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Atradius in China
Asia
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01 September 2006
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795 - 01 September 2006
Credit insurance most used in Germany
Europe
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01 September 2006
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795 - 01 September 2006
Alien reinsurers increase share of US market
North America
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01 September 2006
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795 - 01 September 2006
Aon predicts P&I rate rises
International
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01 September 2006
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795 - 01 September 2006
Security
16.8, kidnapping
Nigeria: two Norwegian and two Ukrainian oil workers held hostage in Nigeria were freed. The four workers were taken a week earlier from a vessel (anchor handling tug/supply Northern Comrade
) servicing an offshore oil rig operated..
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01 September 2006
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795 - 01 September 2006
Aviation
9.8, turbulence
Turkey: a Turkish Airlines Airbus A340-300 aircraft carrying 191 passengers flying from Istanbul was hit by turbulence, injuring two cabin crew members and five passengers as it was approaching Narita airport, its destination. The..
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01 September 2006
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795 - 01 September 2006
Natural catastrophes
8.8, flooding, fatalities
Pakistan: flooding and heavy rains in north-western Pakistan left 144 people dead and 97 others injured. The deaths occurred since July 26 when heavy monsoon rains began, causing floods and mudslides in various districts in..
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01 September 2006
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795 - 01 September 2006
Marine
12.8, non-removal of wreck
Belize: part containerised general cargo Transfer
, which ran aground on top of Belize’s barrier reef 20 months ago, is still sitting on the reef with no indication that it will be removed any time soon. This is..
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01 September 2006
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795 - 01 September 2006
Liability, awards and settlements
10.8, cancer drug pricing, settlement
US: the Connecticut Attorney General announced that GlaxoSmithKline Plc has agreed to a US$70mn settlement over cancer drug prices. Attorney General Richard Blumenthal said in a statement the settlement will..
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01 September 2006
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Road and rail
11.8, derailment
US: four Union Pacific locomotives derailed in downtown Dallas. The accident took place on a bridge over Stemmons Freeway, near the old Texas School Book Depository building in the West End. One of the engines was on its side. Three..
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01 September 2006
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795 - 01 September 2006
Property and business interruption
8.8, fire, fatalities
Spain: a man trying to put out a blaze threatening his home became the third person to die in the dozens of forest fires raging in north west Spain, many started intentionally, according to the Spanish government. The..
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01 September 2006
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795 - 01 September 2006
Late reports
5.8, bird flu
Thailand: a 27-year-old Thai man died of bird flu, the country’s second death this year and its 16th victim since the H5N1 virus swept across parts of Asia in late 2003. The man died in the province of Uthai Thani, 220km north of..
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01 September 2006
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795 - 01 September 2006
Endurance Specialty Holdings
Last year, Hurricane Katrina delivered some expensive lessons about the limitations of modelling in the catastrophe exposed parts of Endurance Specialty’s portfolio
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01 September 2006
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Investors reassured by prospect of ‘benign’ hurricane season
Sector also boosted by a flow of positive second quarter results and a growing belief in the benefits of risk modelling
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01 September 2006
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The world’s largest professional non-life reinsurers
The damage wrought by Hurricane Katrina last year meant that the only two US/Bermudian reinsurance companies to post underwriting profits last year were Arch Capital and Harbor Point (formerly a reinsurance division of the Chubb group)
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01 September 2006
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Substantial rate hikes expected during second half of 2006
Foreign companies are targeting Chile and competition for market share is heating up • News round-up
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01 September 2006
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795 - 01 September 2006
Bank of India finally ventures into life insurance
Bancassurance has proved to be a success for other national banks and the Bank of India does not want to miss out
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01 September 2006
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795 - 01 September 2006
Market stages recovery in 2005 helped by low catastrophe claims
Following on from an article in the last issue of WIR, we feature further information and statistics on the Japanese market
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01 September 2006
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Increasing demand for retirement products boosts life premiums
The market welcomed a new retirement insurance scheme in 2006, with almost 700,000 contracts already in force
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01 September 2006
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795 - 01 September 2006
Allianz branches out into micro-insurance in Indonesia
The insurer says it is supporting national government policy to increase access to insurance • Ex-Skandia executive stands trial
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01 September 2006
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795 - 01 September 2006
Scor faces further litigation in US over Irish subsidiary’s shares
Highfields Capital Management has filed a new complaint after Scor wins the first hearing on a technicality
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01 September 2006
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795 - 01 September 2006
New single market regulator causes controversy in Poland
The ECB is just one organisation concerned that the regulator’s independence has been compromised by government control
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01 September 2006
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795 - 01 September 2006
Industry files lawsuit against Californian motor insurance law
Three trade groups have resorted to litigation to try and reverse new rules that they claim are illegal and unfair
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01 September 2006
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795 - 01 September 2006
Positioning for change
Malaysia is positioning itself to be a leading force in the development of Islamic financial solutions, and takaful and retakaful is shaping up to be a major opportunity for the insurance industry. Addressing a market discussion between regulators,..
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01 September 2006
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795 - 01 September 2006
Greater role for MEPs in the framing of European Union financial sector laws
MEPs have won a bigger say on how EU laws on insurance and other financial services are implemented and updated.
An agreement between the European Parliament, ministers and the European Commission clinched during summer recess seeks to settle a..
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01 September 2006
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795 - 01 September 2006
Beazley covers US cats
Europe
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15 September 2006
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796 - 15 September 2006
S&P upbeat on region
Middle East
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15 September 2006
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XL joint-venture in Brazil
Latin America
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15 September 2006
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Capital injection for China Re from state funds
Asia
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15 September 2006
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796 - 15 September 2006
Risk management ends at the front door
North America
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15 September 2006
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Aviation
22.8, crash, fatalities
Russia: a Tupolev Tu- 154 airliner flying from southern Russia to St. Petersburg crashed in flames in eastern Ukraine, about 45 km north of the regional town of Donetsk. One hundred and sixty passengers, including 45..
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15 September 2006
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796 - 15 September 2006
Natural catastrophes
22.8, earthquake
Ecuador: more than one million Ecuadorians were affected by the eruption of the Tungurahua Volcano. The government declared a state of emergency in the provinces of Bolivar, Chimborazo and Tungurahua, after the 5,029-metre volcano..
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15 September 2006
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796 - 15 September 2006
Marine
22.8, Scandinavian Star
inquiry, update
Denmark: there will be no new investigation by the Danish authorities into the cause of the fatal fire on board the ferry Scandinavian Star
in spite of allegations in the local press of a bungled police..
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15 September 2006
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796 - 15 September 2006
Liability, awards and settlements
23.8, asbestos settlement
US: Congoleum Corporation said that the Century Indemnity Company will pay $16.95mn to a trust set up for asbestos-related claims after the company signed a settlement agreement. Congoleum said the payment will be..
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15 September 2006
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796 - 15 September 2006
Road and rail
30.8, derailment, fatalities
Tibet: the world’s highest railway which runs from China to Tibet has suffered a blow to its credibility with the derailment of one of its new trains causing delays that affected more than 4,000 passengers. The 16-..
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15 September 2006
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796 - 15 September 2006
Property damage and business interruption
22.8, Channel Tunnel fire, disruption
UK: a fire broke out on a lorry being carried on a freight train through the Channel Tunnel. Thirty-four people had to be led to safety, rail services were suspended and Kent Police closed part of the M20...
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15 September 2006
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796 - 15 September 2006
Late reports
21.8, collision, fatalities
Egypt: two trains collided in the Nile Delta, north of the Egyptian capital Cairo, killing at least 80 people and injuring more than twice as many. The accident happened early in the morning when a train driver apparently..
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15 September 2006
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796 - 15 September 2006
XL Capital Ltd
In line with its peers, the group has radically reconfigured the way in which it measures and manages risk
Online Published Date:
15 September 2006
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796 - 15 September 2006
Rapid growth in number of FOE companies is becoming a great cause of concern for domestic companies
An EU insurer which establishes a branch in Hungary not only has access to head office insurance capacity, but also enjoys a huge cost advantage over its Hungarian-registered rivals
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15 September 2006
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796 - 15 September 2006
Property and casualty index outperforms S&P 500
S&P index of property and casualty insurers has risen by nearly 5% since the beginning of August
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15 September 2006
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796 - 15 September 2006
Life insurance growth outpaces general economic activity
Non-life premium growth, on the other hand, was slower in most countries than the rise in GDP which, according to Swiss Re’s latest sigma report, was largely due to a decline in premium rates in commercial lines such as aviation and marine, which had experienced sharp rate rises between 2001 and 2004
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15 September 2006
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796 - 15 September 2006
Alex Letts: chief executive, RI3K
Why, after the recent collapse of Kinnect, more than 10% of the London market will trade electronically by this time next year
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15 September 2006
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Winter weather forces costly insurance payouts
Insurance losses from catastrophes could top NZ$100mn • Aviva to transfer 5,000 staff to offshore unit by January 2008
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15 September 2006
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SCOR’s financial strength rating raised in time for renewal season
The reinsurer finds it way back to A grade status • Global prop cat reinsurance rates surge, largest rises in US and Mexico
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15 September 2006
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796 - 15 September 2006
Irish non-life insurers defy gravity
Reserve releases boosted Irish insurers’ profits to unheard of levels in 2005
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15 September 2006
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P&I market opens up in India on proposals for compulsory cover
IFFCO Tokio’s gamble on entering the P&I market last year looks set to pay off • Latin America 2006 first half results
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15 September 2006
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Analysts keep stable outlook on sector but are far from positive
The reinsurance market survived the 2005 hurricane losses largely in tact but some are sceptical about the next few years
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15 September 2006
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Reconfiguring the motor insurance value chain
Disaggregation of the motor insurance value chain is not only possible and happening already in key markets but that it is inevitable and desirable in all markets, says Richard McManus from PA Consulting Group
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15 September 2006
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Outsourcing is back in fashion
Despite all the hype, growth in the UK insurance industry’s use of outsourcing has remained static over the past two years.
Ian Hubbard,
data services director of CDMS, says regulation is to blame. However, with most of the new rules already..
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15 September 2006
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796 - 15 September 2006
New regime on the cards
Growing sense that non-bank financial institutions need stronger regulation
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15 September 2006
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796 - 15 September 2006
State cover for doctors
Medical malpractice premiums have risen to €18,000 a year in France
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15 September 2006
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796 - 15 September 2006
Side car vehicle for Lloyd’s
North America
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29 September 2006
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797 - 29 September 2006
Publishers silenced by no win, no fee litigation
North America
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29 September 2006
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CBB licenses second Islamic reinsurer
Middle East
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29 September 2006
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US life insurers seek change in China
Asia
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29 September 2006
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Call to end duplicate solvency requirements
North America
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29 September 2006
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Security
7.9, robbery
Guatemala: gunmen held up a truck carrying US$22mn from the Bank of Guatemala that was en route to the airport for shipment to the US Federal Reserve when the thieves attacked, according to the Guatemalan Interior Ministry...
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29 September 2006
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797 - 29 September 2006
Aviation
7.9, crash, fatalities
Congo: three foreigners and a Congolese pilot died after the private plane they were travelling in crashed in the Democratic Republic of Congo. The passengers were two South Africans and an American. The plane, which belonged..
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29 September 2006
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797 - 29 September 2006
Natural catastrophes
12.9, floods, fatalities
Vietnam: floods and storms killed 24 people in Vietnam’s southern Mekong Delta. The victims of the heavy downpour were from the two provinces of An Giang and Dong Thap. Flooding also inundated many houses, schools,..
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29 September 2006
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797 - 29 September 2006
Marine
6.9, vessel to be scrapped
Philippines: Batangas Bay Carriers, the owner and operator of product tanker Malitam
, has reversed its decision to repair the vessel following reports that the government will require all domestic tankers to have..
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29 September 2006
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797 - 29 September 2006
Liability, awards and settlements
5.9, medical malpractice, award
Australia: a 10-year-old boy left with cerebral palsy after a Queensland public hospital bungled his birth was awarded A$5.3mn in compensation, the state’s largest ever personal injury payout. The victim is..
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29 September 2006
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797 - 29 September 2006
Road and rail
5.9, collision
The Netherlands: ten people were injured when a shunter locomotive and a commuter train collided in Amersfoort station. The drivers of the trains suffered cuts to their faces while eight passengers were also taken to hospital with..
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29 September 2006
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797 - 29 September 2006
Property and business interruption
7.9, explosion, fatalities
India: at least 54 miners were feared dead in eastern India after the roof of a state-owned coal mine collapsed following an explosion. The incident took place in the Dhanbad district of the eastern state of Jharkhand. As..
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29 September 2006
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797 - 29 September 2006
Late reports
4.9, collision, fatalities
Egypt: a passenger train and a freight train collided head-on north of Cairo, killing at least two people and injuring 16 others. However, media reports suggested as many as five people had died, but other security sources..
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29 September 2006
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797 - 29 September 2006
Central Reinsurance Corporation, Taiwan
The former state-owned reinsurer, with the support of its new majority shareholder the Evergreen marine transport conglomerate, increased its paid up capital by TAD800mn in 2005 to keep pace with the rapid changes in its domestic market
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29 September 2006
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797 - 29 September 2006
Thailand has ambitious growth plans for insurance business
But the pace of market liberalisation will have to speed up significantly if the industry is to meet the government’s aspirations
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29 September 2006
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Insurance stocks benefit from recoveries in other sectors
In the US, investor confidence was boosted by the news that US consumer inflation had slowed down in August
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29 September 2006
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797 - 29 September 2006
GIC considers expansion in reinsuring energy risks
Changes in legislation create opportunities for local insurance market • Demand for patent insurance is on the rise
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29 September 2006
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797 - 29 September 2006
Industry stabilises after regulatory scandals of the past
The period 2003-2005 was a time of transition for Australian insurers in the wake of HIH
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29 September 2006
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797 - 29 September 2006
Groupama adds its name to list of suitors for Serbian insurer DDOR
Some 13 firms bid for 80% DDOR stake • French life premiums rise 22% in H1 2006 • Munich Re report identifies piracy risk
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29 September 2006
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Life insurance business growth outpaces non-life in Poland
Last year the country’s life insurance market grew by 21% and now accounts for almost 50% of the total insurance market
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29 September 2006
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Drama as investigation into PZU reaches conclusion
Eureko is forced to defend its actions following publication of a commission report into the privatisation of PZU
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29 September 2006
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Dane Douetil, chairman of the London Market Reform Group
Why, for the first time in several generations, there is now a climate in which the senior people in the market place, both brokers and underwriters, are pushing for change in the way subscription business is processed
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29 September 2006
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797 - 29 September 2006
Romanian insurance reforms win EC backing
Some challenges remain, but number of uninsured vehicles is down and the Green Card Bureau is now financially independent
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29 September 2006
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797 - 29 September 2006
Actuaries, risk management and the new life assurance regulation
A year after the final report of the Morris Review and six months after the profession’s own strategy review, Nicholas John Dumbreck, the new president of the Institute of Actuaries, considers what needs to be done to enable the UK actuarial profession to flourish in an environment which is much more competitive and where the profession is subject to much greater scrutiny. This is an edited extract from Mr Dumbreck’s presidential address to the Institute earlier this week.
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29 September 2006
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797 - 29 September 2006
The ERM buzz, the importance of measuring risk and the impact on ratings
Considering the vast number of consultants, software firms and universities touting their expertise in ERM and the multiple seminars focused on this topic, it would appear that ERM is the greatest development in the industry since marine risks were..
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29 September 2006
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797 - 29 September 2006
Brokers push for lower capital limits
Intermediaries are also calling for the introduction of co-broking arrangements
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29 September 2006
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797 - 29 September 2006
European chemical industry lobbies against duty-of-care legislation
Industry says such a move will interfere with national liability systems and lead to confusion and legal uncertainty
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29 September 2006
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797 - 29 September 2006