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Rise of the private sector
Privately owned insurers now account for 35% of India's non-life market
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Allianz looks to baby boomers making provisions for retirement
China, Russia and India identified as key markets • Hannover Re expands in life and health • Converium ‘set for recovery’
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
The world's largest professional non-life reinsurers
The rankings of the leading seven players remained unchanged in 2004 but Converium dropped two places to tenth
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Liability, awards & settlements
9. 8, email spam, settlement
US: Microsoft has settled its lawsuit with “King of Spam” Scott Richter, with Richter promising to pay the software giant $7mn for sending an estimated 38bn emails a year. Richter and his online marketing..
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
International
Aviation losses
Four airline losses in quick succession have brought to an end a long period of relatively benign loss experience for the international aviation insurance market according to Steve Doyle, Aviation and Aerospace Global Practice..
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Aviation
6. 8, emergency landing,fatalities
Italy: thirteen people died and three others were missing after ATR 72202 TS-LBB, operated by Tuninter, a subsidiary of Tunisair, made an emergency landing in the sea off the coast of Sicily. Twenty-three people..
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Asia
Willis’ China licence reinstated by authorities
International insurance broker Willis said that the earlier suspension of the licence of its Guangzhou branch office (Willis Pudong Insurance Brokers) to accept new business has now been lifted...
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
North America
Dennis to cost US insurance industry $900mn
US property and casualty insurers are expected to pay policyholders in four states $900mn on claims for insured property losses from Hurricane Dennis, according to estimates by ISO's Property..
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Europe
Changes in financial services offshoring trends
Although India, China and Ireland are the top rated offshore destinations for financial services companies, Brazil, Poland and the Philippines are predicted to also be key centres in the next few..
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Natural catastrophes
7. 8, typhoon, fatalities
China: typhoon “Matsa” roared into the eastern province of Anhui after hitting Shanghai, with the death toll from the storm rising to at least four. “Matsa” killed one person in Anhui after leaving..
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Marine
9. 8, grounding, pollution
France: British luxury yacht Lands End
(364 gt, built 1965) struck a reef off southern Corsica, causing an oil spill. The 13 passengers and 12 crew members on board abandoned ship without injury. The yacht remained stuck..
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Property & business interruption
7. 8, fire, damage
Germany: a huge fire devastated a luxury hotel in the German Alps, forcing 400 guests to flee. Ten people, including two firefighters, were slightly injured in the fire at the 170-room Schloss Hotel Elmau, near the mountain resort..
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Late reports
21. 7, hailstorm, damage
US: severe hailstorms that ripped through the Bismarck and Hettinger areas of North Dakota in late July caused in excess of $100mn damage to insured property, according to state Insurance Commissioner Jim Poolman. More..
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Central Re
The slow-down in Taiwan's primary market resulted in a 2% fall in premium volume for the national reinsurer
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
A great many UK brokers ripe for takeover, according to survey
The Plimsoll survey identifies 622 companies as having directors fees which take a high proportion of profits
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Workers' compensation cover problems inhibit market development
In addition to softening premium rates, the workers' compensation sector is also faced with a host of other challenges
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Life and pensions sector boosts market's overall growth
There is a high degree of foreign investment in the Peruvian insurance market. Of the 12 companies in the market, eight are majority foreign owned while the remaining four all have foreign investors with minority stakes
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Moody's report full of praise for mutual life companies
Report notes that despite the improved economic environment, there are still four times as many companies with a negative outlook for their current financial strength ratings than those with a positive one.
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
D&O insurance cover: is a review overdue?
Recent legal developments could mean there is a risk that directors and officers' (D&O) insurance currently in place will contain substantial gaps in coverage and could therefore leave the company's directors and other officers inadvertently exposed to liability. Gillian Eastwood,
dispute resolution partner at law firm Freshfields Bruckhaus Deringer, explains
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Ensuring the right volumes of the right data
Ensuring the right volumes of the right data
There is an increasing need among insurance marketers for fresh customer data. The sector is among the most data reliant. Although nowhere near the stratospheric mailing volumes of the credit card..
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
MBIA served with notice
SEC also concerned about Channel Re, a reinsurer which MBIA helped to set up
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005