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Caribbean
Hurricane Ike triggers pool payment
Turks and Caicos has received a US$6.3mn payment from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) following losses caused by Hurricane Ike in September this year. The payment is the first time..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
Asia
Insurers poised to withstand profit drop
Asia’s insurance industry will face significantly reduced profits over the next year, according to Standard & Poor’s. The rating agency said the industry’s operating performance in 2008..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
Europe
MEPs agree Solvency II draft
The European Parliament committee overseeing Solvency II has agreed to the draft rules, adding several amendments to the text proposed by the European Commission in July last year. The Committee on Economic and Monetary..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
Insurance IT strategy: planning for a world that has changed
There is not doubt that the impact of the current financial crisis will effect insurers the world over for years to come. Here, insurance information technology (IT) analysts Mike Fitzgerald, Donald Light, Catherine Stagg-Macey and Craig Weber of..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
US
Travelers sells London run-off unit
The Travelers Companies Inc’s St Paul Fire and Marine Insurance is to sell Unionamerica Holdings Ltd to a UK subsidiary of Bermudian headquartered Enstar Group. Through its UK subsidiary Royston Run-Off..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
International
ILS market defies economic turmoil
Insurance-linked securities (ILS) issuers must take steps to broaden their client base if the market is to reach its full growth potential, according to a new report by the World Economic Forum (WEF). In..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
Aviation
23.9, incident
Japan: two fragments that appeared to be part of an engine on an Air India jetliner fell from the aircraft and hit two cars near Narita airport in Chiba Prefecture. No one was injured in the incident. Air India Flight 307, a Boeing..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
Natural catastrophes
23.9, Hurricane Ike
US: officials from Galveston were set to ask the US Congress for about $2.2bn in disaster relief to repair the battered island’s port, save a major research hospital from going under and rebuild the city’s..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
Marine
24.9, cutting of air ducts, fatalities
UK: asphyxiation killed two seafarers in the forward store of a Latvian general cargo vessel Sava Lake, after an earlier crew cut the flexible bellow pieces with the effect of creating a direct air path from..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
Liability, awards and settlements
25.9, congestion, application for court order
Saudi Arabia: Saudi importers and businessmen filed an application to the Governor of Jeddah against Jeddah Port Authority, Customs officials and other cargo handling companies for slow and poor..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
Property damage and business interruption
24.9, fire
US: Kinder Morgan Energy Partners LP said a fire shut its Pasadena oil terminal in Texas, which connected refineries from along the Gulf Coast to pipelines serving the eastern and Midwest U.S. The blaze broke out in a pipeline manifold...
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
Late reports
21.9, air crash, fatalities
Mozambique: a private South African registered Piper Seneca PA 34 aircraft, which ran out of fuel, crash-landed in a Mozambizan suburb, killing seven South Africans on board. A Mozambique state television report said the..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
Swiss Re
A record-breaking net income result in 2006, boosted by the inclusion of the GE Insurance Solutions acquisition and low catastrophe losses, was hard to beat and in 2007 Swiss Re’s net income ended 9% down at CHF4.16bn, taking the consolation..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
Squaring up to the regulatory challenge
The Macedonian insurance market at the end of 2007 comprised 12 companies. Of these, there were two life companies, nine were purely non-life, and one company, QBE Makedonija, was essentially a non-life writer and licensed as such, but had a..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
Record reduction in market capitalisation of insurers
The two week period ending 9th October must rank as one of the worst, if not the worst, on record for insurance and reinsurance stocks. Companies in the sector recorded an average loss in their market capitalisation of 25.0% over the period. Much..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
AIG seeks single buyer for Latin American units
Spain’s CASER group has announced that it is looking for “foreign opportunities” and particularly referred to Latin America as an area of interest. It added that it might undertake market penetration in conjunction with a banking..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
Public out cry after pension fund losses
Although privatised individual pension schemes have by now spread to many other countries in Latin America and beyond, Chile’s private pension system which was launched in the early 1980’s continues to be regarded as the role model for..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
Mitsui Sumitomo dumps joint venture partner to go it alone
After the near 10% economic growth rates from earlier years, Vietnam’s economy is currently moving at a slower pace, although growth was still 6.5% during the first half of 2008.
After earlier double digit growth in construction - boosted by..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
Arthur Rogers (1943-2008)
It is particularly fitting that the last article Arthur Rogers produced before his untimely death at the age of 65 (‘EU Financial Services Regulations: VAT reform gets go-ahead”) made the front page of World Insurance Report (6 October,..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
Swiss Re launches on-line weather risk facility
Swiss Re is providing weather insurance cover to small and medium sized businesses in Europe via the internet. The service is provided through a company called CelsiusPro AG.
Companies can insure themselves against unusaully hot or cold days, hot..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
Forum sees limited secondary market seen as major obstacle to growth in insurance linked securities
There is ample room for growth in insurance linked securities (ILS), said a recent report by the World Economic Forum, the group responsible for organising the annual Davos meeting.
According to the Forum, the market for tradable insurance risks..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
Insurers less reliant on investment income
AIG notwithstanding, insurance companies are considered reasonably well protected from the current crisis sweeping the financial markets.
The main reasons for this state of affairs are that insurers have a strong cash flow in the form of regularly..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
Combined ratio hit by mortgage-related losses and catastrophes
The US property/casualty (p/c) insurance industry saw its pre-tax profits slump by 48% in the first half of 2008 as increased catastrophe claims and soaring losses for mortgage and other financial guarantee insurers continued to hit the sector.
In..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
Risk based models, assumptions and priorities
September was a hard month for the global economy. Last week, in his speech to the Peterson Institute for International Economics, Washington, DC last week Robert B. Zoellick, President of the World Bank Group considered the implications of the..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008
XL sees off rumours
A collapsing share price inspired by rumours of large investment losses was what prompted XL Capital to make an exceptional statement about its financial position on 10 October. Chief executive Mike McGavick readily acknowledged this during..
Online Published Date:
20 October 2008
Appeared in issue:
848 - 20 October 2008