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Regional reinsurer
Middle East
Online Published Date:
17 March 2006
Appeared in issue:
783 - 17 March 2006
Ready to move into India
Asia
Online Published Date:
17 March 2006
Appeared in issue:
783 - 17 March 2006
Modernisation of Lloyd’s is the main priority
Europe
Online Published Date:
17 March 2006
Appeared in issue:
783 - 17 March 2006
Property insurers in Florida feel pressure
North America/Bermuda
Online Published Date:
17 March 2006
Appeared in issue:
783 - 17 March 2006
Aviation
23.2, crash, fatalities
US: two men were killed and a woman was injured when their Cessna 172S (Skyhawk) crashed while preparing to land at a suburban airport near Washington, DC, during a brief snowstorm. The aircraft had taken off from Warrenton...
Online Published Date:
17 March 2006
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783 - 17 March 2006
Natural catastrophes
22.2, landslides, fatalities
South East Asia: landslides and floods triggered by torrential rain killed at least 24 people in Indonesia’s eastern city of Manado. The disaster occurred in the North Sulawesi provincial capital, where parts of..
Online Published Date:
17 March 2006
Appeared in issue:
783 - 17 March 2006
Marine
21.2, ferry sinking, black box recovered
Egypt: French and British experts working for the International Maritime Organisation recovered the black box from passenger ro/ro Al Salam Boccaccio 98
, which sank in the Red Sea in February with the loss..
Online Published Date:
17 March 2006
Appeared in issue:
783 - 17 March 2006
Liability, awards and settlements
23.2, bus injury, payout
US: the Chicago Transit Authority agreed to pay $5mn to a University of Chicago student who was severely injured after she was struck by a CTA bus in Hyde Park in 2001. The student was bicycling to class on Hyde Park..
Online Published Date:
17 March 2006
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783 - 17 March 2006
Road and rail
27.2, head on collision, injuries
Argentina: two trains crashed head-on in the Argentine capital, Buenos Aires, injuring over 20 people. The accident occurred on a railway bridge in the upscale district of Palermo. According to railway officers, a..
Online Published Date:
17 March 2006
Appeared in issue:
783 - 17 March 2006
Property and business interruption
21.2, hospital fire deaths, charge
China: police charged four people with selling low-quality electrical cables that sparked a fire in a hospital in December which killed 39 people. Patients were forced to jump out of windows to escape the blaze at..
Online Published Date:
17 March 2006
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783 - 17 March 2006
Late reports
18.2, helicopter crash, fatalities
Uzbekistan: a helicopter crashed in southwest Uzbekistan, killing five people on board. The crash happened 15 km from the mining town of Zarafshon and investigations for the causes of the incident were underway...
Online Published Date:
17 March 2006
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783 - 17 March 2006
Allstate Corporation
While the group is optimistic about the prospect of its motor business, it keeps a wary eye on its homeowners’ insurance portfolios, conducting continual reviews of the business to determine future profitability
Online Published Date:
17 March 2006
Appeared in issue:
783 - 17 March 2006
Royal & SunAlliance
Although R&SA finally divested itself of its life insurance operations in 2004, life insurance nevertheless contributed 14% of the £6.0bn that the group generated in net premium income
Online Published Date:
17 March 2006
Appeared in issue:
783 - 17 March 2006
Financial groups create synergies between insurers and banks
Consolidation in the Belgian life market has resulted in 82.0% of the market being in the control of just six groups
Online Published Date:
17 March 2006
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783 - 17 March 2006
Diversity strikes right note with insurance sector investors
Although its reinsurance operations suffered heavy losses, Berkshire’s primary insurance businesses came to the rescue
Online Published Date:
17 March 2006
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783 - 17 March 2006
Market closes 2005 with flat premiums and earnings down 24%
The Chilean economy is booming but insurers are seeing little benefit as low investment returns pressure profits
Online Published Date:
17 March 2006
Appeared in issue:
783 - 17 March 2006
Motor insurance behind 36% rise in 2004 premiums
Market premiums surge to IR17,311bn but losses are also escalating, with motor claims representing 70% of total losses
Online Published Date:
17 March 2006
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783 - 17 March 2006
EU Services Directive in home straight to final legislation
The Council of Ministers will now review the 180 changes made by the European Parliament during its first reading
Online Published Date:
17 March 2006
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783 - 17 March 2006
Irish market reports increase in profits, premium income mixed
Underwriting results look strong against a background of declining rates but reserve releases boost headline profits
Online Published Date:
17 March 2006
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783 - 17 March 2006
Japanese earthquake insurance contracts exceed 10 million
Osamu Kanegae
of the General Insurance Association of Japan reports on the increase in earthquake insurance cover
Online Published Date:
17 March 2006
Appeared in issue:
783 - 17 March 2006
Opportunity Cost – Opportunities Lost
Even in the UK, the most sophisticated run-off market in the world, there is still the assumption that run-off is essentially a one-off phenomenon, rather than a perennial consequence of the cyclical nature of the insurance market. Philip Grant*
draws attention to an ill-lit and disregarded corner of insurance groups’ balance sheets where significant amounts of capital are being tied up
Online Published Date:
17 March 2006
Appeared in issue:
783 - 17 March 2006
The coming of age of the US-EU dialogue
With the recent news that US insurance regulators are to develop alternatives to the current reinsurance collateral rules imposed on foreign reinsurers by the end of this year, the outlook for the success of the US-EU regulatory dialogue looks..
Online Published Date:
17 March 2006
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783 - 17 March 2006
Insurers oppose tax charge
There is concern that the charge could put Indian insurers’ solvency ratios under pressure, especially at a time when IRDA is keen to increase local capitalisation
Online Published Date:
17 March 2006
Appeared in issue:
783 - 17 March 2006
Hurricane losses contained by big two
As befits a company soon to become the world’s largest reinsurer, Swiss Re was keen to emphasise the benefits of size
Online Published Date:
17 March 2006
Appeared in issue:
783 - 17 March 2006