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Salmon farm claims in Chile
Intensive farming of salmon has been blamed for the presence of the ISA virus, which has decimated many farms’ stocks
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009
Directors’ and officers’ liability insurance in Australia
Recent trends suggest that the previously soft D&O market may be starting to harden. But there is still scope to negotiate favourable policy terms, argueMark Waller and Paul Miller, respectively partner and special counsel at the Brisbane office of Australian law firm, Clayton Utz
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009
Pension plans ignore ‘less well understood’ risks
The Metlife report warned that the standard approach of pension plan sponsors to focus on some risks and to ignore others could lead to serious repercussions, “including unnecessary volatility in earnings and/or cash flow with the potential to adversely affect the ability of the plans to provide retirement security to plan participants.”
Online Published Date:
10 February 2009
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854 - 02 February 2009
Quinn loss put at US$1.3bn
Having assiduously shunned personal publicity for most of his business career, Sean Quinn has been forced by the pace of events to respond to interest in his affairs
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009
Insurance supervisors are cautiously optimistic
However, the International Association of Insurance Supervisors’ (IAIS) is concerned about insurers’ involvement in securities lending; particularly in situations where insurers are approached by commercial banks. The IAIS also expressed concern about many investors’ clear lack of knowledge about the risks inherent in the instruments they invested in
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009
Pressure on personal insurance shrinks local market
Life insurance was also down at 10.6% in 2007 in the face of strong competition from shorter-term products
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009
Life insurance market growth grinds to a halt
As for the non-life market, only the smaller lines recorded any significant premium increases during 2008
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009
AIG Europe raises €680m from sister firms to boost capital position
The insurer says transfers from other AIG companies strengthened its solvency ratio to over 450% • Hannover Re
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009
New regulations address HIH failures
Many of the rules are in response to the problems created by financial interrelations of insurers within holding companies
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009
China Life’s profit forecast sets scene for market slowdown
Insurers are suffering from a steep decline in domestic share prices, a fall in customer demand and early surrenders
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009
Groupama Seguros looks for further bancassurance sales
Bancassurance accounts for 20% of the Spanish insurer’s business
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009
Argentina: consolidation, promise and uncertainty
Almost all of the Latin American insurance markets underwent notable regulatory and market change in 2008. But, according to Machua Millett, an attorney at Boston based law firm, Edwards Angell Palmer & Dodge LLP, Argentina stands out as particularly significant given the size of the market and its importance in the region as well as the fundamental nature of the developments seen there in the past year. Here, Mr. Millett comments on the implications for the market of the nationalisation of the Argentine US$30.0bn private pension fund system by the government in 2008
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009
Bolivian airline suspended for breaching insurance rules
Region faces downturn in motor insurance • Paraguay • Venezuela • Central America • Caribbean
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009
Parliament approves new beneficiary legislative reform
An amendment to local insurance law will allow policyholders to change their nominated beneficiary
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009
Korean Re
Ironically, the very same factors which drove the increase in Korean Re’s headline figures such as the increase in the growth of its overseas inward business from China and other emerging markets as well as the increase in its marine hull business, also served to inhibit its underwriting and net profit performance for the 2007/2008 financial year
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009
Waiting for a new regulator
There is a clear need for more comprehensive, up to date legislation in the Uruguayan insurance market. No major changes are expected, however, until a decision is taken regarding the establishment of a new financial services superintendency. But on the positive side, the non-life market share of the state insurer, Banco de Seguros del Estado (BSE), has fallen from 77.0% in 1998 to 65.6% in 2007. This indicates the extent to which the private companies, most of which are foreign owned, have made steady progress in increasing their market share since they first entered the market when it was reformed in 1994
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009
Investment exposure fears drive down insurance sector stocks
The period ending 22nd January, represented another horrific two weeks for insurance stocks with Swiss Re, most notably, falling by 36.1% over the two week period. To be fair, UK insurance group, Aviva, (down by 32.7%) and Bermuda based XL Capital..
Online Published Date:
10 February 2009
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854 - 02 February 2009
CV Starr and Ironshore form joint venture
Former AIG chairman Maurice Greenberg said his investment firm CV Starr has agreed to form a joint venture with Bermuda insurer Ironshore Inc. Iron-Starr Excess Agency will be based in Bermuda and offer excess financial and commercial lines..
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009
Hub International acquires Liberty Mutual book
Hub International Limited is to acquire the renewal rights to Liberty Mutual’s middle market commercial property and casualty business in 11 US states: Arizona, Arkansas, California, Colorado, Hawaii, Kansas, Louisiana, Nebraska, Oklahoma,..
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009
Carroll named underwriting director at Canopius
Tim Carroll has been named underwriting director at Canopius Managing Agents Limited, which manages Syndicate 4444 at Lloyd’s. Mr Carroll, who joins Canopius from Swiss Re GB plc where he was chief executive officer, will start his new role..
Online Published Date:
10 February 2009
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854 - 02 February 2009
World loss log 6 - 19 January 2009
Property damage and business interruption
7.1, strike
India: container trailer movement to and from India’s Kochi port was affected following a strike by the trailer operators in protest against a new parking fee imposed by the port..
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009
Slower but positive growth
Although it was generally positive about the growth prospects of the Chinese property and casualty insurance market, rating agency Moody’s described itself as cautious about the capital adequacy of some Chinese non-life insurers...
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009
Strike club rates up 15.0%
Marine protection and indemnity (P&I) mutual insurer, the Strike Club has raised its subscription rates to its shipowner and other marine enterprise members by 15.0% for the 2009/2010 policy year which begins February 1, 2009. The Strike Club..
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009
Discriminatory reinsurance tax proposals
Rolf Tolle, Head, Lloyd’s Insurance Market Franchise Performance Directorate (FPD)
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009
Growing maturity in the local market
Tony Rastall, partner, Middle East construction projects, Jardine Lloyd Thompson
Online Published Date:
10 February 2009
Appeared in issue:
854 - 02 February 2009