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Asia
Life insurers face challenges in Taiwan
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
Europe
Aon complete Swedish acquisition
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
North America
Rising cost of healthcare most pressing concern
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
International
Risk management is key rating factor
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
Security
13.3, stolen diamonds
Netherlands: a man stole US$28mn worth of diamonds from an Antwerp bank where he had been a trusted customer for a year, using a stolen Argentine passport. Prosecutors say the suspect broke into safety deposit boxes in an..
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
Aviation
7.3, crash, fatalities
Indonesia: at least 49 people were confirmed dead after a Boeing 737-400 (PK-GZC) with 140 on board - including Australians -crashed and burst into flames at Indonesia’s Yogyakarta Airport. Garuda Airlines said there..
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
Natural catastrophes
6.3, earthquake
Indonesia: a powerful earthquake flattened hundreds of buildings in western Indonesia, killing at least 70 people and overwhelming hospitals with injured. The magnitude-6.3 quake on Sumatra island was felt in neighbouring Malaysia..
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
Marine
6.3, capsized boat, fatalities
UK: one fisherman was dead, another missing and three were rescued after their boat, fishing William II
, owned by Guyana Quality Seafood Ltd capsized in the Atlantic Ocean about three miles from land. The..
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
Liability, awards and settlements
7.3, medical negligence
UK: a high-flying City of London lawyer who claimed more than £5.0mn in damages after being mis-prescribed medication for a minor ailment was awarded £1.43mn in compensation at the High Court. Cathy Horton, 44,..
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
Road and rail
6.3, derailment
UK: a train derailed in Kent after hitting a tree left blocking the line after high winds. Eight people, including the driver and conductor, were on the early morning train from Kent to Surrey. No-one was hurt. The front of the train..
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
Property damage and business interruption
9.3, birdflu
Asia: the deadly bird flu virus spread into southern provinces of impoverished, landlocked Laos after outbreaks near Vientiane. Officials planned to cull up to 200,000 fowl to stamp out confirmed and suspected outbreaks in the southern..
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
Late reports
5.3, mid-air collision, fatalities
Austria: eight people were killed when a light plane and a helicopter collided near the Austrian ski resort of Zell am See. The transport helicopter had seven people aboard and all were killed in the crash as well..
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
Chubb Corporation
The deal with Harbor Point means that Chubb will refrain from writing reinsurance business directly. However, for a transition period of up two years, Harbor Point has the right to write specific reinsurance business on behalf of Chubb
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
New insurance law likely to give banks intermediary status
Panama continues to have too many insurers for the size of the market and a powerful community of brokers and agents. But while competition is widespread and intense, the market’s results remain good and reinsurers continue to beat a path to the market
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
Barclays - ABN Amro merger prompts slight recovery
The stock values of the insurers and reinsurers tracked by WIR
recovered somewhat during the fortnight ending 22 March – but not by much. Once again investors, moving with extreme caution, were propelled by the broader rather than by the..
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
Growth in life insurance outpaces non-life in 2006
The local life insurance market rose 26% compared with 3.4% in non-life which saw premiums decline in marine and liability
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
Profits double for life insurance sector in 2006
Premiums rose just 6% but profits rocketed, according to regulatory data • MetLife plans to expand operations in Chile
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
Brazilian insurers report income up 13%, driven by life
Motor insurance income down 10% in 2006 • SUSEP notes rise in money laundering cases • Zurich Brasil’s profits down by over half • Local AIG unit says profits up almost 7% • Chubb Brasil records profits up to 27.2mn reales
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
Argentina to make environmental cover compulsory
Motor insurance costs rise 10% in Dominican Republic • El Salvador’s insurers record 9% increase in profits • Survey says region’s insurance business is growing fast
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
GIC foreign premium income may fall under $500mn this year
Boosted by its current level of capitalisation, GIC is confident in its ability to write international business in excess of $3bn
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
Legislation to raise FDI unlikely this parliamentary session
The proposal to increase the limit on foreign direct investment from 26% to 49% is being vigorously opposed
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
Mutual insurers outperform stock company rivals
Mutuals are showing stronger profits at an average of 22.9% • Fraud investigations save insurers money
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
Hannover Re’s results insulated from market softening
Rates increase obtained for seventh successive season • Eureko strikes Turkey deal • AXA buys in Italy
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
Spending controls reduce health insurance deficit
Two years of cost-cutting under “regime general” has resulted in a better diagnosis for France’s health insurance scheme
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
Insurers say Florida’s legislation to manage rates is “reckless”
Rate cuts filed by some of the state’s largest insurers amount to less than 10%, below the expected reduction of 24%
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
PXRE’s strategic review ends in merger with Argonaut
A deal with Argonaut to create a new reinsurer breathes new life into PXRE, which ceased writing reinsurance last year
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
P&I clubs boosted by successful 2007/08 renewal season
However, broker Aon described last minute 70% increase in the marine passenger sector’s reinsurance tariff as a ‘mugging’
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
The global rise of insurance fraud: a tale of two countries
Whilst insurers are already doing a lot to beat fraud, using a range of techniques to do so and often at significant financial cost, the Association of British Insurers believes that fraudulent insurance claims still cost more than £1.5bn each year. And, according to Mark Jones, managing director of Conversant Data, an anti-fraud outsourcing provider, there is every reason to believe that insurance fraud costs will continue to rise. Conversant Data’s own research indicates that as many as one in four motor, and almost as many as one in two home, claims contained an element of fraud. Whilst these figures are UK specific, the problem has no constraints or boundaries. Mr Jones says that eastern and central Europe, in particular, represents a huge region being targeted by fraudsters. Mr Jones cites specific examples from Poland where Conversant has recently opened an office
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
The “what if?” approach to risk management
Preventing an incident developing into a crisis for the business, or allowing it to escalate into a disaster that may result in its downfall is often given too little attention by those responsible for crisis management, according to
Paul..
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
Motor pool fully active in April
The pool is likely to have a negative impact on private sector insurers which, through selective underwriting, have maintained relatively low claims ratios
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007
UK prudential regulation under scrutiny
Both investigations are likely to be critical of the effectiveness of redress systems available to victims, particularly within a cross border context
Online Published Date:
30 March 2007
Appeared in issue:
809 - 30 March 2007