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Lloyd's ‘solvency’ case to go to EU Court of Justice
MEPs curious about the factors that led the Commission to start infringement proceedings against the UK government, only to later drop the charges
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01 July 2005
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766 - 01 July 2005
Rise in crop insurance
There have been significant increases in the take-up of farm insurance as the Argentine economy recovers with an export-led boom in agriculture
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01 July 2005
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766 - 01 July 2005
€14.4bn of insurance mergers and acquisitions announced in 2004
There was a number of niche market acquisitions in insurance highlighted by the UK closed life fund sector
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01 July 2005
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766 - 01 July 2005
Regional market premium income rises by 5.5%
Life premium income rose by 6.8% in real terms to €559bn, while non-life premium income grew by 3.7% to €368bn
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01 July 2005
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766 - 01 July 2005
Market highly profitable despite slowdown in premium growth rates
The main reason for last year's slow-down in premium growth rates was the performance of the agricultural insurance sector where premium income declined due to the elimination of government subsidies for this class of business
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01 July 2005
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766 - 01 July 2005
Alea stock hit by concerns about inadequate loss reserves
S&P downgrade came only weeks after Alea chief executive announced in trading statement that company had never been stronger financially.
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01 July 2005
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766 - 01 July 2005
IRDA calls for reduction in health insurers' capital requirements
The idea is to encourage the formation of at least 15 to16 new insurance companies to supplement existing capacity
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01 July 2005
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766 - 01 July 2005
Odyssey Re Holdings
Expansion of international reinsurance portfolio and US specialty insurance business reduced impact of cat losses in 2004
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01 July 2005
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766 - 01 July 2005
Closure of tax loopholes to affect expansion of market in short term
But the bancassurance sector in Bulgaria is expected to be kick started during 2005 as a result of two foreign banking groups (Hungary's OTP Bank and the National Bank of Greece) establishing life and non-life insurance companies.
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01 July 2005
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766 - 01 July 2005
PICC Property & Casualty
Gross premium income increased by 13% in 2004 but motor claims and weak stock markets weighed heavily on result
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01 July 2005
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766 - 01 July 2005
Europe
Pledging future income
Value of In-Force (VIF) securitisation (when life insurers raise capital on the investment markets by pledging the future income of business currently on their books), will become progressively more popular in Europe,..
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01 July 2005
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766 - 01 July 2005
Asia
S&P reduces risk rating for China life sector
Rating agency Standard & Poor's has marginally revised its risk rating for China's life insurance sector from ‘very high’ to ‘moderately high’ despite the..
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01 July 2005
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766 - 01 July 2005
North America
Hurricane warning
There is more than a one in three chance of large hurricane catastrophe-losses in the US according to risk modelling consultancy, EQECAT. This conclusion is based upon analysis by EQECAT of current forecasts by the National..
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01 July 2005
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766 - 01 July 2005
Aviation
14.6, crash
Kenya: a South African pilot was involved in a bizarre incident in which two aircraft crashed on a runway in Lokichokio in Northern Kenya. The runway had to be closed for two days to clear the wreckage. The accident happened when a..
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01 July 2005
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766 - 01 July 2005
Awards and settlements
11.6, toxic pesticide award
US: a former mechanic for an Edison forklift rental company who was disabled in 2000 when he was exposed to a toxic pesticide while repairing one of the machines has been awarded $46.7mn by a Superior Court jury. The..
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01 July 2005
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766 - 01 July 2005
Natural disasters
10.6, floods, fatalities
China: a flash flood in a mountainous region of northeastern China slammed into a primary school killing 99 people, and surviving students went back to class for lessons on how to deal with the trauma. The dead included 95..
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01 July 2005
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766 - 01 July 2005
Property damage and business interruption
10.6, mine collapse, fatality
US: a coal miner was killed when the roof collapsed about two miles inside a western Pennsylvania mine, Tracy Lynne Mine in Kiskiminetas Township, about 30 miles north-east of Pittsburgh. A rescue crew was dispatched..
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01 July 2005
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766 - 01 July 2005
Marine
14.6, passenger lawsuit
US: Norwegian Cruise Lines is facing a lawsuit from 24 passengers battered in a storm as their vessel raced back to New York for an appearance in the TV show The Apprentice. The lawsuit was filed in Miami by passengers who..
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01 July 2005
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766 - 01 July 2005
Late Reports
6.6, volcano eruption, damage
Mexico: the country's Colima volcano spewed ashes almost 5 km high, its fiercest eruption of rock and lava in more than 15 years and its third big explosion in two weeks. No casualties were reported after the..
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01 July 2005
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766 - 01 July 2005
Interview: Shaun Tarbuck, chief executive, ICMIF
The challenges of communicating the mutual insurance message to policymakers, market participants and consumers
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01 July 2005
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766 - 01 July 2005
Firms optimistic despite growth expectations being dashed
Falling demand over last 3 months has not stopped companies from increasing their headcounts and training expenditure
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01 July 2005
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766 - 01 July 2005
Collateral: credit risk or trade barrier?
Collateral: credit risk or trade barrier?
The European Union reinsurance marketplace is widely recognised as important to the stability of the US insurance market. According to S&P, 10 of the top 40 reinsurers in the world (including seven of..
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01 July 2005
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766 - 01 July 2005