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Study reveals mutuals increase market share
Europe
Online Published Date:
02 March 2007
Appeared in issue:
807 - 02 March 2007
AM Best reviews ratings
US
Online Published Date:
02 March 2007
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807 - 02 March 2007
Oil cos take on risk
International
Online Published Date:
02 March 2007
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807 - 02 March 2007
Aviation
7.2, crash, fatalities
Brazil: a twin-engine aircraft crashed in the Amazon jungle, killing all six people aboard, according to Brazil’s National Civil Aeronautics Board. The Seneca aircraft crashed in dense forest in central Brazil about 25..
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02 March 2007
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807 - 02 March 2007
Natural catastrophes
7.2, floods, fatalities
Indonesia: thousands of residents of Jakarta began returning to their homes as flood waters receded, facing the huge task clearing up streets and homes caked in stinking garbage and mud. The death toll from the floods, the..
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02 March 2007
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807 - 02 March 2007
Marine
11.2, collision, fatalities
China: three people were killed and 18 others injured in a collision between a hydrofoil and general cargo vessel QD 01
off the coast of Quang Ninh province. Thick fog had obstructed the hydrofoil crew’s view and..
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02 March 2007
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807 - 02 March 2007
Liability, awards and settlements
8.2, inadequate security, judgment
US: an Atlanta jury issued a $1.7mn judgment against the Metropolitan Atlanta Rapid Transit Authority (MARTA) over a case in which a woman was kidnapped from a station parking garage and raped. The woman sued,..
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02 March 2007
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807 - 02 March 2007
Road and rail
6.2, crash, fatality
Hungary: a passenger train crashed into a freight train near the western Hungarian town of Komarom, killing one person and injuring two. The driver of the passenger train died. Part of the freight train was derailed by the..
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02 March 2007
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Property damage and business interruption
6.2, bird flu
International: scientists investigating an outbreak of bird flu in a British flock of turkeys said there might be a link with an outbreak in Hungary in January. The UK government said there was a possible connection, contradicting..
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02 March 2007
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807 - 02 March 2007
RenaissanceRe Holdings Ltd
Much of the increase in RenaissanceRe’s reinsurance gross premiums in 2005 was ‘loss related’ i.e. attributable to the large catastrophes of 2005. This applied to both the company’s property catastrophe and specialty reinsurance portfolios
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02 March 2007
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807 - 02 March 2007
New civil code expected to boost demand for liability cover
The Lithuanian non-life market is one of the smallest in the region, and in Europe generally, but the substantial increase in income due to compulsory motor third party liability in 2002 makes Lithuania the largest in the Baltic states. In addition, the statistics do not fully reflect the real size of the insurance market as a number of large risks (aviation and property, for example) are placed abroad on a freedom of services basis and the premium income is not recorded locally
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02 March 2007
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807 - 02 March 2007
Converium gains 16.5% on Scor takeover bid
For the most part, the buoyancy of corporate stock values is only as good as the most recent piece of good news about the company. And the emphasis is very much on recent for as soon as any bit of positive news is ‘priced in’, the stock..
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02 March 2007
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807 - 02 March 2007
Economic indicators bode well for Latin American insurance sector
Nominal growth figures in Latin America have been strong in recent years, for example compound annual growth over the last five years in the Brazilian insurance market was 14%. Lewis Phillips
of reinsurance broker Benfield’s Industry Analysis Research (IAR) unit, and the author of a recent IAR report on the region, says the low levels of insurance penetration prevalent throughout the Latin American region support the view that these markets have the potential for even stronger growth
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02 March 2007
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Regional insurance markets record strong growth in 2006
Venezuela was the fastest-growing economy in the region, with GDP rising by 10.3%. However, it also had the highest inflation
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02 March 2007
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807 - 02 March 2007
Fire premiums suffer effects of new pricing regime
The industry will not feel the full force of the current premium war - which has unexpectedly struck fire lines - until April
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02 March 2007
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807 - 02 March 2007
Strong non-life underwriting results as claims ratio improves
The claims experience improved in most lines, helped most by a 60% drop in weather related losses
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02 March 2007
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807 - 02 March 2007
European insurers report strong growth in operating profit
AXA promises further growth in 2007 • Allianz profits rise to €10bn • ZFS records 48% surge to €5.9bn
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02 March 2007
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807 - 02 March 2007
Allianz buys out Russian partner to own majority stake in Rosno
The German insurer says Russia is one of its most important growth markets • ZFS acquires 66% holding in Russian personal lines insurer • Groupama nears completion of Greek deal • Eureko files lawsuit against Poland’s Ministry of the State Treasury
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02 March 2007
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807 - 02 March 2007
Converium defensive as SCOR pursues “friendly” takeover offer
Hostile bids are very rare in reinsurance and are often thought unlikely to prove successful
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02 March 2007
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807 - 02 March 2007
MetLife posts record revenue and earnings results in 2006
Earnings boosted by MetLife property sell-off • Asset management lifts Prudential Financial • Manulife income up 21%
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02 March 2007
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Mississippi AG measures to prevent insurer’s withdrawal fail
The state’s governor says he has no authority to force a private company to sell property insurance
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02 March 2007
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807 - 02 March 2007
IT and business continuity: the case for Linux
Choosing the operating system that an organisation uses to run its critical applications remains a tough decision, according to
Sri Sridharan,
vice president of UK based IT solutions services group, Stratus. Mr Sridharan says that Linux is growing..
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02 March 2007
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807 - 02 March 2007
Quinn furious at Irish government action
However, the group will have been encouraged by the findings of two recently published reports into competition in the Irish health insurance market
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02 March 2007
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807 - 02 March 2007
Converium captures the spotlight
For Converium, the most notable event to report from 2006 was the sale of the US run-off business to Berkshire Hathaway at a loss of $190mn but, as Converium was keen to point out, its liabilities had declined by more than $1bn as a result while its shareholders’ equity had increased by nearly $200mn
Online Published Date:
02 March 2007
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807 - 02 March 2007