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The importance of governance, risk management and compliance
Governance, risk management and compliance (GRC) have evolved as top business priorities for financial services organisations. A new evolution in business is being driven by increased stakeholder demands, heightened public scrutiny and new..
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Aetna establishes China office
Asia
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Fitch forecasts consolidation in S Korea
Asia
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Marsh merges aviation teams
Europe
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
CNA updates cover
North America
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Swiss endorses climate change recommendations
International
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Major event to turn reinsurance market
International
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Aviation
10.6, crash, fatalities
Sudan: a Sudanese jetliner landed in a thunderstorm and veered off the runway, bursting into flames and killing 120 people. Over 200 passengers were on board the aircraft and a higher casualty toll was feared. A reporter at..
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Natural catastrophes
10.6, rough weather
Kuwait: shipping was severely restricted for three days due to bad weather, and the local forecasters were predicting rough weather for the next seven to eight days. Over 40 vessels, mostly tankers, were caught in Kuwaiti waters...
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Marine
10.6, sinking
Japan: a Taiwanese fishing vessel Lienhe
, with 16 crew members on board, sank after colliding with Japanese coast guard pilot vessel Koshiki
(960 gt, built 1980) near disputed islands in the East China Sea. Koshiki
scraped Lienhe
..
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Liability, awards and settlements
11.6, civil penalties
US: a Valero Energy Corporation Texas unit will pay $1.65mn in civil penalties and finance a $300,000 environmental project in a settlement over an oil spill, the US Justice Department said. The spill on June 1, 2006,..
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Property damage and business interruption
10.6, transport strike
International: Spanish truckers began an indefinite strike over soaring fuel prices, threatening to bring the country to a standstill. In Latin America, Colombian truckers joined demonstrations by transporters from Europe to..
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Late reports
8.6, volcanic eruption
Indonesia: the government has raised the alert level for a volcano on Sulawesi island to the highest level, after it began spewing hot lava and clouds of smoke. Lava from Mount Soputan moved down its slopes, about 1.5 km from..
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Allstate Corporation
The company recorded its second highest annual profit in its history in 2007, but a much reduced non-life underwriting profit meant it had to sell off substantial equity holdings to achieve this outcome
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
How a little local knowledge paved the road to profitability
For more years than the international reinsurance community cares to remember, Colombia was considered to be an unstable place in which to do business. But by the end of 2002, more reinsurers were being attracted to the market, some for the first time. A better knowledge of local conditions was one factor which encouraged companies but the fact that high rates and strict underwriting prevailed in the market was clearly another. A third factor was the fact that natural disasters and acts of terrorism, such as the Asian tsunami and the London bombings, were becoming more common in areas of the globe well away from Colombia and, indeed, Latin America as a whole. These areas thus began to look more attractive to reinsurers.
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Bad news for mono lines and banks further depresses sector stocks
Insurance and reinsurance stock values suffered their sharpest decline for some time over the fortnight ending 26 June. Over the last two months, declines in the sector were mainly due to broad market concerns: fear of recession, inflation and the..
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Regulators turn to foreign firms to bail out struggling insurers
With six months to go before new solvency rules take effect, there is little sign of the anticipated merger activity
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Industry works to restore consumer confidence
Non-payment of claims and miscalculation of premium rates in the past year have attracted bad press
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Local insurers look across the border for regional growth
Asian insurers are increasingly interested in new ventures outside their home state
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Finance company launches rescue package to stay afloat
Dominion Finance Holdings is the third largest of the 21 finance companies to find itself in difficulty over the last two years
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Generali acquires two Romanian insurers
The Italian insurer has identified Romania as a strategic market for growth in Central and Eastern Europe
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Groupama advances market position in Turkey with Guven buy
Groupama already owns Turkish non-life insurer Basak Sigorta and life insurer Basak Emeklilik
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Life insurance market feels the force of stock market fall
While French insurers have not been caught up in the subprime crisis, they have suffered from the fall in stock markets
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
New member states boost Europe’s life insurance sales
The small increase in total life premium disguises a 0.4% decrease in the 15 old EU member states
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
MGIC strengthens capital position with $50bn reinsurance deal
The agreement – with Bermuda-based HCC Re – is effective for up to $50bn of qualifying new insurance written annually
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Property/casualty results hampered by Ontario auto business
Although 2007 results were good, a number of factors persist that will play a part in dragging down industry results in 2008
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Lightning claims strike property insurers for US$1bn
The average cost for a lightning claim doubled between 2004 and 2007, although the number of claims has fallen
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Economic turmoil to hold back life insurance growth in 2008
Prospects for life business in the medium term, after 2008, are better; non-life premiums in industrialised countries will fall
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
The argument for automated code testing
During the golden age of computer hacking, the activity was driven by a desire to vandalise and embarrass website owners. Today, e-crime is the domain of organised gangs, often from countries that don’t easily co-operate with international..
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Earthquake risk reviewed
Local insurers are believed to have extended earthquake cover to customers either free or at very low prices in order to compete in the market
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008
Absence of D&O coverage
Multinationals need to consider their D&O requirements in each country
Online Published Date:
07 July 2008
Appeared in issue:
841 - 07 July 2008