pressure, according to analyst Standard & Poor’s (S&P), at a time when profitability is suffering as the result of falling share..
Online Published Date:
18 July 2003
Appeared in issue:
718 - 18 July 2003
Europe
EC aviation aid ruling
A ruling by the European Commission (EC) has saved Europe’s airlines from having to return the aid they received from governments in the wake of 11 September 2001. Nine member states extended aid to the end of October..
Online Published Date:
18 July 2003
Appeared in issue:
718 - 18 July 2003
North America
Goshawk rating affirmed
Analyst AM Best has affirmed the financial strength rating of Bermudian insurer Goshawk Re after its parent company in the UK, Goshawk Insurance Holdings, said it was conducting a “strategic review” of all of its..
Online Published Date:
18 July 2003
Appeared in issue:
718 - 18 July 2003
24 JUNE–7 JULY 2003
Late reports
21.6, missing jet, terrorism fears
Angola: the US is working with African governments to try to find a stolen passenger jet that it fears may end up being used by terrorists. A White House spokesman admitted the US had few leads over..
Online Published Date:
18 July 2003
Appeared in issue:
718 - 18 July 2003
Faraday Re
The global treaty reinsurer, formerly known as Cologne Re, increased its pre-tax profits by 1,300% during 2002
London market reinsurer Faraday Re had one of the best years in its history in 2002, according to its new chairman Milan Vukelic.
A..
Online Published Date:
18 July 2003
Appeared in issue:
718 - 18 July 2003
Swiss Re Group
Another disappointing year as improvements in the company’s p/c business were more than offset by asset impairments
Pretax profit for Swiss Re’s consolidated operations stood at SF36mn (US$26mn) last year compared with a SF104mn loss in..
Online Published Date:
18 July 2003
Appeared in issue:
718 - 18 July 2003
A year of downgrades leaves RSA ‘disappointed’
The company’s US business is behind the latest downgrade but company denies any weakening
Royal & SunAlliance (RSA) shares were up nearly 3% despite a ratings downgrade by analyst Moody’s – the fourth in under a year...
Online Published Date:
18 July 2003
Appeared in issue:
718 - 18 July 2003
State and private cos differ on discounts
Government decision to scrap 5% premium discount divides market
The two sets of general insurers in India, the entrenched state-managed companies and the private and foreign players that have recently entered the market, are once again pulling the..
Online Published Date:
18 July 2003
Appeared in issue:
718 - 18 July 2003
Private pensions introduced
Private pension schemes have finally been introduced in India. The long awaited move came when the Indian prime minister, Atal Bihari Vajpayee, launched a pension scheme for senior citizens, Varishtha Pension Bima Yojana, on 15 July.
The plan will..
Online Published Date:
18 July 2003
Appeared in issue:
718 - 18 July 2003
Dr Wolf Becke, head of life and health reinsurance, Hannover Re
The pioneer of financing reinsurance on the challenges facing the European and US life insurance sectors
Reinsurance, which until recently used to be a relatively minor concern for European life insurers, has now become an issue of critical..
Online Published Date:
18 July 2003
Appeared in issue:
718 - 18 July 2003
XXX surprise for reinsurers
Companies will face massive need for credit finance to fund US business
It is the belief of one of the most respected figures in the global life reinsurance sector that some unpleasant surprises await those European reinsurers currently active in..
Online Published Date:
18 July 2003
Appeared in issue:
718 - 18 July 2003
Europe round-up
Russia expects premium surge • Dollar exchange hits Swiss Re • Allianz mulls Dresdner sale • Unipol eyes bank shares
The Russian Association of Motor Vehicle Insurers estimated additional income of between US$600mn and $700mn in..
Online Published Date:
18 July 2003
Appeared in issue:
718 - 18 July 2003
Scor defiant in face of rating uncertainty
Management reacts to news of another downgrade, placing an A rating further out of reach before key renewal season
Scor received a sharp wake-up call when agency Standard & Poor’s (S&P) cut its rating of the French reinsurer’s..
Online Published Date:
18 July 2003
Appeared in issue:
718 - 18 July 2003
Authorities set to introduce new motor claims reserves this year
Motor remains the biggest source of premium income for insurers. But results are blighted by fraud, theft and accidents
Motor insurance has historically been one of the main drivers of the insurance industry in Argentina. At March 2003 (nine months..
Online Published Date:
18 July 2003
Appeared in issue:
718 - 18 July 2003
Run-off’s second golden age?
The insurance market, like other financial sectors, is subject to cyclical change and is perennially at the mercy of forces larger than itself. When the downswing comes it can bring considerable financial and operational pain: cost cutting, staff..
Online Published Date:
18 July 2003
Appeared in issue:
718 - 18 July 2003
Insurance sector unable to prosper in weak economic environment
With the life sector in a slump and the three biggest companies posting losses, the market faces some tough challenges
The Portuguese insurance market recorded an increase of 5% in direct premium income to €8.4bn (US$9.5mn) in 2002, according..
Online Published Date:
18 July 2003
Appeared in issue:
718 - 18 July 2003
HK$13.5mn for Sars death claims
Significant loss, but local companies not expected to suffer unduly
The Sars (sever acute respiratory syndrome) epidemic has given rise to the second biggest payout ever made by the insurance industry in Hong Kong after the September 1999 typhoon..
Online Published Date:
18 July 2003
Appeared in issue:
718 - 18 July 2003
Sector takes heart from underwriting profit
Less concerned with financial security ratings, reinsurers are using their new found profits to source new business
The three months to March 2003 is not the first time that the 30 member companies of the Reinsurance Association of America (RAA)..
Online Published Date:
18 July 2003
Appeared in issue:
718 - 18 July 2003
No cut in yields
Fearing policy cancellations, few companies are prepared to cut payments
Two of Japan’s biggest life insurers have assured policyholders that they will maintain guaranteed interest rate yields on policies. This assurance comes in the face of..
Online Published Date:
18 July 2003
Appeared in issue:
718 - 18 July 2003