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Mutual insurers outperform listed rivals
Europe
Online Published Date:
04 February 2008
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830 - 04 February 2008
Vermont captive insurers up by 32 in 2007
North America
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04 February 2008
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830 - 04 February 2008
US cat losses 2007
North America
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04 February 2008
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830 - 04 February 2008
Marine outlook positive
International
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04 February 2008
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830 - 04 February 2008
ERM could have averted sub prime credit crisis
International
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04 February 2008
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830 - 04 February 2008
Aviation
12.1, crash, fatalities
Namibia: five foreign tourists and their pilot were killed in Namibia after their light aircraft crashed into a house on takeoff. They said the five dead tourists were believed to be from Israel, although there was no..
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04 February 2008
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830 - 04 February 2008
Natural catastrophes
8.1, snowfall
Azerbaijan: heavy snowfall paralysed road and air traffic in Baku, the capital of Azerbaijan. The snow in the streets was more than 30 centimetres deep. Azerbaijani Airlines (AZAL) said domestic flights were cancelled, and..
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04 February 2008
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830 - 04 February 2008
Marine
9.1, capsizing, fatality
Canada: fishing (general) Westisle
(99 gt, built 1982) capsized in the Pylades Channel, resulting in the death of one crew member. Searchers recovered a man’s body on the shore of Mudge Island, near where the..
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04 February 2008
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830 - 04 February 2008
Liability, awards and settlements
11.1, Crown Princess, judgement
US: improper training and bad steering by a Princess Cruises ship’s second officer caused passenger (cruise) Crown Princess
to tilt suddenly in 2006, injuring almost 300 people, the National Transportation..
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04 February 2008
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830 - 04 February 2008
Property damage and business interruption
8.1, fog, business interruption
US: ship traffic was halted due to dense fog along the Houston Ship Channel. The channel serves the ports of Houston and Texas City, where refineries account for 13.45% of US refining capacity. Dense fog made sailing..
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04 February 2008
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830 - 04 February 2008
Late reports
7.1, helicopter crash, fatality
Indonesia: Robert Chandran, the chief executive and founder of Singapore-listed fuel trader Chemoil, died in a helicopter crash while travelling in Riau, Indonesia. Mr Chandran was the head of the biggest supplier of..
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04 February 2008
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830 - 04 February 2008
Assicurazioni Generali
Despite the group’s rapid expansion into the emerging markets of central and eastern Europe, Asia and Latin America in recent years, Generali, as demonstrated by the acquisition of Toro in Italy, remains alert to new opportunities in its traditonal markets
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04 February 2008
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830 - 04 February 2008
Market attempts to stabilise rates as cycle softens
The Ugandan non-life market continues to prosper, both in local currency and US dollar terms. The market was highly profitable in 2005, with almost three quarters of insurers declaring profits. Between 2001 and 2005 the average annual premium growth in US dollars was about 18%. According to Uganda Insurance Commission statistics, the market claims experience has also been excellent with loss ratios not exceeding 50% in any non-life class over the period 2001 to 2005
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04 February 2008
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830 - 04 February 2008
Swiss Re stock price gains 7.3% as rest of market deteriorates
The downward slide by global insurance and reinsurance stocks, which gathered pace during the first two weeks of January, only intensified during the second half of the month.
This was despite numerous pledges of support for the embattled US economy..
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04 February 2008
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830 - 04 February 2008
Profits down 12% at IRB-Brasil Re ahead of demonopolisation
Mapfre fuels acquisition rumours • Pensions transferred to state scheme • ING acquires Santander pension business
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04 February 2008
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RSA looks for non-life opportunities after selling life operations
Jose Luis Plana said RSA Colombia is hoping to recover in non-life the long term life business the company sold
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04 February 2008
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830 - 04 February 2008
PNB reviews firms
India’s Punjab National Bank (PNB) may take its wholly owned subsidiary PNB Housing Finance Ltd public in the coming months to help fund business growth. “We are examining as to whether one should take PNB Housing public or induct a..
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04 February 2008
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830 - 04 February 2008
Vietnam opens up
Since Prudential Plc launched Pru Link in Vietnam last November, following a government decision to allow foreign insurers to sell investment-linked products in the life insurance market, new sectors are being opened up to foreign players.
The..
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04 February 2008
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830 - 04 February 2008
Insurers oppose bancassurance extension
Motor insurance will be the latest addition to bank’s insurance portfolio from April
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04 February 2008
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830 - 04 February 2008
Government defends VHI’s exempted status from EC law
The health insurer faces a separate lawsuit at the European Court of Justice brought by a competitor in the Irish market
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04 February 2008
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830 - 04 February 2008
Market report shows wide variations between member states
Claims frequency has fallen in the EU, but while in Austria 11% of policyholders made a claim only 3% did so in Finland
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04 February 2008
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830 - 04 February 2008
New Polish government calls for truce with Eureko
The two sides have agreed to resume confidential negotiations in the long-standing dispute over the privatisation of PZU
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04 February 2008
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830 - 04 February 2008
Insurance market contracts following fall in life policy sales
A shift in interest rates left the three-month rate higher than the 10-year and households favoured cash savings over insurance
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04 February 2008
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830 - 04 February 2008
Lloyd’s, Bermuda, the US collateral rules and the business of relationship banking after September 11
Lloyds TSB provides banking and debt finance services to more than half of the businesses in the Lloyd’s insurance market and is the only full service bank that deals with the Bermudian market from London. Here, Bill Cooper
, Managing Director, Financial Institutions, Lloyds TSB Corporate Markets, reflects on the opportunities and challenges presented by the bank’s fast expanding business with the global specialist insurance sector
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04 February 2008
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830 - 04 February 2008
Loss ratios to rise on full-year results to reflect falling rates
Towers Perrin survey pitches the average premium deductions lower than other industry research
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04 February 2008
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830 - 04 February 2008
Ambac opens 2007 reporting season wih $5bn pre-tax loss
Ambac’s losses stemmed from $6bn in mark-to-market losses • Fitch downgrades SCA after it abandons new capital plan
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04 February 2008
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830 - 04 February 2008
IT governance and the multinational insurer
A perennial question for any chief information officer (CIO) is how best to organise the IT department to support the business efficiently and effectively. For multinational insurers with operations in many countries and regions, the answer to this question is complex. Here, Catherine Stagg-Macey
, senior analyst at technology research and advisory firm, Celent, takes a look at IT governance models and considers how core IT systems are structured in insurance multinationals across the globe. Ms Stagg-Macey also highlights some of the challenges inherent in the task
Online Published Date:
04 February 2008
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830 - 04 February 2008
Apprehension in the market
Sharp increases in the price of oil, steel, building materials and contractor day rates have resulted in significantly increased exposures to energy insurers. Despite loss levels in the energy insurance sector remaining low for a second successive..
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04 February 2008
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830 - 04 February 2008
Lack of response to failure of Equitable Life criticised
MEPs are furious that the UK government has failed even to acknowledge the publication of the report by an EU parliamentary committee of inquiry. One MEP described the stance of the government in leaving Equitable Life without remedy as “immoral and illegal” when compared with the promptness with which Whitehall rescued the British bank Northern Rock
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04 February 2008
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830 - 04 February 2008
Locktons’ China desk
Asia
Online Published Date:
18 February 2008
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831 - 18 February 2008
Increase in expatriate workforce in Scandinavia
Europe
Online Published Date:
18 February 2008
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831 - 18 February 2008
CEA environmental liability report
Europe
Online Published Date:
18 February 2008
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831 - 18 February 2008
Stable outlook for life companies
North America
Online Published Date:
18 February 2008
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831 - 18 February 2008
Bleak year for marine
International
Online Published Date:
18 February 2008
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831 - 18 February 2008
Aviation
22.1, collision, fatalities
US: five people were killed after two private aircraft collided in midair in southern California. The two aircraft collided near the Corona Municipal airport, about 72 km south-east of Los Angeles, according to the..
Online Published Date:
18 February 2008
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831 - 18 February 2008
Natural catastrophes
26.1, flooding
Australia: BHP Billiton and other coal miners in Australia’s Queensland state stood to lose at least 10 million tonnes of coking coal after heavy rain caused severe flooding in Central Queensland, driving up prices, according to..
Online Published Date:
18 February 2008
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831 - 18 February 2008
Marine
24.1, vessel detained, fatalities
UK: general cargo vessel Sava Lake
on passage from Horsens, Denmark, with a cargo of steel-turnings, was detained at the request of the Maritime and Coastguard Agency (MCA), following the master’s report that..
Online Published Date:
18 February 2008
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831 - 18 February 2008
Liability, awards and settlements
22.1, oil spill, charges
South Korea: prosecutors charged five people, including the master of crude oil tanker Hebei Spirit
, following the country’s worst oil spill last month. Scores of marine farms and miles of beaches along the Yellow Sea..
Online Published Date:
18 February 2008
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831 - 18 February 2008
Property damage and business interruption
22.1, strike, business interruption
Greece: industrial action by Greek dock workers dissatisfied with moves to privatise Greece’s container terminals delayed imports and exports. Workers were concerned about the maintenance of their labour..
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18 February 2008
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831 - 18 February 2008
Late reports
19.1, crash, fatalities
Angola: twenty-five people died in Angola when the aircraft they were travelling in crashed in the mountains near the second city of Huambo. The aircraft went down in bad weather as it was nearing the airport in Huambo about..
Online Published Date:
18 February 2008
Appeared in issue:
831 - 18 February 2008
Ace Group of Companies
The trend towards reducing the group’s reliance on the world’s biggest, but most volatile, insurance market, is set to continue
Online Published Date:
18 February 2008
Appeared in issue:
831 - 18 February 2008
Foreign companies look to local banks to increase market access
In 2006 the Polish life market recorded its best premium income for many years. A number of international groups have interests in Polish insurers, usually for both life and non-life business. Since 2002 foreign investment has represented more than 70% of the net equity in life and non-life insurers. Some of the larger international insurers are reported to be finalising plans to convert their Polish subsidiaries into branches of companies based elsewhere in the EU
Online Published Date:
18 February 2008
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831 - 18 February 2008
US insurance sector stocks rally despite fall in broader market
The insurance and reinsurance stocks tracked by WIR experienced mixed fortunes over the fortnight ending 7 February. In broad terms, both US and Asian listed insurance stocks rallied strongly over the period with companies such as Endurance..
Online Published Date:
18 February 2008
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831 - 18 February 2008
Chile’s insurers upbeat about market prospects despite high claims
Less than one-third of vehicles have insurance • Bolivia • Colombia • Ecuador • Venezuela • Brazil • Central America
Online Published Date:
18 February 2008
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831 - 18 February 2008
Snowstorms expose under-insurance of China’s businesses
Only around 10% of companies is covered by insurance, limiting losses to insurers from the recent blizzards to $500mn
Online Published Date:
18 February 2008
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831 - 18 February 2008
Regulator encourages insurers to take part in microinsurance
CIRC wants to expand microinsurance project to target the very lowest wage earners
Online Published Date:
18 February 2008
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831 - 18 February 2008
Government shifts disclosure responsibility to firms
Insurers will have to ask specific questions in a move to reduce the number of rejected claims • Finance house investors sue
Online Published Date:
18 February 2008
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831 - 18 February 2008
Hannover Re’s rate reductions on renewal smaller than feared
Some €2.6bn of business was renewed • Munich Re limited ‘price erosion’ on renewals to 2.8%
Online Published Date:
18 February 2008
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831 - 18 February 2008
Progress of risk based regulation halted by new capital calculations
The CEA is unhappy that Ceiops’ latest quantitative impact study uses a linear model to calculate the MCR
Online Published Date:
18 February 2008
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831 - 18 February 2008
Consumer credit directive to eliminate “27 mini markets”
New laws will require full harmonisation from member states to minimise differences and boost cross border transactions
Online Published Date:
18 February 2008
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831 - 18 February 2008
Financial services pay highest D&O premium rates
Market volatility increases potential for litigation against directors and officers warns new study
Online Published Date:
18 February 2008
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831 - 18 February 2008
MBIA posts $3bn loss and takes further step to improve capital
Most of the proceeds of its share offer will support its insurance subsidiary • Fitch places AAA rating under review
Online Published Date:
18 February 2008
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831 - 18 February 2008
Facing up to the fact that the competition is getting better
The story of managing insurance and reinsurance liabilities or legacy business in London has so far been a story of rapid and continual growth, allied to ever-increasing sophistication in management techniques and trading mechanisms. But, according to Philip Grant, chairman of the Association of Run-Off Companies (ARC), it would be foolish not to recognise that London’s pre-eminence is open to challenge. Here Mr Grant identifies and describes the possible challenges and suggests ways in which the city’s run-off community can rise to them. This is an edited version of Mr Grant’s recent lecture to the Insurance Institute of London
Online Published Date:
18 February 2008
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831 - 18 February 2008
Engaging in BCM
For many years one of the key challenges in Business Continuity Management (BCM) has been securing the support of executives. According to
Patrick Roberts
, a senior consultant at risk management and business continuity consultants, Needhams 1834..
Online Published Date:
18 February 2008
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831 - 18 February 2008
Diversification pays off
Reporting their results, all reinsurers were at pains to reassure investors of their minimal exposure to sub-prime assets through their investment portfolios and apart from XL Capital, disclosed losses were generally negligible
Online Published Date:
18 February 2008
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831 - 18 February 2008