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Japanese non-life recovery
Asia
Online Published Date:
03 March 2006
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782 - 03 March 2006
Mutuals account for more than third top 100
Europe
Online Published Date:
03 March 2006
Appeared in issue:
782 - 03 March 2006
Negative outlook for US and Bermudian markets
North America
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03 March 2006
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782 - 03 March 2006
Aviation
12.2, crash, fatalities
Dominican Republic: three people, including the pilot, died when the Cessna 172 in which they were flying from the Arroyo Barril airport, in Samana, to the terminal of Herrera in Santo Domingo crashed. One of the dead was the..
Online Published Date:
03 March 2006
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782 - 03 March 2006
Natural catastrophes
7.2, snowstorms
China: snowstorms hit most parts of China over two days, shutting expressways in several provinces and delaying hundreds of flights, catching unaware armies of travellers heading back to workplaces after family reunions. Expressways..
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03 March 2006
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782 - 03 March 2006
Marine
10.2, collision, fatalities
Taiwan: eight Chinese fishermen were missing after their fishing boat (Ming Lien Yu
1028) collided with a freighter Ever Bright
(9169 gt, built 1980) near Matsu, a Taiwan-controlled group of islands. Taiwan’s..
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03 March 2006
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782 - 03 March 2006
Liability, awards and settlements
7.2, road traffic accident, compensation
UK: a 38-year-old mother left wheelchair bound after a crash on the M1 motorway in 2002, won £5.5mn in compensation. The woman was paralysed after a van knocked her car off the motorway. The High Court..
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03 March 2006
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782 - 03 March 2006
Road and rail
11.2, derailment, fatalities
Mexico: an empty cargo train derailed in western Mexico, killing one person and injuring two others. Jalisco state official said that 17 cars derailed 70 miles from Guadalajara. It is unclear what caused the derailment...
Online Published Date:
03 March 2006
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782 - 03 March 2006
Property and business interruption
8.2, explosion, fatalities
Russia: a total of 12 people were killed when a military barracks collapsed in Russia’s Chechnya region after what appeared to be a domestic gas explosion. Twenty-two people were injured when the two-storey building..
Online Published Date:
03 March 2006
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782 - 03 March 2006
Zurich Financial Services
An impressive net income result masked a tough year for both the group’s non-life and life businesses
Online Published Date:
03 March 2006
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782 - 03 March 2006
Ace Ltd
While 2004 proved to be another record year for property catastrophe losses and the group had to boost its A&E reserves further, Bermuda based Ace Ltd was in better shape than it had been in the years leading up to 2003
Online Published Date:
03 March 2006
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782 - 03 March 2006
Chad: market development inhibited by outside insurance of oil industry infrastructure and related risks
The market leader is a mixed company, in spite of the requirements of the CIMA legislation to separate short-term and long-term activity; there is not enough life business to warrant a separate company.
Online Published Date:
03 March 2006
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782 - 03 March 2006
Drop in average life expectation prompts increase in policy cancellations and surrenders
Insurers are facing competition from mobile phone and electronic goods companies. The huge impact of Aids/HIV in the country is believed to have given rise to an attitude which favours short term consumption over provision for the future.
Online Published Date:
03 March 2006
Appeared in issue:
782 - 03 March 2006
Market finally acknowledges potential in Alea run-off
But at 55 pence the Alea share price has clearly dropped to a level that the market can live with
Online Published Date:
03 March 2006
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782 - 03 March 2006
Tripartite dialogue key to achieving new contract certainty deadline
Allianz Global Risks UK is promoting its own roadmap to contract certainty, involving the positive adoption of tripartite relationships. David Hall, director of Client & Broker Relationships at Allianz Global Risks UK, outlines how it believes the insurance industry could fall short of the Financial Services Authority’s demand for contract certainty if there is not widespread commitment to this key strategy
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03 March 2006
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782 - 03 March 2006
Mapfre’s Latin American business doubles profits in 2005
Investment begins to pay off for Spanish insurer • Venezuelan premiums up • Colombian earnings surge 201% in 2005
Online Published Date:
03 March 2006
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782 - 03 March 2006
Chilean pension fund industry braces for reform
New president wants change • M&A activity expected to be strong in 2006 • Private medical policyholder numbers decline
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03 March 2006
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782 - 03 March 2006
Reinsurers drive hard bargain in negotiations for cover
General insurers secure reinsurance cover but find themselves at the mercy of tougher terms and IRDA stipulations
Online Published Date:
03 March 2006
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782 - 03 March 2006
Suncorp results indicate end of good times, QBE thrives
Profits tailed off at Suncorp during H2 • New rules to increase regulator’s oversight of industry set for October
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03 March 2006
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782 - 03 March 2006
Hurricane phase expected to last for another 10 to 30 years
At US$83bn in 2005 (compared with $48bn the year before), insured catastrophe losses take on a new dimension
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03 March 2006
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782 - 03 March 2006
EC says it will free up fund managers to address pensions crisis
The Commission, prompted by the European Parliament, promises a White Paper by the autumn of this year
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03 March 2006
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782 - 03 March 2006
Insurers diversify business lines to meet new demand
Spanish insurance market is expected to outgrow the country’s economy, according to a new report from analyst S&P
Online Published Date:
03 March 2006
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782 - 03 March 2006
Munich Re treaty renewal rates up 3%, driven by hurricane risks
Reinsurer renews 66% of treaties • Converium clears majority of renewals • Old Mutual executive to head Skandia
Online Published Date:
03 March 2006
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782 - 03 March 2006
Goshawk Dedicated Ltd v Tyser & Co: the Court of Appeal clarifies underwriters’ right of access to brokers’ records
On 7 February 2006 the Court of Appeal allowed underwriters’ appeal for access to brokers’ documents, restoring the position which many consider had represented the custom and practice in the Lloyd’s market for centuries. Claire Roake*
of Mills & Reeve looks first at the decision in Goshawk v Tyser, before considering the practical implications of the case from the perspective of both brokers and underwriters
Online Published Date:
03 March 2006
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782 - 03 March 2006
Global regulators must work together
The blurring of business lines coupled with globalisation have demanded change from the regulatory systems that oversee the financial services industry. Supervisors can no longer take an isolated view of a market, and the trend is increasingly..
Online Published Date:
03 March 2006
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782 - 03 March 2006
Massive hurricane losses for cat specialists
PXRE shares which were trading at $25 last August are now worth just over $3, having fallen vertically after the additional hurricane losses were announced
Online Published Date:
03 March 2006
Appeared in issue:
782 - 03 March 2006