A ferry, carrying 476 people, mainly school students, travelling from the port of Incheon, in the north-west, to the southern resort island of Jeju has capsized and sank. Local media reported that several hours after the disaster, at least 290 people remained missing, South Korean officials had earlier said that 368 people had been rescued but later said there had been a counting error. Further reports say two people are known to have died and at least 13 others have been...
The Achmea Executive Board has appointed Can Akın Çağlar as CEO of Eureko Sigorta, Achmea’s Turkish subsidiary, starting 1 May 2014 pending regulatory approval. He succeeds Okan Utkueri who fulfilled the position for more than seven years. Can Akın Çağlar has been General Manager of Ziraat Bankasi from 2003 to 2011. From 2011 until now he has been Board Member of the Turkish Banking Regulation and Supervision Authority. In his new role he will lead the executive team of Eureko Sigorta...
Theoretical insurance capacities in both the upstream and downstream oil and gas insurance markets have increased to the highest levels seen this century. Heavily over-capitalised global (re)insurance markets combined with a glut of new capacity from non-traditional providers - such as pension funds, hedge funds and investment banks - has increased competitive pressures in the energy insurance market to unprecedented levels, according to Willis's annual Energy Market Review. Total theoretical upstream market capacity now stands at US$5.7 billion and the equivalent...
2013 was a record-breaking year for the UK group risk market, according to Swiss Re's Group Watch 2014. There was very strong growth in the number of lives covered by workplace arrangements, as well as strong premium growth across death benefits, long term disability income and critical illness covers arranged in the workplace. Strong premium growth across all lines, led by 9% increase in in-force death benefits, 12.8% increase in critical illness premiums; For the first time, over 2 million people in...
Service also allows advisers to create and amend Group Protection quotes for small to medium-sized enterprises (SMEs) with 3–100 members as well as allowing them to put schemes on risk whenever they need to. Commenting on the enhancements, David Williams, Director of Group Protection, said, “I’m delighted that we have made these improvements to our online service. It meets the needs of our SME customers and distribution partners, while demonstrating our commitment to the market. We listened to adviser feedback asking...
CMA has published the final report on measures to increase competition in the UK private healthcare market. Final report follows a two-year investigation by a Group of independent Panel Members at the Competition Commission (CC), which this week became part of the new Competition and Markets Authority (CMA). The measures include a crackdown on benefits and incentive schemes provided to referring clinicians by private hospital operators and measures to increase the availability of information to patients on both consultant fees...
Natural catastrophe losses in 2013 were dominated by floods. Detailed analyses have shown that protective measures can drastically reduce losses. For example, the June 2013 floods in Germany and neighbouring countries proved to be considerably less damaging than the flooding in the summer of 2002. In 2013, some 37% of overall losses worldwide from natural catastrophes were flood-related, substantially higher than the 22% average for the period since 1980. These figures are taken from Munich Re's new publication “Topics GEO –...
There were 210 fatalities from commercial aviation accidents in 2013, reduced from 414 in 2012 (1). The 2013 global Western-built jet accident rate (measured in hull losses per million flights of Western-built jets) was 0.41, the equivalent of one accident for every 2.4 million flights. This was a step back from 2012 when the global Western-built jet accident rate stood at 0.21 (2) -the lowest in aviation history. Looked at over the five-year period (2009-2013), 2013 shows a 14.6% improvement on...
Earthquake off the northern coast of Chile. A tsunami warning has been issued for Chile, Peru and Ecuador. At least five people are known to have died and tens of thousands of people have been evacuated. The quake struck at 20:46 local time about 86km north-west of the mining area of Iquique, the US Geological Survey said. Waves of up to 2.1m have hit some areas and there have been power cuts, fires and landslides. Around 22,800 British nationals visited Ecuador in...
Cigna TTK Health Insurance today announced the launch of a health insurance product “ProHealth” with an add-on Critical Illness option. Announcing the launch, Mr. Sandeep Patel, CEO and Managing Director, CignaTTK Health Insurance Company Limited said “We strongly believe that different consumers have different requirements, hence we have developed ProHealth to be flexible to consumer’s unique needs. The product has four variants and multiple customization options to cater to all consumer segments. Also at Cigna TTK our focus is on Health...
FCO advise against all travel to Crimea and all but essential travel to the eastern regions of Kharkiv, Donetsk and Lugansk due to increased tensions in the region. British nationals in Crimea should leave now. The FCO is not able to provide consular services to anyone choosing to remain in Crimea. Russian forces and pro-Russian groups have established full operational control in Crimea and the situation remains extremely tense. A referendum was held on 16 March and tensions remain high. Flights...
Munich Re is aiming for a profit of €3bn in 2014. CEO Nikolaus von Bomhard is optimistic about the further development of the Group’s business in 2014. Munich Re closed 2013 with a profit of €3.3bn – the third-best result in the Company’s history. As already announced, subject to approval by the Annual General Meeting, the shareholders are to participate in this via an increased dividend of €7.25 (7.00) per share. In addition, Munich Re announced another share buy-back: shares with...
21 March 2014 and there was an attack on Tripoli International Airport which caused damage to the runway. There were no casualties. The airport was temporarily closed but has now been partially reopened and is expected to reopen fully on 22 March. Some flights have been cancelled. Contact your airline or travel company for further information. On 2 March 2014 a French national and 2 Egyptian nationals were shot dead in Benghazi. On 24 February, 7 Egyptian nationals were found shot dead...
21 March 2014 Bomb attacks in three locations in Chiang Mai: a PTT Petrol station in tambon Nong Hoi Muang district; Boonrawd Brewery in tambon Yang Nerng of Sarapee district; and the Andamon Seafood restaurant in tambon Pa Dad, Muang Chiang Mai district. The attacks injured four people and caused damage to property. Take out comprehensive travel and medical insurance before you travel to Thailand. Over 800,000 British nationals visit Thailand every year. Most visits are trouble-free, but incidents of crime (sometimes violent)...
Guy Carpenter & Company, LLC, has released its latest Enterprise Risk Management (ERM) Benchmark Review that provides an in-depth analysis of risk management practices and policies of 67 insurance and reinsurance companies located in Europe, United States, Bermuda, and Asia-Pacific. Based on publicly-available data from financial and risk reports, Guy Carpenter’s ERM Benchmark Review reveals that most (re)insurers are managing capital with metric-based frameworks and are publishing more about their risk management targets than seen in Guy Carpenter’s 2009 analysis. Capital...