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APRA takes action against Zurich executive
Asia Pacific
Online Published Date:
16 March 2007
Appeared in issue:
808 - 16 March 2007
Swiss Re forms legal entities in Luxembourg
Europe
Online Published Date:
16 March 2007
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808 - 16 March 2007
Guy Carpenter recruits Aon Re executive
US
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16 March 2007
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808 - 16 March 2007
Automated speech competes with offshore centres
International
Online Published Date:
16 March 2007
Appeared in issue:
808 - 16 March 2007
Security
27.2, stolen paintings
France: at least two Picasso paintings with a combined value of €50.0mn were stolen from his granddaughter’s home in Paris. A portrait of the Spanish painter’s daughter, Maya with Doll, and one of his second..
Online Published Date:
16 March 2007
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808 - 16 March 2007
Aviation
22.2, Kentucky crash, court case
US: Comair sued the federal government over last summer’s plane crash in Kentucky that killed 49 people. The Delta regional airline based in the Cincinnati area said the Federal Aviation Administration was..
Online Published Date:
16 March 2007
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808 - 16 March 2007
Natural catastrophes
20.2, volcano eruption
Colombia: the authorities ordered villages to evacuate after the Mount Nevado volcano in the south-western province of Huila belched ash, and increased seismic activity threatening to trigger larger eruptions. The evacuation..
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16 March 2007
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808 - 16 March 2007
Marine
20.2, accident, fatality
US: a female tug worker was killed when she became pinched under heavy rope attached to a barge off the coast of Marina del Rey. A male co-worker was seriously injured when the rope swung and hit him. The accident occurred..
Online Published Date:
16 March 2007
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808 - 16 March 2007
Liability, awards and settlements
20.2, medical negligence, damages
UK: a teenager was awarded £6.6mn damages for a birth injury which left him severely brain-damaged. The boy had cerebral palsy and mental impairment after he was born at the city’s John Radcliffe Hospital..
Online Published Date:
16 March 2007
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808 - 16 March 2007
Road and rail
24.2, derailment, fatality
UK: an elderly woman was killed and five people were seriously injured when a high-speed London-to-Glasgow train derailed in farmland near the town of Kendal on the edge of England’s Lake District. Firemen working in..
Online Published Date:
16 March 2007
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808 - 16 March 2007
Property damage and business interruption
21.2, building collapse, fatalities
Turkey: a five-story apartment building collapsed in Istanbul, killing at least two people and injuring more than two dozen others. A city worker who chanced to walk by saw the building swaying and alerted people..
Online Published Date:
16 March 2007
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808 - 16 March 2007
Royal & SunAlliance Insurance Group
While the radical restructuring has addressed and resolved most of the strategic issues that plunged the group into crisis at the beginning of the decade, the businesses in run-off in the US continue to present significant strategic risks
Online Published Date:
16 March 2007
Appeared in issue:
808 - 16 March 2007
Romanian-owned companies struggle to compete with EU peers
In the run-up to EU membership on January 1, 2007, the number of foreign insurers participating in the market increased and while it raised standards of professionalism and supervision, the ex-state insurer Asirom’s market share has fallen from 100% in 1991 to 8% in 2005 and two other Romanian firms have run into capital problems
Online Published Date:
16 March 2007
Appeared in issue:
808 - 16 March 2007
Stocks weighed down by US mortgage market concerns
For the most part, broader economic concerns, rather than factors that were directly company or insurance specific, weighed heavily on the stock values of the insurers and reinsurers tracked by WIR
for the fortnight ending March 8.
A number of..
Online Published Date:
16 March 2007
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808 - 16 March 2007
Chile’s insurers’ earnings surge by 87% to $489mn in 2006
Motor and earthquake lines were the top performers Dominican Republic market braces itself for a 16% insurance tax
Online Published Date:
16 March 2007
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808 - 16 March 2007
Public sector insurers face up to solvency issues ahead of IPOs
Three of the four public sector insurers sold equity holdings to meet solvency requirements in preparation for listings
Online Published Date:
16 March 2007
Appeared in issue:
808 - 16 March 2007
The threat posed by traffic accidents to insurers’ capital resources
Makato Kawagoe
of the General Insurance Association of Japan (GIAJ) on the Association’s new traffic accident prevention programme and why the GIAJ is addressing the issue with the same seriousness as it does natural catastrophe losses
Online Published Date:
16 March 2007
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808 - 16 March 2007
Swiss Re proposes commercial health insurance market for China
CIRC is taking Swiss Re’s recommendations on board India’s budget raises tax deduction limit for health premiums
Online Published Date:
16 March 2007
Appeared in issue:
808 - 16 March 2007
Motor results stabilise as insurers get claims under control
EU countries are now committed to reduce the number of road deaths by 50% between 2001 and 2010
Online Published Date:
16 March 2007
Appeared in issue:
808 - 16 March 2007
Global warming adds to growing risk of hurricane events
Insurers should not get used to light losses from natural catastrophes, warn Munich Re and Swiss Re
Online Published Date:
16 March 2007
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808 - 16 March 2007
EC seeks to improve patient mobility rights
Legislative proposals are expected later this year to ease the path of patients seeking reimbursement for treatment abroad
Online Published Date:
16 March 2007
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808 - 16 March 2007
Fixed annuity sales end 2006 on a low ebb
Throughout 2006 fixed annuities had a hard time competing with bank certificates of deposit and guaranteed variable annuities
Online Published Date:
16 March 2007
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808 - 16 March 2007
AIG unit ordered to pay $444mn to end Superior National dispute
Arbitration panel ends eight-years of legal proceedings over workers’ compensation claims AIG results resilient
Online Published Date:
16 March 2007
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808 - 16 March 2007
Claims blame: quantifying subrogation claims
Subrogation is where one person or entity (usually an insurance company) assumes the legal rights of another person for whom the first entity has paid money on their behalf. So, the insurer who paid out the claim to their insured will subrogate (take legal action) against the entity that actually caused the damage. Tony Levitt
, a partner at forensic accountants and consultants, RGL, looks at the issues that should be taken into account when an insurer settles the original insurance claim to increase the prospect of recovery in a subsequent subrogation action against a third party that caused the damage
Online Published Date:
16 March 2007
Appeared in issue:
808 - 16 March 2007
Communication and crisis management
Mark Twain once said, “There are only two certainties in life – death and taxes.” For
Paul D’Arcy,
vice president of Worldwide Marketing at crisis communication infrastructure consultancy, MessageOne, in the world of..
Online Published Date:
16 March 2007
Appeared in issue:
808 - 16 March 2007
Move to speed up cross border mergers
There is a growing concern in Strasbourg that Europe’s insurance sector risks languishing in the ‘second division’ of the global league table
Online Published Date:
16 March 2007
Appeared in issue:
808 - 16 March 2007