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Mutual insurers outperform listed rivals
Europe
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04 February 2008
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Vermont captive insurers up by 32 in 2007
North America
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04 February 2008
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US cat losses 2007
North America
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04 February 2008
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Marine outlook positive
International
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04 February 2008
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ERM could have averted sub prime credit crisis
International
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04 February 2008
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Aviation
12.1, crash, fatalities
Namibia: five foreign tourists and their pilot were killed in Namibia after their light aircraft crashed into a house on takeoff. They said the five dead tourists were believed to be from Israel, although there was no..
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04 February 2008
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Natural catastrophes
8.1, snowfall
Azerbaijan: heavy snowfall paralysed road and air traffic in Baku, the capital of Azerbaijan. The snow in the streets was more than 30 centimetres deep. Azerbaijani Airlines (AZAL) said domestic flights were cancelled, and..
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04 February 2008
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Marine
9.1, capsizing, fatality
Canada: fishing (general) Westisle
(99 gt, built 1982) capsized in the Pylades Channel, resulting in the death of one crew member. Searchers recovered a man’s body on the shore of Mudge Island, near where the..
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04 February 2008
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830 - 04 February 2008
Liability, awards and settlements
11.1, Crown Princess, judgement
US: improper training and bad steering by a Princess Cruises ship’s second officer caused passenger (cruise) Crown Princess
to tilt suddenly in 2006, injuring almost 300 people, the National Transportation..
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04 February 2008
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Property damage and business interruption
8.1, fog, business interruption
US: ship traffic was halted due to dense fog along the Houston Ship Channel. The channel serves the ports of Houston and Texas City, where refineries account for 13.45% of US refining capacity. Dense fog made sailing..
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04 February 2008
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Late reports
7.1, helicopter crash, fatality
Indonesia: Robert Chandran, the chief executive and founder of Singapore-listed fuel trader Chemoil, died in a helicopter crash while travelling in Riau, Indonesia. Mr Chandran was the head of the biggest supplier of..
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04 February 2008
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Assicurazioni Generali
Despite the group’s rapid expansion into the emerging markets of central and eastern Europe, Asia and Latin America in recent years, Generali, as demonstrated by the acquisition of Toro in Italy, remains alert to new opportunities in its traditonal markets
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04 February 2008
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Market attempts to stabilise rates as cycle softens
The Ugandan non-life market continues to prosper, both in local currency and US dollar terms. The market was highly profitable in 2005, with almost three quarters of insurers declaring profits. Between 2001 and 2005 the average annual premium growth in US dollars was about 18%. According to Uganda Insurance Commission statistics, the market claims experience has also been excellent with loss ratios not exceeding 50% in any non-life class over the period 2001 to 2005
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04 February 2008
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Swiss Re stock price gains 7.3% as rest of market deteriorates
The downward slide by global insurance and reinsurance stocks, which gathered pace during the first two weeks of January, only intensified during the second half of the month.
This was despite numerous pledges of support for the embattled US economy..
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04 February 2008
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Profits down 12% at IRB-Brasil Re ahead of demonopolisation
Mapfre fuels acquisition rumours • Pensions transferred to state scheme • ING acquires Santander pension business
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04 February 2008
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RSA looks for non-life opportunities after selling life operations
Jose Luis Plana said RSA Colombia is hoping to recover in non-life the long term life business the company sold
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04 February 2008
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PNB reviews firms
India’s Punjab National Bank (PNB) may take its wholly owned subsidiary PNB Housing Finance Ltd public in the coming months to help fund business growth. “We are examining as to whether one should take PNB Housing public or induct a..
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04 February 2008
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Vietnam opens up
Since Prudential Plc launched Pru Link in Vietnam last November, following a government decision to allow foreign insurers to sell investment-linked products in the life insurance market, new sectors are being opened up to foreign players.
The..
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04 February 2008
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Insurers oppose bancassurance extension
Motor insurance will be the latest addition to bank’s insurance portfolio from April
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04 February 2008
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Government defends VHI’s exempted status from EC law
The health insurer faces a separate lawsuit at the European Court of Justice brought by a competitor in the Irish market
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04 February 2008
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Market report shows wide variations between member states
Claims frequency has fallen in the EU, but while in Austria 11% of policyholders made a claim only 3% did so in Finland
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04 February 2008
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New Polish government calls for truce with Eureko
The two sides have agreed to resume confidential negotiations in the long-standing dispute over the privatisation of PZU
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04 February 2008
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Insurance market contracts following fall in life policy sales
A shift in interest rates left the three-month rate higher than the 10-year and households favoured cash savings over insurance
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04 February 2008
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Lloyd’s, Bermuda, the US collateral rules and the business of relationship banking after September 11
Lloyds TSB provides banking and debt finance services to more than half of the businesses in the Lloyd’s insurance market and is the only full service bank that deals with the Bermudian market from London. Here, Bill Cooper
, Managing Director, Financial Institutions, Lloyds TSB Corporate Markets, reflects on the opportunities and challenges presented by the bank’s fast expanding business with the global specialist insurance sector
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04 February 2008
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Loss ratios to rise on full-year results to reflect falling rates
Towers Perrin survey pitches the average premium deductions lower than other industry research
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04 February 2008
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Ambac opens 2007 reporting season wih $5bn pre-tax loss
Ambac’s losses stemmed from $6bn in mark-to-market losses • Fitch downgrades SCA after it abandons new capital plan
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04 February 2008
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IT governance and the multinational insurer
A perennial question for any chief information officer (CIO) is how best to organise the IT department to support the business efficiently and effectively. For multinational insurers with operations in many countries and regions, the answer to this question is complex. Here, Catherine Stagg-Macey
, senior analyst at technology research and advisory firm, Celent, takes a look at IT governance models and considers how core IT systems are structured in insurance multinationals across the globe. Ms Stagg-Macey also highlights some of the challenges inherent in the task
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04 February 2008
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Apprehension in the market
Sharp increases in the price of oil, steel, building materials and contractor day rates have resulted in significantly increased exposures to energy insurers. Despite loss levels in the energy insurance sector remaining low for a second successive..
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04 February 2008
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Lack of response to failure of Equitable Life criticised
MEPs are furious that the UK government has failed even to acknowledge the publication of the report by an EU parliamentary committee of inquiry. One MEP described the stance of the government in leaving Equitable Life without remedy as “immoral and illegal” when compared with the promptness with which Whitehall rescued the British bank Northern Rock
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04 February 2008
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