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Pollution cover on offer in China
Asia
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14 April 2008
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Oxygen enters PFI space
Europe
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14 April 2008
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Zurich launches new commercial lines unit
North America
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14 April 2008
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Mortgage fraud on the rise
North America
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14 April 2008
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Challenging year ahead
International
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14 April 2008
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Aviation
19.3, airline grounded
Indonesia: Indonesian budget airline Adam Air was banned from flying on safety grounds. Indonesia’s chief of air transport said the decision was based on the results of a quarterly safety evaluation, which found..
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14 April 2008
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Marine
18.3, sinking, fatalities
Japan: the Coast Guard is continuing its search for two missing Filipino crew members of general cargo vessel Gold Leader
which sank after a three-vessel collision in the Akaahi Strait on Mar 5. Gold Leader
, manned by..
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14 April 2008
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Liability, awards and settlements
18.3, violation of Clean Water Act
US: the pilot of fully cellular con-tainership COSCO Busan
which collided with the San Francisco Bay Bridge resulting in the discharge of approximately 58,000 gallons of oil, was charged with violations of the..
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14 April 2008
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Property damage and business interruption
18.3, explosion
Egypt: an explosion which took place in the Gulf of Suez on 8 March on an oil rig owned by Saipem and rented by the Egypt based joint-venture company Petrobel, closed down production at nine nearby wells for three days. The explosion..
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14 April 2008
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RenaissanceRe Holdings Limited
As a result of the media and official scrutiny of the global credit crisis in the past few months, by far the most publicised of RenaissanceRe’s losses was the $167.2mn write off of the company’s 33% investment or ‘carrying value’ in Channel Re
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14 April 2008
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Banks raise the stakes for non-life, as well as life, market share
During the 1980s Finnish insurers wrote a sizeable amount of international reinsurance and retrocession including LMX business. The various losses from numerous man-made and natural catastrophes, exacerbated by the London market spiral, hit all companies writing reinsurance. The experience has left the market chastened and still nursing its run-off portfolios
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14 April 2008
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Sector stocks shrug off talk of recession
The insurance and reinsurance stock prices tracked by WIR not only put in their strongest performance this year for the two week period ending 3rd March, but did so against a back ground of continuing uncertainty in the financial markets. Over the..
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14 April 2008
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Chilean health insurers confirm plunge in 2007 earnings
Operational earnings were down 65% • More newcomers start-up in Chile • Micro insurance venture opens in Peru • Nat cat cover launched in response to Ecuador flood risk • Bolivian insurers report 9% drop in 2007 premiums
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Regulator limits foreign players to one insurance joint venture
It is not clear whether ING and Metlife - which already have stakes in more than one Chinese insurer - will have to sell up
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Alex Letts, chief executive, RI3K
Alex Letts came into the insurance industry from a background in advertising and e-commerce to establish RI3K, an electronic trading exchange. He had every intention of being out of the industry within three years: by his own admission, he had no love, knowledge or experience of insurance. Eight years later, he is a fervent believer in the importance of the industry to the UK economy and the importance of maintaining its competitive edge. In this regard, he sees RI3K as the most important infrastructure project undertaken in the UK in the financial services sector for 25 years: “If we get this right, it will be the lasting solution for the industry, like rebuilding all the roads in England or like changing the underground system and making it work.”
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14 April 2008
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Aviva enters Irish health market
The deal comes as no great surprise since Hibernian has been distributing Vivas policies for the last two years
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14 April 2008
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Vienna Insurance secures distribution deal on Erste insurance buy
The Austrian firm’s products will sell in 2,900 Erste branches • Zurich Financial Services • Groupama • Generali
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14 April 2008
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Berkshire Hathaway’s bond insurer receives 45 state licences
NAIC stepped in to speed up the process • Allied World launches reinsurance arm • Florida market causes concern, Fitch
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14 April 2008
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NAIC climate risk proposal hits heavy weather
Insurance associations object to plans that would mandate for climate risk disclosures in insurers’ annual statements
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14 April 2008
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Why bad statistics are not a myth
The statistics produced by the Central Union of Marine Underwriters (CEFOR ) are often met with scepticism. Here Christian Irgens, a former chairman of CEFOR’s Statistics Forum addresses a number of common concerns. How can a market survive with results as the ones reported by CEFOR, and why is the CEFOR average always worse than the individual results of all the reporting companies? While acknowledging the fact that the vast majority of fleets tend to show good results, even if the market results are terrible, Mr Irgens argues that the ongoing and relentless belief of hull and machinery underwriters in fleet statistics prevents them from addressing deeper problems in the market
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14 April 2008
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Managing risk with application security
Security bugs and vulnerabilities are in themselves not news. What is news is that, as other lines of attack are closed to hackers through use of point solutions, such as anti-virus control, hackers are turning their attention to the remaining..
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14 April 2008
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Algeria opens up to France
French companies are undeterred by concerns that the Algerian life insurance market is handicapped by the country’s Islam-based legislation, which tends to transfer the death benefits from life insurance into the deceased’s estate – to be shared by the deceased’s relatives, giving precedence to men over women
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14 April 2008
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Eureko targets FBD
Despite declining results over the last few years, FBD’s average return on equity from underwriting over the last five years is a staggering 51%
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14 April 2008
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