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Ergo Insurance Group
Ergo, Germany’s second-largest primary insurance group, reported a 10% rise in pre-tax profit to DM1.6bn (US$747mn) in 1999. This was largely the result of its highly profitable foreign operations, which produced a profit of DM155mn, up 83% on..
Online Published Date:
02 March 2001
Appeared in issue:
657 - 02 March 2001
Smaller retentions, bigger losses
The WIR
UK reinsurance survey (first introduced in Reinsurance Market Report
) is based on the annual returns of 205 general insurance and reinsurance companies, including companies in run-off or that have ceased underwriting reinsurance..
Online Published Date:
02 March 2001
Appeared in issue:
657 - 02 March 2001
Axa life business leaps
French insurance giant Axa moved further into life insurance last year, leaving its property/casualty business to record only modest increases. Announcing details of its consolidated revenue figures for last year the company said that its strongest..
Online Published Date:
02 March 2001
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657 - 02 March 2001
Scandinavian results hit by bear market
A slump in the Scandinavian equities market in the second half of last year is affecting the bottom line of the region’s insurers. But much of the decline in profitability can be ascribed to the surge in investment gains many companies..
Online Published Date:
02 March 2001
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657 - 02 March 2001
Australia considers flood cover
Flood insurance is set to become an issue in the Australian election to be held later this year. In a pre-election tour of northern New South Wales, Labour Party opposition leader Kim Beazley said the Australian Government’s policy of leaving..
Online Published Date:
02 March 2001
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657 - 02 March 2001
Latin America round up
According to the most recent report published last week by Argentina’s
Pension Fund Managers (AFJP) Superintendency, the private pension system has 81,000 beneficiaries. Fifty-nine percent are collecting death pensions, 27% are pensioners and..
Online Published Date:
02 March 2001
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657 - 02 March 2001
Skandia struggles in the US
Skandia is feeling the pinch from the economic downturn in its largest single market, the US. President and chief executive Lars-Eric Petersson conceded that the Swedish group’s US results for the fourth quarter were unsatisfactory...
Online Published Date:
02 March 2001
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657 - 02 March 2001
Insurers not taking on software risk challenge
A leading US software risk management company has criticised the insurance industry for failing to adequately take into account the chance of software failure when writing a number of policies. Chief executive of Cigital, Jeff Payne, said that..
Online Published Date:
02 March 2001
Appeared in issue:
657 - 02 March 2001
Indian rates escalate
Reinsurance rates for India have increased by 25%–45% over the past couple of months. The peak rate has risen to 0.47% of sum insured against 0.27% two months ago, according to industry sources.
This increase comes at a time when new private..
Online Published Date:
02 March 2001
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657 - 02 March 2001
Scor moves towards specialty
Preliminary results released by Scor, France’s largest reinsurer, show that the company moved further away from its property/casualty base last year. For the first time in the company’s history, specialty business became the chief source..
Online Published Date:
02 March 2001
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657 - 02 March 2001
World Loss Log 6 February – 19 February
Late reports
2.2, flooding, fatalities
India: a state owned coal mine in the eastern Indian state of Jharkhand flooded, killing 10 people with another 19 still unaccounted for. 65 miners were rescued immediately after the mine near Dhanbad, India..
Online Published Date:
02 March 2001
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657 - 02 March 2001
World insurance stock prices
Company/group
Currency
2000 year end
08/02/01
22/02/01
% change from 08/02/01
Capitalisation US$mn
Ace
US$
42.44
37.53
36.30
(3.3)
8,423
AIG
US$
98.56
85.70
82.05
(4.3)
..
Online Published Date:
02 March 2001
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657 - 02 March 2001
Company profile: Patria Re
Mexican reinsurer Reaseguradora Patria’s gross premium income rose by 4% in 1999 to MP435mn (US$45mn) while net premiums written also rose by 4% to MP318mn, resulting in an unchanged retention rate of 73%. Established in 1953, Patria Re..
Online Published Date:
02 March 2001
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657 - 02 March 2001
Company profile: Europa Re
Europa Rückversicherungs, part of the GeneralCologne Re group, writes non-life reinsurance on a global basis. The company saw a 17% increase in gross premiums to €129mn (US$117.7mn) in 1999, although this increase was almost entirely due..
Online Published Date:
02 March 2001
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657 - 02 March 2001
Company profile: Sydney Re
Sydney Re saw its pre-tax profit rise by 44% to A$68mn (US$36mn) for the year ending 30 June 2000 as its underwriting result swung into profit. The company, part of QBE’s European operations, writes reinsurance business in Australia, the..
Online Published Date:
02 March 2001
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657 - 02 March 2001
Handelsbanken Liv
Swedish financial services regulator, Finansinspektionen has approved the plan to demutualise Handeldbanken Liv. But because this is the first time that such a move involves an insurer offering savings products, and any decision will therefore set a..
Online Published Date:
02 March 2001
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657 - 02 March 2001
NRMA loses case
Australia’s largest general insurer NRMA could be forced to spend over A$1mn (US$520,000) to schedule a special general meeting following the decision of a Sydney court. The company had sought a ruling to stop individual shareholder Bill..
Online Published Date:
02 March 2001
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657 - 02 March 2001
EU recasts genetic liability Directive
A promise of EU legislation on environmental liability helped sway a vote on genetic engineering in the European Parliament last week. After a two-year moratorium on modified crops, the Parliament approved a recast of the much-criticised 1992..
Online Published Date:
02 March 2001
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657 - 02 March 2001
EU winding-up of insurers
EU legislation on the ‘reorganisation’ and winding-up of failed insurance businesses was cleared by the European Parliament in Strasbourg on 15 February – a month after a similar measure on banks and other credit institutions was..
Online Published Date:
02 March 2001
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657 - 02 March 2001
New Zealand fire tax to be increased
The New Zealand Government has recently announced that the fire tax, which pays for the country’s Fire Service, will be significantly increased to pay for the financial difficulties of the Service. These difficulties include demands for pay..
Online Published Date:
02 March 2001
Appeared in issue:
657 - 02 March 2001
NZ insurers call for minimum liability insurance for foreign vessels
The Insurance Council of New Zealand is calling for legislation requiring all foreign vessels entering New Zealand waters to carry a minimum level of liability insurance. This comes in response to reports that two ships carrying nuclear fuel are..
Online Published Date:
02 March 2001
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657 - 02 March 2001
SPP in dispute
The quoted Swedish building company J&W is in dispute with SPP (Alecta) over the repayment of SwKr30.5mn of ‘overconsolidated’ or surplus pension funds.
The dispute concerns the pension policy of a subsidiary which J&W sold to..
Online Published Date:
02 March 2001
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657 - 02 March 2001
Regulator steps in
Last week, Chile’s Superintendency of Securities and Insurance (SVS) intervened in the liquidation of a small locally owned insurer, Compania de Seguros La Italia, appointing one of its officials as temporary administrator for a period of 60..
Online Published Date:
02 March 2001
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657 - 02 March 2001
Customer relationship management: Diverting to India
It is hard to believe but a group of people in their twenties watching videos of British soaps and sitcoms in a darkened room in one of the commercial districts of Bangalore represents the beginning of the biggest revolution to hit the global..
Online Published Date:
02 March 2001
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657 - 02 March 2001
Indian earthquake update: The quest for cat cover
T
he massive earthquake that struck western India on 26 January and the 350-odd after-shocks of milder variety that continue to date, have made clear the need for appropriate insurance products.
WIR’s India correspondent
Saibal Dasgupta..
Online Published Date:
02 March 2001
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657 - 02 March 2001
Tryg-Baltica expands into Finland
Tryg-Baltica is to start selling non-life policies in Finland via fellow Nordea group member, the Finnish bank Merita. Tryg-Baltica is targeting between 50,000 and 100,000 customers before 2005.
The policies will be marketed in Finland under the..
Online Published Date:
02 March 2001
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657 - 02 March 2001
HIH sounds ominous note
Australia’s general insurance industry is again in turmoil following an announcement by insurer HIH that it is likely to declare a substantial loss when it finally releases its interim half-year results on 16 March.
While the company said that..
Online Published Date:
02 March 2001
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657 - 02 March 2001
Caribbean property rates too low
Caribbean insurance companies have been warned that the level of pricing for property risk remains inadequate in many parts of the region and needs to be increased.
In an area constantly threatened by hurricanes, earthquakes and floods – the..
Online Published Date:
02 March 2001
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657 - 02 March 2001
What took you so long to find us?
Glen Hodgson
, vice president for Government and International Relations for the Export Development Corporation (EDC) of Canada, believes that one of the major challenges facing a sustainable export credit system is corporate social..
Online Published Date:
02 March 2001
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657 - 02 March 2001
Company profile: QBE
QBE Insurance Group increased its gross premium income by 33% to A$3.6bn for the year ending 30 June 2000. This was largely due to acquisitions the company made during the year and included specialist UK employers liability insurer Iron Trades in..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
Proportional losses escalate
Part 1 of the WIR
UK reinsurance survey looked at the performance of companies in terms of net written premium. In part 2 the focus is on underwriting results. The underwriting loss for companies writing proportional business worsened from..
Online Published Date:
16 March 2001
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658 - 16 March 2001
South African market 1999
South Africas non-life insurance industry saw a 6.5% growth in gross premium income in 1999, according to the latest annual report issued by the Registrar of Short-term Insurance, the regulatory authority for non-life business in South Africa. Based..
Online Published Date:
16 March 2001
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658 - 16 March 2001
Skandia new blood
Skandia s nominating committee has proposed that former German economics minister G nther Rexrodt, London-based management consultant Oonagh McDonald, and Swedish company director Clas Reuterskiold, should join the Skandias board. Existing board..
Online Published Date:
16 March 2001
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658 - 16 March 2001
Insurers of last resort?
WIR looks at the role and prospects of government-owned or backed export credit agencies (ECAs) as private sector insurers rapidly increase their involvement in the export credit and political risk insurance markets.
Although governments continue..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
Chile sees higher premiums but larger losses
Chile s insurance market results for 2000, published last week, show an increase in premium income for both life and general insurers. However, both sectors suffered heavy underwriting losses. Acloser look at the market suggests losses were not..
Online Published Date:
16 March 2001
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658 - 16 March 2001
Genetic testing to face German ban
Germanys health minister Ulla Schmidt is determined to ban the use of genetic test results by insurers. She said a bill containing such a ban would be introduced during the life of the present parliament, ie before 2004.
So far, German insurers have..
Online Published Date:
16 March 2001
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658 - 16 March 2001
Codan on war footing
Danish insurer Codan, owned by Royal & SunAlliance of the UK, is building up its war chest in preparation for what it regards as the inevitable consolidation of the Nordic insurance market. The company has announced plans for a new share issue..
Online Published Date:
16 March 2001
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658 - 16 March 2001
Hannover Re buys
Through subsidiary Insurance Company of Hannover (ICH), German reinsurer Hannover Re is to expand its US programme business by acquiring certain property/casualty lines of Acceptance Insurance. The move comes despite the worse-than-expected result..
Online Published Date:
16 March 2001
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658 - 16 March 2001
AIG tests currency rules
Tata AIG General Insurance, the joint venture between Mumbai-based Tata Group and AIG, has launched a unique programme to target Indian information technology companies. It wants to collect premium in rupees and settle claims in foreign..
Online Published Date:
16 March 2001
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658 - 16 March 2001
Allianz bears the brunt of motor price war in German market
Allianz domestic property/casualty supremo Reiner Hagemann must rue the day in 1996 when he decided to start the rebate war in German motor insurance. The market has never recovered from the downward spiral of prices seen since then.
True, Allianz..
Online Published Date:
16 March 2001
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658 - 16 March 2001
Risk assessment and prudential standards
Sir Howard Davies
, chairman of the UK Financial Services Authority (FSA) says the regulation of the UK non-life insurance sector will see significant change with the coming into force of the Financial Services and Markets Act over the coming months..
Online Published Date:
16 March 2001
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658 - 16 March 2001
20 February—5 March 2001
Late reports
16.2, kidnapping
Bangladesh: 2 Danes and a Briton were kidnapped in dense forest in the thickly forested Chittagong Hill Tracts while working on a road project. The government ordered their release or the captors would be flushed out..
Online Published Date:
16 March 2001
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658 - 16 March 2001
World insurance stock prices
Company/group
Currency
2000 year-end
22/02/00
08/03/01
% change
from 22/02/00
Capitalisation US$mn
* acquisition by Radian Group completed 28 February 2001.
Ace
US$
42.44
36.30
37.71
3.9
8,750
AIG
US$..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
Company profile: Sri Lanka Insurance Corporation
Sri Lanka Insurance Corporation (SLIC) saw its pre-tax profit fall by Rs43mn (US$0.5mn) to Rs565mn in 1999, largely because of a sharp fall in non-life underwriting profits. SLIC, the legal successor of the state-owned Insurance Corporation of Sri..
Online Published Date:
16 March 2001
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658 - 16 March 2001
General Insurance Corporation of India
The General Insurance Corporation of India (GIC), now called Indian Re, reported a 10% increase in net premiums written to Rs18.9bn for the year ending 31 March 2000. Apart from its direct aviation account, GIC derived most of its premium income..
Online Published Date:
16 March 2001
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658 - 16 March 2001
FBD bucks trend
FBD Insurance, the largest locally-owned non-life insurer in Ireland, has reported a 17.5% improvement in operating profits for 2000 to 12.1mn (US$11.2mn). Its performance contrasts favourably with that of larger Irish insurers like Hibernian.
FBDs..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
Hibernian s non-life profits fall
Hibernian Group, CGNUs Irish subsidiary, has reported a 7% increase in operating profits to I£95.8mn (US$112.2mn) in 2000. But this result conceals a sharp divergence between life and non-life performance. Operating profit from life business..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
Increase in non-life profits for Pohjola
The restructuring of Finlands Pohjola Group is forging ahead. The Finnish Insurance Supervision Authority has given the go-ahead for the transfer of Pohjolas non-life business to Pohjola Non-Life, a company specially set up for the purpose. All the..
Online Published Date:
16 March 2001
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658 - 16 March 2001
New Zealand government supports ACC on overseas claims
In 1990 a Greek fish and chip shop owner in Wellington, New Zealand suffered a hernia lifting bags of potatoes. The Accident Compensation & Insurance Corporation, (ACC) awarded him a weekly compensation payment. Four years ago the man went to..
Online Published Date:
16 March 2001
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658 - 16 March 2001
Argentina worried by latest insurer failures
Two Argentine insurers, Vision and Omega, have filed requests with the Insurance Department to start liquidation proceedings. These are two high-profile companies, especially in the motor sector, and this latest development, although not unexpected,..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
NRMA board at war
Infighting continues to plague Australias largest general insurer, NRMA. The latest spat involves the companys chairman Nick Whitlam and fellow board member Anne Keating. In a report prepared by Queens Counsel Robert McDougall, Ms Keating and Robert..
Online Published Date:
16 March 2001
Appeared in issue:
658 - 16 March 2001
US state goes offshore
The US state of South Carolina has moved to extend its captive legislation, which it passed last year. Under proposals currently before legislators, reinsurers would be allowed to form captives allowing them to discount their loss reserves. South..
Online Published Date:
16 March 2001
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658 - 16 March 2001
London market worried about marine claims
Serious marine hull claims for 2000 are likely to show an upward trend when the annual statistics become available soon. Insurers are particularly concerned about the level of claims emanating from machinery damage and engine room fires. They..
Online Published Date:
16 March 2001
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658 - 16 March 2001
Indian Re turns to bond market
Indian Re, formerly the General Insurance Corporation of India (GIC), plans to raise funds by borrowing on the international markets. The idea is for the company to raise its cash provisions in order to obtain a higher rating from international..
Online Published Date:
16 March 2001
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658 - 16 March 2001
Threat to Caribbean captives
Despite lengthy discussions in Barbados, London and Paris between OECD officials and representatives of the captive insurance industry in the Caribbean during the last two months, Caribbean governments still stand accused by the OECD of maintaining..
Online Published Date:
16 March 2001
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658 - 16 March 2001
World insurance stock prices
Company/group
Currency
2000 year-end
08/03/01
22/03/01
% change from 08/03/01
Capitalisation US$mn
source: iiudata
Ace
US$
42.44
37.71
33.10
(12.2)
7,681
AIG
US$
98.56
83.78
..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Company profile: Zurich Re (K ln)
Zurich Re (K ln) (ZRK), one of the three Zurich Re branded reinsurance operations, is responsible for the group s operations in North and Eastern Europe (Switzerland and Austria but specifically Germany), North Africa and the Middle East. ZRK also..
Online Published Date:
30 March 2001
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659 - 30 March 2001
Company profile: Caribbean Home
Caribbean Home Insurance Company (CHIC) recorded a pre-tax profit of TT$17mn (US$2.7mn) for the year ending 30 September 2000, compared with $9mn in 1999, which was for a nine-month period only, following a change of reporting date from 31..
Online Published Date:
30 March 2001
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659 - 30 March 2001
Aon
Aon Corporation s earnings per share fell for the very first time last year from US$2.07 to $2.01. This was largely as a result of a fall in the investment income of the groups non-operating corporate division.
Pre-tax income fell by just over 1% to..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Vietnam market makes vigorous recovery
After negative growth in 1999, the non-life market staged a vigorous recovery in Vietnam last year with premium growth of 12.9% to Dong1,798bn (US$124mn).
High growth rates were achieved in marine cargo (24%), fire (16%), energy (22%) marine hull..
Online Published Date:
30 March 2001
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659 - 30 March 2001
Colombian GWP rises
Colombian insurers suffered losses of CP134.6bn (US$59mn) in 2000, according to a preliminary report by the insurance supervising authority. The market s gross written premium increased by 15.5% to CP1.5trn and the assets of Colombian insurers..
Online Published Date:
30 March 2001
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659 - 30 March 2001
John Charman: Courting controversy
John Charman likes nothing more than to stir up the thick, placid pool that is the Lloyd s insurance market. But last week he exceeded his own high expectations. The market is now swirling with the news that Mr Charman, chairman and chief executive..
Online Published Date:
30 March 2001
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659 - 30 March 2001
Rig loss in Brazil
Although underwriters managed to escape any significant catastrophe exposure in 2000, all complacency has been shattered by the loss this month of the Petrobras P-36 oil production platform off Brazil. London market sources put the value of the..
Online Published Date:
30 March 2001
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659 - 30 March 2001
Lloyd s marine market in turmoil
The Lloyd s marine sector is going through turbulent times. John Charman, one of the market s best-known underwriters, has left Bermuda-based Ace, where he was head of its international group (see page 6)
.
At the same time, David Hope, another..
Online Published Date:
30 March 2001
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659 - 30 March 2001
Codan keeps Topdanmark in sight
Speculation is rife in Copenhagen that Codan is going to bid for Topdanmark. The rumours appear to have been fuelled by the Topdanmark board s suggestion that voting restrictions (which limited one shareholder to a maximum of 25% of the votes at the..
Online Published Date:
30 March 2001
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659 - 30 March 2001
US insurers to pay $330mn for quake
A lack of cover has saved US property/casualty insurers from a massive payout for the earthquake that struck Seattle and adjoining areas in Washington and Oregon at the end of February. Estimates from the Property Claim Services (PCS) unit at the..
Online Published Date:
30 March 2001
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659 - 30 March 2001
Le Mans R opens fourth Asian office in Labuan
French reinsurer Le Mans R, the joint venture owned 51% by Mutuelles du Mans and 49% by Bermuda s XL Capital, has announced the opening of an office in the Malaysian financial hub of Labuan.
The company joins other notable European reinsurers..
Online Published Date:
30 March 2001
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659 - 30 March 2001
S&P under fire
Ratings agency Standard & Poor s (S&P) has refused to issue a retraction following heavy criticism of its warning about the solvency of UK motor insurers.
Comparisons by S&P analyst David Laxton of three UK motor insurers to the..
Online Published Date:
30 March 2001
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659 - 30 March 2001
Daewoo in India
Daewoo India, the Indian subsidiary of the South Korean motor manufacturer, has announced plans to enter the Indian motor insurance market in 2002. This follows a move by Maruti, India s largest car maker, to distribute other companies insurance..
Online Published Date:
30 March 2001
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659 - 30 March 2001
Zurich Re to go
Zurich Financial Services is to spin off its Cologne and North American-based reinsurance subsidiary Zurich Re following the announcement of a disappointing set of results for 2000. The reinsurer is set to be given its own identity and listed..
Online Published Date:
30 March 2001
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659 - 30 March 2001
Internet crime
Oliver Prior,
of the Research Development and Knowledge Management division at international insurance intermediary Willis, argues that insurance companies need to make themselves aware of all the problems, and opportunities, when it comes to..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
World loss log 6—19 March 2001
Late reports
1.1 crash, fatality
US: a Cessna T210L (Centurion) N222ED crashed near Salida, Colorado on a flight from Hollis, Oklahoma to Denver, Colorado. The 1 person on board was killed.
5.3, bridge collapse, fatalities
Portugal: 70 people were..
Online Published Date:
30 March 2001
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659 - 30 March 2001
Company profile: Kurnia
Kurnia Insurans, Malaysia s insurer, saw its pre-tax profit fall by 48% from M$168mn (US$44.2mn) to M$88mn for the year ending 30 June 2000.
However, its management could take some comfort in the fact that the previous year s profits were boosted by..
Online Published Date:
30 March 2001
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659 - 30 March 2001
Mauritius
Total gross premiums for general and life insurers in Mauritius stood at Rs4.0bn (US$160.3mn) in 1998, 6% up on the previous year and 54% up on 1994, according to the latest report of the Controller of Insurance.
The premium volume for 1998..
Online Published Date:
30 March 2001
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659 - 30 March 2001
Residual property risks: North Carolina and Florida bear brunt
T
he losses suffered by the US residual markets for property risks in 1999 stemmed mainly from the havoc caused by hurricanes Floyd and Bret in North Carolina and Florida, but the overall experience showed a big improvement on 1998. The 1999..
Online Published Date:
30 March 2001
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659 - 30 March 2001
Reinsurance deficit falls by 67%
T
he US reinsurance deficit with the international markets was abnormally high at US$6.2bn in 1998. But as a result of a large increase in recovieres on its outward reinsurance account, the overall deficit fell to $2bn the following year. The latest..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Mexican insurance
The Mexican financial services authorities and insurance industry chiefs have formed a joint commission to discuss the best way to implement proposed changes to Mexico s insurance laws. The changes are part of a government plan to reform the entire..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Rugby injuries
New Zealand s state-owned Accident Compensation & Insurance Corporation, (ACC) has joined forces with the New Zealand Rugby Football Union in a drive to reduce rugby injuries. In conjunction with the Rugby Football Union it will launch a series..
Online Published Date:
30 March 2001
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659 - 30 March 2001
Mexico agreement
Formalities completed a few weeks ago are likely to create new opportunities for European insurers in Mexico — and vice versa. The event was the first meeting of EU and Mexican government representatives who will oversee an EU-Mexico free..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Victorian tax review
The release of the Harvey Committee Report on Victoria s business taxes by the state s government has paved the way for the state to take the lead in tax reform in Australia, according to the Insurance Council of Australia.
ICA deputy chief..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Recasting the rules for life cover
Proposals to streamline EU legislation on life assurance seem likely to secure speedy enactment — and a recast of European non-life insurance law is now likely. The reworking of life assurance legislation emerged unamended from a first reading..
Online Published Date:
30 March 2001
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659 - 30 March 2001
Trinidad and Tobago sees non-life losses
Against a background of falling rates for property business, several leading Trinidad and Tobago general insurers made underwriting losses in 1999, the latest year for which financial results are available.
Figures collated by insurance brokerage..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Hungarian legal move
The Hungarian government is constructing the legal framework for a new compulsory workplace insurance scheme to provide better compensation for victims of industrial accidents and diseases. The move aims to rectify the decline in the number of..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Chile s market steady
The non-life market in Chile is expected to grow at the same pace in 2001 as in 2000 (between 5% and 8%), with much of the growth based on increases in fire and earthquake premiums.
Ignacio Barriga, general manager of Chilena Consolidada Seguros..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Sweden tightens rules
The Swedish regulator Finansinspektionen is tightening the rules governing accounting for financial reinsurance transactions. From now on, companies show the relevant figures calculated both with and without financial reinsurances. The ruling is not..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
ONGC still without cover
India s giant state-run Oil & Natural Gas Corporation (ONGC) is finding it difficult to renew its annual insurance cover, which falls due on 1 April.
This is largely because international reinsurers have become extremely wary about taking on..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Investments hit by downturn in Japan
Swedish insurer L nsf rs kringar Wasa s real estate fund, Fastighetsfonden, was the company s strongest performer last year. It rose by 43.9%, beating the underlying property and construction sector index, which rose by 21% over the period. The..
Online Published Date:
30 March 2001
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659 - 30 March 2001
Crop insurance
Indias finance minister Yashwant Sinha has announced the setting up of a separate company to handle the crop insurance plan for farmers.
This scheme used to be offered by General Insurance Corporation, which is now the national reinsurer, Indian..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001
Irish motor insurers come under fire following MIAB report
Irish insurance companies are facing allegations of operating a cartel designed to keep motor insurance premiums at an excessively high level following publication of an interim report by the Motor Insurance Advisory Bureau (MIAB).
The report finds..
Online Published Date:
30 March 2001
Appeared in issue:
659 - 30 March 2001