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Irish insurers caught out by economic contraction
And with insurance buying activity expected to shrink by up to 6% this year, it will be difficult for rate rises alone to generate growth in premium volume
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16 March 2009
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857 - 16 March 2009
New Fortis deal reinforces bancassurance model
Fortis Bank and Fortis Insurance Belgium will develop non-life insurance activities outside France, Belgium, and Turkey
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16 March 2009
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857 - 16 March 2009
European Union report strengthens Solvency II case
Member states need to break the current deadlock over new solvency rules, says an influential new report
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16 March 2009
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857 - 16 March 2009
US operations lead QBE’s premium growth
The Australian insurance group recorded its first profit decline since 2002 following catastrophe losses
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16 March 2009
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857 - 16 March 2009
Foreign insurers continue to increase their share of domestic market
Local insurers countered the challenge from foreign insurers on the home front by expanding international operations
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16 March 2009
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857 - 16 March 2009
Growth of RSA’s global operations outpace domestic business
Emerging markets business was the fastest growing sector, drawing closer to RSA’s £1bn premium target by 2010
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16 March 2009
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857 - 16 March 2009
Independent units move to isolate themselve from parent’s US losses
AIG’s Indian subsidiary recently won the backing of the regulator
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16 March 2009
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857 - 16 March 2009
Joint venture operations confronted with solvency challenges
Foreign partners under pressure to increase financial support for joint ventures
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16 March 2009
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857 - 16 March 2009
AIG and Aviva disclosures put further pressure on sector stocks
The values of insurance and reinsurance stocks continued to deteriorate over the two week period ending 5th March. This was due to a number of factors, not least the increasingly bleak economic outlook and the deep disillusionment with the..
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16 March 2009
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857 - 16 March 2009
Dismal life sector performance results in net loss for Chile market
For Chile’s life insurers, a positive result of $407mn in 2007 turned into a net loss of $223mn in 2008
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16 March 2009
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857 - 16 March 2009
Local insurers make new demand for greater acces to China
It is more difficult for insurers on the island to access opportunities on the mainland than it is for US and European companies
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16 March 2009
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857 - 16 March 2009
New piracy risk management service
Special Contingency Risks Limited (SCR), a division of Faber & Dumas, and maritime risks adviser Underwater Security Consultants Limited have launched a comprehensive package of services geared towards risk prevention and management in..
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16 March 2009
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857 - 16 March 2009
World Loss Log 17 February - 2 March 2009
Late reports
16.2, volcanic eruption
Colombia: the eruption of the Mount Galeras volcano in Colombia resulted in the evacuation of 8,000 people living nearby. The 14,000-foot volcano, in southern Colombia, began to expel ash in areas surrounding..
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16 March 2009
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857 - 16 March 2009
Endurance Specialty Holdings Ltd
The improvement in Endurance Specialty Holdings’ 2007 net result was due to three main factors: an improved performance on the underwriting front (helped in no small way by a highly favourable prior year loss development), a notable increase in investment income and, not least, by a 30.0% reduction in the company’s tax bill compared with the previous year
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16 March 2009
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857 - 16 March 2009
Foreign insurers flood local market
Improvements in Bulgaria’s supervisory regime and the country’s accession to the EU have led to a transforming influx of foreign insurance companies. The impact on the non-life market has been marked. Despite the effect of falling property rates, non-life premium volumes have grown by around 20% a year over the last five years. This trend is expected to continue, partly because of the rapid increase in new car ownership, and partly because of a renaissance in the small-to-medium sized business sector, which some insurers claim is growing by 20% to 30% a year
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16 March 2009
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857 - 16 March 2009
Aon boosts corporate service provision
Aon Global Risk Consulting has appointed Graham Heath as director of Risk Control – UK. Mr Heath will support the firm’s retail broking teams in promoting and delivering risk management services as a key component of Aon’s overall..
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16 March 2009
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857 - 16 March 2009
Hub completes Liberty Mutual acquisition
Hub International Limited (Hub) has completed its acquisition of the renewal rights to Liberty Mutual’s middle market commercial property and casualty business in Arizona, Arkansas, California, Colorado, Hawaii, Kansas, Louisiana, Nebraska,..
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16 March 2009
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857 - 16 March 2009
Starr International appointment
Charles H. D’Angelo will assume the role of president and chief executive officer at Starr Indemnity & Liability Company (SILC), a subsidiary of Starr International, the Panama based private investment holding company led by Maurice..
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16 March 2009
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857 - 16 March 2009
Cybercrime on increase in Japan
The perpetration of cybercrime in Japan grew by 15.5% last year and does not bode well for e-crime in western nations, according to Finjan, a UK based provider of web security solutions. The company expects that, with the current economic..
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16 March 2009
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857 - 16 March 2009
Managing liability and risk in a downturn
When people and organisations wish to apportion blame for the adverse effects of the downturn, directors and officers will be in the firing line. Insurance broker and risk consultant, Marsh anticipates increased litigation against company..
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16 March 2009
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857 - 16 March 2009
Digitising the personal injury claims process
Last year, the Ministry of Justice (MoJ) published a report on the personal injury claims system in the UK. The report suggested a number of reforms. Here, Joe Pendle, Director of Client Services for Insurance Services Office (ISO) Ltd, highlights..
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16 March 2009
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857 - 16 March 2009
ONGC seeks to renew cover
The Indian energy giant is keen to avoid the experience of 2002 when it could not obtain reinsurance cover for 41 days
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16 March 2009
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857 - 16 March 2009
Reinsurers turn to new methods to calculate complex risks
Scenario testing is becoming more popular to understand the full impact of interrelated risks
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16 March 2009
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857 - 16 March 2009