- Home/Publications/World Insurance Report
Risk transfer in the context of climate change
Climate change is now recognized as a critical issue for the global insurance and reinsurance companies. For example, in 2005, a record amount of more than US$100bn was paid out by the insurance industry to help the international community cope..
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Resistance to hike in FDI
The Indian insurance unions are also demanding that the four public sector general insurance companies be merged into one to make a strong company
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
New genetic protocol for insurance industry
The heated debate over whether insurers should be informed of test results indicating a genetic predisposition to critical illnesses will be reignited
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
MAS enhances role of appointed actuaries
Asia
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
UK bodily injury claims costs rise for insurers
Europe
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Willis buys Swiss broker
Europe
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Flagstone Re links with South African firm
North America
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Munich Re America restructures
North America
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Aviation
18.9, Phuket airport crash
Thailand: the pilot of the Thai airliner that crashed on the resort island of Phuket was warned of possibly dangerous wind conditions at the airport but decided to land anyway, according to a transcript of the conversation..
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Natural catastrophes
20.9, Typhoon Goring
China: Typhoon “Goring” weakened as it slammed the country with strong winds and torrential rains. At least nine people were reported killed as the storm destroyed thousands of homes and triggered landslides. Around..
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Marine
20.9, explosion, fatalities
Netherlands Antilles: at least five people died and nine were injured as a result of an explosion on diving support vessel, Seamec II
under repair in the port of Curacao. Firefighters sought to put out the blaze that..
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Liability, awards and settlements
21.9, guilty plea
US: Accord Ship Management, the India-based vessel operator of general cargo Sportsqueen
(12666 gt, built 1979), and the vessel’s chief engineer pleaded guilty in connection with the illegal dumping of oily sludge, bilge..
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Property damage and business interruption
18.9, fire
South Africa: the Island View oil depot in Durban caught fire and quickly spread to three storage tanks in the vicinity. The tanks later exploded. It was not immediately clear how the fire started. According to early reports a road tanker..
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Late reports
13.9, Hurricane Humberto
US: Hurricane “Humberto” shut three US refineries in Texas, sending oil prices to a record high on the New York Mercantile Exchange. NYMEX crude oil futures climbed as much as 29 cents to a record $80.20 per..
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Brit Insurance Holdings
Brit’s management is adamant that the risk appetite constraints imposed on the group in 2006 will not be materially relaxed for 2007 on the back of a single benign year
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Sharp rise in the level of foreign ownership in the market likely to put pressure on local companies to be more profitable
In 2006 and 2007 the structure of the Salvadoran market changed radically. Most of the local financial groups involving banks and insurance companies were purchased by foreign banks or financial groupings. There are currently only three insurance companies in local hands
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Mild Atlantic hurricane season boost US insurance stocks
The insurance and reinsurance stocks, particularly in Europe and Asia, tracked by WIR posted record gains for the fortnight ending 4 October as investors responded positively to a number of issues mainly related to US economic prospects.
Despite the..
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
GIC launches African expansion plans with stake in East Africa Re
GIC is targeting strategic stakes in Africa • GIC reports underwriting losses • Health insurance to be second in size to motor
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Builders face compulsory payments to homeowners’ insurance fund
The government is concerned that a homebuilding scandal two years ago is not repeated • Another finance house closes
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Joint venture insurers increase market share to 7.1%
There are 24 foreign insurers compared with 24 local • Munich Re opens takaful branch in Malaysia • Allianz buys Kazakh firm
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Local insurers branch out with regional acquisitions
Triglav, Slovenica Zivljenje and Sava Re are buying up smaller insurers in former Yugoslavia, Romania, Bulgaria and Slovakia
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Child trust schemes offer boost to friendly societies
Friendly societies administer nearly half of the outstanding CTF deposits with low costs attracting a major following
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Generali to restructure in bid to raise net profits to €4bn by 2009
the group is reorganising its operations in Italy and appointing a chief operating officer for the country • DAS
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Non-life business outpaces life insurance to take market over €1trn
The growth in non-life business appears a one-off phenomenon, once the effect of the Dutch healthcare market is stripped out
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Reinsurance supervision moves towards single-state licensing
Plans are also on the agenda to provide a framework for mutual recognition of non-US jurisdictions
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Insurers suffers record low in first half premium growth
The low level of volume growth in the first half had a detrimental effect on the industry’s underwriting results
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
Outbreak of global pandemic is way overdue
According to the Marsh-Albright Group report, the scientific consensus is that an avian pandemic could affect 20% of the world’s population, result in absenteeism of 40% of the global workforce, and kill tens, if not hundreds, of millions of people
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007
IT growth trends in the Chinese insurance market
Small and midsize insurance firms in China, which include jointly funded and foreign-funded companies, have faster growth rates than their larger counterparts, and their investment ratio for IT is also higher. According to Wenli Yuan
, a senior analyst at technology consultancy firm, Celent, these companies generally do not have the burden of having to make serious reforms to the old systems. From their incorporation, they operate on an open platform, with data that is consolidated at the headquarters. Some of these companies also adopt centralized operations. From this perspective, small and midsize insurance companies find it easier to accept new technology. This, argues Ms Yuan, is their late development advantage
Online Published Date:
12 October 2007
Appeared in issue:
823 - 12 October 2007