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Underwriting agencies on the rise in Australia
Asia/Pacific
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26 May 2006
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788 - 26 May 2006
Florida certifies hurricane risk models
North America
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26 May 2006
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788 - 26 May 2006
Insurance software market set for consolidation
International
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26 May 2006
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788 - 26 May 2006
Security
11.5, kidnapping
Nigeria: a group of foreign workers were kidnapped from a car under police escort in Nigeria’s southern oil capital Port Harcourt, a day after a US oil executive was shot dead in the same city. A police spokesman confirmed..
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26 May 2006
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788 - 26 May 2006
Aviation
3.5, crash, fatalities
Japan: a tandem aircraft crashed and burst into flames on a runway at Tajima Airport in Toyooka City, Hyogo Prefecture, just after takeoff, killing both people on board. The two killed were members of a local aero club. The..
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26 May 2006
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788 - 26 May 2006
Natural catastrophes
2.5, floods, fatalities
Afghanistan: floods caused by heavy rains and melting snow in the northern Afghan provinces of Baghlan and Faryab killed at least 16 people and left hundreds of families in urgent need of assistance. Flash floods and heavy..
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26 May 2006
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788 - 26 May 2006
Marine
2.5, explosion, fatalities
Malaysia: four Chinese nationals were killed in an explosion on board a tanker in Indonesian waters off Penang island in northern Malaysia. A Filipino and a Singaporean were injured in the accident. The explosion from an..
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26 May 2006
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788 - 26 May 2006
Liability, awards and settlements
3.5, Microsoft class action settlement
US: Microsoft Corporation reached a tentative $70mn settlement resolving antitrust claims brought by certain California government entities. The class-action suit was filed in August 2004 by the City and..
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26 May 2006
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788 - 26 May 2006
Property and business interruption
2.5, explosion, fatalities
India: a powerful explosion occurred at a northern Indian paper factory, killing at least 15 workers and injuring more than 50 others. Hundreds of people, initially reported to be trapped in the factory, were later..
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26 May 2006
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Late reports
30.4, crash, fatalities
Australia: two people died and up to 40 people were injured after a train crashed at a level crossing in western Victoria. The one-carriage Ararat-bound Velocity passenger train collided with a truck at the Ercildoon level..
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26 May 2006
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788 - 26 May 2006
Hannover Re
To achieve a return on equity of 15%, Hannover Re needs to post a net profit of around €450mn in terms of the current level of capital employed. Mr Zeller is cautiously optimistic that the target could be achieved in 2006
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26 May 2006
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Life market waits for boost from Pillar II pension funds
The Estonian life market is small in world terms, but the situation will change substantially when pension savings accumulated in the new Pillar II funds are released to buy pension annuities from life companies
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26 May 2006
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Insurance stocks slump as US investors keep their own council
Only four stocks gained in value; two of these by mere fractions of a percent
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26 May 2006
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Further growth expected from popular unit-linked policies
Insurers are recording stronger sales • Atradius and Tokio Marine launch credit insurance service firm • AIG expands in China
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26 May 2006
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Private players compete with market favourite Banco de Seguros
The state-owned insurer retains 66% of direct premiums in over 10 years since the sector was de-monopolized
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26 May 2006
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Beat Strebel, Head of Swiss Re America’s Latin American unit
Staying profitable in the region entails long term commitment and intelligent manoeuvring around crises and market cycles
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26 May 2006
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Market prepares for change as EU entry date approaches
Romania has addressed most of the issues facing its insurance business ahead of EU accession. The market currently operates with higher solvency levels and customer-friendly marketing material. With most of its insurance capital in the hands of foreign investors, Romania is looking attractive on the eve of its EU membership.
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26 May 2006
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SVB rebrands as Novae to make a clean break from troubled past
SVB adopts new name • UK population fails to understand demutualisation debate • Life insurers hedge risks of bird flu
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26 May 2006
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Industry concerned over nature of Solvency II impact study
CEIOPS says it has to “start from somewhere” after CEA questions the place of calibrations in QIS2
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26 May 2006
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Munich Re on target after first quarter profit nears €1bn
The reinsurance giant has made one-third of its projected profits for the year within the first three months of 2006
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26 May 2006
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Insurance 2020: innovating beyond old models
As we approach the end of the first decade of a new century, says James Bisker*
, it is very important to increase the scope of vision and consider what the insurance industry could become. The industry requires something more than existing mechanisms and business models if it is to have a dynamic and successful future. The next few years will mark a fundamental change in the insurance industry. The question is how can insurance carriers profit from these changes?
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26 May 2006
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Why web analytics is crucial to insurance
The insurance industry is spending millions of pounds on great looking web sites offering a range of insurance, which is a crucial part of the business and an extension of the brand. But how well are they working? Measuring things is boring, says
..
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26 May 2006
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Insurers can invest in hybrid instruments
But companies can only invest in these instruments according to strict guidelines prescribed by IRDA
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26 May 2006
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EU insurers’ VAT exemption under threat
VAT exemption is seen as preventing insurers from reclaiming the VAT they have to pay on their purchase of goods and services, so those costs are passed on in their own charges
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26 May 2006
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788 - 26 May 2006