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Solvency concerns
This is despite the fact that SKW1.86trn (US$1.3bn) was recently pumped into the South Korean insurance industry
Online Published Date:
16 December 2008
Appeared in issue:
852 - 15 December 2008
Escalation in ‘Ike’ claims
PartnerRe said the increases were primarily concentrated in the marine line of its global (non-US) specialty sub-segment
Online Published Date:
16 December 2008
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852 - 15 December 2008
Regulators push for more stringent capital requirement
China accounted for 26.4% of emerging life business and 17.0% of emerging non-life business. India generated 23.0% of emerging life business, but only 3.7% of emerging non-life business
Online Published Date:
16 December 2008
Appeared in issue:
852 - 15 December 2008
More bang for your technology buck
In a world where capital is scarce, what should insurers do about their information technology budgets? Can they really afford to cut it? Patrick Molineux, head of market development and marketing at software and technology services firm, CSC, explore eight key actions that insurers can take now to maximize their technology spend
Online Published Date:
16 December 2008
Appeared in issue:
852 - 15 December 2008
Monetising digital communication
The use of transactional documents such as bills and statements as an advertising medium, referred to as “Transpromo” advertising by marketers, is already being employed in the UK. According to Damian Coverdale, Media Sales Director at..
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16 December 2008
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852 - 15 December 2008
Europeans lose faith in state pension system
Respondents to Allianz’s survey in Hungary, France and Italy were not confident about their country’s economic prospects
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16 December 2008
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852 - 15 December 2008
Coastal states face backlash over record storm season
The severity of property losses during the 2008 season has highlighted serious deficiencies in several states’ ability to manage catastrophic losses, says the PCI
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16 December 2008
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852 - 15 December 2008
Sector suffers underwriting loss as catastrophe claims spiral
US reinsurers posted a combined underwriting loss of $1.02bn, against a profit of $1.18bn in the prior year period. This downturn was largely due to increased catastrophe activity in the US compared with the previous year
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16 December 2008
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852 - 15 December 2008
Government loses patience with voluntary agricultural scheme
The scheme will be mandatory from 2009 after the voluntary arrangement failed to attract enough custom
Online Published Date:
16 December 2008
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852 - 15 December 2008
Mutual insurers mount fight back campaign
Demutualisations has damaged the sector’s market share but mutuals say they are well-positioned in the current climate
Online Published Date:
16 December 2008
Appeared in issue:
852 - 15 December 2008
Scor seeks approval for Russia subsidiary to lead regional growth
The French reinsurer hopes to launch the new operation in 2009 • Russian Re’s ratings affirmed by AM Best
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16 December 2008
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852 - 15 December 2008
Local insurers to invest in infrastructure projects
This takes insurers investment activity into new sectors. Up to now insurers primarily invested in bank deposits, real estate and government bonds • New health insurance initiative • Ping An’s investment in Fortis
Online Published Date:
16 December 2008
Appeared in issue:
852 - 15 December 2008
AIG sues Hong Kong insurer over sale rumours
A lawsuit accuses MassMutual Asia of distributing a forged letter announcing the sale of AIG’s Asia operations
Online Published Date:
16 December 2008
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852 - 15 December 2008
Solicitors call for revised PII renewal process
The Law Society described the last PII renewal process as ‘difficult and stressful’
Online Published Date:
16 December 2008
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852 - 15 December 2008
Asia insurers pursue expansion plans
Takaful Malaysia is looking for a banking partner in Indonesia to establish market share
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16 December 2008
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852 - 15 December 2008
Strategic Finance to lift freeze on investor funds
Strategic Finance will make quarterly repayments of principle and interest until December 2013 if the flow of funds materializes
Online Published Date:
16 December 2008
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852 - 15 December 2008
Insurance seen as expansion opportunity for local banks
Although Pakistan’s insurance market is underdeveloped relative to its potential, it has shown promising growth in the recent past. For example, growth in 2005 was 25.5% compared with 2004. The increase of only 16% in 2007 reflected a downturn in the economy and an insecure political situation, which affected investor confidence. For the time being insurers are planning better product distribution through alliances with banks and financial institutions, improved e-commerce and developing call centres. Banks’ confidence in the future of bancassurance has been emphasised by the fact that four new insurers have been set up by bank promoters. There are also signs that some insurers are making efforts to control their expenses and push up premium rates
Online Published Date:
16 December 2008
Appeared in issue:
852 - 15 December 2008
Sector stocks respond positively to state intervention
At first glance, the two week period ending 4th December represents a period of significant recovery for the insurance and reinsurance stocks tracked by WIR. But it was all down to the extreme volatility in the broader market rather than any..
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16 December 2008
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852 - 15 December 2008
Prudential in joint venture talks with local property developer
The construction industry has been hit hard by the financial crisis but Prudential is looking to invest in the housing market
Online Published Date:
16 December 2008
Appeared in issue:
852 - 15 December 2008
Property damage and business interruption
21.11, port delays
Qatar: with vessels waiting for over a week off the Doha Port, many traders complained that food imports were decaying before reaching market. Doha Port received over 4,000 vessels this year as compared to 1,000 in 2002...
Online Published Date:
16 December 2008
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852 - 15 December 2008
Scor SE
The marked expansion in Scor’s premium volume in 2007 was mainly due to the increase in the company’s life reinsurance business (which increased by 106.0% from €1.2bn to €2.1bn) as a result of a full year of business written by the Cologne based life reinsurer Revios which Scor acquired in late 2006
Online Published Date:
16 December 2008
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852 - 15 December 2008
Aviation
22.11, crash, investigation
Mexico: investigators said that they had found evidence of irregularities in the training records of at least one of the pilots handling a jet that crashed earlier the month, killing Mexico’s interior secretary...
Online Published Date:
16 December 2008
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852 - 15 December 2008
Natural catastrophes
25.11, flooding, fatalities
Brazil: landslides and floods in southern Brazil killed at least 50 people and forced 42,000 more from their homes after four months of abnormally heavy rains in Santa Catarina state. More than 1.5 million people were..
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16 December 2008
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852 - 15 December 2008
Marine
21.11, explosion, fatalities
Ecuador: an explosion on board general fishing vessel Andrea F while berthed in the International Terminal of Ecuador killed five people. The incident occurred during the unloading of 450 tonnes of frozen tuna fish,..
Online Published Date:
16 December 2008
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852 - 15 December 2008
Liability, awards and settlements
18.11, Brazilian air crash, investigation
Brazil: a 16-month investigation into the country’s worst airline accident that killed 199 people placed most of the blame on government agencies for failing to ensure runway safety and could lead to..
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16 December 2008
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852 - 15 December 2008
Europe
Negative outlook for UK life sector
The profitability of UK life insurance groups are under considerable pressure, according to rating agency, Moody’s which issued a negative outlook for the sector. The agency cited the impact of the..
Online Published Date:
16 December 2008
Appeared in issue:
852 - 15 December 2008
US
More robust hedging saves insurers $40.0bn
Consulting and actuarial firm Milliman said an internal study showed that during the volatile months of September and October, the hedging programs developed to protect variable annuities (VAs) with..
Online Published Date:
16 December 2008
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852 - 15 December 2008
International
New hurricane prediction model
According to a scientist speaking at a research seminar recently organised by broker Willis, advances in supercomputing capacity and new approaches to climate modelling will enable the scientific, risk modelling and..
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16 December 2008
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852 - 15 December 2008
Asia Pacific
Axis to acquire Australia’ s Dexta
Bermuda based Axis Capital Holdings will acquire Dexta Corporation, an Australian managing general agent which specialises in professional indemnity, directors & officers, information technology and..
Online Published Date:
16 December 2008
Appeared in issue:
852 - 15 December 2008