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Asia Pacific
Public liability insurance pool given trial period
The Australian Competition and Consumer Commission (ACCC) has given temporary permission for Allianz Australia Limited, QBE Insurance (Australia) Limited and NRMA Insurance Limited to collectively..
Online Published Date:
06 December 2002
Appeared in issue:
702 - 06 December 2002
Europe
Swiss flood damage estimated at SF40mn
According to a statement by the Swiss Insurance Association, recent flood and land slide damage claims have exceeded 20,000 and the cost to the insurance sector was estimated at SF40mn. The association expects..
Online Published Date:
06 December 2002
Appeared in issue:
702 - 06 December 2002
North America
Farmers stays committed to homeowners’ insurance
Farmers Insurance Group will continue to provide homeowners’ insurance cover in Texas, despite suffering significant losses in this class of business over the last few years. The..
Online Published Date:
06 December 2002
Appeared in issue:
702 - 06 December 2002
World insurance stock prices
Company/group
Currency
31/12/01
14/11/02
28/11/02
Change from
14/11/02 %
Capitalisation US$ mn
* US prices as at close 27 November 2002
© World Insurance Report
Ace
US$
40.15
31.25
33.41
6.9
8,775
AIG..
Online Published Date:
06 December 2002
Appeared in issue:
702 - 06 December 2002
Company profile: Labuan Re
Malaysian offshore reinsurer Labuan Re saw a substantial increase in its premium income in 2001, mainly due to the growth of overseas business, but its underwriting account continued to be unprofitable.
Gross premiums for foreign business amounted..
Online Published Date:
06 December 2002
Appeared in issue:
702 - 06 December 2002
Gerling Global General & Re (UK)
London market reinsurer Gerling Global General & Re (GGGRe), part of the Gerling Global Re group, ceased underwriting new and renewal business with effect from 28 October. This followed the failure of several attempts to sell the loss-making..
Online Published Date:
06 December 2002
Appeared in issue:
702 - 06 December 2002
Sector set for recovery as brokers’ combined revenue rises by 32%
These are tough but, on the whole, more prosperous times for the top 50 London market brokers.
According to the latest analysis by WIR
of London market brokers’ annual reports, the top fifty brokers increased their brokerage income by 32.4%..
Online Published Date:
06 December 2002
Appeared in issue:
702 - 06 December 2002
Indian private sector insurers call on regulator to speed up market reforms
Private sector insurers in India are calling on the government to come up with more regulatory reforms to enable them to compete more effectively against the four public sector insurers.
Addressing the first technical session at a two-day insurance..
Online Published Date:
06 December 2002
Appeared in issue:
702 - 06 December 2002
Scor increases 2002 loss figure to €400mn
Scor’s new president, Denis Kessler, has said that SCOR was likely to show a loss of €400mn (US$397.7mn) this year rather than the €250mn suggested by his predecessor, Jacques Blondeau, when the latter issued his last profit..
Online Published Date:
06 December 2002
Appeared in issue:
702 - 06 December 2002
Czech flood losses
The heavy weather losses suffered by all property insurers in the Czech Republic are damaging the results of direct companies as well as their reinsurers, who in turn are implementing steep increases when the 2003 renewal season comes to pass.
The..
Online Published Date:
06 December 2002
Appeared in issue:
702 - 06 December 2002
Hannover Re
Hannover Re has trimmed its operating profit forecast for this year to €500mn (US$497.1mn) from earlier forecasts of some €600mn. The company blames this on the poor performance of the financial markets.
In the course of the third..
Online Published Date:
06 December 2002
Appeared in issue:
702 - 06 December 2002
Use of TPAs by Indian state insurers sparks protests
Indian public sector unions and insurance associations are protesting against the use of private sector third-party administrators by public sector insurers. Both the unions and the associations complain that the companies implemented the various..
Online Published Date:
06 December 2002
Appeared in issue:
702 - 06 December 2002
12–26 November 2002
Late reports
7.11, collision, fatality
U.S: the Coast Guard searched for a crewman missing from tug Thoroughbred
, which was sucked under a barge on the San Jacinto River, near Houston, Texas. The incident occurred near the Southwestern Ship..
Online Published Date:
06 December 2002
Appeared in issue:
702 - 06 December 2002
Company profile: East Africa Re
East Africa Re, the first private sector reinsurer to be established in Kenya and East Africa, had a good year in 2001, recording increased pre-tax profits and strong premium growth, despite difficult business conditions in the markets in which it..
Online Published Date:
06 December 2002
Appeared in issue:
702 - 06 December 2002
Corporate security concerns promise new lease of life for Caribbean catastrophe pool
With terrorism a possibility in the Caribbean as well as anywhere else in the world, leading regional general insurer, NEM (West Indies) Insurance (NemWil), is moving to revive its energy and chemical insurance pool to provide cover for oil, gas and..
Online Published Date:
06 December 2002
Appeared in issue:
702 - 06 December 2002
News roundup
Latin American airlines have until 11 February next year to take up liability cover arranged by the International Civil Aviation Organization (ICAO) to insure passengers against war and terrorism hazards, according to ICAO president, Assaid Kotaite...
Online Published Date:
06 December 2002
Appeared in issue:
702 - 06 December 2002
Japanese life insurers struggle
Japan’s seven largest life insurance companies have witnessed a decline in the number of policies sold during the first half of this year.
This is the fifth consecutive year that Japanese life companies’ business volumes have fallen. The..
Online Published Date:
06 December 2002
Appeared in issue:
702 - 06 December 2002
New Zealand’s ACC under fire
The failure by New Zealand’s state-owned Accident Insurance and Compensation Corporation (ACC) to produce a satisfactory Code of Claimants Rights, as it was ordered by Parliament to do, is one of several criticisms of the Corporation over past..
Online Published Date:
06 December 2002
Appeared in issue:
702 - 06 December 2002
Move to speed up European insurance sector reform
MEPs signalled last week that they might be prepared to give up some of the powers they enjoy under current, cumbersome ‘co-decision’ procedures in order to progress legislation for the major reform of the European Union’s system..
Online Published Date:
06 December 2002
Appeared in issue:
702 - 06 December 2002
When short-term gain equals long-term pain
Adopting a ‘quick-fix’ approach to FSA compliance issues could in the long run prove a disaster for insurers.
Adrian Cobb
, UK managing director of TOWER Technology, believes that too many companies are addressing..
Online Published Date:
06 December 2002
Appeared in issue:
702 - 06 December 2002