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Axis acquires Gulf company
Middle East
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03 March 2008
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832 - 03 March 2008
Tax concessions for brokers
Asia
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03 March 2008
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832 - 03 March 2008
Cover for WTC towers placed by Willis
North America
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03 March 2008
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832 - 03 March 2008
OECD members commit to liberalisation
International
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03 March 2008
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832 - 03 March 2008
Security
8.2, hi-jacking
Somalia: talks with pirates who seized tug Svitzer Korsakov
, carrying a Russian-British-Irish crew off the coast of Somalia two weeks earlier continued. Copenhagen-based Svitzer A/S, owners of tug Svitzer Korsakov
said in a..
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03 March 2008
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832 - 03 March 2008
Aviation
7.2, air crash investigation
Venezuela: Italian experts were sent to Venezuela to investigate the disappearance of an aircraft that crashed at sea in January with 14 people on board, including eight Italians. Experts from Italy’s navy, air..
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03 March 2008
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832 - 03 March 2008
Natural catastrophes
6.2, storms
Canada: stormy weather caused problems for road and ferry traffic in parts of British Columbia. High winds forced BC Ferries to suspend all sailings between Swartz Bay and Tsawwassen until further notice. Environment Canada posted wind..
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03 March 2008
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832 - 03 March 2008
Marine
5.2, missing vessel
Egypt: Egyptian authorities launched a search to find a cargo ship that went missing in the Red Sea on its way to Sudan. General cargo vessel Badr I
(1121 gt, built 1962) left Adabiyah port on Jan 9, with a cement cargo bound..
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03 March 2008
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832 - 03 March 2008
Liability, awards and settlements
8.2, New Delhi Express, legal action
US: Seaspan Ship Management and Seaspan Corporation, owners of fully cellular containership New Delhi Express
, sued the US government over an April 2006 grounding in Kill Van Kull, blaming the mishap on..
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03 March 2008
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832 - 03 March 2008
Property damage and business interruption
5.2, damage to undersea internet cable
Middle East, Asia: less than a week after Egypt lost two-thirds of its international networking cables, two more lines were cut off the coast of Dubai. Cables linking the United Arab Emirates were also cut...
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03 March 2008
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832 - 03 March 2008
Arab Insurance Group (Arig)
Management is concerned that rising rates in its main markets in 2006 obscured the wider success of Arig’s restructuring efforts
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03 March 2008
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832 - 03 March 2008
Market’s prospects raised by success of private sector companies
The licensing of private insurers in Iran in 2001 has provided the market with real competition for the first time in years. These companies are innovative and have been established on western principles. With around 18% of gross premiums currently being written by the private insurers, change may be coming quicker than originally anticipated. The next few years will be pivotal in the development of the Iranian insurance market
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03 March 2008
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832 - 03 March 2008
US sector stocks plunge on new doubts about AIG credit portfolio
Insurance and reinsurance stocks tracked by WIR continued to experience mixed fortunes for the fortnight ending 21 February. Only this time there was something of a reversal of fortunes between the US, Europe and Asian.
European companies, including..
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03 March 2008
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832 - 03 March 2008
Swiss Re joins foreign admitted reinsurers in Brazil
There are about 15 foreign reinsurers operating under Brazil’s new reinsurance laws • Brazilian life insurance market gains 13% • Swiss reinsurer Glacier Re enters Latin America with Buenos Aires office
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03 March 2008
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832 - 03 March 2008
Axa takes leading market position with Seguros ING acquisition
ING will be left to focus on life and pensions in Mexico • Government invests in cover to protect against natural disasters
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03 March 2008
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Mid-term government identifies pensions as issue for next election
Measures to address vulnerabilities in the country’s much admired private pensions system were finally approved in January
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03 March 2008
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832 - 03 March 2008
Speculation rises as Ping An proceeds with $22bn IPO
The Chinese insurer is now the subject of rumours that it will acquire stakes in overseas insurers
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03 March 2008
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832 - 03 March 2008
Best loss ratio for eight years boosts market’s underwriting profits
The top three insurers in Australia have consolidated their share of the local market taking 91% of all business
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03 March 2008
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832 - 03 March 2008
Insurance, pensions and the UK economy
While the prospect of a recession is low in the UK, high levels of personal debt and lack of savings remain concerns
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03 March 2008
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832 - 03 March 2008
Life insurers fear saturation as policies in force remain static
While life premiums continued their ascent, the number of policies stayed at 3.3m • Groupama buys OTP insurance subsidiary
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03 March 2008
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832 - 03 March 2008
Renewals vindicate Scor’s acquisition of Converium
The integration of Converium did not impact January renewals • Munich Re issues $100mn mortality bond
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03 March 2008
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832 - 03 March 2008
Market leaders report combined 2007 losses of $4bn
Both MBIA and Radian Group say it will be difficult to shake off the challenges of the current environment
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03 March 2008
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832 - 03 March 2008
Travelers to defend asbestos-related litigation, reserves unchanged
An appeals court has overturned Travelers’ asbestos settlement agreed in 2006
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03 March 2008
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832 - 03 March 2008
How does an insurer prepare for a pandemic?
In the week that Munich Re established a $1.5bn bond programme for pandemic risk, Tom Bakke,
business continuity co-ordinator for Dutch insurance group Delta Lloyd, gives an account of how his own organisation views and is addressing the issue
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03 March 2008
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832 - 03 March 2008
Using the post as a communications tool
It is becoming increasingly evident that the traditional consumer/supplier relationship in the insurance market is changing. In the financial services sector, according to
Abi Wood
, head of financial marketing at Royal Mail in the UK, suppliers..
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03 March 2008
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832 - 03 March 2008
Chinese companies win Re contract in Pakistan
Despite ceding 98% of the risk to foreign reinsurers, Adamjee says it is not contravening local rules on ‘fronting’ by domestic companies in Pakistan
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03 March 2008
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832 - 03 March 2008
Cashing in on the crunch
As Odyssey Re enjoys the rewards of its bold investment strategy, the news from companies more reliant on underwriting to drive profits is a lot less exciting
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03 March 2008
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832 - 03 March 2008