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Extending takaful to non-muslims
Middle East
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12 May 2006
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Asian Re increases income by 8% in 2005
Asia
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12 May 2006
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Insurers look forward to Solvency II
Europe
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12 May 2006
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Insurers call for competition in California
North America
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12 May 2006
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Aviation
20.4, crash, findings
Australia: the pilot of a fatal aircraft crash north of Adelaide in May 2005 was suffering a terminal illness and was not permitted to fly, an investigation has found. The Australian Transport Safety Bureau released its..
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12 May 2006
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787 - 12 May 2006
Natural catastrophes
19.4, floods, property damage
Central Europe: approximately €40mn in damage resulted from the record floods in Serbia. Over 240,000 hectares of farm land were flooded. The state of emergency and flood defence measures would remain in force..
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12 May 2006
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Marine
19.4, cause of fire, verdict
US: Princess Cruises confirmed that the fire that broke out on board passenger Star Princess
last month started on one of the ship’s balconies although “no definitive cause of the fire has yet been..
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12 May 2006
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Liability, awards and settlements
18.4, pesticide settlement
US: Long Island Sound lobstermen reached a settlement with the final chemical company targeted by a lawsuit that claimed a pesticide may have contributed to a steep decline in the lobster population. The deaths rattled the..
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12 May 2006
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Road and rail
22.4, collision, fatality
UK: train services were severely disrupted after separate accidents in Devon in which a woman was killed and a car plunged onto the line. The woman, in her 40s, was killed at Sprey Head, Teignmouth, Devon, when she was hit..
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12 May 2006
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Property and business interruption
20.4, bird Flu
International: bird flu cases worldwide topped 200 after a dozen people were confirmed to have been infected with the virus in Egypt, according to a statement by the World Health Organization. An 18-year-old girl from the north..
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12 May 2006
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Late reports
15.4, collision, fatalities
Indonesia: a passenger train bound for the capital crashed into another train stopped at Gubuk Station, Java Island, killing at least 14 people and injuring more than 26. The trains bound from Jakarta to Surabaya,..
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12 May 2006
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787 - 12 May 2006
Partner Re Ltd
Encouraged by the January renewal results, the company is looking to 2006 to make up for lost ground in 2005
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12 May 2006
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787 - 12 May 2006
World’s most precarious market sustained by aviation premiums
The future development of the insurance market will depend almost entirely on the security position in the country
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12 May 2006
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Insurance sector prospects dependent on pace of broader economic liberalisation driven by pressure from the EU and WTO
Despite the influx of new companies, the older, state-owned, companies still command a 75% share of the insurance market
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12 May 2006
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Bermudian charge led by Renaissance Re
The European situation is perhaps best exemplified by Allianz as its ill-fated acquisition of Dresdner Bank comes back to haunt it
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12 May 2006
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Medical insurers increase membership for first time in seven years
Only one of the 15 players reported a loss last year • Private pension fund managers report mixed earnings
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12 May 2006
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New financial disclosure rules to be developed by regulator
Disclosures to be mandatory • IRDA opposes internet bidding and tendering • Insurers get ready for deregulation of tariffs
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12 May 2006
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Non-life sector boosts Malaysian insurance market prospects
Growth in Malaysia’s economy last year also benefited the country’s Takaful insurance market
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12 May 2006
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Solvency II impact study gets underway
Ceiops launches QIS2 • Protocol agreed to harmonise insurance mediation directive • Converium renews 99.5% of April 1 risks
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12 May 2006
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State reinsurer’s premiums contract on terrorism pool cover
CCR’s reinsurance of the GAREAT pool fell 45% last year but diversity balanced overall premium decline
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12 May 2006
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Igor Best-Devereux: chief executive, eReinsure
Mr Devereux believes that the US based eReinsure has a lot to offer the London market because of what it has achieved elsewhere. He says that his platform already works with a number of US companies to bring business into Lloyd’s
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12 May 2006
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Portuguese insurance market premium volume up by 24.2%
Portugal premiums rise to €3.43bn • Sistema Mapfre profits up 19.3% • RSA rules out further Chilean acquisitions in 2006
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12 May 2006
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Buncefield - the insurance market’s black cloud?
The Buncefield oil explosion in southern England at the end of last year caused substantial damage. The joint operators of the depot, Total and Texaco, are the likely subrogation targets for the mounting property damage claims filed by local residents. In this article John Hanson
, a partner at law firm Barlow Lyde & Gilbert representing personal and commercial insureds affected by the explosion, discusses liability and the legal cases that set precedent.
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12 May 2006
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Time to back the consumer
Canada’s strict rules on insurance sales within banks look unlikely to change dramatically in the near future but lobbying has begun for some modifications. Raymond Protti, president and chief executive officer of the Canadian Bankers Association, says the insurance industry can handle the competition. Much has changed since the decision in 2001 not to alter the rules restricting insurance sales by banks and some of the absurdities should now be addressed, Mr Protti says.
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12 May 2006
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Reinsurers banking on catastrophe crunch
Reinsurers were at pains to reassure investors that they had contained their exposures in terms of how much less a repeat of KRW this year would cost them
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12 May 2006
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