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Solvency II more critical than credit crisis
Europe
Online Published Date:
12 May 2008
Appeared in issue:
837 - 12 May 2008
Moody’s anticipates slow down in share buybacks
North America
Online Published Date:
12 May 2008
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837 - 12 May 2008
Arson is no solution
North America
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12 May 2008
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837 - 12 May 2008
Largest space cover placed with 20+ insurers
International
Online Published Date:
12 May 2008
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837 - 12 May 2008
Tougher times ahead
International
Online Published Date:
12 May 2008
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837 - 12 May 2008
Security
16.4, piracy
France: six Somali pirates captured after the rescue of hostages on board passenger (cruise) Le Ponant
arrived in Paris for trial. The six were brought to France on board a military plane and quickly placed in detention. French troops..
Online Published Date:
12 May 2008
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837 - 12 May 2008
Aviation
15.4, crash, fatalities
Democratic Republic of the Congo: a McDonnell Douglas DC-9 9Q-CHN crashed into a residential area and caught fire following take-off from Goma Airport. The aircraft was destroyed. Seventy-nine of the 85 persons on board were..
Online Published Date:
12 May 2008
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837 - 12 May 2008
Natural catastrophes
15.4, volcanic eruption
Colombia: the country’s Nevado del Huila volcano erupted in a shower of hot ash, prompting thousands of people to leave their homes. The remote volcano, 150 miles south-west of Bogota, erupted shortly before midnight..
Online Published Date:
12 May 2008
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837 - 12 May 2008
Marine
15.4, collision, fatalities
China: general fishing vessel Zhe Dai Yu
11524 collided with general cargo vessel Han Lord
(6788 gt, built 1983) in the East China Sea, leaving 10 people missing. The collision happened near Shanghai when the fishing..
Online Published Date:
12 May 2008
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837 - 12 May 2008
Liability, awards and settlements
18.4, sinking, report
New Zealand: a report into the sinking of fishing (general) Kotuku
in Foveaux Strait two years ago questioned the maritime regulatory system that certifies fishing vessels. Six people, including two children, drowned when the..
Online Published Date:
12 May 2008
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837 - 12 May 2008
Property damage and business interruption
15.4, damage to undersea internet cables, charge
United Arab Emirates: an Indian chief officer of an Iraqi ship believed to be responsible for cutting an undersea cable that led to Internet outages in the Middle East and India in February will go on..
Online Published Date:
12 May 2008
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837 - 12 May 2008
Partner Re
Instead of steering clear of the credit and equity markets in 2008, Partner Re anticipates a number of attractive opportunities
Online Published Date:
12 May 2008
Appeared in issue:
837 - 12 May 2008
Trade agreement paves the way for US entry from 2010
Bancassurance has now developed as a major sales method because of the strong ownership ties existing between banks and insurers. In 2006 more than 63% of new life and capitalisation business was sold by bancassurance. There are some fears that banks can sell life insurance with little effort almost by inertia. Customers do not always understand that they may have given agreement to the deduction of life insurance premium from the balance of a new deposit account
Online Published Date:
12 May 2008
Appeared in issue:
837 - 12 May 2008
Investors reassured by better than expected first quarter results
After a sharp deterioration at the end of the last period, many of the insurance and reinsurance stocks tracked by WIR staged substantial recoveries for the two weeks ending 1st May. Although further losses by the mortgage insurance sector (unveiled..
Online Published Date:
12 May 2008
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837 - 12 May 2008
Latin America insurers face potential slump in line with economy
Industry braces for slower demand • Brazil motor premiums up 12% in 2008 • IRB Brasil Re’s profits up 25% in last year as Brazil’s only reinsurer • Brazil increases reinsurance broker licences • Fitch reports on Argentine market
Online Published Date:
12 May 2008
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837 - 12 May 2008
Life insurers on track to keep pace with 2007 growth levels
The frantic activity in China’s life insurance market is somewhat constrained by sharp fluctuations in local stock prices
Online Published Date:
12 May 2008
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837 - 12 May 2008
New India enters health insurance joint venture in Oman
Bank of Baroda and New India say the new scheme in Oman will introduce the concept of health insurance in India
Online Published Date:
12 May 2008
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837 - 12 May 2008
CEA takes CEIOPS to task over insurance group regulations
Tensions are rising as negotiations for the Solvency II framework reach critical point
Online Published Date:
12 May 2008
Appeared in issue:
837 - 12 May 2008
Unit linked life popularity buoys Hungary’s insurers
Two important events have taken place since the end of 2007; the suspension of MAV and the sale of OTP Garancia
Online Published Date:
12 May 2008
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837 - 12 May 2008
La Banque Postale authorised to sell non-life insurance
In the past insurers had claimed “disloyal competition” • ZFS agrees 50% stake in Spanish group Caixa Sabadell
Online Published Date:
12 May 2008
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837 - 12 May 2008
Liberty Mutual acquires Safeco in $6bn deal
The insurer will raise its property/casualty ranking by one place to fifth on buying surety specialist Safeco
Online Published Date:
12 May 2008
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837 - 12 May 2008
First quarter cat losses largest for 10 years, ISO
The costliest event of the quarter, at $955mn, was caused by an outbreak of severe weather that spread from Texas to Ohio
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12 May 2008
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837 - 12 May 2008
Taking advantage of the challenges posed by Solvency II
Solvency II represents a major factor of change for the European insurance industry. Indeed, it is generating and will certainly continue to generate most of the new IT project spending in the field of compliance for European insurers. In addition, the new set of regulations currently in preparation will have a drastic impact not only in Europe but in other parts of the world too. Here, Nicolas Michellod,
senior analyst in the insurance division of information technology research and consulting firm, Celent, considers the impact of Solvency II on European insurers, particularly the way in which it will drive their IT initiatives. Significantly, Mr Michellod situates these trends within the broader context of change influencing the regulation of the international insurance industry
Online Published Date:
12 May 2008
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837 - 12 May 2008
S&P: the impact of enterprise risk management on reinsurers’ ratings
Within the Standard & Poor’s global reinsurers’ rating universe, Enterprise Risk Management (ERM) is emerging as one of the strongest indicators of an entity’s ability to deliver an appropriate cross-cycle risk-adjusted return...
Online Published Date:
12 May 2008
Appeared in issue:
837 - 12 May 2008
Tougher times ahead for global reinsurance sector
In response to shrinking premium volume, share repurchases have been the weapon of choice as companies strive to maintain returns to shareholders. During the first quarter most companies were continuing to buy back shares, some like Platinum and RenaissanceRe quite aggressively. However, Aspen, Axis and PartnerRe reduced repurchases to negligible or zero amounts
Online Published Date:
12 May 2008
Appeared in issue:
837 - 12 May 2008