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IBA expands risk advisory services
The International Bureau of Aviation (IBA), the independent industry body which provides business analysis and risk advisory services to the aviation industry, has extended its offering to provide asset and lease management support services to..
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Amlin Plc
Along with the challenges presented by catastrophe losses and investment asset impairment in 2008, the two other clear themes in the Amlin annual report were the positive impact of favourable foreign exchange gains and the need to balance the inherent volatility of its catastrophe exposed business with the more predictable, if sometimes attritional, results of such lines as UK commercial motor, liability (including professional indemnity) and aviation insurance
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
World Loss: 12 May - 25 May, 2009
Late reports
10.5, crash, fatalities
Russia: The governor of the Siberian region of Irkutsk was killed in a helicopter crash. The wreckage of the US-made Bell helicopter in which Igor Yesipovsky was travelling was found around 55 miles away from..
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Willis argues case for aviation product makers
Aerospace product manufacturers are bearing a disproportionate share of aviation market premium, according to a new report from Willis Aerospace. Indeed, Willis criticised insurers for holding the line on further rate reductions for the sector in..
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
AIG completes sale of Tokio property
American International Group, Inc. (AIG) completed the sale of its prime real estate holding in the Otemachi District in Tokyo to Nippon Life Insurance Company. Under the terms of the agreement, Nippon Life Insurance Company paid approximately $1.2..
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
QBE appoints regional infrastructure manager
QBE Europe has appointed Stephen Slingsby as General Manager Operations, European Markets. This is a new role within the European business and Mr. Slingsby will focus on managing the business processes and infrastructure for European Markets. He..
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Fire departments constraint by budget cuts
A survey of US fire departments sponsored by the Fireman’s Fund, a subsidiary of Allianz Group, found that the current economic crisis is negatively impacting fire departments in the state of Illinois which are significantly constrained by..
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Vikas Newatia, Managing Director, EMB India
The Indian insurance market has made significant progress since it was liberalised just over a decade ago. Indeed, over the last six to seven years, the private sector companies’ share of the market increased from 4.0% percent to 40.0%. However, the foreign direct investment limit in the insurance sector is confined to 26.0%, despite earlier indications by the authorities that this would be raised to 49.0%. Here, Vikas Newatia, Managing Director of actuarial firm EMB India, addresses a number of issues including the nature of the competition between the private sector and the more established public sector companies, the possibility of the FDI limit being raised, the nature of the opportunities in the market for foreign companies as well as changing attitudes in the market towards rate cutting, pricing, and reserve setting
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Regional newsroundup Chilean pension companies’ profits driven by improved performance on the investment front
Chilean pension companies increased their operational profitability during the first quarter of 2009. However, the poor returns by funds under their management provided little comfort for subscribers
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Insurance Coverage For Swine Flu Claims in the US
As the world braces for a Swine Flu pandemic, the first concern of every business is the safety of their workers – and customers, if they’re in the hospitality industry or another business that draws people into physical proximity to one another. Here, Diana Shafter Gliedman, Marshall Gilinsky and Rhonda D. Orin, attorneys in the New York and Washington D.C offices of law firm, Anderson Kill & Olick, consider key issues likely to arise from claims under standard business insurance policies in the US in the event of a Swine Flu outbreak. All three attorneys specialise in insurance recovery litigation on behalf of policyholders, for which the firm is nationally known in the US
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Extreme weather losses behind five-fold rise in insurers’ claims levels
Australia’s private sector insurers grappled with slow premium growth during the twelve months period ending June 2008. Underwriting profits, not surprisingly, were down sharply as a result of the increased claims experience
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Move towards Systemic Risk council for Europe
The role of a such a body would be to monitor and assess risks to the stability of the European financial system. The idea is to provide an early warning system for future crises
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Government freezes contributions to pension fund for 10 years
In the present financial situation, the state would have to borrow to meet its annual $2.0bn obligation to the ‘Super Fund’
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Life insurance sector growth up by 10.0%, but uneven performance by individual companies
The slowdown in personal income growth, combined with the massive fluctuations in Chinese equity market values are leading to major changes in life insurance company marketing and investment strategies
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Insurers flounder as other industry sectors prosper
The values of the insurance and reinsurance stocks tracked by WIR continued their decline over the period ending 28th May, the second successive downturn for the sector since the market rallied so vigorously since the end of March; a market, which..
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Budget proposal introduces uncertainty for commercial p&c market
A US government move to progressively scale back the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA 2007) could have a negative impact on the commercial property/casualty insurance market, according to insurance intermediary Aon • TARP approval for life insurers viewed as positive by Fitch
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
Insurers deny unclaimed life insurance benefits slur
France’s insurers have been stung by suggestions that they are sitting on millions of euros due against unclaimed matured life insurance contracts
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
The end of light touch regulation
The UK banking industry faces huge challenges and the recent Turner Review proposals amount to a revolution in the UK’s approach to the regulation and supervision of banks, investment banks and shadow banks. According to the author of that..
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009
A challenging environment with undoubted potential
The decades long conflict between the Tamil Tiger movement and the Sri Lankan government has slowed down the pace of economic development and inhibited the growth of the insurance sector in the country. Despite the recent capture by government..
Online Published Date:
12 June 2009
Appeared in issue:
863 - 08 June 2009