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Insurers should take heed
Europe
Online Published Date:
23 June 2006
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790 - 23 June 2006
Insurers can invest in banks
Asia
Online Published Date:
23 June 2006
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790 - 23 June 2006
Security
2.2, kidnap negotiations
Somalia: the Philippine government said it would enter into negotiations with Somalian pirates who hijacked the Panamanian registered product tanker Lin I
, manned by 19 Filipinos. News of the government’s intention to..
Online Published Date:
23 June 2006
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790 - 23 June 2006
Aviation
2.6, crash, fatalities
US: a Learjet registered to religious broadcaster Pat Robertson crashed in Long Island Sound while flying in heavy fog, killing both pilots. All three passengers escaped without serious injury. Mr Robertson was not aboard. The..
Online Published Date:
23 June 2006
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790 - 23 June 2006
Natural catastrophes
31.6, earthquake, fatalities
Indonesia: US Marines joined an international effort to deliver aid and medical care to nearly 650,000 Indonesians displaced by a devastating 6.3- magnitude earthquake. The US also increased its aid contribution to..
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23 June 2006
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790 - 23 June 2006
Marine
2.6, sinking, fatalities
Greece: hopes of finding the five missing crew of general cargo vessel Han
that sank after colliding with the combined chemical and oil tanker Alios Artemis
in the Aegean Sea, faded after a fruitless night-long rescue..
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23 June 2006
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790 - 23 June 2006
Liability, awards and settlements
3.6, false accusations, settlement
US: a Taiwanese-American scientist once suspected as a spy will receive $1.64mn after settling lawsuits against the US government and five news outlets. Wen Ho Lee, who used to work at the Los Alamos nuclear..
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23 June 2006
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790 - 23 June 2006
Road and rail
30.5, collision, fatality
South Africa: one man was killed when a fully laden container train collided with a lorry carrying sugar cane at a level crossing between Enseleni and KwaMbanombi in Zululand. The train, hauled by diesel-electric..
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23 June 2006
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790 - 23 June 2006
Property and business interruption
2.6, coal mine explosion, fatalities
Turkey: a methane gas explosion ripped through a coal mine in western Turkey, killing at least nine miners and trapping several others. The blast caused a shaft to collapse at the mine in the village of Odakoy in..
Online Published Date:
23 June 2006
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790 - 23 June 2006
Implementing the lessons learned in 2004 and 2005
While some changes will merely require modifying mindsets, others such as integration of cat management into the underwriting process, will take time as well as new tools, says Lara Mowery*
Online Published Date:
23 June 2006
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790 - 23 June 2006
Insurance entities no longer under strict control of the state, but market remains constrained by political and economic structures
Although the law permits the entry of foreign insurers on a joint venture basis, it is understood that applications are unlikely to be approved at the present time, simply because there is not enough business to sustain more than the existing insurers
Online Published Date:
23 June 2006
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790 - 23 June 2006
Montpelier Re, braced by $100mn investment, leads Bermudian rally
Investors also appeared receptive to the idea of a flurry of M&As among the island’s insurers to create financially stronger firms
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23 June 2006
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790 - 23 June 2006
Markets will open up from 2008 following trade agreement with USA
The natural catastrophe prone region is home to 70 insurers which generated US$1.7bn in premium income in 2005
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23 June 2006
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790 - 23 June 2006
Earnings strengthen despite stagnant premium growth in Q1 2006
Non-life remains only one-third of life insurance business, not helped by the 25% drop in premiums by RS&A’s acquisition
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23 June 2006
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790 - 23 June 2006
New entrants to Vietnam’s insurance sector boost Vinare income
The country’s only reinsurer reported a 16% rise in gross premiums, benefiting from the growing primary insurance business
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23 June 2006
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790 - 23 June 2006
Equitable Life inquiry calls regulators and politicians to account
Past and present insurance regulators who played a leading role in the supervision of the life insurer will testify before MEPs
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23 June 2006
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790 - 23 June 2006
AXA strengthens market shares in Europe on Winterthur deal
Credit Suisse sells Winterthur • Swiss Re launches natural catastrophe bonds • Generali buys stake in Ukraine insurer
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23 June 2006
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790 - 23 June 2006
European Parliament vote launches flood risks directive
Industry welcomes legislation but with a lengthy negotiation process predicted, the directive will not be adopted before 2007
Online Published Date:
23 June 2006
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790 - 23 June 2006
KWELM: setting the gold standard for insolvent run-off
Two directors of KMS Insurance Management Ltd (KMS), the successor to the management company that was formed in 1992 to administer the run-off of the KWELM companies, explain why run-off is not considered any longer to be a stigma
Online Published Date:
23 June 2006
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790 - 23 June 2006
Investment directive promises to intensify competition
Investment firms licensed in any of the EU’s 25 member states will be able to make better use of ‘passport’ rights • Spain
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23 June 2006
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790 - 23 June 2006
Argentina’s insurers record premium income up 3% in 2005
Premiums stand at 14bn pesos • Mexican insurers have sufficient reserves for hurricane season • Chile’s Consorcio covers life to age 100 • Colombia • Ecuador • Peru • Venezuela
Online Published Date:
23 June 2006
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790 - 23 June 2006
Managing the risk of burnout in the insurance industry
Rising stress levels are leading to high burnout rates amongst claims handlers. But insurers need to look after their most valuable asset, says Lee Fogle, vice president of the research and risk analysis organisation, the Insurance Services Office (ISO). Instituting best practice programmes not only improve efficiencies but alleviate the pressure on claims staff
Online Published Date:
23 June 2006
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790 - 23 June 2006
Regulatory efficiency versus fairness
The UK’s Financial Services Authority describes itself as a risk-based regulator. The FSA currently regulates some 30,000 firms and approximately 200,000 individuals.
Margaret Cole
, Director of Enforcment at the FSA, says the..
Online Published Date:
23 June 2006
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790 - 23 June 2006
IRB ‘willing and ready’ to compete
The new chairman says that IRB is in the process of fostering a competitive environment because local insurers are allowed to get quotes from foreign reinsurers
Online Published Date:
23 June 2006
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790 - 23 June 2006
Insurance claim to force change in law
The dispute highlights a gap in German law in terms of speedy access to justice
Online Published Date:
23 June 2006
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790 - 23 June 2006