Islamic insurance market gets activated
Written on 6 November 2008 by adminThe market of Islamic insurance (takaful) has grown on 64 % in Bahrain and on 46 % in the United Arab Emirates.
Despite global crisis Islamic insurance in the United Arab Emirates and Qatar gets activated. The average size of insurance awards per capita has exceeded up to 554,8 dollars.
Islamic insurance branch of the United Arab Emirates - is the second fast-growing market in region of Persian Gulf after Bahrain. in 2005-2006 in Bahrain takaful market has grown on 64 %, and in the United Arab Emirates - on 46,1 %.
Nevertheless, the market share of Islamic insurance sector in comparison with traditional insurance remains small. The percentage of takaful repayments (concerning general insurance) is quite low though keeps increasing - in Bahrain it makes 0,5 %, and in Kuwait - 1,8 %.
American insurers can become banks
Written on 4 November 2008 by adminIt looks like, American insurance companies, including Lincoln National Corp., will try to become banks to acquire the right to the part of the means intended for financial sector, within the 250 billion dollars program.
Dennis R. Glass is president and chief operating officer of Lincoln Financial Group has declared that he considers possibility of transformation of the company, specializing on life insurance, into bank holding. At the same time Sheila C. Bair, Chairman of the Federal Deposit Insurance Corporation (FDIC), has told, that her department protecting clients of banks, can play a role of insurance companies’ regulator.
The companies, which will be transformed into banks, exactly what working with securities companies have already done, Goldman Sachs Group Inc. and Morgan Stanley, will participate in the FDIC’s program on financial system recover and receive direct loans from the Central Bank. Now such reorganization is being carried out by unprofitable hypothec creditor GMAC LLC.
In October life insurers have lost more than 40 % of the market cost because of fears that their securities, provided with actives and corporate debts, will reduce the liquidity.
Netherlands will allocate 10 billion euro for ING rescue
Written on 21 October 2008 by adminThe government of the Netherlands will allocate 10 billion euro to support banking-insurance group ING.
Allocation of 10 billion euro, approved by the Ministry of Finance of the Netherlands and the central bank of the country, becomes a part of the plan of the government on support of financial sector.
In the context of anti-recessionary measures it is supposed to allocate nearby 20 billion euro to financial establishments.
This week ING managers have confirmed, that in connection with world financial crisis in the third quarter 2008 losses of group have made 500 million euro.
Minister of Finance of Netherlands has declared that ING requires help because of global economic problems.
However, as minister has emphasized, the bank group is not in state, close to accident.
ING Group - is the seventh on size in the Europe and the largest in the Netherlands financial organization. It serves 60 million clients in 50 countries of the world.
Greece: increase of autocivil liability insurance tariffs is expected
Written on 16 October 2008 by adminAs it became known from the several Greek insurance companies, engaged in autocivil liability insurance, in Greece increase of tariffs up to 12 % from operating tariffs is expected.
Cost of automobile insurance policies will increase in the summer of 2009.
The reason of the next increase of insurance tariffs -is gradual reduction of insurance systems of the countries EU-members to Central European level. For automobile sector of insurance it means increase of the sums of the responsibility in case of insurance case (failure) and also insurance tariffs, which are expressed in percentage of the sums of the responsibility.
Simultaneously under the order of Association of insurance companies of Greece, research with the purpose to find out, how much drivers of capital area Attica responsibly approach to the behavior on road, whether take any measures for preventive maintenance of road failures, has been carried out.
The research has shown that 97 % of the interrogated drivers consider necessary preventive measures on reduction of failures by roads, but at the same time only one of three drivers puts them into practice. Women have proved to be more cautious on road. The majority interrogated (62,6 %) drivers have agreed, that their own irresponsibility is a principal cause of no acceptance of preventive security measures on the road.
MetLife has involved $2 billion
Written on 14 October 2008 by adminAmerican company MetLife, the largest life insurer in the USA, has involved 2 billion dollars due to sale of shares after profit decrease in the third quarter on 48 %.
The company has realized 75 million shares at the price of 26,5 dollars per share. It is on 1,9 % below their cost on closing of the tenders on Wednesday.
Operational profit of MetLife in the third quarter has made 675 million dollars
Let’s note that the largest insurance companies, registered in the USA and on Bermudas, have written off more than 80 billion dollars of cost of the actives, connected with the mortgage as borrowers could not pay off their debts.
Aviva has created global business - Aviva Investors
Written on 6 October 2008 by adminAviva, 5-th on size largest insurance company in the world, transforms its business on management of actives so that within the nearest years it would become investment structure of the world scale and would considerably increase the contribution to profit of the group.
Today Aviva Investors controls more than 235 billion pounds sterling (297 billion euro/469 billion doll).
Specially developed for Aviva Investors the investment model allows to predict tendencies of the market and varying requirements of the client. It is more specialized and focused on work in two directions.
Local independent departments will be engaged in reception of the raised profitableness “on places” due to active management of portfolios of actions, tools with the fixed profitableness and the real estate. Global command on actives’ management will be engaged in scale projects. It will work with versatile actives: with index and structured products, actives redistribution and so forth.
Aviva Investors unites the existing companies in Australia (Portfolio Partners), France (Aviva Gestion d`Actifs), Poland (CUIM Polska), Ireland (Hibernian Investment Managers), Northern America (Aviva Capital Management, MFM International, Aviva Investment Canada), Romania (CertInvest) and the Great Britain (Morley).
AIG is not going to sell business in Kazakhstan
Written on 30 September 2008 by adminLargest American insurance company American International Group (AIG) does not plan to sell the business in Kazakhstan - AIG Kazakhstan.
As it has been mentioned in the AIG’s report, the American insurer officially informs, that business AIG in Kazakhstan is not on sale. The company is stable, successful and financial steady, reserving leading positions in many sectors of the Kazakhstan market of the general insurance. it is also marked In the message, that opportunities of the company to work in a former mode have not undergone to change in connection with last market events.
Earlier Financial Times has informed that AIG is ready to sell a part of actives for returning to US Federal reserve system (FRS) a loan at the rate of 85 billion dollars. Thus, in the middle of September FRS has given AIG the credit on the security of 79,9 % of shares to prevent bankruptcy of the insurer.
Munich Re is to get insurance business in the East Europe and Asia
Written on 24 September 2008 by adminGerman reinsurance company Munich Re pays attention to sharp changes in insurance and reinsurance branch, comparing situation in market with the period after acts of terrorism on September, 11th, in the USA.
As “Deutsche Welle” transfers, in 2009 Munich Re predicts 2% growth of tariffs on insurance and reinsurance services. Since this moment tariffs will only continue to grow, the period of depreciation of services of insurance is already behind.
Serious fears in branch were caused with news about actual nationalization of American corporation AIG. Last week the USA Federal Reserve System of the USA has given to the reeled world leader $85 billion.
During AIG’s re-structuring will have to get rid of essential part of actives.
Munich Re’s representatives have informed that AIG shows great interest to direction of industrial sector insurance in the East Europe and Asia.
Within the nearest years Munich Re is measured to receive stable net profit at the rate of not less than 3 billion euro. We shall remind, that the concern has finished 2007 year with record profit at the rate of 3,9 billion euro.
Manulife studies an opportunity of AIG’s purchase
Written on 22 September 2008 by adminThe largest insurance company of Canada Manulife Financial Corp. considers an opportunity of exhibiting of the offer on purchase of a part of American insurer AIG.
Manulife main executive director Dominic D’Alessandro and other top-managers of the company have held a meeting with financial advisers for studying ways of use of AIG possible division.
Canadian insurer’ Representatives have refused comments.
Profit of Old Mutual has grown on 14 %
Written on 22 September 2008 by adminIn the first half-year of 2008, profit of the British insurer Old Mutual, earning the most part of the profit in Southern Africa, has grown on 14 %.
The profit of the company has made 549 million pounds or 10,5 pence per share. The greater growth has been slowed weakness of the African currency and necessity of injection of additional means in Old Mutual’s American subdivisions.
This year Old Mutual’s capitalization has fallen on 37 % because of traders fears, concerning excessive dependence of the company on the business in Africa, and also because of greater write-offs’ expectations.
