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Middle East
Emiratisation targets
Aman, the Dubai based Islamic insurance and reinsurance company, announced that it will increase the number of United Arab Emirate nationals working for the company to 35% by the end of 2006. Currently, the number of UAE..
Online Published Date:
16 December 2005
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778 - 16 December 2005
Asia
Arig opens Singapore branch
Bahrain based Arab Insurance Group (Arig) has established a branch operation in Singapore in order to gain better access to the Asian markets. Arig will concentrate its activities on insurance markets in Singapore,..
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16 December 2005
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778 - 16 December 2005
Europe
Mutuals step up lobbying
The European mutual insurance sector is stepping up its efforts to keep the draft Regulation for a European mutual society statute (ME) on the European Parliament’s legislative agenda after the European Commission..
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16 December 2005
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778 - 16 December 2005
North America/Bermuda
Reduced result
Rating agency Fitch is predicting a greatly reduced underwriting result for the US property and casualty insurance industry in 2005. Although industry trends broadly mirrored those of 2004, catastrophe losses in 2005 were much more..
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16 December 2005
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778 - 16 December 2005
International
Infectious disease cover
Broker Aon has highlighted the need for commercial enterprises to take out specialised infectious disease cover. Steve Allum, chairman of Aon’s Marine Global Practice Group writing the group’s recently published..
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16 December 2005
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778 - 16 December 2005
Aviation
21.11, air crash, fatalities
Russia: eight people were killed when a Cessna aircraft carrying them crashed near Moscow. The aircraft, which departed from Voronezh and was due to land at Moscow’s Domodedovo airport, disappeared from radar..
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16 December 2005
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778 - 16 December 2005
Natural catastrophes
23.11, floods, fatalities
Sri Lanka: floods triggered by heavy rains in Sri Lanka have killed six people and damaged thousands of homes, affecting many still in shelters after last year ‘ tsunami. Some 2,000 homes were destroyed and at least..
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16 December 2005
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778 - 16 December 2005
Marine
23.11, sinking, fatalities
China: thirteen Chinese sailors are missing and feared dead after their ship general cargo vessel, An Jin
transporting steel from Shanghai to Singapore, sank in waters off southern Vietnam. Nine sailors were rescued by a..
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16 December 2005
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778 - 16 December 2005
Liability, awards and settlements
22.11, asbestos settlement
US: West Virginia University has reached a settlement in a class-action lawsuit affecting up to 5,600 former and current employees who may have been exposed to asbestos. As part of the proposed settlement, WVU will..
Online Published Date:
16 December 2005
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778 - 16 December 2005
Road and rail
23.11, crash, fatalities
Turkey: nine people were killed and 18 others injured as a passenger train crashed into a vehicle carrying workers in the southern Turkish province of Mersin. The train was en route from another southern province of Adana to..
Online Published Date:
16 December 2005
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778 - 16 December 2005
Property and business interruption
22.11, explosion, fatalities
Mexico: an explosion at a fireworks factory in southern Mexico killed at least five people. The civil protection agency said the factory in the town of Magdalena Apasco in Oaxaca state did not have a license to..
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16 December 2005
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778 - 16 December 2005
Late reports
13.11, explosion at chemical factory, pollution
China: an explosion at a petrochemical plant seriously polluted a river which led authorities to shut off water supplies in one of its biggest cities for at least four days. Five people were killed in..
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16 December 2005
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778 - 16 December 2005
Brit Insurance Holdings
The relatively modest technical result was largely due to a 76% fall in the underwriting profits of the reinsurance business
Online Published Date:
16 December 2005
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778 - 16 December 2005
Millea Holdings
A negative difference of only 3% between the growth of Millea Group’s operating income and is operating costs resulted in a 30% fall in its pre-tax profits
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16 December 2005
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778 - 16 December 2005
Fall in inflation rate offers hope to market currently inhibited by the narrow range and the short term nature of its product offerings
Inflation in Turkey has reduced considerably and in 2004 was down to 8.5% from 25.3% in 2003 and this, together with the change to the currency denominations in January this year, has renewed optimism in the life insurance market.
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16 December 2005
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778 - 16 December 2005
Performance of European stocks overshadows their US and Bermudian counterparts in 2005
More than $15bn in new capital has already been raised; $9bn of this money will be used to support the new start ups.
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16 December 2005
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778 - 16 December 2005
China plans health insurance reforms to aid growth
The vast majority, ie 70.3 %, of China’s population have to rely on their own resources for health care
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16 December 2005
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778 - 16 December 2005
Old Mutual lowers acceptance target for Skandia
Tensions mount as Old Mutual’s hostile offer for Skandia approaches its end on 16 December
Online Published Date:
16 December 2005
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778 - 16 December 2005
Life expectancy forecasts still ahead of pensions reform
The Turner report has set off a number of debates on the financial implications of an ageing population
Online Published Date:
16 December 2005
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778 - 16 December 2005
Canadian acquisition leapfrogs AXA into top 10 position
AXA to be Canada’s 6th largest insurer • Swiss Re funds GE buy • Munich Re protects against storm losses • Aegon issues $500mn in bonds
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16 December 2005
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778 - 16 December 2005
Multi-line p/c insurers challenged by new business models
A new study reveals how product focused and lean operators are outperforming more traditionally minded insurers
Online Published Date:
16 December 2005
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778 - 16 December 2005
Next five years crucial for insurance growth in emerging markets, Swiss Re Sigma Report
Life insurance is forecast to grow by 8% between 2005 and 2010 while non-life insurance will rise by 5%
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16 December 2005
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778 - 16 December 2005
Rising costs and claims cancel out benefits of market expansion
Nine-month figures show premium growth of 23% struggling to keep up with a 32% rise in claims and a 26% rise in costs
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16 December 2005
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778 - 16 December 2005
Delay in imposition of VAT on insurance services welcomed
The fear is that outsourcers might be compelled to buy services ‘offshore’ outside the EU to escape the reach of VAT
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16 December 2005
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778 - 16 December 2005
The five principles of dynamic sourcing
If outsourcing, or sourcing as it’s becoming better known, has lost its way a little as recent debate is suggesting, how can it get back in favour and bring real value to insurers? Andrew Groth*
describes a new approach to designing, shaping and managing outsourcing relationships that focuses on business objectives and outcomes rather than on technological goals
Online Published Date:
16 December 2005
Appeared in issue:
778 - 16 December 2005
Supporting financial stability
Hurricane Katrina, which struck the Gulf Coast of the United States in late August 2005 and decimated the city of New Orleans, is likely to be the most expensive natural catastrophe ever. Insured losses are estimated to be as high as $60bn. This..
Online Published Date:
16 December 2005
Appeared in issue:
778 - 16 December 2005
Aviva to outsource 3,500 more jobs to India
Insurers will spend $11bn on business process outsourcing by 2008
Online Published Date:
16 December 2005
Appeared in issue:
778 - 16 December 2005