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12% of Californians have earthquake insurance
North America
Online Published Date:
09 June 2008
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Regulations challenge Brazil’s risk managers
Latin America
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09 June 2008
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IMG teams with UAE firm
Middle East
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09 June 2008
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UK firms ignore fraud
Europe
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09 June 2008
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839 - 09 June 2008
Active hurricane season expected, NOAA
North America
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09 June 2008
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839 - 09 June 2008
International
Global M&A: US insurers on the sidelines
Mergers and acquisition activity (M&A) within the global insurance industry in 2007 were driven by non-US insurers, mainly Western European companies, according to a new report by Conning Research..
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09 June 2008
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839 - 09 June 2008
Aviation
13.5, crash landing, investigation
UK: the British Airways Boeing 777 which crash-landed at London Heathrow Airport in January had low fuel pressure at the inlet to the fuel pumps, an accident report said. The on board computers detected the reduced..
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09 June 2008
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Natural catastrophes
15.5, earthquake, fatalities
China: the earthquake that struck Sichuan Province, killing thousands of people, caused an estimated $20bn in damage - most of it uncovered by insurance - a catastrophic risk modelling firm said. Besides, given the..
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09 June 2008
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Marine
13.5, sinking, fatalities
China: a total of five crew members were missing after a cargo vessel sank off the coast of the China’s Zhejiang province. The ship with 11 people aboard, registered in Ningbo, as Zhefeng 6
, sank off Leqing Bay,..
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09 June 2008
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Liability, awards and settlements
13.5, oil spill, fine
US: a Singapore-based shipping company whose vessel spilled oil into Elliott Bay last year paid a $27,500 fine to the Washington Department of Ecology. OSM Ship Management’s payment resulted from the spill of an..
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09 June 2008
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839 - 09 June 2008
Property damage and business interruption
14.5, Panama Canal slowdown
Panama: work slowdown by pilots who guide ships through the Panama Canal caused unprecedented delays and created a costly bottleneck for shipping companies. Some 250 Panama Canal pilots wanted a pay raise and formal work..
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09 June 2008
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839 - 09 June 2008
Hannover Re
The negative overall underwriting result obscures the shift last year into underwriting profitability for the first time since 2004 by Hannover Re’s non-life division
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09 June 2008
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839 - 09 June 2008
Foreign investors await approval to form first joint ventures
There are currently a number of representative offices of foreign companies in the country. So far, Japan’s Mitsui Sumitomo and Sompo Insurance have applied for approval to sell their products via joint ventures with Myanma Insurance, the only licenced insurer in the market. However, the country’s regulator appears to be in no hurry to process their applications
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09 June 2008
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839 - 09 June 2008
AIG continues to head sharp fall in sector prices
As with the previous period, the travails of the world’s biggest insurer, AIG, were a big pre-occupation for the financial markets over the two weeks ending 29th May. This was despite the fact that AIG’s prospects received something of a..
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09 June 2008
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Slump in investment profits sends Chilean life insurers into the red
Premiums increased 21% but a downturn in investment income ended the first quarter with a loss of US$86.2mn
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09 June 2008
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Aon and Marsh receive licences as market poised for growth
The developing market is driven by legislation for compulsory health and motor insurance and the potential for takaful
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09 June 2008
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839 - 09 June 2008
Earthquake costs insurers US$31mn
The regulator has confirmed that almost 16,000 life insurance policyholders lost their lives in the disaster
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09 June 2008
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839 - 09 June 2008
Motor insurance losses depress profits in early 2008
The motor insurance segment of the industry suffered a loss of $24mn in the first quarter of this year
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09 June 2008
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839 - 09 June 2008
Ombudsman receives record rise in PPI complaints
Consumers are concerned about the sales practices behind their payment protection insurance policies
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09 June 2008
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Ageing population prompts support for compulsory pensions
Government funding, expected to be sufficient for 10 to 12 years of pensions, now has to last for 25 to 40 years
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09 June 2008
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European state support for terror risks takes pressure off market
Last year Belgium followed the trend when the government became the reinsurer of last resort
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09 June 2008
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Study links insurance cycle to reserving policy
Insurers use well-tested actuarial approaches to calculate reserves but there will always be a need for adjustments
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09 June 2008
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Europe life insurance market outpaces long term growth trend
The UK was the largest national life market, with premiums of E196bn • Fortis acquires 51% stake in ABN AMRO Verzekeringen
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09 June 2008
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Program business attracts capital investment for new ventures
Merger and acquisition activity is expected to take-off in the current vibrant market
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09 June 2008
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Selling life insurance in rural India
India’s life insurance market is booming. From a single company a decade ago to 18 active players today, the market has grown at a healthy compound annual growth rate of 24% over the past five years. Most of this growth is coming from the urban areas. However, the increase in competition is forcing insurance providers to look beyond urban centers and take their trade to the more challenging rural hinterlands of the country, where only 3% of the population of more than 720 million people have any form of life insurance coverage. It is expected that the rural market will grow to a potential of INR78bn or US$1.95bn by 2015 from the current INR19.5bn or US$487mn. Here, Ravi Nawal
, an analyst with financial services technology research and consultancy firm, Celent, looks at a key aspect of tapping this immense market opportunity: distribution channels. Mr Nawal analyzes the current distribution models and provides a perspective on the models of the future
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09 June 2008
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Investing in security before disaster strikes
The Olympics is one of the largest global events, but unfortunately, the headlines often have little to do with the athletes’ performance on the field - The Munich massacre of 1972; the Atlanta bombing of 1996 and this year’s games..
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09 June 2008
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Colombia to transform healthcare provision
Existing social security subscribers will be switched to private sector styled system
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09 June 2008
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South Korea eases access for foreign insurers
Foreign companies will be able to set up local operations without prior approval
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09 June 2008
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839 - 09 June 2008