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Europe
Finnish flood claims
Finland’s insurers look likely to settle less than 20% of claims received as a result of recent flood damage in Finland during the first two weeks of August. According to Esko Kivisaari, managing director of the..
Online Published Date:
10 September 2004
Appeared in issue:
747 - 10 September 2004
North America
Homeowners underinsured
The total destruction of more than 3,700 homes in California wild-fires last year has highlighted a widespread problem of underinsured US homes, according to a report in the New York Times. The report says that millions of..
Online Published Date:
10 September 2004
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747 - 10 September 2004
24 JULY – 20 AUGUST 2004
Late reports
18. 7, explosion, fatalities
Sri Lanka: six crew members died and six others were missing after an explosion on chemical/oil carrier Setia Jaya
(6,379 gt, built 1981) off the south-east coast of Sri Lanka.
23. 7, crash,..
Online Published Date:
10 September 2004
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747 - 10 September 2004
Investor confidence in insurance sector remains weak
Converium continues decline after further loss reserve announcement
While lower oil prices contributed to a recovery in the world’s leading stock markets, investor confidence in the insurance sector remained weak. Around three-quarters of the..
Online Published Date:
10 September 2004
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747 - 10 September 2004
The world’s largest professional non-life reinsurers
Over three-quarters of the groups in the WIR survey recorded double-digit net premium growth in 2003
The underlying underwriting performance of the world’s leading reinsurers continued to improve in 2003, according to WIR’s latest..
Online Published Date:
10 September 2004
Appeared in issue:
747 - 10 September 2004
New responsibilities and opportunities in a changing market place
Robert W. Hammesfahr says that now, more than ever, reinsurance professionalism is needed to provide new solutions
At the present time, there is great debate among major US buyers of reinsurance questioning the value and security of reinsurance..
Online Published Date:
10 September 2004
Appeared in issue:
747 - 10 September 2004
Court to scrutinise use of financial reinsurance contract by FAI
The outcome of the trial will have a major impact on the future of financial reinsurance contracts in Australia
The reinsurance arrangements entered into by three former executives of FAI General Insurance Group of Australia in 1998 are at the..
Online Published Date:
10 September 2004
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747 - 10 September 2004
CIRC to introduce new reinsurance regulations for domestic market
At present, nearly 90% of local reinsurance business in China is ceded to overseas reinsurance groups
As international reinsurance companies ready themselves to enter the Chinese market, the country’s regulatory authority has announced plans..
Online Published Date:
10 September 2004
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747 - 10 September 2004
Converium’s organisational changes reflect painful lessons learned
The hope is that centralisation of underwriting for long-tailed specialty lines will achieve rigorous and consistent standards
Reinsurer Converium is to raise $420mn of new capital, and boost its reserves. The size of this share issue caused a..
Online Published Date:
10 September 2004
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747 - 10 September 2004
Substantial bill for hurricane damage likely to stem rate reductions
There is now growing belief hurricanes Charley and Frances could raise awareness about catastrophe bonds
Although loss adjusters and claims experts were still examining the chaos caused by Hurricane Frances as WIR went to press, insurers will no..
Online Published Date:
10 September 2004
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747 - 10 September 2004
Europe’s big three impress on the ROE battle front
Hannover Re, Swiss Re and Munich Re’s results rival those of the Bermudians
With Converium and Scor struggling to recover from the wounds inflicted by the US casualty market in the late 1990s, the prestige of European reinsurers has been..
Online Published Date:
10 September 2004
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747 - 10 September 2004
Euphoria of privatisation silenced by the realities of implementation
Bassem Kabban
, CEO of London headquartered United Insurance Brokers (the first foreign insurance broker to visit Iraq after the US-led invasion in 2003), comments on the attempts by the occupying authorities to restructure the local market
In..
Online Published Date:
10 September 2004
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747 - 10 September 2004
Africa
SA non-life results
The South African non-life sector benefited during the first half of 2004 from mild weather, a consolidation of the market and more competitive rates compared with those offered by overseas players, according to the latest..
Online Published Date:
10 September 2004
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747 - 10 September 2004
Asia
PICC leads market
Hong Kong listed PICC Property & Casualty was the leading insurer in China for the first seven months of 2004, generating premium income of 43.19bn yuan and gaining a market share of 62.61%, according to figures from the..
Online Published Date:
10 September 2004
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747 - 10 September 2004
Time for a new technology model
The way the insurance and reinsurance industry acquires its IT is fundamentally flawed and unnecessarily expensive, says
Alex Mattelaer
, senior partner at Technology for Europe, an insurers’ and reinsurers’ co-operative. Cost..
Online Published Date:
10 September 2004
Appeared in issue:
747 - 10 September 2004
Asia/Pacific
Asian liability climate changing, says Swiss Re
The liability environment in Asia is changing, reflecting among other things a growing middle class and increased regulation, according to Swiss Re’s Ruediger Otto. Speaking at the Liability..
Online Published Date:
24 September 2004
Appeared in issue:
748 - 24 September 2004
North America
US surplus lines increase premium volume by 28%
The US surplus-lines market in 2003 saw direct premium volume climb 28% on top of the 62% increase the year before, according to a study by US ratings concern AM Best. The surplus lines market..
Online Published Date:
24 September 2004
Appeared in issue:
748 - 24 September 2004
21 AUGUST – 10 SEPTEMBER 2004
Late reports
13. 8, hurricane, fatalities
Cuba: hurricane Charley killed at least five people and caused a loss of US$1bn in Cuba, authorities said. More than 70,000 houses were hit, with 1,117 destroyed. Some 800 schools and 312 hospitals were..
Online Published Date:
24 September 2004
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748 - 24 September 2004
Chubb Corporation
Chubb’s recent underwriting performance has been impacted by reserve increases for asbestos and toxic waste claims
US property/casualty insurer Chubb Corporation posted record net income of US$717mn for the first six months of 2004. This..
Online Published Date:
24 September 2004
Appeared in issue:
748 - 24 September 2004
The long, slow road to market liberalisation
The market is partly being modernised in an attempt to align solvency and accounting standards with those of the EU
Despite Tunisia being the smallest country in North Africa with a population of only 9.8mn, the country has a well developed..
Online Published Date:
24 September 2004
Appeared in issue:
748 - 24 September 2004
Insurance stocks rally in the face of hurricane losses
While brokers Willis and Benfield follow example of Endurance and Montpelier and return excess capital to investors
Around three-quarters of the insurance stocks monitored by WIR closed higher during the three-week period ending 16 September. This..
Online Published Date:
24 September 2004
Appeared in issue:
748 - 24 September 2004
Insurance outsourcing revenue to grow by 21% a year
Currently around 63% of India’s insurance outsourcing revenue comes from the US
Indian insurance services outsourcing revenues are likely to grow from an estimated US$37mn in 2003 to US$79mn by 2007, representing compounded annual growth rate..
Online Published Date:
24 September 2004
Appeared in issue:
748 - 24 September 2004
General insurers reverse first quarter fall in premium income
Six out of the 23 general insurance companies lost money while 11 companies increased their earnings
The performance of Chile’s insurance sector so far this year has been pretty mixed to judge by the market’s interim results.
During the..
Online Published Date:
24 September 2004
Appeared in issue:
748 - 24 September 2004
European news roundup
Swiss life back in profit • Euler improves combined ratio to 72.4% • Allianz to disclose remuneration • Europ Assistance
Cost cutting appears to have worked for Swiss Life. The company reported a net profit of SFr398mn (US$313mn)..
Online Published Date:
24 September 2004
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Strong pricing seen as key to market’s $9bn underwriting profit
But rate flattening threatens full year result • Extending Tria • Flight to quality? Get on a plane to Bermuda
The effect of the record high premiums achieved in recent years and the relatively light level of catastrophes has finally..
Online Published Date:
24 September 2004
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748 - 24 September 2004
S&P calls on market to rethink approach to ratings
Current practice is creating a ‘severe and arbitrary’ division among carriers
In the wake of its dramatic downgrade of Converium AG long term counter party credit and insurer financial strength ratings from A (minus) to BBB, rating..
Online Published Date:
24 September 2004
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748 - 24 September 2004
Re-addressing the challenges of process management
In the first of a series of two articles on insurance outsourcing, Martin Vergunst, CSC Computer Sciences managing director, South Africa, on the country’s emergence as an outsource services centre for the global financial services..
Online Published Date:
24 September 2004
Appeared in issue:
748 - 24 September 2004
Securing the 21st century corporation
Lord Levene
, Chairman of Lloyd’s, this week called on Texan business leaders to do more to prepare to meet 21st century risks. He said that while Hurricane Ivan is a timely reminder of the risks posed by natural catastrophes, Texan businesses..
Online Published Date:
24 September 2004
Appeared in issue:
748 - 24 September 2004
Europe
House of Lords opposes EU gender directive
The UK’s House of Lords has criticised a European Union (EU) proposed gender directive which would make it illegal for insurers to take account of gender-related risk data when setting motor rates...
Online Published Date:
24 September 2004
Appeared in issue:
748 - 24 September 2004
Kuwait Re
Kuwait Re increased its retention ratio for non-life business from 65% in 2002 to 81% last year
Kuwait Re recorded a sharp rise in premium income in 2003 as primary players in the region experienced a reduction in reinsurance capacity. Gross..
Online Published Date:
24 September 2004
Appeared in issue:
748 - 24 September 2004
Non-life market sees 134% increase in pre-tax profits
Most impressively, the market’s combined ratio improved from 96.8% in fiscal 1998 to 88.5% in fiscal 2003
Despite a 1.7% decline in direct premium income, Japanese domestic non-life business managed to produce a 134% increase in pre-tax..
Online Published Date:
24 September 2004
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748 - 24 September 2004
Tracing beneficiaries slowing down terrorist attack claims payments
Hospitals must also establish the permanent consequences of the injuries before victims qualify for payout
Spain’s Consorcio de Compensación de Seguros (Insurance Compensation Agency) has paid until now €15.74mn (US$19.19mn) to..
Online Published Date:
24 September 2004
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748 - 24 September 2004
New ruling promises to reduce cost of accident claims
The directive will abolish rights of governments to maintain design protection on ‘visible’ replacement components
Insurers across Europe are likely to benefit from changes to EU law on vehicle spares, if the reforms lead to cheaper..
Online Published Date:
24 September 2004
Appeared in issue:
748 - 24 September 2004
INTERNATIONAL
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Online Published Date:
24 September 2004
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748 - 24 September 2004