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Local alternative to foreign reinsurance capacity
However, the company’s capital was scaled down in view of the financial crisis
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
Health levy divides market
An important motive for the levy is to maintain the profitability of Irish state health insurer, VHI, without the need to impose massive premium increases as it is required to meet the minimum solvency standard for insurers by the end of the year
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
German broker protests against hostile take-over by Swiss Life
Pension products worth €20mn of annual business will be affected by MLP’s boycott • Groupama consolidates Romanian firms
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
Doubts cast on capital raising potential of AIG’s asset sell-off
AM Best said the sale of some of AIG’s businesses to improve liquidity will be lengthy under current market conditions
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
Insurance in France: market and information technology overview
In a recent report, technology research and advisory firm Celent estimates IT spending in the French insurance market to be about €8.0bn. Here, Nicolas Michellod, a senior analyst with Celent’s insurance group and the author of the report, Insurance in France: market and IT overview, identifies distribution and sales, product design, and claims management as the top investment priorities that IT is due to support in the eyes of French CIOs. In an environment where French insurers’ IT budgets will not increase drastically in the next five years, Mr Michellod believes that the optimisation of client service will be the main concern influencing new IT investments. In the extract below, he looks at distribution models, administration structures, the identification of profitable risks and innovative products, and the compliance challenge of Solvency II as IT drivers in the French insurance market
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
Forum shopping in the European Union
Forum shopping involves claimants (or defendants) choosing the jurisdiction in which they pursue or defend their claim. The ‘choice’ when forum shopping is the result of jurisdictions being prepared to adjudicate claims arising..
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
A viable long term care insurance market is still some way off
Despite favourable trends to generate demand, the growth in LTC insurance provision has been difficult in most EU countries
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
Competition regulator proposes PPI point-of-sale ban
Tighter supervision of PPI sales coincides with a boost in demand driven by fears about the UK economy and unemployment
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
Solvency II directive faces delay after disagreement on group rules
Controversial rules for a group support regime have failed to survive protracted political negotiations
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
Insurance stocks in steep slump as US fundamentals deteriorate
The insurance and reinsurance stocks tracked by WIR came under renewed pressure over the two week period ending 20th November. This was particularly the case for US, Bermudian and Asian companies. European sector stocks proved quite resilient;..
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
Chilean government called to account over pension fund crisis
The value of the assets of some pension funds in Chile have halved over the course of the last few months
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
International players begin to lose ground in Asia
Prudential Financial Inc, AIG, MetLife and Allianz are looking at ways to protect market share as policy redemptions rise
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
Hanover Group proposes to repay investors’ money
Finance houses are starting to return money to investors under five year plans
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
Liability, awards and settlements
13.11, Exxon Valdez, compensation
US: a federal judge issued a ruling that could clear the way for a multi-million-dollar payout of punitive damages to thousands of commercial fishermen and others who claimed harm from tanker Exxon Valdez oil spill..
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
Property damage and business interruption
4.11, piracy
India: Indian shipping firms are losing hundreds of thousands of dollars every month as fears of piracy in the Gulf of Aden hold up ships and delay consignments. Around 20 foreign ships, including the India-bound chemical tanker Stolt..
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
Central Reinsurance Corporation
High levels of competition and rate cutting across most classes of business and the market’s vulnerability to catastrophe events, particularly earthquakes, means that non-life business in Taiwan is a challenging proposition for foreign reinsurers
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
Opportunities for foreign companies despite domination of BSE
Uruguay’s stable and growing economy is allowing consumers to look at savings instruments again following the crisis years at the beginning of the decade. People are starting to put their trust once again in local financial institutions. Although no great changes are expected in the near future, some significant developments are about to happen: one major foreign insurer is to introduce a new universal life savings policy in dollars and it has also concluded a deal with a major credit card company in Uruguay according to which it will market low cost risk covers to its customers
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
International
Buyers braced for uncertainty: Lockton
Property and casualty insurers face a number of challenges in 2009, according to broker Lockton in its most recent market update. On the bright side, premium rates are expected to harden next year. Lockton..
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
Aviation
5.11, crash, fatalities
Mexico: a Learjet 45 operated by the Mexican government, crashed at Lomas de Chapultepec, Mexico City killing 13 people, including interior minister Juan Camilo Mourino and two other top government officials. Eight..
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
Natural catastrophes
6.11, floods
Yemen: last month’s floods in Yemen caused about $1bn in damages to roads, houses and agriculture, according to a World Bank estimate. The estimate was part of a report, presented to a meeting of donors to the poor Arab..
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
Marine
4.11, sinking, fatalities
Philippines: forty three persons, including 11 children, were confirmed to have died when a ferry boat capsized off Masbate province. About 105 others were rescued. The ferry Don Dexter Cathlyn was five kilometres from..
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
Middle East
Arig reports net loss
Arig, the Middle East based reinsurer, has announced a US$10.8mn loss for third quarter 2008. Arig said that the bulk of the loss was due to investment losses despite the company’s conservative investment strategy..
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
Asia
Takaful presents competitive threat
The Malaysian non-life market is one of the most overcrowded in Asia, according to the latest report by rating agency Fitch. The existing tariffs in the motor and fire insurance markets and the absence of risk..
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008
North America/Bermuda
Ace appoints risk officer
Sean Ringsted, currently chief actuary for the ACE Group of Companies, has been given the additional responsibility of chief risk officer. Mr Ringsted will be responsible for the continued development and implementation of..
Online Published Date:
28 November 2008
Appeared in issue:
851 - 01 December 2008