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Class of 2001 leads market
Top performers are all unburdened by the legacies of the soft market before 2002
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
Terrorism underwriting post 7/7
Terrorism underwriting post 7/7
The events of 7 July refocused public awareness of the terrorism threat in the UK to the extent that it has dominated newspaper copy and TV headlines for the last month. These events occurred at a time when terrorism..
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
Market suffers 7% decline in underwriting results
Although majority of their investments are in the form of fixed interest securities, Australian insurance groups have returned to investing in equities and property over the past few months
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
Developing new business biggest drain on insurers’ resources
Securitisation is becoming increasingly popular as a means of financing for life companies in the US
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
Swiss Re transfers back office p&c functions to Bangalore
Swiss Re's Asian, continental European and Latin American life & health functions were transferred to Bangalore in January
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
Aegon expands presence in life and pensions market
Deal will complement the existing partnership which Aegon has in Spain with Caja de Ahorros del Mediterráneo
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
Mumbai storms are biggest natural catastrophe loss for insurers
The private sector non-life companies’ balance sheets are under pressure from record number of storm damage claims
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
Company news round-up
• Munich Re turns away business at July renewals • Scor regains coveted A rating • Axa buys Portuguese insurer
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
Allianz unveils global corporate conduct code
The code places a great deal of emphasis on the circumstances in which staff may accept gifts or invitations
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
Improved financial security rating boosts Scor price to 52-week high
S&P expects Scor to record a non-life combined ratio of less than 100% for 2005 and maintain a significantly improved non-life performance over the medium term
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
Scor
French reinsurer returned to profitability in 2004 but unfavourable ratings affected renewals and new business acquisition
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
Prospect of EU accession will increase influx of foreign insurers
Despite rating weaknesses, the market continues to show exceptionally strong growth, with premiums rising by 49.7% in 2003 and around 30% in the first three quarters of 2004
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
Asia
Period to comply with capital requirements extended
Insurance companies in the Philippines have been given one more year to increase their paid up capital to the required levels. The capital increases for non-life, life and reinsurance companies,..
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
Europe
Risk diversification
A new report published by the Association of British Insurers (ABI) suggests that risk diversification can reduce the capital requirements of general insurers in the UK by between 25% and 50%. The report is the result of a joint..
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
North America
TRIA compromise urged
The US insurance industry was urged by both the chairman of the House Financial Services Committee and the chairman of the sub committee on capital markets, insurance and government sponsored enterprises to accept some of the..
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
Aviation
2. 8, crash, injuries
Canada: aviation insurance pool La Réunion Aérienne managed insurance for the $110mn Air France A340 that burst into flames after skidding off the runway at Toronto's Pearson international airport. Air France..
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
Natural catastrophes
26. 7, floods, fatalities
India: record monsoon floods hit Mumbai and the Indian state of Maharashtra, killing about 1,000 people and causing 85,000 claims worth up to Rp20bn (US$460mn). The total insured impact was estimated at 5,000 SMEs,..
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
Marine
27. 7, collision, sinking
South Korea: all 13 crew on board pulp carrier Eisho Maru 1
(1,997 gt, built 2001) were rescued after the vessel sank following a collision in dense fog with waste carrier Joyang Sunshine
(2,665 gt, built 1979). The Eisho..
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
Liability, awards & settlements
26. 7, refinery explosion,settlements
US: BP took a $700mn charge in the second quarter for fatality and personal injury compensation claims associated with the incident at the Texas City refinery on 23 March, according to the company's..
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
Late reports
13. 7, defective bullet-proofvests, settlement
US: Japanese textile manufacturer Toyobo Co is to pay $29mn to settle a class action lawsuit that had demanded damages from the company for bullet-proof vests suspected of defects. Toyobo received a..
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
Egyptian Re
Premium income grew by only 5% in 2003/4 following the decline of legal cessions from domestic market
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
Product simplicity and investment complexity
As 6 April, 2006 approaches, pensions providers in the UK are gearing up for a number of changes that will inevitably affect the way they do business with their customers. But how many are thinking of going beyond compliance in order to capitalise on the business opportunities that await? Patrick Molineux
, director, Life & Pensions, Computer Sciences Corporation (CSC) warns that those pensions providers that fail to do so will certainly lose out
Online Published Date:
12 August 2005
Appeared in issue:
769 - 12 August 2005
Rise of the private sector
Privately owned insurers now account for 35% of India's non-life market
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Rise of the private sector
Privately owned insurers now account for 35% of India's non-life market
Online Published Date:
26 August 2005
Appeared in issue:
770 - 26 August 2005
Allianz looks to baby boomers making provisions for retirement
China, Russia and India identified as key markets • Hannover Re expands in life and health • Converium ‘set for recovery’
Online Published Date:
26 August 2005
Appeared in issue:
770 - 26 August 2005
Allianz looks to baby boomers making provisions for retirement
China, Russia and India identified as key markets • Hannover Re expands in life and health • Converium ‘set for recovery’
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
The world's largest professional non-life reinsurers
The rankings of the leading seven players remained unchanged in 2004 but Converium dropped two places to tenth
Online Published Date:
26 August 2005
Appeared in issue:
770 - 26 August 2005
The world's largest professional non-life reinsurers
The rankings of the leading seven players remained unchanged in 2004 but Converium dropped two places to tenth
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Liability, awards & settlements
9. 8, email spam, settlement
US: Microsoft has settled its lawsuit with “King of Spam” Scott Richter, with Richter promising to pay the software giant $7mn for sending an estimated 38bn emails a year. Richter and his online marketing..
Online Published Date:
26 August 2005
Appeared in issue:
770 - 26 August 2005
Liability, awards & settlements
9. 8, email spam, settlement
US: Microsoft has settled its lawsuit with “King of Spam” Scott Richter, with Richter promising to pay the software giant $7mn for sending an estimated 38bn emails a year. Richter and his online marketing..
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
International
Aviation losses
Four airline losses in quick succession have brought to an end a long period of relatively benign loss experience for the international aviation insurance market according to Steve Doyle, Aviation and Aerospace Global Practice..
Online Published Date:
26 August 2005
Appeared in issue:
770 - 26 August 2005
International
Aviation losses
Four airline losses in quick succession have brought to an end a long period of relatively benign loss experience for the international aviation insurance market according to Steve Doyle, Aviation and Aerospace Global Practice..
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Aviation
6. 8, emergency landing,fatalities
Italy: thirteen people died and three others were missing after ATR 72202 TS-LBB, operated by Tuninter, a subsidiary of Tunisair, made an emergency landing in the sea off the coast of Sicily. Twenty-three people..
Online Published Date:
26 August 2005
Appeared in issue:
770 - 26 August 2005
Aviation
6. 8, emergency landing,fatalities
Italy: thirteen people died and three others were missing after ATR 72202 TS-LBB, operated by Tuninter, a subsidiary of Tunisair, made an emergency landing in the sea off the coast of Sicily. Twenty-three people..
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Asia
Willis’ China licence reinstated by authorities
International insurance broker Willis said that the earlier suspension of the licence of its Guangzhou branch office (Willis Pudong Insurance Brokers) to accept new business has now been lifted...
Online Published Date:
26 August 2005
Appeared in issue:
770 - 26 August 2005
Asia
Willis’ China licence reinstated by authorities
International insurance broker Willis said that the earlier suspension of the licence of its Guangzhou branch office (Willis Pudong Insurance Brokers) to accept new business has now been lifted...
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
North America
Dennis to cost US insurance industry $900mn
US property and casualty insurers are expected to pay policyholders in four states $900mn on claims for insured property losses from Hurricane Dennis, according to estimates by ISO's Property..
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
North America
Dennis to cost US insurance industry $900mn
US property and casualty insurers are expected to pay policyholders in four states $900mn on claims for insured property losses from Hurricane Dennis, according to estimates by ISO's Property..
Online Published Date:
26 August 2005
Appeared in issue:
770 - 26 August 2005
Europe
Changes in financial services offshoring trends
Although India, China and Ireland are the top rated offshore destinations for financial services companies, Brazil, Poland and the Philippines are predicted to also be key centres in the next few..
Online Published Date:
26 August 2005
Appeared in issue:
770 - 26 August 2005
Europe
Changes in financial services offshoring trends
Although India, China and Ireland are the top rated offshore destinations for financial services companies, Brazil, Poland and the Philippines are predicted to also be key centres in the next few..
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Natural catastrophes
7. 8, typhoon, fatalities
China: typhoon “Matsa” roared into the eastern province of Anhui after hitting Shanghai, with the death toll from the storm rising to at least four. “Matsa” killed one person in Anhui after leaving..
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Natural catastrophes
7. 8, typhoon, fatalities
China: typhoon “Matsa” roared into the eastern province of Anhui after hitting Shanghai, with the death toll from the storm rising to at least four. “Matsa” killed one person in Anhui after leaving..
Online Published Date:
26 August 2005
Appeared in issue:
770 - 26 August 2005
Marine
9. 8, grounding, pollution
France: British luxury yacht Lands End
(364 gt, built 1965) struck a reef off southern Corsica, causing an oil spill. The 13 passengers and 12 crew members on board abandoned ship without injury. The yacht remained stuck..
Online Published Date:
26 August 2005
Appeared in issue:
770 - 26 August 2005
Marine
9. 8, grounding, pollution
France: British luxury yacht Lands End
(364 gt, built 1965) struck a reef off southern Corsica, causing an oil spill. The 13 passengers and 12 crew members on board abandoned ship without injury. The yacht remained stuck..
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Property & business interruption
7. 8, fire, damage
Germany: a huge fire devastated a luxury hotel in the German Alps, forcing 400 guests to flee. Ten people, including two firefighters, were slightly injured in the fire at the 170-room Schloss Hotel Elmau, near the mountain resort..
Online Published Date:
26 August 2005
Appeared in issue:
770 - 26 August 2005
Property & business interruption
7. 8, fire, damage
Germany: a huge fire devastated a luxury hotel in the German Alps, forcing 400 guests to flee. Ten people, including two firefighters, were slightly injured in the fire at the 170-room Schloss Hotel Elmau, near the mountain resort..
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Late reports
21. 7, hailstorm, damage
US: severe hailstorms that ripped through the Bismarck and Hettinger areas of North Dakota in late July caused in excess of $100mn damage to insured property, according to state Insurance Commissioner Jim Poolman. More..
Online Published Date:
26 August 2005
Appeared in issue:
770 - 26 August 2005
Late reports
21. 7, hailstorm, damage
US: severe hailstorms that ripped through the Bismarck and Hettinger areas of North Dakota in late July caused in excess of $100mn damage to insured property, according to state Insurance Commissioner Jim Poolman. More..
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Central Re
The slow-down in Taiwan's primary market resulted in a 2% fall in premium volume for the national reinsurer
Online Published Date:
26 August 2005
Appeared in issue:
770 - 26 August 2005
Central Re
The slow-down in Taiwan's primary market resulted in a 2% fall in premium volume for the national reinsurer
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
A great many UK brokers ripe for takeover, according to survey
The Plimsoll survey identifies 622 companies as having directors fees which take a high proportion of profits
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
A great many UK brokers ripe for takeover, according to survey
The Plimsoll survey identifies 622 companies as having directors fees which take a high proportion of profits
Online Published Date:
26 August 2005
Appeared in issue:
770 - 26 August 2005
Workers' compensation cover problems inhibit market development
In addition to softening premium rates, the workers' compensation sector is also faced with a host of other challenges
Online Published Date:
26 August 2005
Appeared in issue:
770 - 26 August 2005
Workers' compensation cover problems inhibit market development
In addition to softening premium rates, the workers' compensation sector is also faced with a host of other challenges
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Life and pensions sector boosts market's overall growth
There is a high degree of foreign investment in the Peruvian insurance market. Of the 12 companies in the market, eight are majority foreign owned while the remaining four all have foreign investors with minority stakes
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Life and pensions sector boosts market's overall growth
There is a high degree of foreign investment in the Peruvian insurance market. Of the 12 companies in the market, eight are majority foreign owned while the remaining four all have foreign investors with minority stakes
Online Published Date:
26 August 2005
Appeared in issue:
770 - 26 August 2005
Moody's report full of praise for mutual life companies
Report notes that despite the improved economic environment, there are still four times as many companies with a negative outlook for their current financial strength ratings than those with a positive one.
Online Published Date:
26 August 2005
Appeared in issue:
770 - 26 August 2005
Moody's report full of praise for mutual life companies
Report notes that despite the improved economic environment, there are still four times as many companies with a negative outlook for their current financial strength ratings than those with a positive one.
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
D&O insurance cover: is a review overdue?
Recent legal developments could mean there is a risk that directors and officers' (D&O) insurance currently in place will contain substantial gaps in coverage and could therefore leave the company's directors and other officers inadvertently exposed to liability. Gillian Eastwood,
dispute resolution partner at law firm Freshfields Bruckhaus Deringer, explains
Online Published Date:
26 August 2005
Appeared in issue:
770 - 26 August 2005
D&O insurance cover: is a review overdue?
Recent legal developments could mean there is a risk that directors and officers' (D&O) insurance currently in place will contain substantial gaps in coverage and could therefore leave the company's directors and other officers inadvertently exposed to liability. Gillian Eastwood,
dispute resolution partner at law firm Freshfields Bruckhaus Deringer, explains
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
Ensuring the right volumes of the right data
Ensuring the right volumes of the right data
There is an increasing need among insurance marketers for fresh customer data. The sector is among the most data reliant. Although nowhere near the stratospheric mailing volumes of the credit card..
Online Published Date:
26 August 2005
Appeared in issue:
770 - 26 August 2005
Ensuring the right volumes of the right data
Ensuring the right volumes of the right data
There is an increasing need among insurance marketers for fresh customer data. The sector is among the most data reliant. Although nowhere near the stratospheric mailing volumes of the credit card..
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005
MBIA served with notice
SEC also concerned about Channel Re, a reinsurer which MBIA helped to set up
Online Published Date:
26 August 2005
Appeared in issue:
770 - 26 August 2005
MBIA served with notice
SEC also concerned about Channel Re, a reinsurer which MBIA helped to set up
Online Published Date:
26 August 2005
Appeared in issue:
770/771 - 26 August 2005