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Genetics moratorium extended
Europe
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Willis put on RWN by Fitch
US
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Pacific Life elects new board chairman
US
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Changes in Partner Re’s global unit
International
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
S&P positive on global multi-lines
International
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Security
3.6, piracy
Somalia: gunmen holding general vessel cargo Amiya Scan
(2546 gt, built 2004) off Somalia reportedly demanded a $1.1mn ransom for the vessel, a day after the United Nations Security Council gave countries the right to combat piracy...
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Aviation
27.5, crash, fatalities
Russia: nine crew members of a Russian An-12 cargo aircraft were killed when it crashed near the city of Chelyabinsk in the Urals region. The aircraft reportedly malfunctioned some 10 km from the airport. It was flying to the..
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Natural catastrophes
1.6, tropical storm Arthur
Mexico: two of Mexico’s three main crude oil ports were closed to shipping because of rough seas due to the proximity of tropical depression Arthur. Dos Bocas and Cayo Arcas ports were shut for shipping while a third..
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Marine
29.5, Duc Tri sinking, update
Vietnam: another body was discovered in tanker vessel Duc Tri
which sank off Binh Thuan coast not far from Ho Chi Minh City in March, killing 14 out of the 15 people on board. The badly decomposed body was taken to the..
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Liability, awards and settlements
4.6, Rezzak disappearance, investigation
India: general cargo Rezzak
, which disappeared in the Black Sea three months earlier, was allowed to sail with nearly 12 deficiencies, according to an interim safety investigation report by India’s..
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Property damage and business interruption
27.5, explosion, damaged pipeline
Turkey: natural gas supplies from Iran to Turkey were severed after an explosion damaged a pipeline between the two countries. The blast, the cause of which remains unknown, occurred 13 kilometres from the Iranian..
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
QBE Insurance Group Ltd
The group has literally outgrown its Australian origins and writes its business very much on a global basis. But, while QBE Australia now accounts for only 18.6% of the group’s gross premium income, it remains one of the most profitable divisions
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Gateway to the east for foreign insurance groups
The extension of the European Union has not had a major effect on the Austrian market, because a number of companies located in Austria have already been writing business in the new member states. Wiener Staedtische in particular has established subsidiaries in more than 13 eastern European countries and Austrian insurance groups, such as Uniqa and Generali, are growing more in eastern Europe than locally. Austrian businesses are very successful in establishing themselves in Eastern Europe, with which they share a common history and outlook, and Vienna is again becoming a gateway to the east
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Market depressed by oil price volatility and interest rate fears
The values of the insurance and reinsurance stocks tracked by WIR deteriorated further over the two week period ending 12 June. As in the previous period, the volatility of the oil price was a significant factor. Indeed, the price of crude oil..
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Ecuador acquisition almost completes Mapfre’s regional investment
Mapfre takes 60% stake in Seguros Atlas • Crop insurance expands in region • Colombian premiums rise • Uruguay delays new compulsory insurance rules •
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
MetLife faced with US$48mn unpaid tax bill
Clamp down comes at a time when foreign groups are showing a keen interest in the Japan’s investment management sector
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Regulator monitors local companies for sub-prime exposure
Insurers that derive a major part of their income from investment activity will come under particular scrutiny
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Government steps in to rebuild earthquake struck regions
However, the vast majority of the homeowners will have to rely on their own resources to rebuild their houses
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Macro insurance will mitigate cat risk: Swiss Re
Transferring catastrophic risk should be a key element in the strategy of every disaster-prone country, the reinsurer says
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Europe remains key for SCOR Life, despite global expansion
Two thirds of SCOR Global Life’s premium income continues to be sourced in Europe
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Higher cat losses impact Berkshire’s Q1 results
Overall market net premiums were up by just 1%, reflecting significant reductions in business volumes for some companies
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Death toll from tornadoes already setting new records
Tornado-related deaths stood at 111 as of 4 June, making 2008 the deadliest tornado season since 1998
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
AIG could sell Transatlantic Re
The new chief executive says nothing is off the table as a strategic review gets underway
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
The applicability of solvent schemes of arrangement in Germany
In 2007, a two part article* published in the German insurance journal Versicherungswirtschaft
on whether solvent schemes of arrangement are effective under German and EU law made a powerful case for casting doubt on the validity of such schemes under German law. Here, Vivien Tyrell
, a partner, and Nick Stern
, an associate, in the London office of law firm Edwards Angell Palmer & Dodge and Philip Heitlinger
, executive director at PRO Insurance Solutions, consider the arguments put forward in the Versicherungswirtschaft
article from both a commercial and legal standpoint
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Investing in pandemic preparedness
The first study to assess the impact of an influenza pandemic on individual companies was released by the Schulich School of Business at York University in Toronto last week. The study, “Making a case for investing in pandemic..
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
Chinese ban to be lifted
Chinese insurers could be allowed to operate in Taiwan as a response to the improvement in Taiwan-China relations
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008
VHI ready to go it alone
The health insurer is confident of complying with the 40% solvency requirement
Online Published Date:
23 June 2008
Appeared in issue:
840 - 23 June 2008