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Europe
Finnish flood claims
Finland’s insurers look likely to settle less than 20% of claims received as a result of recent flood damage in Finland during the first two weeks of August. According to Esko Kivisaari, managing director of the..
Online Published Date:
10 September 2004
Appeared in issue:
747 - 10 September 2004
North America
Homeowners underinsured
The total destruction of more than 3,700 homes in California wild-fires last year has highlighted a widespread problem of underinsured US homes, according to a report in the New York Times. The report says that millions of..
Online Published Date:
10 September 2004
Appeared in issue:
747 - 10 September 2004
24 JULY – 20 AUGUST 2004
Late reports
18. 7, explosion, fatalities
Sri Lanka: six crew members died and six others were missing after an explosion on chemical/oil carrier Setia Jaya
(6,379 gt, built 1981) off the south-east coast of Sri Lanka.
23. 7, crash,..
Online Published Date:
10 September 2004
Appeared in issue:
747 - 10 September 2004
Investor confidence in insurance sector remains weak
Converium continues decline after further loss reserve announcement
While lower oil prices contributed to a recovery in the world’s leading stock markets, investor confidence in the insurance sector remained weak. Around three-quarters of the..
Online Published Date:
10 September 2004
Appeared in issue:
747 - 10 September 2004
The world’s largest professional non-life reinsurers
Over three-quarters of the groups in the WIR survey recorded double-digit net premium growth in 2003
The underlying underwriting performance of the world’s leading reinsurers continued to improve in 2003, according to WIR’s latest..
Online Published Date:
10 September 2004
Appeared in issue:
747 - 10 September 2004
New responsibilities and opportunities in a changing market place
Robert W. Hammesfahr says that now, more than ever, reinsurance professionalism is needed to provide new solutions
At the present time, there is great debate among major US buyers of reinsurance questioning the value and security of reinsurance..
Online Published Date:
10 September 2004
Appeared in issue:
747 - 10 September 2004
Court to scrutinise use of financial reinsurance contract by FAI
The outcome of the trial will have a major impact on the future of financial reinsurance contracts in Australia
The reinsurance arrangements entered into by three former executives of FAI General Insurance Group of Australia in 1998 are at the..
Online Published Date:
10 September 2004
Appeared in issue:
747 - 10 September 2004
CIRC to introduce new reinsurance regulations for domestic market
At present, nearly 90% of local reinsurance business in China is ceded to overseas reinsurance groups
As international reinsurance companies ready themselves to enter the Chinese market, the country’s regulatory authority has announced plans..
Online Published Date:
10 September 2004
Appeared in issue:
747 - 10 September 2004
Converium’s organisational changes reflect painful lessons learned
The hope is that centralisation of underwriting for long-tailed specialty lines will achieve rigorous and consistent standards
Reinsurer Converium is to raise $420mn of new capital, and boost its reserves. The size of this share issue caused a..
Online Published Date:
10 September 2004
Appeared in issue:
747 - 10 September 2004
Substantial bill for hurricane damage likely to stem rate reductions
There is now growing belief hurricanes Charley and Frances could raise awareness about catastrophe bonds
Although loss adjusters and claims experts were still examining the chaos caused by Hurricane Frances as WIR went to press, insurers will no..
Online Published Date:
10 September 2004
Appeared in issue:
747 - 10 September 2004
Europe’s big three impress on the ROE battle front
Hannover Re, Swiss Re and Munich Re’s results rival those of the Bermudians
With Converium and Scor struggling to recover from the wounds inflicted by the US casualty market in the late 1990s, the prestige of European reinsurers has been..
Online Published Date:
10 September 2004
Appeared in issue:
747 - 10 September 2004
Euphoria of privatisation silenced by the realities of implementation
Bassem Kabban
, CEO of London headquartered United Insurance Brokers (the first foreign insurance broker to visit Iraq after the US-led invasion in 2003), comments on the attempts by the occupying authorities to restructure the local market
In..
Online Published Date:
10 September 2004
Appeared in issue:
747 - 10 September 2004
Africa
SA non-life results
The South African non-life sector benefited during the first half of 2004 from mild weather, a consolidation of the market and more competitive rates compared with those offered by overseas players, according to the latest..
Online Published Date:
10 September 2004
Appeared in issue:
747 - 10 September 2004
Asia
PICC leads market
Hong Kong listed PICC Property & Casualty was the leading insurer in China for the first seven months of 2004, generating premium income of 43.19bn yuan and gaining a market share of 62.61%, according to figures from the..
Online Published Date:
10 September 2004
Appeared in issue:
747 - 10 September 2004
Time for a new technology model
The way the insurance and reinsurance industry acquires its IT is fundamentally flawed and unnecessarily expensive, says
Alex Mattelaer
, senior partner at Technology for Europe, an insurers’ and reinsurers’ co-operative. Cost..
Online Published Date:
10 September 2004
Appeared in issue:
747 - 10 September 2004