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Groupama scraps sale
Europe
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Midwest disaster cover
North America
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
World insurance stock prices
Company/group
Currency
31/12/01
7/2/02
21/2/02
Change from
7/2/02 %
Capitalisation US$ mn
* Formerly NRMA Insurance Group
© World Insurance Report
Ace
US$
40.15
38.96
41.82
7.3
10,853
AIG
US$
79.40..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Company profile: LG
LG Insurance, South Korea’s fourth-largest nonlife insurer, saw its pretax result slump to a loss of W204.4bn (US$154mn) for the year ending 31 March 2001. The profit reversal was largely due to a decline in investment income, which fell by..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Korean Re
Korean Re’s profitability dipped in fiscal 2000 as declining investment earnings offset a turn-around in the company’s underwriting result.
Pretax profit for the company’s financial year ending 31 March 2001 stood at W37.7bn..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Nonlife market recovers during 2000 but more challenges lie ahead
The Hong Kong general insurance market recorded growth of 8% to HK$17.8bn (US$2.3bn) in 2000 after two years of contraction, according to figures produced by the Office of the Commissioner of Insurance (OCI). Premium income in the buoyant life..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Generali profits falter
Generali Group has made provisions of about €100mn (US$86.5mn) in its accounts for 2001 to cover its exposures in Argentina. Generali has a 47.5% stake in Argentinian insurer Caja de Ahorro y Seguro.
Without the provision, profits would have..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Pool starts operation
Premiums for large industrial risks in France have risen by around 18% during the first two months of this year. A few insurers have limited their rate rises to just 15% but others have asked for 21% or more. Meanwhile, the pool for reinsuring..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
AIG aims to provide greater transparency
American Insurance Group (AIG) will alleviate investors’ worries by releasing future quarterly results in conference calls and not just press releases in order to increase transparency and improve the clarity of the information provided by the..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
New York state regulators move against fraud
The New York State Supreme Court has ruled in favour of changes to a no-fault motor insurance regulation to settle claims quicker and cut down on insurance fraud, which has become the second-largest economic crime in the US, according to a study..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
US clamps down on discriminatory policies
The US Senate Health, Education, Labor & Pension Committee is looking to pass a bill that would prohibit discrimination based on genetic information. The committee met on 13 February to discuss the prospects of the bill, which could prevent..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Market awaits results of Enron legal cases
Insurance policies covering shareholder lawsuit liabilities have increased dramatically following the Enron scandal, highlighting the need for insurers to be more careful about the companies they issue cover to and about the risks involved.
Two..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Restricted cover at greatly increased costs outrages businesses
The relationship between UK insurers and their corporate clients has deteriorated significantly over the last six months. Companies not only resent the steep premium rate increases and the strict limits on coverage imposed on them but are also very..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Atrium’s Lloyd’s syndicates double capacity
With serious rate increases now characterising the London marine market, a number of syndicates at Lloyd’s have upped their 2002 capacity to a significant extent.
One such is quoted insurer Atrium, which has doubled the capacity of its two..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Pinning down cyberrisk
According to a report last September by PricewaterhouseCoopers, viruses alone are costing industry US$1.4trn worldwide. But insurance underwriters have another reason to fear the consequences of this type of risk – the havoc their..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Iranian privatisation
Middle East
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
CGNU grows in Hong Kong
Asia-Pacific
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Mexican car insurance
Latin America
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
5–18 February 2002
Late reports
01.02, collapsed factory, fatalities
Thailand: at least eight Thai workers were killed and more than 57 others injured when part of a Delta Electronics factory collapsed. The accident, which took place in the Bang Pu industrial estate..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Company profile: Syrian Insurance
State-owned Syrian Insurance (SIC) recorded a pretax profit of S£3.3bn (US$61.2mn) in 2000, up 114% from S£1.5bn in 1999. SIC writes all lines of general insurance plus individual and group life and pensions.
SIC saw a modest 2% rise in..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Company profile: Qatar Insurance
Established in 1964, Qatar Insurance Company (QIC) is the largest insurer in Qatar, writing over 50% of the country’s direct local business.
QIC writes all major lines of business including property, casualty, marine, engineering, motor,..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Zero growth as market comes to terms with competitive environment
The liberalisation of the Tanzanian insurance sector in 1997 introduced the market to the practice of rate cutting as well as to a number of other challenges associated with the sudden introduction of competition in a market as small as..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Japanese insurers attack Moody’s for unfair ratings
Japanese insurers have accused Moody’s Investors Services of rating local companies unfairly, sometimes up to eight notches lower than Japanese rating agencies.
Moody’s recently placed the financial strength ratings of seven Japanese..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Taiwanese government puts NT$200bn earthquake scheme in place
Taiwan’s Ministry of Finance has allocated earthquake insurance capacity worth NT$2bn (US$57mn) to 23 local and foreign nonlife insurance companies under a state-supported four-layer scheme that comes into effect on 1 April.
These companies..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
French mutuals look to further consolidation
The 36 members of France’s association of mutual insurers, Gema (Groupement des Entreprises Mutuelles d’Assurances), have produced a reasonable set of aggregate results. Their nonlife business rose by 5.1% to €7.1bn (US$6.2bn) of..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
SEB Trygg stays resilient in market downturn
Single-premium endowment policies have borne the brunt of the downturn in sales by SEB Trygg Liv, the life insurance offshoot of Swedish bank SEB.
Premium income was down by 16.2% to SKr15.53 bn (US$1.48 bn) in 2001 from SKr18.53bn the previous..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
MetLife sets aside funds for asbestos
The ongoing problem of asbestos liability claims has recently taken another turn, with US insurer MetLife setting aside US$600mn to cover 100,000 claims.
Insurers incurred losses of $42.9bn from 1991 to 1999 for asbestos and other environment..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Aetna remains upbeat despite $188mn loss
US health insurer Aetna suffered a loss of US$187.6mn in the fourth quarter of last year as a result of its refusal to renew unprofitable business and charges related to the restructuring of its business.
The result included a $11.4mn gain in the..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Citic Industrial set to distribute insurance products in China
Citic Industrial bank has signed an agreement with Ping An Insurance to sell the products of China’s second-largest insurer through its branches.
This cooperative agreement is a common device used by commercial banks in China to get around the..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Romania expects insurance regulatory revolution in 2003
New Romanian regulations covering the insolvency of insurance companies will only be enforced in 2003, as the new method to calculate the solvency margin is based on an account plan endorsed this year, a source within the Insurance Overseeing..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Guyana strengthens defences against floods
Countries in and around the Caribbean are now beginning to take the management of natural catastrophe risk more seriously, much to the relief of the region’s insurers, which are hard pressed to make money from their primary underwriting..
Online Published Date:
01 March 2002
Appeared in issue:
682 - 01 March 2002
Taiwan slams war charges
Asia-Pacific
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
CGNU to become Aviva
Europe
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Buffett wants transparency
North America
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
World insurance stock prices
Company/group
Currency
31/12/01
21/2/02
7/3/02
Change from 21/2/02 %
Capitalisation US$ mn
* Formerly NRMA Insurance Group
© World Insurance Report
Ace
US$
40.15
41.82
43.11
3.1
11,201
..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Yasuda Fire & Marine
Yasuda Fire & Marine is the second-largest nonlife insurer in Japan.
The company, which was established in 1888, is set to merge with Nissan Fire & Marine on 1 July 2002.
Yasuda, the surviving entity, will be renamed Sompo Japan Insurance...
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Part 1: increase of 24% in gross premium income signals hard market
Although UK reinsurers suffered record losses during 1999, the year’s major disasters (the Danish and French windstorms) occurred so late in the year that they had little impact on reinsurance pricing at the January 2000 renewals.
But the..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Reinsurers revise WTC loss figures
Swiss Re now expects a loss of around SF200mn (US$119mn) for 2001. The precise figures will be released on 10 April.
The losses due to the attacks of 11 September have now been estimated at SF2.95bn after retrocession and tax, and the company will..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Scor stresses its commitment to US market
French reinsurer Scor had a tough time last year but the company is hopeful the next two years will be better.
Scor reported a group net loss of €278mn (US$242mn), a sharp deterioration from a net profit of €59mn for 2000 and marginally..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
La Fondiaria/SAI merger would rival Generali
Italian insurer SAI (Società Assicuratrice Industriale) is now considering a merger with La Fondiaria, which had earlier been targeted by Fiat-owned Toro.
Reports in the Italian press have suggested SAI has offered one of its own shares for..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
AGF plans to improve
French insurer AGF has promised investors that things will be better by 2004 after a slight fall in profits last year.
Much of the promised growth will be driven by the company’s life insurance business, although AGF is very much focused on..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Aegon opts for cautious approach
Dutch group Aegon was careful with its earnings forecasts for 2002, promising only that net income (and net income per share) would at least equal those achieved in 2001.
But neither analysts nor shareholders were particularly impressed with the..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Insurance losses hit Berkshire Hathaway
US retail services and insurance holding company Berkshire Hathaway has reported a 76% drop in net earnings from US$3.3bn in 2000 to $795mn for 2001. This uncharacteristically poor performance was a direct result of 11 September losses incurred by..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
New York cracks down on motor policy fraud
New York State Supreme Court has ruled in favour of changes to a no-fault motor insurance regulation to settle claims quicker in an attempt to cut down on insurance fraud. Insurance fraud has become the second largest economic crime in the US,..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Safeco plans to buy Swiss Re US businesses
Seattle-based insurer Safeco will buy Swiss Re’s US medical excess-of-loss and group life business in an effort to expand its life and health book. Safeco will acquire US$10mn in annual group life premiums and $240mn in medical excess-of-loss..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
American National responds to lawsuit
Texas-based American National Insurance has responded to a lawsuit brought by American International Group (AIG) by saying AIG breached a reinsurance agreement between the two companies when it refused American National access to important..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Managing the franchise
An important part of the Bain proposals for the reform of the Lloyd’s market is the formalisation of the Lloyd’s name or franchise. This entails a contractually binding franchise with Lloyd’s centrally acting as franchisor, and..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Dubai plans new centre
Middle East
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Brazilian brokers join forces
Latin America
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
19 February – 4 March 2002
Late reports
18.02, explosion, fatalities
Mexico: an explosion at a brake pad factory near Mexico City killed four female plant workers and left seven others injured. It occurred at the Automanufacturas Brake factory in Tizayuca, 80km north of..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Company profile: Nigeria Re
The federal government of Nigeria has begun the process of privatising Nigeria Reinsurance Corporation but the process – which involves the sale of 71% of the government’s present 100% holding to private investors – has been..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Company profile: NRMA
NRMA Insurance Group (NIGL) is Australia’s largest general insurance group, providing motor, home, health, compulsory third-party and commercial insurance.
The company commenced trading on 22 July 2000 following the acquisition of NRMA..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Malaysian motor insurance review meets further delay
Bank Negara Malaysia, the country’s central bank, continues to ponder proposals to relieve the burden on motor insurers. The Malaysian cabinet deferred a proposed motor insurance review a few months ago, despite pressures from insurers led by..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Singapore body offers extension to motor insurance policies
Singapore’s General Insurance Association (GIA), which represents the country’s 35 motor insurers, is offering customers a policy extension that will allow private car owners to make a claim without losing their no-claims discount.
GIA..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
New Zealand’s Southern Cross loses clients
Southern Cross, New Zealand’s largest health insurer, with 80% of the market, has come under fire for failing to pay claims on time.
The Private Hospitals Association claims Southern Cross patients are owed NZ$40mn (US$16.8mn). Southern Cross..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Frustrated insurers demand long-term gilts
The lack of appropriate long-term investment options in India is becoming frustrating for local insurers.
So much so that the Indian insurance regulatory authorities are trying to persuade the government to issue 30-year gilts to enable insurers and..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Australian commercial rates increase by 28%
Domestic insurance costs in Australia have increased by 8% since June 2001, while commercial insurance costs have returned to pre-1993 levels, with an average increase of 20%, according to the latest J P Morgan/Deloitte/ Trowbridge 2002 interim..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
India considers 3.5% gross premium tax on nonlife insurers
Indian finance minister Yashwant Sinha is expected to impose a 3.5% tax on nonlife insurers’ gross premium income.
Finance ministry sources indicated taxable income would amount to Rs90bn (US$1.8bn) to create a catastrophe fund of Rs3.2bn.
As..
Online Published Date:
15 March 2002
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683 - 15 March 2002
India makes changes to state insurer chiefs
The Indian government is changing the top management at the four state-run general insurance companies.
H S Wadhwa, a general manager of National Insurance, will be taking over as acting chairman of the company. It is not clear if the government is..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
ING refrains from profit forecasts
The ING board would not offer a profit forecast for 2002 but the company has promised that performance improvement will be an absolute priority as it moves to further integrate its US insurance operations and make new efforts to acquaint its..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Irish market produces mixed initial results
The Irish insurance market looks to have improved substantially in 2001 if the results of Hibernian Group, the country’s leading nonlife insurer, are representative.
But FBD Holdings, which owns Ireland’s fifth-largest nonlife insurer,..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Pohjola looks towards fund management
The Pohjola insurance group is in talks with the Finnish Savings Banks’ Association with a view to cooperation to give the group more clout in the local asset management market.
Meanwhile, Pohjola reported a consolidated operating profit of..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
US Senate votes to extend nuclear cover act
The US Senate voted to extend the Price Anderson Act for a further 10 years, providing liability insurance to nuclear power plants in the event of a major accident.
The federal law was set to expire in August 2002. In November last year the Price..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
EU parliament approves rapid introduction of accounting legislation aimed at insurers
The European Parliament has given the go-ahead to the rapid introduction of EU legislation requiring application of International Accounting Standards (IAS) to the consolidated accounts of listed companies, as of 2005.
The vote will create further..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Canadian bodies form umbrella organisation
Five Canadian finance and insurance sector associations have formed an umbrella body, the Financial Services Council, which will oversee and coordinate work on legislative, regulatory and policy issues affecting the financial services sector.
The..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Indian insurers seek out facultative cover
As a result of international reinsurance companies’ refusal to accept terrorist risks in India on existing treaty arrangements, domestic insurers are looking to set up facultative reinsurance covers.
Facultative cover arrangements are usually..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Captive havens to adopt OECD transparency code
The captive reinsurance companies that have set up in no-tax or low-tax Caribbean locations may be forced to reconsider their positions with the increasing number of agreements struck between regional governments and the Paris-based Organisation for..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Chilean insurance market stages a recovery
Chile’s insurers increased their premium income by 12.2 % in real terms last year to a total of US$2.7bn and transformed the $72.4mn net loss of 2000 into a profit of $53.3mn. General insurers saw the largest increase in premiums (up 21.9 % to..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
Insurers fear proposed law will disrupt Polish market
The Polish government has adopted a draft amendment to the country’s public insurance law, a move that critics of the amendment believe will seriously disrupt the structure of the Polish motor third-party and civil liability insurance..
Online Published Date:
15 March 2002
Appeared in issue:
683 - 15 March 2002
GE considers sale
North America
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
5–18 March 2002
Late reports
01.03, sinking
China: a pilot was killed and six people were missing after a 12-metre engineering boat, Lifeng 13
, sank in the Huangpu River following a collision with cargo vessel Xing da Sheng
, carrying 680 tons of sand. The eight..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
World insurance stock prices
Company/group
Currency
31/12/01
7/3/02
21/3/02
Change from
7/3/02 %
Capitalisation US$ mn
* Formerly NRMA Insurance Group
© World Insurance Report
Ace
US$
40.15
43.11
41.91
(2.8)
10,938
AIG
US$
79.40..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Odyssey Re Holdings
Odyssey Re Holdings was incorporated in the state of Delaware in March 2001 to serve as the holding company for the reinsurance-related subsidiaries of Canadian financial services group Fairfax.
Odyssey Re acquired all the outstanding shares of..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Part 2: MAT treaty edges into profit as proportional losses increase
Part 2 of the WIR
UK reinsurance survey focuses on underwriting results. Part 1 looked at the performance of companies in terms of net written premium.
The survey is based on the annual returns of 202 general insurance and reinsurance companies,..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Companies’ underwriting losses mount as insurance market expands
The Irish insurance industry generated I£13.95bn (US$16.6bn) in premium income in 2000, an increase of 32% over 1999. The figure includes premium income received by head offices and branches in Ireland.
The life insurance sector accounted for..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Argentinian insurers accept government bonds as premium payments
The Argentinian insurance industry’s premium income for January 2002 amounted to P544.5mn (US$185mn).
Nonlife premiums at P356.5mn accounted for 65.5%, life at P140mn for 25.7%, and retirement related insurance business with premiums of P48mn..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Corifrance
Balancing opportunity with caution in a volatile market
Although reinsurance premium rates have increased by as much as 300% for some classes, these are not the best of times for small to medium-sized professional reinsurance companies.
Not only..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Munich Re’s 2001 results disappoint analysts
Munich Re declared a net profit of €250mn (US$219mn) for 2001, below analysts’ expectations. In addition to Munich Re’s 11 September exposure, two aircraft accidents in November 2001 – American Airlines in New York and..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Axa 2001 results hold up amid reports that group wants to dispose of reinsurance unit
Axa has reported better results for 2001 than expected. Despite the fact that net income was well down at €520mn (US$453.9mn) for 2001 from €3,444mn in 2000, the result exceeded analysts’ expectations. Axa blamed the decline on the..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Martin Kauer, Converium
Looking to profit from the turmoil of cash-strapped competitors
Converium, formerly Zurich Re, has issued its first set of results as an independent entity. Although the keynote figure is a net loss of US$367.4mn for 2001 (compared with a loss of..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Munich Re predicts increase in catastrophes
In its report on natural catastrophes in 2001, Munich Re Group noted a substantial rise in insured natural hazard losses.
Climate change has been a major cause of many natural disasters and scientists at the group fear it is going to have an..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Jordan floats motor rates
Middle East
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Taiwan faces tough year
Asia-Pacific
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Hermes seeks new chair
Europe
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Company profile: Southern Africa Re
Southern Africa Re commenced operations on 1 January 1995 as a nonlife reinsurer in Harare, Zimbabwe, with a capital base of Z$15mn (US$273,000).
Capital was subsequently increased to Z$25mn in 1996 in a public flotation.
A rights issue at the end..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Company profile: Kurnia
Kurnia Insurans, Malaysia’s largest general insurer, saw its gross premium income rise by 23% to M$704mn (US$185.4mn) for the financial year ending 30 June 2001. This was a record result for the company.
The other significant event for Kurnia..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Insurance regulator takes insurers to task
France’s insurance regulator, the Commission de Contrôle des Assurances (CCA), has warned action would be taken against those insurers that do not provide adequate information regarding their solvency margins and the adequacy of their..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
French mutual group breaks with FFSA
The French mutual insurers’ association, ROAM (Réunion des Organismes d’Assurance Mutuelle), has formally declared its independence from the main French insurers’ association FFSA (Fédération Française des..
Online Published Date:
29 March 2002
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684 - 29 March 2002
Marsh plans to extend consultancy division
Marsh Europe, the European subsidiary of the insurance broking group, plans to extend its consultancy services. In a recent interview with newspaper Les Echos
, its head Daniel Jones explained that the recent rise in insurance premium rates was..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Insurance support sinks state candidate
In the recent election for California insurance commissioner, one candidate found that his identification with the insurance industry (he is alleged to have accepted US$1.5mn in campaign contributions from insurance companies) seriously damaged his..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
India puts new restrictions on corporate commissions
Prospective entrants in the corporate insurance agency business in India will now have to revise their plans following the decision by the Insurance Regulatory & Development Authority (IRDA) to bar payment of commissions on business from..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Poland to address thorny issue of PZU’s ownership
A Polish government working group to be named later this week will look to resolve the struggle for control of Polish insurer Powszechny Zaklad Ubezpieczen (PZU), Polish Treasury officials have confirmed.
The ministry offered few details about the..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002
Change for the better
The events of 11 September have changed the shape of the global insurance market, and in particular the aviation insurance market, for years to come.
In the months that followed, in the very real expectation that more losses of a similar nature..
Online Published Date:
29 March 2002
Appeared in issue:
684 - 29 March 2002