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State funding vs private market solutions
The Homeowners Defense Act (H.R. 3355) legislation currently before the US Senate is an attempt by legislators to provide effective federal risk management and financial solution to the devastation caused by natural catastrophe events in the US..
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Mr Har Govind
Asia
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Aon disagrees with flood cover withdrawal proposal
Europe
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RI3K launches messaging service in London
Europe
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Subprime mortgage crisis halts insurers’ merger
North America
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South Carolina sees upswing in captives
North America
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Security
22.8, kidnapping, captives freed
Somalia: general cargo vessel Danica White
and its crew, hijacked by Somali pirates in June, were released after 83 days in captivity, after a ransom of $1.5mn was reportedly paid by a security firm, according..
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Aviation
22.8, emergency landing
Colombia: at least 15 people were injured when their plane made an emergency landing at an airport in southwestern Colombia. The accident occurred at the Antonio Narino airport in Chachaqui, a town in the southwestern..
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Natural catastrophes
21.8, Typhoon Sepat
Taiwan: Typhoon “Sepat,“ which subjected Taiwan to strong winds and torrential rain caused heavy losses for the country’s agricultural sector. Over 90% of pomelos in Hualian’s Hegang has been destroyed by..
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Marine
21.8, accident, fatality
Turkey: a security guard died and four people were injured as passenger ro/ro Ankara
, arriving at Istanbul from Bodrum, moved unexpectedly while being secured at the dock. The guard died at the scene when the ropes securing..
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Liability, awards and settlements
22.8, Exxon Valdez
, request for review of Supreme Court ruling
US: Exxon Mobil Corporation asked the US Supreme Court to review a federal court’s ruling that the company owes $2.5bn in punitive damages for the 1989 tanker Exxon Valdez
..
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Property damage and business interruption
23.8, tougher fines, slowdown
Russia: container shipment in the Novorossiysk Sea Commercial Port was significantly reduced after the introduction of tougher fines for excess weight for the carriage of cargo by truck out of the port. The fines for..
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The Oil Group of Companies
Utility companies were more adversely affected by the events of 2005 than any other group within OIL. Of the 12 shareholders or members which announced their intention not to continue their membership after the June 2007 renewals, nine were regulated utility companies, with little or no ability to absorb the cost of their losses. Very few utility companies benefited from the energy price leaps in the wake of Hurricanes Katrina and Rita, unlike the great majority of OIL members
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Serving the needs of the tourism industry
In recent years international reinsurers have imposed substantial rate increases on Caribbean insurers, particularly for property catastrophe treaties, and rates in the USVI are amongst the highest in the Caribbean, although some amelioration has recently been experienced
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Market depressed by natural catastrophe and debt crisis concerns
Over the fortnight ending 6 September, the biggest falls occurred in the Asia-Pacific region where insurance sector stocks followed the rest of the financial services sector downwards as news of poor sales figures by Japanese motor manufacturers and..
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New players hope to benefit from health and crop insurance
Uruguay is unique in the region by having nearly half its population covered by private health insurance
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Claims rise to close gap on premium growth in first half 2007
Premiums recorded an increase of 56% but claims rose by 51%, resulting in losses for seven firms
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Investment income behind the growth in life market earnings
Recent heavy frost in central Chile has focused attention on crop insurance • New pension companies await legal changes
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Natural catastrophes take their toll on underwriting results
The industry was served a double whammy of low premium growth and high catastrophe losses during the fiscal 2006 year
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Underwriting profits defy marginal premium growth to rise 20%
Australia has a significant problem of non-insurance, with 23% of households failing to insure their structure or contents
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EC wary of more regulation to increase cross-border retail business
The remaining barriers to cross-border trade will be pinpointed in Commission proposals to be unveiled in November
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Generali’s India joint venture awarded operating licence
The Italian insurer has teamed up with retailer Future Group to house life and general insurance businesses based in Mumbai
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Storebrand bolsters Nordic life presence with Swedish buy
The acquisition will make the Norwegian group the largest life and pensions provider in the region
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AXA unit fined for inadequate supervision
Fee-based brokerage distributed mis-leading sales literature, says regulator • AXA completes sale of Dutch units
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The postcode as the strategic centre of insurance marketing
A survey conducted by Royal Mail recently revealed that customer data is one of the most neglected business assets by UK companies. Eighty-six per cent of accountants think that almost two thirds (60%) of organisations fail to exploit customer data to its full potential, with 96% believing that companies have lost competitive advantage as a direct result. Abi Wood
, Head of Financial Sector Marketing, Royal Mail looks at the statistics and considers the implications for the insurance industry
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State intervenes as savings companies fail
Ironically, the recent requirement of half yearly auditing for companies is not new. It was compulsory until 10 years ago when a law change inadvertently abolished it
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Profitability maintained as cycle turns
The Irish market’s performance is all the more remarkable given that in the last few years premiums have fallen in all the major lines of business. Despite a slight increase last year, total Irish net motor premiums fell by 12% compared to 2003. Liability and property premiums declined by 10.1% and 5.4% respectively
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