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Regulatory reform must focus on systemic risk, not insurance: PEIF
A group of insurance leaders firmly believe that the sector is unlikely to suffer from, or to start, a liquidity panic
Online Published Date:
04 March 2009
Appeared in issue:
856 - 02 March 2009
Why US insurance agents support state regulations
The Independent Insurance Agents and Brokers of America is asking the new President to keep the state-based regulatory structure intact, arguing that it is the best way to protect consumers. Jonathan Steiman, financial services technology analyst at independent market analysis firm Datamonitor, believes this argument to be tenuous. According to Mr Steiman, it serves agents and brokers rather than insurers and consumers, and that therefore the new Democratic administration should treat the proposal with a healthy level of scepticism. Mr Steiman is the author of a Datamonitor report on customer relationship management (CRM) in the global insurance market, specifically looking at how the strategy and accompanying technology can be used to defend against a product that is quickly becoming a commodity. Mr Steiman also wrote Trends and Strategies in Policy Administration BPO in the second quarter of 2008
Online Published Date:
04 March 2009
Appeared in issue:
856 - 02 March 2009
Great Eastern’s profits halved as investment returns fall 63%
Profits at other insurers in Singapore and South Korea are also expected to suffer
Online Published Date:
04 March 2009
Appeared in issue:
856 - 02 March 2009
The role of insurers in civil contingencies
One major advantage that insurance companies have over other organisations is that their customer databases are more likely to be up to date. Here, Adrian Adams*, looks at the most effective methods for insurers to alert customers in emergencies
Online Published Date:
04 March 2009
Appeared in issue:
856 - 02 March 2009
New cat company promises modelling improvements
Perils AG will initially focus on European wind storm risk from the second half of 2009
Online Published Date:
04 March 2009
Appeared in issue:
856 - 02 March 2009
Sector stock values fall further as 2008 results disappoint
Not that it was easy in January, but February is proving to be an even tougher time for insurance and reinsurance stocks.
In addition to the challenges presented by the broader financial and economic crisis, the sector is currently under scrutiny,..
Online Published Date:
04 March 2009
Appeared in issue:
856 - 02 March 2009
Costa Rica approves first insurer after lifting INS monopoly
New insurers have been slow to apply for authorisation • Guatemala’s insurers report 10% increase in premiums • Nicaragua reverses underwriting loss to $1.8mn profit • Cesce sets target for Chile unit • Peru’s insurers expect 10% growth in 2009 • Surco forms alliance with Cooperativa de Seguros • Premiums up 11% in Venezuela • Allianz looks for regional growth
Online Published Date:
04 March 2009
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856 - 02 March 2009
Life insurers fear new tax could curb growth
The industry has warned the government that now is not the time to increase tax on life insurance
Online Published Date:
04 March 2009
Appeared in issue:
856 - 02 March 2009
Insurers count cost of Victoria’s bushfires
The most damaging fires in the country’s history follow at least two other recent weather related events in Australia
Online Published Date:
04 March 2009
Appeared in issue:
856 - 02 March 2009
World Loss Log: 3 - 16 February, 2009
Late reports
1.2, crash, fatalities
US: a small aircraft struggled to stay on course in snowy weather and its pilot reported being low on fuel before it crashed in West Virginia, killing all six people on board. The twin engine Piper PA-34’s..
Online Published Date:
04 March 2009
Appeared in issue:
856 - 02 March 2009
W.R. Berkley Corporation
The group’s notable underwriting performances during 2004 and 2005 reflects the success of its key operating strategy: the relative lack of exposure to commoditised risks in general and property catastrophe risks in particular. So in 2005, when most of its peers suffered significant underwriting losses as a result of exposures to Hurricanes Katrina, Rita and Wilma, W.R. Berkley, which mainly focuses on specialty casualty insurance and reinsurance business, improved its underwriting result by nearly 20.0% to a profit of $560.9mn
Online Published Date:
04 March 2009
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856 - 02 March 2009
Sector braced for change as La Poste enters the non-life market
The French government’s ban on the distribution of non-life insurance products by the French postal services (La Poste ) expired in 2007. In April 2008 the finance minister confirmed that La Poste would be allowed to distribute insurances such as motor and household cover from January 1, 2009. One view is that this concession was made because, under another EU-required ruling, La Poste lost its quasi-monopoly of the profitable “Livret A” deposit accounts. The banking arm of La Poste has 17,000 distribution points, and training for bancassurance was expected to take a number of months. In spite of the general opposition from the non-life market, in 2008 it appeared that several of the largest participants had presented offers to La Poste for the underwriting of these risks.
Online Published Date:
04 March 2009
Appeared in issue:
856 - 02 March 2009
Allianz makes Euler Hermes and Allianz Re changes
Euler Hermes, the credit insurer owned by Allianz, has appointed Wilfried Verstraete as its chief executive officer. Mr Verstraete, currently the chief financial officer of Allianz Global & Corporate Specialty, will take up the role from April..
Online Published Date:
04 March 2009
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856 - 02 March 2009
Prudential exits Taiwan; gains 10% share in China Life
UK insurer Prudential Plc has sold off its insurance venture in Taiwan, making it the second foreign firm to sell up in the country recently. Taiwan’s China Life has agreed to buy most of Prudential’s local insurance business while..
Online Published Date:
04 March 2009
Appeared in issue:
856 - 02 March 2009
Japanese insurers announce merger
Three of Japan’s major brands in non-life insurance, Mitsui Sumitomo Insurance Group Holdings, Aioi Insurance and Nissay Dowa General Insurance, have announced plans to merge operations in April 2010 in a bid to tackle the economic slowdown..
Online Published Date:
04 March 2009
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856 - 02 March 2009
AIG seeks further fed aid; braces for 2008 loss
AIG confirmed that it is seeking further federal help ahead of the publication of its Q4 and full year 2008 results. Reports in the US media prompted AIG to confirm that it was in talks with the Federal Reserve over “potential new..
Online Published Date:
04 March 2009
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856 - 02 March 2009
Aerospace insurance “levels out” on renewals
The aerospace insurance market is showing signs of stabilising as the first renewals for 2009 take effect. According to Aon’s first Aerospace Insurance Market News of the year, lead premiums decreased on half of renewals agreed so far against..
Online Published Date:
04 March 2009
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856 - 02 March 2009
Go ever so cautiously into the good year
Capital is everything in the 2009 reinsurance market. But a great many companies are starting the year with their financial resources significantly reduced compared with a year ago. The bottom line message for reinsurers has never been clearer: with poor prospects for investment returns, they are badly in need of a good underwriting performance over the coming year
Online Published Date:
04 March 2009
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856 - 02 March 2009
Core markets flat but US drives Scor’s reinsurance renewals
Natural catastrophes in 2008 prompted a 30% increase in premium volume across the Americas
Online Published Date:
04 March 2009
Appeared in issue:
856 - 02 March 2009
The science of climate change: Implications for risk management
There is now no doubt that climate change is happening and that it is happening due to human activity. According to Dr Maureen Agnew, Senior Research Associate at the Climatic Research Unit, School of Environmental Sciences, University of East..
Online Published Date:
04 March 2009
Appeared in issue:
856 - 02 March 2009