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Asia
Japan investor buys Thai insurer
The Japan based investment group, Asia Partnership Fund (APF), has acquired Advanced Insurance Company of Thailand for Baht200.0mn (US$5.9mn). The purchase represents Asia Partnership Fund’s first direct..
Online Published Date:
08 September 2008
Appeared in issue:
845 - 08 September 2008
Europe
French insurers count cost of Solvency II
Implementation of the requirements of the European Union’s Solvency II for risk-based capital requirements will cost French insurers in the region of €1.2bn ($1.75bn), according to a study..
Online Published Date:
08 September 2008
Appeared in issue:
845 - 08 September 2008
US
Firms “not prepared” for catastrophes: survey
While many large North American corporations are exposed to natural disasters, many are not well-prepared for such events, according to a new survey. In addition, the survey found that many..
Online Published Date:
08 September 2008
Appeared in issue:
845 - 08 September 2008
Aviation
12.8, crash, fatalities
US: a small aircraft carrying a patient to Boston for medical treatment crashed in a grocery store parking lot, killing all three people on board. The single-engine Beechcraft Bonanza went down in the parking lot at a..
Online Published Date:
08 September 2008
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845 - 08 September 2008
Natural catastrophes
18.8, Tropical storm Kammuri
Vietnam: authorities used army helicopters to evacuate thousands stranded by tropical storm “Kammuri”, which killed at least 113 people, as forecasters warned of more bad weather ahead. Disaster relief..
Online Published Date:
08 September 2008
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845 - 08 September 2008
Marine
12.8, capsizing, fatality
China: general cargo vessel Shun Qian No.1
(3600 gt), carrying iron ore, capsized in the Beibu Gulf, south of the Guangxi Zhuang Autonomous Region, leaving one dead and two others missing. Rescuers saved 14 of the crew..
Online Published Date:
08 September 2008
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845 - 08 September 2008
Liability, awards and settlements
13.8, submarine collision, indictment
India: an Indian Navy court martial indicted a submarine commander and served him with loss of seniority for a collision the submarine had with a merchant vessel during a Naval exercise in the Arabian Sea in..
Online Published Date:
08 September 2008
Appeared in issue:
845 - 08 September 2008
Property damage and business interruption
12.8, strike
Belgium: a baggage handlers’ strike caused chaos at Brussels international airport for the second day, after management and unions failed to reach a deal over working conditions. The Aviapartner and Flightcare staff, who handle..
Online Published Date:
08 September 2008
Appeared in issue:
845 - 08 September 2008
Late reports
11.8, sinking, fatality
Indonesia: one person was killed and three are missing after general cargo vessel Palangkaraya
(291 gt, built 1961) carrying 17 crew members, 13 passengers, staple food and cement sank 11 miles southwest of Bawean Island,..
Online Published Date:
08 September 2008
Appeared in issue:
845 - 08 September 2008
Growth driven by increase in popular understanding of insurance
With around 80% of Bangladesh’s population classified as poor, it is not surprising that the demand for life insurance is limited. However, the optimism expressed by life market practitioners at the beginning of the decade seems to have been justified. Seven years later, in 2007, companies reported satisfactory growth in life business, not only amongst clients in the expanding middle class but also amongst the less well-off in both urban and rural areas, where a good deal of progress has been made in promoting special, low price microinsurance schemes
Online Published Date:
08 September 2008
Appeared in issue:
845 - 08 September 2008
Insurance stocks retreat in face of concerns about Fannie Mae
For the three weeks ending 28 August, insurance and reinsurance stocks lost much of the momentum gained over the previous periods, although there were strong gains by more than a few individual stocks.
This very much reflected the uncertainty on the..
Online Published Date:
08 September 2008
Appeared in issue:
845 - 08 September 2008
Exchange rate drives increase in net premium income of top 10
Last year saw a further decline of the US dollar against other currencies, and this factor had a significant impact on the figures of companies that converted their results at year-end exchange rates. For example, Swiss Re Group posted a 3% rise in net written premiums in its reporting currency, but a 10% increase in US-dollar terms, and fifth-placed Hannover Re Group recorded a 6% decline in non-life net premiums on a Euro basis, but a 5% rise in US dollars
Online Published Date:
08 September 2008
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845 - 08 September 2008
Colombian court orders health reforms to standardise services
The differences in compulsory health cover plans should be phased out over the next year
Online Published Date:
08 September 2008
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845 - 08 September 2008
Hanover Finance imposes freeze on investor funds
Investors are unhappy at the revelation that the firm’s owners have collected huge multi-million dollar dividends
Online Published Date:
08 September 2008
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845 - 08 September 2008
Storms fail to break underwriting profit streak
For the fifth consecutive year Australia’s insurers have kept profits out of the red, despite a 6.3% fall in 2007
Online Published Date:
08 September 2008
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845 - 08 September 2008
Life now accounts for nearly 60% of total insurance market income
However, demand for personal pension products in Poland remains very small; accounting for only 0.2% of life business
Online Published Date:
08 September 2008
Appeared in issue:
845 - 08 September 2008
Allianz offloads Dresdner Bank for €9.8bn
Dresdner Bank has weighed heavily on Allianz’s share price, which has lost 60% of its value since 2001
Online Published Date:
08 September 2008
Appeared in issue:
845 - 08 September 2008
Sector outlook downgraded on pricing concerns
Standard & Poor’s says without a reversal in the downward rating trend, underwriting results are certain to suffer
Online Published Date:
08 September 2008
Appeared in issue:
845 - 08 September 2008
The UK Equality Bill and rating by age group
At present insurance companies are free to set premium rates using a range of rating factors, including age. This practice, according to the Actuarial Profession (which is governed jointly by the Faculty of Actuaries in Edinburgh and the Institute..
Online Published Date:
08 September 2008
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845 - 08 September 2008
Tax blow for insurers
French government wants to impose another 1.1% on insurers’ investment income
Online Published Date:
08 September 2008
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845 - 08 September 2008
Irish reserve harvest ends
The market’s deteriorating underwriting results were blamed on intense competition, which senior executives say is unsustainable
Online Published Date:
08 September 2008
Appeared in issue:
845 - 08 September 2008