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Air India seeks fog insurance for five-month period
Last year Oriental Insurance covered the risk of fog affecting flights and Air India is looking for a similar policy for 2007
Online Published Date:
26 October 2007
Appeared in issue:
824 - 26 October 2007
Questionable financial standing and the rules of disclosure
In Harcourt v FEF Griffin
, a claimant sought an order from the UK High Court to compel the defendant to disclose the nature and extent of its insurance cover. In his decision, the judge ruled that the claimant was entitled to have access to details of the defendants’ insurance cover. Maxine Cupitt
, partner, and Daniel Spendlove
, associate, in the insurance and reinsurance group of law firm CMS Cameron McKenna LLP, consider the implications of the judgement as well as the extent to which the outcome of this case was influenced by its particular facts
Online Published Date:
26 October 2007
Appeared in issue:
824 - 26 October 2007
Valuing and protecting success
The year 2001, with all its horror, marked a watershed in the history of the Lloyd’s insurance market and led to the creation of the market’s Franchise.
Rolf Tolle
, Lloyd’s first Franchise Performance Director, recently explained..
Online Published Date:
26 October 2007
Appeared in issue:
824 - 26 October 2007
Where to site Re centre?
Brazil’s National Private Insurance Council is due to release the draft of a resolution to regulate reinsurance business in the country in 2008, but the cities of Sao Paulo and Rio de Janeiro are already in fierce competition to be the centre of the market
Online Published Date:
26 October 2007
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824 - 26 October 2007
Life insurers found wanting in money laundering survey
French life insurers reported around 500 suspicious transactions last year, local banks, on the other hand, flagged more than 10,000 cases over the same period
Online Published Date:
26 October 2007
Appeared in issue:
824 - 26 October 2007
Regional reinsurance market outlook stable, according to Fitch
Asia Pacific
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26 October 2007
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824 - 26 October 2007
Endurance appointment to drive Asia growth
Asia Pacific
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26 October 2007
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824 - 26 October 2007
SCOR Switzerland ceases quarterly accounts ahead of delisting
Europe
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26 October 2007
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824 - 26 October 2007
Guy Carpenter fac unit makes new appointments
Europe
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26 October 2007
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824 - 26 October 2007
Regulation has damaged competitiveness, survey
North America
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26 October 2007
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824 - 26 October 2007
Arch Insurance Bermuda president to retire
North America
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26 October 2007
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824 - 26 October 2007
Zurich appoints new captive leader
North America
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26 October 2007
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824 - 26 October 2007
Aviation
2.10, crash report
US: the crash of a Hawaii Air Ambulance into a Kahului, Maui, car dealership last year that killed three people was probably caused by the failure of the pilot to execute an emergency procedure for a twin-engine aircraft when it..
Online Published Date:
26 October 2007
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824 - 26 October 2007
Natural catastrophes
2.10, volcanic eruption, fatalities
Yemen: the western part of the tiny Jabal al-Tair island, used as a military base, collapsed following the eruption of a volcano which killed at six Yemeni soldiers and spewed lava hundreds of metres into the air...
Online Published Date:
26 October 2007
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824 - 26 October 2007
Marine
2.10, shipwrecked barge, fatalities
Russia: the bodies of two more crew members of shipwrecked general cargo vessel Kvarts
were found, bringing the total death toll to four. The bodies of the sailors were discovered on the coastline of a village in..
Online Published Date:
26 October 2007
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824 - 26 October 2007
Liability, awards and settlements
2.10, Phuket crash, claims for compensation
Thailand: US lawyers have filed the first of several lawsuits against aircraft maker Boeing seeking compensation for victims of the recent Thai plane crash. More than 100 survivors and victims’..
Online Published Date:
26 October 2007
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824 - 26 October 2007
Property damage and business interruption
8.10, toxic fumes, fatalities
Mexico: three workers from the Mexican oil monopoly Pemex were killed by inhaling toxic fumes when the gas pipeline they were working on sustained a leak. The workers were repairing the Potrero del Llano-Naranjos..
Online Published Date:
26 October 2007
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824 - 26 October 2007
Late reports
27.9, floods
Sudan: the worst floods in living memory in Sudan killed 150 people, made hundreds of thousands homeless and cost the country an estimated $300.0mn in damages. The latter include damage to 1,748 public buildings. Heavy and early..
Online Published Date:
26 October 2007
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824 - 26 October 2007
Endurance Specialty Holdings Ltd
Although its reinsurance operations continue to constitute the core of the group’s business, Endurance has increased the size of its primary insurance portfolio by over 60% over the last three years
Online Published Date:
26 October 2007
Appeared in issue:
824 - 26 October 2007
Ongoing political crisis fails to deter the influx of new companies into local insurance market
There has been some concern about whether the political tensions in the country would undermine business and insurance activity, but the latest figures for economic activity still suggest that the local economy grew by some 1.2% in 2006, and will grow by 1.4% in 2007 and 2.0% in 2008
Online Published Date:
26 October 2007
Appeared in issue:
824 - 26 October 2007
Berkshire exception as sub-prime crisis escalates
The insurance and reinsurance stocks tracked by WIR which posted record gains a fortnight earlier, pretty much crashed straight back into the shadows from where they had so spectacularly emerged as the investment community, briefly upbeat, once more..
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26 October 2007
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824 - 26 October 2007
Insurers’ profits rise 44% to top US$100mn
Premium income reached US$770.1mn, up 16.5%, thanks to the dynamic development of the Central American economies • Argentina • Uruguay • Brazil • Colombia
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26 October 2007
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824 - 26 October 2007
Membership increase fails to lift Chilean health insurance sector
Only one ISAPRE saw an increase in earnings • New rules for insurer loans • Bolivia to extend family health cover
Online Published Date:
26 October 2007
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824 - 26 October 2007
SBI Life Insurance plans to boost paid-up capital
Extra capital will sustain growth • Birla Sun Life expands capital base • Oriental triples bank deal income
Online Published Date:
26 October 2007
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824 - 26 October 2007
Finance company battles for survival as investor confidence slides
Geneva Finance says the investor market has dried up following the recent wave of collapsed firms
Online Published Date:
26 October 2007
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824 - 26 October 2007
Fatalities decline despite rise in natural catastrophes
Official emphasis on disaster planning • CIRC relaxes aviation accident insurance rules
Online Published Date:
26 October 2007
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824 - 26 October 2007
London market increasingly regards Nordic region as key area
A marine market in its own right, the Nordic region is also seen as the gateway to the growing promise of the Russian market
Online Published Date:
26 October 2007
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824 - 26 October 2007
Insurers’ profits rise by 8% in first half of 2007
Underwriting results also improved • Mapfre: More than half of profits should come from overseas operations by 2012
Online Published Date:
26 October 2007
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824 - 26 October 2007
Solvency II proposals have power to affect global change, CEA
Insurers welcome risk-based proposals • Bancassurance grows in popularity • Munich Re issues Tokyo earthquake bond
Online Published Date:
26 October 2007
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824 - 26 October 2007
Munich Re acquires specialty insurer in US profitability drive
The reinsurer wants a leading position in specialty primary market • CEA outlook improves • Q3 cat losses total $1.13bn
Online Published Date:
26 October 2007
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824 - 26 October 2007
Specialty programme business attracts renewed interest
The sector is seeing a continued flow of new capital resulting in the emergence of new markets and merger activity
Online Published Date:
26 October 2007
Appeared in issue:
824 - 26 October 2007