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Willis Japan appoints new executives
Asia
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28 September 2007
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UK brokers buoyed by financial results
Europe
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28 September 2007
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Storms exits Marsh
North America
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28 September 2007
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Soft market looms for Canadian insurers
North America
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28 September 2007
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Regulator backs calls for tax exemption
Asia
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28 September 2007
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Property damage and business interruption
10.9, explosion
Turkey: an explosion rocked a gas pipeline in the northeast of Turkey that supplies the country with gas from Iran. The explosion took place near the town of Dogubeyazit in the province of Agri, which borders Iran. The explosion..
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28 September 2007
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Price boost for Converium as Scor moves to take stake to over 97%
There was a visible improvement in the performance of insurance sector stocks over the two week period ending 20 September.
This was largely as a result of the larger than expected interested cut of 0.5% by the US Federal Reserve and the lifting of..
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28 September 2007
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Non-life market premium income double that of life market
The financial crisis of 2002 undid much of the profit accumulated in the boom years after the peso was fixed against the US$
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28 September 2007
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Natural catastrophes
5.9, Hurricane Felix
Nicaragua: Hurricane “Felix” killed at least 101 people on Nicaragua’s low-lying Caribbean coast and over 200 people were missing after the storm laid waste to thousands of flimsy homes. The Navy was trying to..
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28 September 2007
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Natural catastrophe claims forecast to triple in 2007
After an exceptionally good year for catastrophes in 2006, reinsurers are expected to withstand the increase in cat losses
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28 September 2007
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Munich Re houses London company market staff under one roof
Europe
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28 September 2007
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Munich Re Group
Many of the group’s key financial figures indicate that the five year process of consolidation and the restructuring of its risk profile is now pretty much completed and that the Munich Re Group is looking to re-expand the scope of its operations
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28 September 2007
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Motor market returns to losses after profitable 2005
Insurers that re-entered the motor market in 2006 after seeing the profits of 2005 have had their fingers burnt
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28 September 2007
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Measuring and valuing customer relationships
The general insurance sector in the UK should take note that the link between personalised communication and satisfied customers is critically important. Customers will always switch suppliers for a better price offer, but it is also clear that poor service and customer communications trigger an active desire to move. Andy Wood
, managing director of marketing communication consultancy GI Insight, argues that if insurers increase the relevancy of their customer communications, the result will be improved retention and a much more responsive community for carefully targeted additional offers
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28 September 2007
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Marine
4.9, sinking, fatalities
China: six Chinese fishermen are missing after their boat Zhe Dong Yu
7302 sank in a collision with a cargo ship from the Republic of Korea (chemical tanker Keoyoung Chemi
735 gt, built 1985) off the coast of eastern..
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28 September 2007
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Looking to Dublin
Ireland’s speedy adoption of the EU Reinsurance Directive has attracted a second major Bermudian reinsurer, PartnerRe, to follow the example of XL Re and base its European subsidiary in Dublin. However, it remains to be seen whether this development points to Dublin becoming a genuine reinsurance centre or merely a fiscally attractive location for capital
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28 September 2007
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Life premiums surge 38% to overtake non-life as largest sector
The growth has been attributed to the growing popularity of investment related (unit-linked) products
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28 September 2007
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Life insurance spending up 5.4 times since liberalisation
Insurance premiums as a percentage of GDP stands at 4.1%, comparable with the US at 4%
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28 September 2007
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Liability, awards and settlements
11.9, dangerous cargo, action
US: legal action has commenced in the New York courts against the Chinese shippers and forwarding agents of a dangerous cargo that was vouchsafed before shipment to be harmless, but which in fact caused a serious..
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28 September 2007
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Law reform bans new composite insurers in favour of separate life insurance companies
The finance minister of France visited Algeria and promised a resolution in early 2007 to the problem of disputed liabilities of French insurers; this could clear the way for French financial groups to enter the market
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28 September 2007
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Late reports
3.9, strike
Zambia: a huge consignment of Zambian copper destined for export was stuck in transit following a three-week strike by unionised employees of the Tanzania-Zambia Railways (Tazara), officials said. Tresphore Chileshe, the president of the..
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28 September 2007
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Insurance opportunities will see industry growth outpace economy
Increased international connections between industries mean risks will become more complex
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28 September 2007
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Insurance linked securities here to stay
The issuance of insurance linked capital market contracts in 2007 is set to surpass the record growth seen last year
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28 September 2007
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Healthcare deficit shrinks by €2.2bn in 2006
Expenditure on health services amounted to E166.0bn last year, while income for the schemes stood at E160.1bn • SCOR completes deregistration of its securities in the US
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28 September 2007
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HSBC Insurance Asia outperforms European division for first time
The insurer says it has applied for a license to expand into China • Insurers oppose credit card payments
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28 September 2007
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Crash compensation row
The insurers are believed to be under pressure from the Thai government to raise the level of compensation for aircrash fatalities
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28 September 2007
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China Pacific eyes two listings before year end
Asia
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28 September 2007
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Bush administration threatens to veto TRIA extension
The Senate is unhappy that a 15-year extension will make the terrorism backstop all but permanent
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28 September 2007
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Aviation
4.9, crash, fatalities
US: an aircraft carrying five Jehovah’s Witness ministers crashed in a remote area of eastern Tennessee, killing all aboard. The crash was not discovered until more than eight hours later, when another pilot spotted the..
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28 September 2007
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Adapt or die: brokers and the energy sector
The global energy sector is currently characterized by rapid and fundamental change. To catch up with the evolution faced by energy insurance clients, there will need to be something close to a revolution in how insurance brokers and underwriters..
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28 September 2007
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822 - 28 September 2007