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JLT opens for business in China
Asia
Online Published Date:
08 December 2006
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802 - 08 December 2006
Marsh appoints UK chief executive
Europe
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08 December 2006
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802 - 08 December 2006
Florida Senate calls emergency insurance session
North America
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08 December 2006
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802 - 08 December 2006
Bermuda reinsurers on track for record profits
International
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08 December 2006
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802 - 08 December 2006
Aviation
16.11, emergency landing
South Korea: over 20 people aboard a Taiwanese airliner were hurt when the aircraft changed course to avoid another jet just prior to landing at an airport on South Korea’s Cheju Island. Some of those on board the Far..
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08 December 2006
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802 - 08 December 2006
Natural catastrophes
16.11, floods, fatalities
Kenya: floods in Kenya’s northeastern and coastal areas killed 23 people and displaced more than 80,000, according to the Red Cross. It also warned that heavy rains would take a toll on the flood prone western region...
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08 December 2006
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802 - 08 December 2006
Marine
16.11, accident, fatalities
Sweden: one crew member was found dead and five injured in an accident on bulk carrier Saga Spray
(29381 gt, built 1994) as a result of discharging wooden pellets into the carrier’s bulk while berthed in..
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08 December 2006
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802 - 08 December 2006
Liability, awards and settlements
15.11, libel
US: a jury ordered a suburban Chicago newspaper to pay $7mn to the chief justice of the state Supreme Court for a series of articles that he alleged were untrue and damaged his reputation and career. The jury ruled against the Kane..
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08 December 2006
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802 - 08 December 2006
Road and rail
14.11, collision, fatalities
South Africa: up to 20 farm workers were killed when a commuter train collided with a truck near a railway. The accident occurred when the truck carrying the workers stalled at a crossing near the Eerste River station..
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08 December 2006
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802 - 08 December 2006
Property and business interruption
14.11, bird flu
Indonesia: a two-and-a-half year-old Indonesian boy died of bird flu, taking the country’s human death toll from the virus to 56, according to the country’s health ministry. The boy, from Karawang regency in West Java..
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08 December 2006
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802 - 08 December 2006
Amlin Plc
The group’s reinsurance cover reduced Amlin’s hurricane gross losses of $860.9mn to a net loss of only $236.7mn. Indeed, Amlin only retained 27% of the KRW related business it wrote. This compares to a catastrophe retention rate of 53% in 2004
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08 December 2006
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802 - 08 December 2006
New legislation may permit foreigners to invest in insurance sector
When the BNP coalition government came to power in October 2001 it declared its intention to carry out a programme of privatisation, but it has since decided not to pursue any more sales of state assets until after the general election in 2006
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08 December 2006
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802 - 08 December 2006
RenaissanceRe bucks trend with 7% gain
With few exceptions, US and European reinsurance stocks lost ground over the fortnight ending 30 November. Most notably bucking the trend was Bermuda based RenaissanceRe which gained 7.1% over the period. RenaissanceRe gained even further after 30..
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08 December 2006
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802 - 08 December 2006
FIDES approves strategic plan to improve local insurance market
Illegal operations are on FIDES’ hitlist • S&P raises rating of Argentine debt • Premiums up in Venezuela • Chile’s economic outlook improves for 2007 • Glacier Re receives licence in Ecuador and Colombia..
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08 December 2006
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802 - 08 December 2006
Pension fund managers allowed to invest more overseas
AFPs can invest a maximum of 12% of their portfolios in foreign markets after cap is raised by central bank
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08 December 2006
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802 - 08 December 2006
Profits dented by volatile stock exchange market
Insurers stay in the black at P343bn but this is a marked deterioration on the P1.2trn reported last year
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08 December 2006
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802 - 08 December 2006
IRB Brasil Re profits up by 11%
IRB’s profits reach $105mn • 11.5% of insurance claims are fraudulent • Money laundering on the rise • EMB opens office
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08 December 2006
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802 - 08 December 2006
Fortis joins forces with local banking partners to launch life venture
Fortis will own 26% of the new company, which will start trading in mid-2007 • GIC wants greater selection of risks
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08 December 2006
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802 - 08 December 2006
Investors raise $565mn to capitalise new regional reinsurer
However, the ability of the new company to effectively build and retain market acceptance will only be proven over time
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08 December 2006
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802 - 08 December 2006
Shortage of domestic marine expertise is a major challenge
The education of local insurance practitioners needs to be addressed if Asia is to establish itself as a marine insurance centre
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08 December 2006
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802 - 08 December 2006
Life market expands by 33% during first half of 2006
The rapid increase in mortgage demand as well as for investment type life policies lies behind the spectacular increase
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08 December 2006
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802 - 08 December 2006
Spanish insurers record 5% premium rise led by Mapfre Group
Non-life and life insurers both recorded increases in the first nine months of 2006 • Premium income fell in Portuguese market
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08 December 2006
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802 - 08 December 2006
Renewed interest in cat bonds sparked by energy sector demand
The effects of a shortage of traditional catastrophe cover are still being felt • CEA advocates risk-based Solvency II
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08 December 2006
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802 - 08 December 2006
Natural catastrophe insurance scheme reform courts controversy
Insurers are not happy with the proposed changes which they argue undermine the scheme that has worked well since 1982
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08 December 2006
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802 - 08 December 2006
Hurricane losses could rise by up to 40% over next five years
RMS forecast remains high • Employers pay more on medical renewals • Health costs to increase at lowest level since 2001
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08 December 2006
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802 - 08 December 2006
Islamic insurance: the opportunities and the challenges
More licences are being awarded in key takaful markets such as Malaysia and the Middle East but there are many strategic and operational challenges facing potential providers of insurance and technology services to the market. Catherine Stagg-Macey
, senior analyst in the insurance practice of financial services research and advisory firm Celent, outlines the key issues
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08 December 2006
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802 - 08 December 2006
Contract certainty: tackling the other 15%
For Alex Letts
, chief executive of electronic trading service RI3K, those who believe that the London insurance market will never change should ponder the following statistic: from less than 10% in 2005, 85% of all contracts will now meet the new..
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08 December 2006
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802 - 08 December 2006
BUPA loses risk equalisation challenge
Company describes court decision as bad day for Irish consumers
Online Published Date:
08 December 2006
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802 - 08 December 2006