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Liberty in Puerto Rico
Latin America
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09 June 2006
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Japanese non-life recovery
Asia
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09 June 2006
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789 - 09 June 2006
Investment management group takes climate change seriously
Europe
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09 June 2006
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789 - 09 June 2006
Role of agencies key to future of terrorism cover
North America
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09 June 2006
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Security
21.5, pirate attack
Guinea: Russian product tanker Shkotovo
(2956 gt, built 1990) was attacked by pirates off the African port of Conakry. The tanker provides fuel for African vessels in the Atlantic Ocean. A team of six pirates armed with guns..
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09 June 2006
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Aviation
16.5, Black sea crash investigation
Russia: searchers recovered the second flight recorder from an Armavia Airbus A- 320-211 (EK32009) aircraft that crashed into the Black Sea three weeks earlier, killing all 113 people aboard. The flight data..
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09 June 2006
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Natural catastrophes
19.5, storm damages
US: flooding inflicted a minimum of $35mn in damage upon homes and businesses in North Andover Massachusetts. One thousand nine hundred homes sustained various levels of flooding. At an average of about $16,000 of damage..
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09 June 2006
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Marine
16.5, sinking, fatalities
New Zealand: six people died, including people representing three generations of one family, when the 15m vessel Kotuku
sank in heavy seas in Foveaux Strait. The load may have shifted after it was hit by a wave, forcing..
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09 June 2006
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Liability, awards and settlements
6.5, Justice Department investigation, settlement
US: the Boeing Corporation agreed to pay $615mn to settle a US Justice Department investigation into its acquisition of documents from competitor Lockheed Martin. The deal tentatively calls for..
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09 June 2006
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Road and rail
18.5, collision, fatalities
Switzerland: three people were killed in the town of Thun when a construction train that failed to brake was intentionally crashed into a parked train to end an uncontrolled, 30-km downhill journey. The victims were two..
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09 June 2006
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Property and business interruption
17.5, bird flu
International: five more people died from bird flu in Indonesia, the World Health Organization confirmed. The deaths of the five, who were all from the same family, brings Indonesia’s bird flu death toll to 30. At least four of..
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09 June 2006
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Transatlantic Holdings
The company, which made a pre-tax loss of $46.0mn, only managed to post a positive net income result because of $84.0mn in income tax benefits
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09 June 2006
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Swiss Re
The volatile US market, which accounts for 44.7% of Swiss Re’s total gross premium income, remains hugely important for the group. Its next biggest markets, the UK, Germany, France and Switzerland, by comparison, account for only 9%, 6%, 4% and 3.9% of gross premium income respectively.
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09 June 2006
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Waiting for parliament to approve the necessary legislation
But the Department of Insurance announced in August 2005 that it would be increasing the capital requirements of insurers to bring them into line with international standards and to bring non-life insurers into line with life companies
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09 June 2006
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European stocks boosted by expectation of M&A activity
The prospect of an outburst of M&A fever temporarily suppressed concerns about interest rate rises in Europe and the US
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09 June 2006
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Addressing the challenges of the market
The insurance broking sector in South Africa faces huge challenges, but according to Peter Drube, director of CSC in the country, the willingness is there and the market is evolving rapidly
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09 June 2006
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Regulator approves ZFS application for Beijing branch
New branch will focus on corporate clients • Allianz sets sights on China and India for regional growth
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09 June 2006
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Private sector insurers face capital crunch
Insurers dealt a blow by new rules that limit borrowings from overseas corporate bodies
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09 June 2006
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Chubb and HDFC set to part company
The US insurer is said to be considering multiple partners in India • Generali forms joint India insurance venture with Future
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09 June 2006
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Uncertain future for PZU as chief executive departs
S&P places ratings on negative watch amid concerns over future direction • Glencairn open new office in Moscow
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09 June 2006
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789 - 09 June 2006
Swiss Re acquisition provokes spectre of ratings downgrade
Swiss Re faces negative outlooks until the deal to buy the lower-rated GE Insurance completes
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09 June 2006
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789 - 09 June 2006
Mapfre restructures to exploit global opportunities
The group has ambitions to become a top five European insurer and one of the top 10 reinsurers in the world
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09 June 2006
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Industry stages recovery from with-profits slump
With-profits business is unlikely to regain the popularity of the 1990s but recent figures record an improvement in returns
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09 June 2006
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789 - 09 June 2006
Lawmakers vote to reform federal flood insurance programme
Insurers hope the new modernization act will restore the damage done to the NFIP after last season’s hurricanes
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09 June 2006
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Rethinking error management in insurance
The expense of correcting errors, or business exceptions, exceeds $10bn each year and is a significant operational cost to insurers. It’s about time the industry update its approach to correcting quotation and claims errors in order to manage costs and keep policyholders happy, says John Maclean, director of marketing, EMEA, at business process consultancy Vitria.
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09 June 2006
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Factoring in global warming
The catastrophic aftermath of Katrina and the above average hurricane activity in both 2004 and 2005 have fueled a scientific debate over the effects of global warming. Last week,
Wendy Baker
, President of Lloyd’s America, addressing a..
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09 June 2006
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789 - 09 June 2006
Regulator defends solvency rules
New non-life insurance companies in Ireland must have a solvency margin of at least twice the EU minimum for their first three years of operation
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09 June 2006
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Insurers should take heed
Europe
Online Published Date:
23 June 2006
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790 - 23 June 2006
Insurers can invest in banks
Asia
Online Published Date:
23 June 2006
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790 - 23 June 2006
Security
2.2, kidnap negotiations
Somalia: the Philippine government said it would enter into negotiations with Somalian pirates who hijacked the Panamanian registered product tanker Lin I
, manned by 19 Filipinos. News of the government’s intention to..
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23 June 2006
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790 - 23 June 2006
Aviation
2.6, crash, fatalities
US: a Learjet registered to religious broadcaster Pat Robertson crashed in Long Island Sound while flying in heavy fog, killing both pilots. All three passengers escaped without serious injury. Mr Robertson was not aboard. The..
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23 June 2006
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Natural catastrophes
31.6, earthquake, fatalities
Indonesia: US Marines joined an international effort to deliver aid and medical care to nearly 650,000 Indonesians displaced by a devastating 6.3- magnitude earthquake. The US also increased its aid contribution to..
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23 June 2006
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Marine
2.6, sinking, fatalities
Greece: hopes of finding the five missing crew of general cargo vessel Han
that sank after colliding with the combined chemical and oil tanker Alios Artemis
in the Aegean Sea, faded after a fruitless night-long rescue..
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23 June 2006
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790 - 23 June 2006
Liability, awards and settlements
3.6, false accusations, settlement
US: a Taiwanese-American scientist once suspected as a spy will receive $1.64mn after settling lawsuits against the US government and five news outlets. Wen Ho Lee, who used to work at the Los Alamos nuclear..
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23 June 2006
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790 - 23 June 2006
Road and rail
30.5, collision, fatality
South Africa: one man was killed when a fully laden container train collided with a lorry carrying sugar cane at a level crossing between Enseleni and KwaMbanombi in Zululand. The train, hauled by diesel-electric..
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23 June 2006
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790 - 23 June 2006
Property and business interruption
2.6, coal mine explosion, fatalities
Turkey: a methane gas explosion ripped through a coal mine in western Turkey, killing at least nine miners and trapping several others. The blast caused a shaft to collapse at the mine in the village of Odakoy in..
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23 June 2006
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790 - 23 June 2006
Implementing the lessons learned in 2004 and 2005
While some changes will merely require modifying mindsets, others such as integration of cat management into the underwriting process, will take time as well as new tools, says Lara Mowery*
Online Published Date:
23 June 2006
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790 - 23 June 2006
Insurance entities no longer under strict control of the state, but market remains constrained by political and economic structures
Although the law permits the entry of foreign insurers on a joint venture basis, it is understood that applications are unlikely to be approved at the present time, simply because there is not enough business to sustain more than the existing insurers
Online Published Date:
23 June 2006
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790 - 23 June 2006
Montpelier Re, braced by $100mn investment, leads Bermudian rally
Investors also appeared receptive to the idea of a flurry of M&As among the island’s insurers to create financially stronger firms
Online Published Date:
23 June 2006
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Markets will open up from 2008 following trade agreement with USA
The natural catastrophe prone region is home to 70 insurers which generated US$1.7bn in premium income in 2005
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23 June 2006
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790 - 23 June 2006
Earnings strengthen despite stagnant premium growth in Q1 2006
Non-life remains only one-third of life insurance business, not helped by the 25% drop in premiums by RS&A’s acquisition
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23 June 2006
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790 - 23 June 2006
New entrants to Vietnam’s insurance sector boost Vinare income
The country’s only reinsurer reported a 16% rise in gross premiums, benefiting from the growing primary insurance business
Online Published Date:
23 June 2006
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790 - 23 June 2006
Equitable Life inquiry calls regulators and politicians to account
Past and present insurance regulators who played a leading role in the supervision of the life insurer will testify before MEPs
Online Published Date:
23 June 2006
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790 - 23 June 2006
AXA strengthens market shares in Europe on Winterthur deal
Credit Suisse sells Winterthur • Swiss Re launches natural catastrophe bonds • Generali buys stake in Ukraine insurer
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23 June 2006
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790 - 23 June 2006
European Parliament vote launches flood risks directive
Industry welcomes legislation but with a lengthy negotiation process predicted, the directive will not be adopted before 2007
Online Published Date:
23 June 2006
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790 - 23 June 2006
KWELM: setting the gold standard for insolvent run-off
Two directors of KMS Insurance Management Ltd (KMS), the successor to the management company that was formed in 1992 to administer the run-off of the KWELM companies, explain why run-off is not considered any longer to be a stigma
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23 June 2006
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790 - 23 June 2006
Investment directive promises to intensify competition
Investment firms licensed in any of the EU’s 25 member states will be able to make better use of ‘passport’ rights • Spain
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23 June 2006
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Argentina’s insurers record premium income up 3% in 2005
Premiums stand at 14bn pesos • Mexican insurers have sufficient reserves for hurricane season • Chile’s Consorcio covers life to age 100 • Colombia • Ecuador • Peru • Venezuela
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23 June 2006
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790 - 23 June 2006
Managing the risk of burnout in the insurance industry
Rising stress levels are leading to high burnout rates amongst claims handlers. But insurers need to look after their most valuable asset, says Lee Fogle, vice president of the research and risk analysis organisation, the Insurance Services Office (ISO). Instituting best practice programmes not only improve efficiencies but alleviate the pressure on claims staff
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23 June 2006
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790 - 23 June 2006
Regulatory efficiency versus fairness
The UK’s Financial Services Authority describes itself as a risk-based regulator. The FSA currently regulates some 30,000 firms and approximately 200,000 individuals.
Margaret Cole
, Director of Enforcment at the FSA, says the..
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23 June 2006
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790 - 23 June 2006
IRB ‘willing and ready’ to compete
The new chairman says that IRB is in the process of fostering a competitive environment because local insurers are allowed to get quotes from foreign reinsurers
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23 June 2006
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790 - 23 June 2006
Insurance claim to force change in law
The dispute highlights a gap in German law in terms of speedy access to justice
Online Published Date:
23 June 2006
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790 - 23 June 2006