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Extending takaful to non-muslims
Middle East
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12 May 2006
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787 - 12 May 2006
Asian Re increases income by 8% in 2005
Asia
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12 May 2006
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Insurers look forward to Solvency II
Europe
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12 May 2006
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Insurers call for competition in California
North America
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12 May 2006
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Aviation
20.4, crash, findings
Australia: the pilot of a fatal aircraft crash north of Adelaide in May 2005 was suffering a terminal illness and was not permitted to fly, an investigation has found. The Australian Transport Safety Bureau released its..
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12 May 2006
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Natural catastrophes
19.4, floods, property damage
Central Europe: approximately €40mn in damage resulted from the record floods in Serbia. Over 240,000 hectares of farm land were flooded. The state of emergency and flood defence measures would remain in force..
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12 May 2006
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Marine
19.4, cause of fire, verdict
US: Princess Cruises confirmed that the fire that broke out on board passenger Star Princess
last month started on one of the ship’s balconies although “no definitive cause of the fire has yet been..
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12 May 2006
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Liability, awards and settlements
18.4, pesticide settlement
US: Long Island Sound lobstermen reached a settlement with the final chemical company targeted by a lawsuit that claimed a pesticide may have contributed to a steep decline in the lobster population. The deaths rattled the..
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12 May 2006
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Road and rail
22.4, collision, fatality
UK: train services were severely disrupted after separate accidents in Devon in which a woman was killed and a car plunged onto the line. The woman, in her 40s, was killed at Sprey Head, Teignmouth, Devon, when she was hit..
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12 May 2006
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Property and business interruption
20.4, bird Flu
International: bird flu cases worldwide topped 200 after a dozen people were confirmed to have been infected with the virus in Egypt, according to a statement by the World Health Organization. An 18-year-old girl from the north..
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12 May 2006
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Late reports
15.4, collision, fatalities
Indonesia: a passenger train bound for the capital crashed into another train stopped at Gubuk Station, Java Island, killing at least 14 people and injuring more than 26. The trains bound from Jakarta to Surabaya,..
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12 May 2006
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787 - 12 May 2006
Partner Re Ltd
Encouraged by the January renewal results, the company is looking to 2006 to make up for lost ground in 2005
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12 May 2006
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World’s most precarious market sustained by aviation premiums
The future development of the insurance market will depend almost entirely on the security position in the country
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12 May 2006
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Insurance sector prospects dependent on pace of broader economic liberalisation driven by pressure from the EU and WTO
Despite the influx of new companies, the older, state-owned, companies still command a 75% share of the insurance market
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12 May 2006
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Bermudian charge led by Renaissance Re
The European situation is perhaps best exemplified by Allianz as its ill-fated acquisition of Dresdner Bank comes back to haunt it
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12 May 2006
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Medical insurers increase membership for first time in seven years
Only one of the 15 players reported a loss last year • Private pension fund managers report mixed earnings
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12 May 2006
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New financial disclosure rules to be developed by regulator
Disclosures to be mandatory • IRDA opposes internet bidding and tendering • Insurers get ready for deregulation of tariffs
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12 May 2006
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Non-life sector boosts Malaysian insurance market prospects
Growth in Malaysia’s economy last year also benefited the country’s Takaful insurance market
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12 May 2006
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Solvency II impact study gets underway
Ceiops launches QIS2 • Protocol agreed to harmonise insurance mediation directive • Converium renews 99.5% of April 1 risks
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12 May 2006
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State reinsurer’s premiums contract on terrorism pool cover
CCR’s reinsurance of the GAREAT pool fell 45% last year but diversity balanced overall premium decline
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12 May 2006
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Igor Best-Devereux: chief executive, eReinsure
Mr Devereux believes that the US based eReinsure has a lot to offer the London market because of what it has achieved elsewhere. He says that his platform already works with a number of US companies to bring business into Lloyd’s
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12 May 2006
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Portuguese insurance market premium volume up by 24.2%
Portugal premiums rise to €3.43bn • Sistema Mapfre profits up 19.3% • RSA rules out further Chilean acquisitions in 2006
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12 May 2006
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Buncefield - the insurance market’s black cloud?
The Buncefield oil explosion in southern England at the end of last year caused substantial damage. The joint operators of the depot, Total and Texaco, are the likely subrogation targets for the mounting property damage claims filed by local residents. In this article John Hanson
, a partner at law firm Barlow Lyde & Gilbert representing personal and commercial insureds affected by the explosion, discusses liability and the legal cases that set precedent.
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12 May 2006
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Time to back the consumer
Canada’s strict rules on insurance sales within banks look unlikely to change dramatically in the near future but lobbying has begun for some modifications. Raymond Protti, president and chief executive officer of the Canadian Bankers Association, says the insurance industry can handle the competition. Much has changed since the decision in 2001 not to alter the rules restricting insurance sales by banks and some of the absurdities should now be addressed, Mr Protti says.
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12 May 2006
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Reinsurers banking on catastrophe crunch
Reinsurers were at pains to reassure investors that they had contained their exposures in terms of how much less a repeat of KRW this year would cost them
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12 May 2006
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Underwriting agencies on the rise in Australia
Asia/Pacific
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26 May 2006
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788 - 26 May 2006
Florida certifies hurricane risk models
North America
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26 May 2006
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Insurance software market set for consolidation
International
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26 May 2006
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Security
11.5, kidnapping
Nigeria: a group of foreign workers were kidnapped from a car under police escort in Nigeria’s southern oil capital Port Harcourt, a day after a US oil executive was shot dead in the same city. A police spokesman confirmed..
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26 May 2006
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Aviation
3.5, crash, fatalities
Japan: a tandem aircraft crashed and burst into flames on a runway at Tajima Airport in Toyooka City, Hyogo Prefecture, just after takeoff, killing both people on board. The two killed were members of a local aero club. The..
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26 May 2006
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Natural catastrophes
2.5, floods, fatalities
Afghanistan: floods caused by heavy rains and melting snow in the northern Afghan provinces of Baghlan and Faryab killed at least 16 people and left hundreds of families in urgent need of assistance. Flash floods and heavy..
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26 May 2006
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Marine
2.5, explosion, fatalities
Malaysia: four Chinese nationals were killed in an explosion on board a tanker in Indonesian waters off Penang island in northern Malaysia. A Filipino and a Singaporean were injured in the accident. The explosion from an..
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26 May 2006
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Liability, awards and settlements
3.5, Microsoft class action settlement
US: Microsoft Corporation reached a tentative $70mn settlement resolving antitrust claims brought by certain California government entities. The class-action suit was filed in August 2004 by the City and..
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26 May 2006
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788 - 26 May 2006
Property and business interruption
2.5, explosion, fatalities
India: a powerful explosion occurred at a northern Indian paper factory, killing at least 15 workers and injuring more than 50 others. Hundreds of people, initially reported to be trapped in the factory, were later..
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26 May 2006
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788 - 26 May 2006
Late reports
30.4, crash, fatalities
Australia: two people died and up to 40 people were injured after a train crashed at a level crossing in western Victoria. The one-carriage Ararat-bound Velocity passenger train collided with a truck at the Ercildoon level..
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26 May 2006
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Hannover Re
To achieve a return on equity of 15%, Hannover Re needs to post a net profit of around €450mn in terms of the current level of capital employed. Mr Zeller is cautiously optimistic that the target could be achieved in 2006
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26 May 2006
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Life market waits for boost from Pillar II pension funds
The Estonian life market is small in world terms, but the situation will change substantially when pension savings accumulated in the new Pillar II funds are released to buy pension annuities from life companies
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26 May 2006
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Insurance stocks slump as US investors keep their own council
Only four stocks gained in value; two of these by mere fractions of a percent
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26 May 2006
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Further growth expected from popular unit-linked policies
Insurers are recording stronger sales • Atradius and Tokio Marine launch credit insurance service firm • AIG expands in China
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26 May 2006
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Private players compete with market favourite Banco de Seguros
The state-owned insurer retains 66% of direct premiums in over 10 years since the sector was de-monopolized
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26 May 2006
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Beat Strebel, Head of Swiss Re America’s Latin American unit
Staying profitable in the region entails long term commitment and intelligent manoeuvring around crises and market cycles
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26 May 2006
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Market prepares for change as EU entry date approaches
Romania has addressed most of the issues facing its insurance business ahead of EU accession. The market currently operates with higher solvency levels and customer-friendly marketing material. With most of its insurance capital in the hands of foreign investors, Romania is looking attractive on the eve of its EU membership.
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26 May 2006
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SVB rebrands as Novae to make a clean break from troubled past
SVB adopts new name • UK population fails to understand demutualisation debate • Life insurers hedge risks of bird flu
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26 May 2006
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Industry concerned over nature of Solvency II impact study
CEIOPS says it has to “start from somewhere” after CEA questions the place of calibrations in QIS2
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26 May 2006
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Munich Re on target after first quarter profit nears €1bn
The reinsurance giant has made one-third of its projected profits for the year within the first three months of 2006
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26 May 2006
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Insurance 2020: innovating beyond old models
As we approach the end of the first decade of a new century, says James Bisker*
, it is very important to increase the scope of vision and consider what the insurance industry could become. The industry requires something more than existing mechanisms and business models if it is to have a dynamic and successful future. The next few years will mark a fundamental change in the insurance industry. The question is how can insurance carriers profit from these changes?
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26 May 2006
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Why web analytics is crucial to insurance
The insurance industry is spending millions of pounds on great looking web sites offering a range of insurance, which is a crucial part of the business and an extension of the brand. But how well are they working? Measuring things is boring, says
..
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26 May 2006
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788 - 26 May 2006
Insurers can invest in hybrid instruments
But companies can only invest in these instruments according to strict guidelines prescribed by IRDA
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26 May 2006
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788 - 26 May 2006
EU insurers’ VAT exemption under threat
VAT exemption is seen as preventing insurers from reclaiming the VAT they have to pay on their purchase of goods and services, so those costs are passed on in their own charges
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26 May 2006
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788 - 26 May 2006