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Locktons’ China desk
Asia
Online Published Date:
18 February 2008
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831 - 18 February 2008
Increase in expatriate workforce in Scandinavia
Europe
Online Published Date:
18 February 2008
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831 - 18 February 2008
CEA environmental liability report
Europe
Online Published Date:
18 February 2008
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831 - 18 February 2008
Stable outlook for life companies
North America
Online Published Date:
18 February 2008
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831 - 18 February 2008
Bleak year for marine
International
Online Published Date:
18 February 2008
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831 - 18 February 2008
Aviation
22.1, collision, fatalities
US: five people were killed after two private aircraft collided in midair in southern California. The two aircraft collided near the Corona Municipal airport, about 72 km south-east of Los Angeles, according to the..
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18 February 2008
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831 - 18 February 2008
Natural catastrophes
26.1, flooding
Australia: BHP Billiton and other coal miners in Australia’s Queensland state stood to lose at least 10 million tonnes of coking coal after heavy rain caused severe flooding in Central Queensland, driving up prices, according to..
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18 February 2008
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831 - 18 February 2008
Marine
24.1, vessel detained, fatalities
UK: general cargo vessel Sava Lake
on passage from Horsens, Denmark, with a cargo of steel-turnings, was detained at the request of the Maritime and Coastguard Agency (MCA), following the master’s report that..
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18 February 2008
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831 - 18 February 2008
Liability, awards and settlements
22.1, oil spill, charges
South Korea: prosecutors charged five people, including the master of crude oil tanker Hebei Spirit
, following the country’s worst oil spill last month. Scores of marine farms and miles of beaches along the Yellow Sea..
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18 February 2008
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831 - 18 February 2008
Property damage and business interruption
22.1, strike, business interruption
Greece: industrial action by Greek dock workers dissatisfied with moves to privatise Greece’s container terminals delayed imports and exports. Workers were concerned about the maintenance of their labour..
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18 February 2008
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831 - 18 February 2008
Late reports
19.1, crash, fatalities
Angola: twenty-five people died in Angola when the aircraft they were travelling in crashed in the mountains near the second city of Huambo. The aircraft went down in bad weather as it was nearing the airport in Huambo about..
Online Published Date:
18 February 2008
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831 - 18 February 2008
Ace Group of Companies
The trend towards reducing the group’s reliance on the world’s biggest, but most volatile, insurance market, is set to continue
Online Published Date:
18 February 2008
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831 - 18 February 2008
Foreign companies look to local banks to increase market access
In 2006 the Polish life market recorded its best premium income for many years. A number of international groups have interests in Polish insurers, usually for both life and non-life business. Since 2002 foreign investment has represented more than 70% of the net equity in life and non-life insurers. Some of the larger international insurers are reported to be finalising plans to convert their Polish subsidiaries into branches of companies based elsewhere in the EU
Online Published Date:
18 February 2008
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831 - 18 February 2008
US insurance sector stocks rally despite fall in broader market
The insurance and reinsurance stocks tracked by WIR experienced mixed fortunes over the fortnight ending 7 February. In broad terms, both US and Asian listed insurance stocks rallied strongly over the period with companies such as Endurance..
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18 February 2008
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Chile’s insurers upbeat about market prospects despite high claims
Less than one-third of vehicles have insurance • Bolivia • Colombia • Ecuador • Venezuela • Brazil • Central America
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18 February 2008
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Snowstorms expose under-insurance of China’s businesses
Only around 10% of companies is covered by insurance, limiting losses to insurers from the recent blizzards to $500mn
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18 February 2008
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Regulator encourages insurers to take part in microinsurance
CIRC wants to expand microinsurance project to target the very lowest wage earners
Online Published Date:
18 February 2008
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831 - 18 February 2008
Government shifts disclosure responsibility to firms
Insurers will have to ask specific questions in a move to reduce the number of rejected claims • Finance house investors sue
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18 February 2008
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Hannover Re’s rate reductions on renewal smaller than feared
Some €2.6bn of business was renewed • Munich Re limited ‘price erosion’ on renewals to 2.8%
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18 February 2008
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Progress of risk based regulation halted by new capital calculations
The CEA is unhappy that Ceiops’ latest quantitative impact study uses a linear model to calculate the MCR
Online Published Date:
18 February 2008
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Consumer credit directive to eliminate “27 mini markets”
New laws will require full harmonisation from member states to minimise differences and boost cross border transactions
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18 February 2008
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831 - 18 February 2008
Financial services pay highest D&O premium rates
Market volatility increases potential for litigation against directors and officers warns new study
Online Published Date:
18 February 2008
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831 - 18 February 2008
MBIA posts $3bn loss and takes further step to improve capital
Most of the proceeds of its share offer will support its insurance subsidiary • Fitch places AAA rating under review
Online Published Date:
18 February 2008
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831 - 18 February 2008
Facing up to the fact that the competition is getting better
The story of managing insurance and reinsurance liabilities or legacy business in London has so far been a story of rapid and continual growth, allied to ever-increasing sophistication in management techniques and trading mechanisms. But, according to Philip Grant, chairman of the Association of Run-Off Companies (ARC), it would be foolish not to recognise that London’s pre-eminence is open to challenge. Here Mr Grant identifies and describes the possible challenges and suggests ways in which the city’s run-off community can rise to them. This is an edited version of Mr Grant’s recent lecture to the Insurance Institute of London
Online Published Date:
18 February 2008
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831 - 18 February 2008
Engaging in BCM
For many years one of the key challenges in Business Continuity Management (BCM) has been securing the support of executives. According to
Patrick Roberts
, a senior consultant at risk management and business continuity consultants, Needhams 1834..
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18 February 2008
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831 - 18 February 2008
Diversification pays off
Reporting their results, all reinsurers were at pains to reassure investors of their minimal exposure to sub-prime assets through their investment portfolios and apart from XL Capital, disclosed losses were generally negligible
Online Published Date:
18 February 2008
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831 - 18 February 2008