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Liberty in Puerto Rico
Latin America
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Japanese non-life recovery
Asia
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09 June 2006
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Investment management group takes climate change seriously
Europe
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09 June 2006
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Role of agencies key to future of terrorism cover
North America
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09 June 2006
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Security
21.5, pirate attack
Guinea: Russian product tanker Shkotovo
(2956 gt, built 1990) was attacked by pirates off the African port of Conakry. The tanker provides fuel for African vessels in the Atlantic Ocean. A team of six pirates armed with guns..
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Aviation
16.5, Black sea crash investigation
Russia: searchers recovered the second flight recorder from an Armavia Airbus A- 320-211 (EK32009) aircraft that crashed into the Black Sea three weeks earlier, killing all 113 people aboard. The flight data..
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Natural catastrophes
19.5, storm damages
US: flooding inflicted a minimum of $35mn in damage upon homes and businesses in North Andover Massachusetts. One thousand nine hundred homes sustained various levels of flooding. At an average of about $16,000 of damage..
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Marine
16.5, sinking, fatalities
New Zealand: six people died, including people representing three generations of one family, when the 15m vessel Kotuku
sank in heavy seas in Foveaux Strait. The load may have shifted after it was hit by a wave, forcing..
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Liability, awards and settlements
6.5, Justice Department investigation, settlement
US: the Boeing Corporation agreed to pay $615mn to settle a US Justice Department investigation into its acquisition of documents from competitor Lockheed Martin. The deal tentatively calls for..
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Road and rail
18.5, collision, fatalities
Switzerland: three people were killed in the town of Thun when a construction train that failed to brake was intentionally crashed into a parked train to end an uncontrolled, 30-km downhill journey. The victims were two..
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Property and business interruption
17.5, bird flu
International: five more people died from bird flu in Indonesia, the World Health Organization confirmed. The deaths of the five, who were all from the same family, brings Indonesia’s bird flu death toll to 30. At least four of..
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09 June 2006
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Transatlantic Holdings
The company, which made a pre-tax loss of $46.0mn, only managed to post a positive net income result because of $84.0mn in income tax benefits
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Swiss Re
The volatile US market, which accounts for 44.7% of Swiss Re’s total gross premium income, remains hugely important for the group. Its next biggest markets, the UK, Germany, France and Switzerland, by comparison, account for only 9%, 6%, 4% and 3.9% of gross premium income respectively.
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Waiting for parliament to approve the necessary legislation
But the Department of Insurance announced in August 2005 that it would be increasing the capital requirements of insurers to bring them into line with international standards and to bring non-life insurers into line with life companies
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09 June 2006
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European stocks boosted by expectation of M&A activity
The prospect of an outburst of M&A fever temporarily suppressed concerns about interest rate rises in Europe and the US
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09 June 2006
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Addressing the challenges of the market
The insurance broking sector in South Africa faces huge challenges, but according to Peter Drube, director of CSC in the country, the willingness is there and the market is evolving rapidly
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Regulator approves ZFS application for Beijing branch
New branch will focus on corporate clients • Allianz sets sights on China and India for regional growth
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09 June 2006
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Private sector insurers face capital crunch
Insurers dealt a blow by new rules that limit borrowings from overseas corporate bodies
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09 June 2006
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Chubb and HDFC set to part company
The US insurer is said to be considering multiple partners in India • Generali forms joint India insurance venture with Future
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09 June 2006
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Uncertain future for PZU as chief executive departs
S&P places ratings on negative watch amid concerns over future direction • Glencairn open new office in Moscow
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09 June 2006
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Swiss Re acquisition provokes spectre of ratings downgrade
Swiss Re faces negative outlooks until the deal to buy the lower-rated GE Insurance completes
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09 June 2006
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Mapfre restructures to exploit global opportunities
The group has ambitions to become a top five European insurer and one of the top 10 reinsurers in the world
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09 June 2006
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Industry stages recovery from with-profits slump
With-profits business is unlikely to regain the popularity of the 1990s but recent figures record an improvement in returns
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09 June 2006
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Lawmakers vote to reform federal flood insurance programme
Insurers hope the new modernization act will restore the damage done to the NFIP after last season’s hurricanes
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09 June 2006
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Rethinking error management in insurance
The expense of correcting errors, or business exceptions, exceeds $10bn each year and is a significant operational cost to insurers. It’s about time the industry update its approach to correcting quotation and claims errors in order to manage costs and keep policyholders happy, says John Maclean, director of marketing, EMEA, at business process consultancy Vitria.
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09 June 2006
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Factoring in global warming
The catastrophic aftermath of Katrina and the above average hurricane activity in both 2004 and 2005 have fueled a scientific debate over the effects of global warming. Last week,
Wendy Baker
, President of Lloyd’s America, addressing a..
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09 June 2006
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Regulator defends solvency rules
New non-life insurance companies in Ireland must have a solvency margin of at least twice the EU minimum for their first three years of operation
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09 June 2006
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