i-law

World Insurance Report

World insurance stock prices

Company/group Currency 2000 year-end 4/10/01 18/10/01 Change from 4/10/01 % Capitalisation US$ mn Source: iiudata Ace US$ 42.44 34.11 36.86 8.1 8,553 AIG US$ 98.56 80.14 83.00 3.6 217,558 Allianz..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

Company profile: Nemwil

NEM (West Indies) Insurance, known as Nemwil, is the largest indigenous general insurer in the Caribbean. It saw its pretax profits rise by 60% to TT$44mn (US$7mn) in 2000. A significant proportion of last year’s profit derived from..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

Axa Corporate Solutions

Axa Corporate Solutions (ACS) was created in 2000 following the merger of Axa Re, Axa Global Risks and Axa Cessions. The new entity focuses on servicing large international corporations operating in hi-tech sectors such as energy, telecommunications..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

High cost of reinsurance hits Chilean insurers

The Chilean Insurers’ Association has met with the local press to comment on the likely impact on the sector from the 11 September bombings in the US. Association president Marcos Buchi expected premiums for certain types of risk that require..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

RSA increases its Asia-Pacific revenue

The Asia-Pacific operations of Royal & SunAlliance (RSA) accounted for 14% of the group’s total business in the first half of 2001. The region’s contribution rose to £54mn (US$78mn), compared with £39mn during the..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

State carrier in reinsurance premium scandal

A scandal involving Philippines National Power Corporation (Napocor) and its insurer, Government Service Insurance System (GSIS), has rocked the local industry. The allegations followed an examination of the utility’s books by London-based..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

Asian states help airlines get insurance cover

Airlines in Asia can look forward to support from their respective governments to meet the increased insurance costs after the attacks in the US on 11 September. Airline companies in Singapore, Hong Kong, South Korea, China, Thailand, the..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

RenaissanceRe boosts war risks capacity with new P/C venture

RenaissanceRe will form a new property catastrophe reinsurer, with support from other industry players, to meet the demand for this kind of cover in the wake of the terrorism in the US. RenaissanceRe’s net exposure to the attack on the World..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

Government agrees with insurers on need for state-backed fund

Insurers are looking to the US Congress to establish a US$10bn government-backed terrorism reinsurance pool along the lines of the UK’s Pool Re. With losses from the World Trade Center disaster escalating, insurers and reinsurers are under..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

Göran Thorstensson: Cautious on the road to success

These are challenging times for Sirius International Corporation, the reinsurance group owned by Swedish engineering, electronics and financial services conglomerate Asea Brown Boveri (ABB). Sirius is no stranger to testing market conditions...
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

Sampo finally abandons bid for Storebrand

Finnish group Sampo has abandoned its bid for Norwegian insurer Storebrand. First the Finnish company failed to obtain more than 81% of Storebrand stock. Norwegian law requires a bidder to obtain a 90% stake to proceed with the purchase of a..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

Axa Corporate Solutions raises industrial rates

Axa Corporate Solutions (ACS) has indicated its premium rates for industrial risks will go up on average by between 35% and 80% in the coming year. ACS chief executive Jean-Marie Nessi told a seminar organised by broker Marsh that the higher..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

Hungarian government issues terrorism and war risks guarantee to national airline

Hungary’s parliament has approved a government proposal to provide the ailing Malév Hungarian Airlines with a US$950mn guarantee against potential damages incurred by acts of war and terrorism. Without the guarantee, Malév would have..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

US insurance association investigates Lloyd’s

The US National Association of Insurance Commissioners has ordered an investigation into the estimated £6bn (US$8.5bn) gross liabilities that Lloyd’s faces in the wake of the World Trade Center attacks. Investigators based in the UK will..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

High-rise costs soar

The cost of insuring high-rise buildings in the UK is expected to soar by 80% following the attack on the World Trade Center and the potential threat of further plane hijackings in the west. Risk levels have risen drastically for commercial..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

Scor calls for Europe-wide terrorism fund

Jacques Blondeau, head of French reinsurer Scor, has called for the creation of a supranational European fund to cover the risks of terrorism. In the wake of the attacks on the US, which could cost the insurance between US$30bn and US$70bn, insurers..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

Chemical factory explosion hits French insurers hard

The explosion of the AZF chemical factory on the southwestern outskirts of Toulouse is expected to cost insurers up to €2.3bn (US$2.1bn), according to estimates published by the French insurers’ association, FFSA. The accident occurred..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

Rising mould claims intensify for US insurers

The rising level of mould claims continues to cause problems for insurers in the US. Many are considering the possibility of excluding mould damage from homeowners’ policies. The Texas Department of Insurance has called for a US$5,000 limit on..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

2–15 October 2001

Late reports 27.9, fire, explosion, injuries Egypt: six people were critically injured after a barge set to carry them through the Suez Canal caught fire, exploded and sank while refuelling outside Suez port. The barge, a Ukrainian-registered..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

Company profile: Aioi

Aioi Insurance is the new name for the merged operations of Dai-Tokyo Fire & Marine Insurance and Chiyoda Fire & Marine Insurance. The merger, which took effect on 1 April 2001, makes Aioi one of the five largest nonlife insurers in Japan,..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

Company profile: Asian Re

Asian Re was established in 1979 by the United Nations Economic & Social Commission for Asia & the Pacific (ESCAP). The company accepts reinsurance business from the insurance markets of member states and from other markets in the..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

Market struggles to adapt to the stress and strains of liberalisation

Singapore’s general insurance sector has seen considerable change since the market was liberalised and the 49% limit on foreign ownership of local insurance companies was abolished in March last year. According to a recent Standard &..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

Argentina ‘needs insurance fraud strategy’

Between 20% and 50% of nonlife claims reported in Argentina are fraudulent. According to Carlos García Grossi, director of local consultancy Insurance Fraud Services, either claims are totally false or damages are padded. Mr Grossi said for..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

Panama feels effects

The international reinsurance market has advised insurers in Panama that new or renewed treaties will exclude terrorism risks, according to Luis Bandera, president of the Panama Insurers Association (Apadea). Interviewed by local paper El..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

ING grows in Mexico

Dutch financial services group ING has offered to buy the remaining 13% of Mexico’s largest insurer, Seguros Comercial América (Segcoam). ING already has an 87% stake in the company. ING, which began the year with a 41% stake in the..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

Indonesian insurers come under scrutiny

With several insurance companies in Indonesia facing financial problems, the Ministry of Commerce has decided to maintain a close check on the capital position of every player in the sector. The Department of Insurance and the insurers’..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

Blood donors covered

Full insurance cover should be required under EU law to compensate blood donors who are accidentally injured or infected, the European Parliament has announced. The issue is a potential problem as health insurance companies might resist claims for..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

CNP’s net profits rise

CNP Assurances, the biggest personal lines insurer in France, reported net profits up by 18.4% to €219.5mn for the first half of this year. More impressively, the result was achieved on a reduced turnover down by 6.9% to €8.65bn. The..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

France to bring financial regulators together

France’s insurance regulator, Commission de Contrôle des Assurances, and the country’s banking regulator, Commission Bancaire, are expected to sign a cooperation agreement before the end of this month. The authorities regard this as..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

US banks report 22% increase in sales of insurance products

Selling insurance and investment products is becoming increasingly popular with banks in the US. Bank sales of insurance, including annuities, increased by 22% last year to US$45bn, according to the American Bankers Insurance Association..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

St Paul opens representative office in Beijing

St Paul has opened a representative office in Beijing. St Paul Re, the group’s reinsurance subsidiary has a well-established relationship with the Asian market, including reinsuring Chinese risks placed overseas. St Paul Re chairman James..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

Australia tightens up safety rules for space insurance

In one of its last insurance decisions before the next federal election on 10 November, the Australian government has issued the most stringent safety rules to ensure Australian space launches pose negligible insurance risk to the country’s..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

Inspiring public trust

This year has been something of an annus horribilis for the actuarial profession in the UK. Equitable Life, Independent Insurance and endowment mortgages: the impression is of a massive scandal of incompetence or worse, in which whole generations..
Online Published Date:  26 October 2001
Appeared in issue:  674 - 26 October 2001

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