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Ping An prices IPO
Asia
Online Published Date:
16 February 2007
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806 - 16 February 2007
UK firms unprepared for new liability legislation
Europe
Online Published Date:
16 February 2007
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806 - 16 February 2007
Prop cat premiums up in Q4 2006
North America/Bermuda
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16 February 2007
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806 - 16 February 2007
Aviation
28.1, emergency landing
Malaysia: a Korean Air flight carrying 234 passengers from Kota Kinabalu, Malaysia, to Seoul made an emergency landing due to an engine malfunction on January 23 it was belatedly reported. The aircraft’s engine suffered..
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16 February 2007
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806 - 16 February 2007
Natural catastrophes
29.1, road and bridge damage
Malaysia: road and bridge damage in Sabah during the three week long bad weather cost the Malaysian government RM87mn (£11.0mn). Flood damage to roads in the state cost about RM53.9mn while damage to federal roads..
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16 February 2007
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806 - 16 February 2007
Marine
24.1, detention
Philippines: the Philippine Coast Guard released ferry KC Beatrice
after it was detained for several days at Zamboanga Port. KC Beatrice
was detained after two cargo inspectors were killed by toxic fumes when they entered the..
Online Published Date:
16 February 2007
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806 - 16 February 2007
Liability, awards and settlements
30.1, accidental death, award
US: the family of a woman who died after being hit by an SUV at a car wash was awarded $7.5mn in compensatory damages on January 26 in a lawsuit against the business. The victim died of head injuries after the crash..
Online Published Date:
16 February 2007
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806 - 16 February 2007
Property and business interruption
27.1, bird flu
Japan: officials confirmed a second outbreak of the deadly H5N1 strain of bird flu. Work was under way to cull more than 100,000 birds on the farm where the outbreak was discovered and on the neighbouring property. A 10-kilometre-wide..
Online Published Date:
16 February 2007
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806 - 16 February 2007
Axis Capital Holdings
The company believes that the huge catastrophe losses suffered by the property reinsurance market in 2004 and 2005 will eventually drive changes in the primary market where the importance of adequate risk modelling is still not fully appreciated
Online Published Date:
16 February 2007
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806 - 16 February 2007
Majority of insurers will fail new capital adequacy requirements
Given the size of the Nigerian economy, it is somewhat surprising that other African countries such as Namibia, Botswana and Egypt have better performance in terms of insurance penetration. But, according to some observers, this indicates that there is significant potential for the future expansion of the market given the right operating environment
Online Published Date:
16 February 2007
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806 - 16 February 2007
US and Bermudian stocks finally recover from KRW
US and Bermudian insurance and reinsurance stocks, which reported their full year 2006 results well ahead of their European counterparts, generally gained strongly over the two week period ending February 8.
But the remarkable extent of the recovery..
Online Published Date:
16 February 2007
Appeared in issue:
806 - 16 February 2007
Economy growth produces mixed fortunes for insurers
Argentina’s insurers expect premiums to return to peak levels in 2007 • Colombian premiums up 18% but earnings plummet
Online Published Date:
16 February 2007
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806 - 16 February 2007
IRB Brasil Re gives up monopoly under new reinsurance law
The face of Brazil’s reinsurance market, for so long dominated by state firm IRB, is set for major change
Online Published Date:
16 February 2007
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806 - 16 February 2007
Bancassurance steals market share from agents
The earlier agreement to allow agents to sell both life and non-life insurance has been delayed by two years
Online Published Date:
16 February 2007
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806 - 16 February 2007
Prudential UK: Riding an Asian tiger
Prudential is reaping the rewards of being one of the first foreign insurers to set up shop in Vietnam
Online Published Date:
16 February 2007
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806 - 16 February 2007
Pension deficit improves on equity recovery
A new report reveals the deficit totalled £33.7bn in March 2006, down from a peak of £120bn in 2003
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16 February 2007
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806 - 16 February 2007
Market records further double-digit growth in 2006
Competition between insurers is said by the FFSA to be “particularly lively”, especially in the motor and corporate markets
Online Published Date:
16 February 2007
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806 - 16 February 2007
World’s largest reinsurers report on competitive renewals season
Munich Re looks forward to Asia renewals, Hannover Re admits to softening market, and SCOR increases business by 10%
Online Published Date:
16 February 2007
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806 - 16 February 2007
AM Best anticipates failure of TRIEA renewal in firm assessments
The rating agency is asking for terrorism loss mitigation plans from companies at risk from an attack
Online Published Date:
16 February 2007
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806 - 16 February 2007
Will technology keep the good times rolling for p&c insurers?
In recent years the financial results of the insurance industry have come into alignment with its traditional goal of making an underwriting profit. According to technology research and advisory firm Celent, several factors account for this. Some of the most important are changes in how the industry understands the risks it puts on its books, pays losses, and works with its customers and agents. Here Donald Light
, a senior analyst at Celent, explains the contribution technology has made to improving each of these processes.
Online Published Date:
16 February 2007
Appeared in issue:
806 - 16 February 2007
Making risk-based regulation effective
The UK’s Financial Services Authority (FSA) does not seek to avoid all failure of financial firms. It is an impossible goal whose pursuit has many undesirable consequences, according to FSA chairman
Sir Callum McCarthy
in a recent speech..
Online Published Date:
16 February 2007
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806 - 16 February 2007
Florida fund dilemma for cat reinsurers
But companies, almost without exception, insisted that the impact on their business would be minimal
Online Published Date:
16 February 2007
Appeared in issue:
806 - 16 February 2007