Key statistics Non-life insurance 2015
|
|
- Jacob Bailey
- 8 years ago
- Views:
Transcription
1 Key statistics Non-life insurance 215
2 About non-life insurance Unlike life insurance, non-life insurance is usually limited to annual policies. These normally renew automatically at the end of each year until cancelled by one of the parties. Non-life insurance can cover both property and people. Editors: Kari Mørk, Harald Moseby and Stein Haakonsen at Finance Norway
3 Contents Chapter 1 ACCOUNTING STATISTICS 4 Chapter 2 MARKET AND PREMIUM STATISTICS 7 a. Property & casualty insurance 8 b. Accident & health insurance 1 c. Commercial insurance 12 CHAPTER 3 CLAIMS STATISTICS 13 a. Property & casualty insurance 13 b. Accident & health insurance 14 c. Commercial insurance 15 d. Natural perils 15 CHAPTER 4 TOTAL REVENUE AND EXPENSES 17 a. Property & casualty insurance 17 b. Occupational injury insurance 18 The data in this report are those submitted by Finance Norway s member companies, which account for the vast bulk of the Norwegian non-life insurance market. Some figures may subsequently be adjusted if a company reports errors or shortcomings in its submissions. Numbers are rounded. Non-life insurance is defined here as insurance of Norwegian policyholders land-based activities; maritime, offshore and aviation insurance is excluded. Technical terms are defined in the relevant sections of the report. This document is a condensed version of Finance Norway s full non-life insurance statistics. More detailed data, as well as statistics in other areas, can be found on Finance Norway swebsite which includes a number of interactive databases. 3
4 CHAPTER 1 ACCOUNTING STATISTICS Member companies submit accounting data directly to Statistics Norway, which is therefore the source of the figures in the table below. NON-LIFE INSURANCE RESULTS NOK million or per cent. Source: Statistics Norway. Year 214* INCOME STATEMENT Gross premiums Premiums earned, after reinsurance Claims incurred, after reinsurance Net investment income Net operating costs Profit on ordinary activities BALANCE SHEETE Premium and loss reserves Contingency reserves Equity KEY RATIOS Loss ratio, after reinsurance 65,2 69,1 69,4 72,4 71,4 72,9 Cost ratio, after reinsurance 18,3 16,9 17,7 19,3 2,8 22,8 Combined ratio, after reinsurance 83,5 86, 87,1 91,7 92,2 95,7 Profit margin 29,6 24, 26,1 12,3 2,2 19,2 Solvency ratio 133,3 127,6 136,1 131,5 148,8 138,4 Reserves ratio 158, 163,1 16,2 166,1 16,4 158,8 TOTAL ASSETS * Provisional figures The provisions shown in the table above are needed to safeguard the companies financial strength and ensure that customers claims can be settled. Most of these provisions are a statutory requirement. Note that insurers operating costs have been falling for a number of years (see figure 1 on page 6). 4
5 CHAPTER 1 ACCOUNTING STATISTICS DEFINITIONS: Gross premiums: All premiums falling due for payment during the year. Often referred to as premiums written. Premiums earned: The portion of premiums written that is intended to cover losses occurring during the financial year. In other words, the accrued portion of premiums written. This is the definition of revenue in non-life insurance. Claims incurred: Liability for claims resulting from losses occurring during the financial year. Reinsurance: Insurers can pass on part of their liability for claims to other insurers in return for a share of the premiums. The figures presented after reinsurance are the net amounts remaining on the insurers books. Loss ratio: Claims incurred during the year as a percentage of premiums earned. Cost ratio: The year s operating costs as a percentage of premiums earned. Combined ratio: The sum of the loss ratio and the cost ratio. A score above 1 per cent normally indicates a loss on underwriting activities, while the number of points below 1 per cent will generally give the percentage profit on underwriting activities. 5
6 chapter 1 ACCOUNTING STATISTICS FIGURE 1 COST RATIO 3 % 28 % 26 % 24 % 22 % 2 % 18 % 16 % 25 % 2 % 15 % 1 % 5 % % -5 % -1 % -15 % * * Provisional figures Despite a slight increase in 214, insurers costs have come down significantly in recent years, thanks largely to the introduction of new and more efficient technology. These days, for example, most insurers have online solutions for reporting claims and for buying and amending policies. FIGURE 2 PROFIT MARGIN, SELECTED SEGMENTS Motor Home Travel Profit margins vary from year to year, as can be seen here from three of the main segments of the household market. Profitability was particularly weak in 1999 because premiums were too low in relation to claims. The severe cold at the beginning of 21 led to unusually high water losses, and this coincided with a large number of fire losses. Profit margins are often cyclical, and in recent years insurers have focused on correct pricing (risk premiums) to minimise fluctuations. 6
7 chapter 2 MARKET AND PREMIUM STATISTICS The measure of premiums used here is premiums in force in other words, total premiums for the current period for policies on insurers books at a specific point in time. Natural disaster premiums are excluded. FIGURE 1 MARKET SHARE, NON-LIFE PREMIUMS, ,2 % 22,8 % 13,8 % 1,1 % 28,1 % Gjensidige If Tryg SpareBank 1 Others FIGURE 2 MARKET SHARE, NON-LIFE PREMIUMS, BIG FOUR AND THE REST If Skadeforsikring Gjensidige Tryg SpareBank 1 Forsikring Others 35 % 3 % 25 % 2 % 15 % 1 % 5 % % The market has been dominated for many years by four companies. New players have entered the fray in recent years, however, and some of the smaller insurers have grown, with the result that the Others category now accounts for around 28 per cent of the market. Besides the big four, there are now no fewer than 25 other companies with a slice of the market, making it fiercely competitive. Some of the larger companies have also made strategic decisions to concentrate their portfolios in specific product areas. 7
8 CHAPTER 2 MARKET AND PREMIUM STATISTICS FIGURE 3 MARKET SHARE, NON-LIFE PREMIUMS, SMALL COMPANIES DNB Eika Codan Protector Frende Storebrand KLP JFG AIG Vardia 6 % 5 % 4 % 3 % 2 % 1 % % FIGURE 4 PREMIUMS BY SEGMENT, 214 Commercial property 14 % Home 19 % Accident & health 16 % Other 8 % Travel 6 % Goods in transit 1 % Building defects 1 % Livestock % Pets 1 % Motor 37 % Liability 3 % Other 1 % Fish farming % Leisure boats 1 % The chart above breaks down land-based non-life premium volumes by segment. Motor insurance is the largest segment, followed by home policies (buildings and contents). Accident & health insurance in particular has increased its share of the market, rising from 11 per cent in 213 to 18 per cent in
9 CHAPTER 2 MARKET AND PREMIUM STATISTICS A. PROPERTY & CASUALTY INSURANCE Number of policies Premiums in force (NOK m) Premium growth (%) Cars and vans < 3.5t , , ,4 7,9 % 3,6 % Home , , ,7 8, % 4,7 % Travel , , ,8 18,3 % 6,2 % Motorcycles ,6 558,5 577,8 6,1 % 3,5 % Leisure boats ,9 767,2 788,6 3,2 % 2,8 % FIGURE 5 MOTOR PREMIUMS NOK million Other Liability Liability denotes thirdparty cover, while Other refers to own damage, fire, theft and recovery ,2 % 39, % 39, % 38,4 % There has been a steady increase in motor premiums, especially for comprehensive policies, as a result of continued growth in the number of cars on the road. FIGURE 6 AVERAGE PREMIUM Car Motorcycle Home buildings Home contents Travel Boat Premiums for typical property & casualty covers have been relatively stable over time once allowance is made for inflation. The increase in motor premiums is due largely to more people opting for comprehensive policies for new cars. The main reason for the growth in home buildings premiums is a rise in housing standards. The rebuilding cost for homes insured on that basis is index-linked and adjusted each year. 9
10 CHAPTER 2 MARKET AND PREMIUM STATISTICS B. ACCIDENT & HEALTH INSURANCE ABOUT ACCIDENT & HEALTH INSURANCE General Insurers may require some health information before issuing accident & health policies. Child insurance These policies generally combine a range of covers, such as disability endowment, disability pension, medical invalidity and critical illness. Critical illness insurance These policies pay a lump sum if the insured is diagnosed with one of the medical conditions listed in the policy. Private health insurance These policies entitle the insured to medical treatment within a certain period of time. Personal accident insurance These policies provide cover for sudden and unforeseen injuries. Occupational injury insurance All employers in Norway must take out insurance for their employees covering work-related accidents and diseases. Premiums and claims data include payments to the Norwegian Labour and Welfare Administration to cover the additional cost to the state from an occupational injury. The data for occupational injury insurance include only the statutory cover. Extended occupational injury insurance These policies extend the statutory occupational injury cover to include travel to and from work, diseases and accidents outside work. Counting the number of insured under these policies is meaningless because these employees already have the statutory occupational injury cover. 1
11 CHAPTER 2 MARKET AND PREMIUM STATISTICS ACCIDENT & HEALTH INSURANCE, HOUSEHOLD Individual policies Number of insured Premiums in force (NOK m) Premium growth (%) Child , ,3 1 23,4 24 % 9 % Accident ,4 921,7 98,7 23 % 6 % Health ,9 12,1 136,1 27 % 13 % Critical illness ,5 426,2 487,3 2 % 14 % Other N/A ,3 69,1 N/A 1196 % ACCIDENT & HEALTH INSURANCE, COMMERCIAL Group policies Number of insured Premiums in force (NOK m) Premium growth (%) Child ,8 6,6 5,8 61 % -12 % Accident ,8 318,4 362,3-23 % 14 % Occupational injury , , ,8 % -2 % Health ,6 718,4 872,1 49 % 21 % Critical illness ,3 17,5 2,6 26 % 18 % Other (incl. extended occupational injury*) 1 533, , ,2 23 % 6 % *) Number of insured is meaningless for this product see box on previous page. FIGURE 8 NUMBER OF INSURED UNDER HEALTH,CRITICAL ILLNESS AND CHILD POLICIES Health Critical illness Child The number of children who are insured has grown by almost 8 per cent since 27. The average annual premium for these policies is now just over NOK 2,. The degree of cover differs somewhat between insurers and may vary over time. More and more businesses are taking out private health insurance for their employees. Critical illness products are generally sold to the individual. The number of private health and critical illness policies has increased manifold during the period. 11
12 CHAPTER 2 MARKET AND PREMIUM STATISTICS C. COMMERCIAL INSURANCE Number of policies/ Sum insured (NOK m) Premiums in force (NOK m) Premium growth (%) Motor , , ,4 6 % 5 % Fire/comprehensive (incl. agriculture) , ,7 7 85,2 5 % 2 % Liability , , 1 747,8 15 % 1 % Fish farming ,4 191,3 22,6-2 % 6 % In the table above, the figures for Motor show the number of vehicles insured (trucks, buses, tractors, plant etc), while the data for Fire/comprehensive show the sum insured in millions of NOK. Commercial insurance premiums have generally stagnated. One exception is fish farming, where there has been substantial new business and where recent years claims levels have also necessitated a certain increase. In addition, there has been significant growth in the number of liability policies in the past two years. FIGURE 9 NUMBER OF LIABILITY POLICIES More and more businesses are choosing to take out insurance against claims for compensation arising from their activities. The most common liability covers are: business and product liability insurance for injuries and damage to property; financial loss insurance for where there is no physical loss; directors insurance for liability under the Companies Act; and professional indemnity insurance for malpractice. 12
13 CHAPTER 3 CLAIMS STATISTICS A. PROPERTY & CASUALTY INSURANCE Number of claims Estimated claims expenses (NOK m) Change (%) Cars and vans < 3.5t , ,3 1 52,6 5 % % Home , ,1 6 87,4 15 % 4 % Travel ,9 1 81, ,3 1 % 3 % Motorcycles ,5 26,6 261,3 1 % % Leisure boats ,8 44,5 477,6 21 % 18 % The data include commercial policies to some extent but consist mainly of household policies and provide a good overall picture of property & casualty insurance claims. Recent years have seen more claims on travel insurance than on home insurance. Claims on leisure boat policies vary from year to year, with more in years with good summers. Greater use of insured property normally results in a higher risk of loss. Claims expenses for property & casualty insurance flattened out in 214, with the exception of leisure boat policies where claims expenses continued to grow rapidly. FIGURE 1 NUMBER OF CLAIMS, 214 FIGURE 2 ESTIMATED CLAIMS EXPENSES, 214 Motorcycles Travel Leisure boats Motorcycles Travel Leisure boats Home Cars and vans < 3.5t Home Cars and vans < 3.5t Each year, claims are made on more than 2 per cent of motor policies and around 7 per cent of home policies. Fire claims increased substantially in 214, due partly to the big heather fires on the west coast in January and an unusually large number of lightning strikes. 13
14 CHAPTER 3 CLAIMS STATISTICS B. ACCIDENT & HEALTH INSURANCE Individual and group Number of claims Estimated claims expenses (NOK m) Change (%) Accident ,8 625,9 644, 5 % 3 % Occupational injury , , ,7 5 % -5 % Extended occupational injury , ,5 1 7,2 8 % % Child ,8 91, 24 % Critical illness ,1 29,8 125 % Health ,2 698,6 24 % FIGURE 3 NUMBER OF CLAIMS, 213 FIGURE 4 ESTIMATED CLAIMS EXPENSES, 213 Accident Occupational injury Extended occupational injury Child Critical illness Health Claims on private health insurance are high in number but are dominated by physiotherapy and chiropractic treatment, which do not result in especially large claims. C. COMMERCIAL INSURANCE Number of claims Estimated claims expenses (NOK m) Change (%) Commercial motor ,5 92,6 999,8 8 % 9 % Fire/comprehensive (incl. agriculture) ,2 4 91,7 5 57,5 1 % 3 % Liability ,2 849, ,4 27 % 38 % Fish farming ,1 134,6 238,1 14 % 77 % 14
15 CHAPTER 3 CLAIMS STATISTICS FIGURE 5 NUMBER OF CLAIMS, 213 FIGURE 6 CLAIMS EXPENSES, 213 Liability Commercial motor Fire/ comprehensive (incl. agriculture) Fish farming Liability Fire/comprehensive (incl. agriculture) Fish farming Commercial motor Occasional major fires in industry can result in major variations in claims expenses. There has been a significant increase in claims expenses for commercial insurance, especially for liability and fish-farming policies. The rise in fish-farming claims is due mainly to disease and storm damage. D. NATURAL PERILS 1. Claims under the Natural Disasters Act Number of claims Estimated claims expenses (NOK m) Change (%) Storm ,7 575,3 225,1 39 % -61 % Surge ,4 16, 5,4-26 % -66 % Flood ,6 471,6 479,9 17 % 2 % Slide ,9 63,3 3,9-79 % -51 % Other/unknown ,4,2,3-44 % 4 % Total , ,4 741,6 2 % -34 % FIGURE 7 NUMBER OF CLAIMS, 214 FIGURE 8 CLAIMS EXPENSES, 214 Slide Unknown Slide Unknown Flood Storm Storm Flood Surge Surge Floods generally cause greater damage to buildings and contents than storms do. 15
16 CHAPTER 3 CLAIMS STATISTICS FIGURE 9 NUMBER AND VALUE OF CLAIMS UNDER THE NATURAL DISASTERS ACT Claims expenses (NOK m) Number of claims Trend The Natural Disasters Act defines natural disasters as follows: STORM: Wind speed above 2.8 m/s (strong gale). SLIDE: Rock falls, landslides, avalanches etc. FLOOD: Streams, rivers and lakes breaking their banks. SURGE: Flooding caused by a combination of tides, low pressure and strong winds. EARTHQUAKE: Movements in the Earth s crust. Claims expenses (NOK m) Fire claims with possible natural causes More claims due to lightning strikes were reported in 214 than ever before, probably as a result of unusually high temperatures. The big heather fires in Flatanger and Lærdal in January burned out of control due to unusual conditions for the time of year, namely a lack of snow cover, extremely dry ground, and strong and shifting winds. FIGURE 1 FIRE CLAIMS FOLLOWING LIGHTNING STRIKES Number of claims ERUPTION: Release of volcanic material. Claims expenses (NOK m) Number of claims Other water claims Water infiltration and sewer backup claims have increased considerably in recent years and are no longer limited to events defined as natural disasters. Number of claims Estimated claims expenses (NOK m) Claims growth (%) Category Water infiltration from outside ,9 758,9 75, 63 % -1 % Sewer backup/blockage ,8 449,5 432,2 22 % -4 % Total ,8 1 28, ,2 45 % -2 % 16
17 CHAPTER 4 TOTAL REVENUE AND EXPENSES A. PROPERTY & CASUALTY INSURANCE The charts below present total revenue in the form of premiums and investment income, and total expenses in the form of claims and operating costs. The data are estimates but paint a fair picture of actual developments. Premiums Investment income Claims Costs Premiums Investment income Claims Costs 17 FIGURE 1 REVENUE AND EXPENSES, HOUSEHOLD MOTOR Inflation-adjusted, NOK m The number of motor claims has been stable despite an increase in cars on the roads. Safer vehicles and traffic systems are resulting in fewer injuries. Claims are rising nevertheless due to expensive repairs and a general increase in the size of personal injury claims. FIGURE 2 REVENUE AND EXPENSES, HOME Inflation-adjusted, NOK m Premium levels are largely a function of claims levels and therefore react with a slight lag to changes in claims levels.
18 CHAPTER 4 TOTAL REVENUE AND EXPENSES Premiums Investment income Claims Costs FIGURE 3 REVENUE AND EXPENSES, TRAVEL Inflation-adjusted, NOK m B. OCCUPATIONAL INJURY INSURANCE Insurance volumes have increased with travel activity. The number and value of claims are rising, especially claims for illness. The loss ratio for travel insurance is around 7 per cent. Operating costs tend to be somewhat higher than for other household covers because considerable support is often required to get the insured home. Inflation-adjusted claims per FTE insured Inflationadjusted premiums per FTE insured FIGURE 4 ESTIMATED CLAIMS AND PREMIUMS PER INSURED The Occupational Injuries Act was passed in 199. Back then, it was difficult to predict future claims levels, and this led to major variations in both premiums and claims. Benefits are index-linked in line with the welfare system. Claims have fallen from their peak in 25, which is reflected in premium levels. It is important to remember, however, that the claims figures for recent years are associated with the greatest uncertainty due to the long tail in this class of insurance. 18
19 CHAPTER 4 TOTAL REVENUE AND EXPENSES FIGURE 5 REPORTING PATTERN, OCCUPATIONAL INJURY Accident Disease 1 % 9 % 8 % 7 % 6 % 5 % 4 % 3 % 2 % 1 % % Years after loss event The chart above shows the time elapsing between an occupational accident or disease occurring and being reported to the insurer. As can be seen, diseases are reported later than accidents. The chart shows that it can take as long as 22 years for all cases to be reported to insurers. Because occupational injury insurance has such a long tail, calculating the correct premium is much more difficult than in segments where claims are reported more quickly, such as home policies. Why occupational injury claims are falling Changes in the welfare system. Changes in the workforce, with fewer jobs in high-risk professions and more jobs in low-risk professions (office work, etc). More high-risk workers are in ambiguous forms of employment that are not covered (foreign labourers, self-employed). The statutory occupational injury scheme has led to more and improved health and safety measures. Fewer people smoke, leading to fewer cases of COPD and other occupational diseases. More women are working, and women are more likely than men to suffer from complaints that are not covered by the statutory scheme (such as repetitive strain injuries). More employers are providing private health insurance, which can result in earlier treatment. 19
20
Q2 and H1 2014 results. Investor presentation. Follow us on Twitter: @TrygIR
Q2 and H1 2014 results Investor presentation Follow us on Twitter: @TrygIR Contents Highlights Q2 2014 3 Premiums and portfolio 9 Claims 14 Investment and capitalisation 19 For new investors 23 Appendix
More informationKey statistics. (Data to 31 December 2014) for skadeforsikring 2014
Key statistics Life Statistikk insurance og nøkkeltall and pensions 215 (Data to 31 December 214) for skadeforsikring 214 All data in this report are based on statistics submitted to Finance Norway by
More informationSolvency II Technical Provisions valuation as at 31st december 2010. submission template instructions
Solvency II Technical Provisions valuation as at 31st december 2010 submission template instructions Introduction As set out in the Guidance Notes for the 2011 Dry Run Review Process, calculation of Technical
More information1st Quarter 2012. 26 April 2012. Presentation of results from SpareBank 1 Gruppen. Kirsten Idebøen, CEO
1st Quarter 2012 Presentation of results from SpareBank 1 Gruppen Kirsten Idebøen, CEO 26 April 2012 Good development in results for the group - Best result in the past five years Pre-tax profit for the
More informationInsurance Activities 2012
Financing and incurance 2013 Insurance Activities The value of insurance companies' investments stood at EUR 108.5 billion at the end of The largest investment activity items in insurance activities are
More informationDanske Markets Nordic Insurance Conference 21 September 2007. by Poul Almlund Chief Executive Officer
Danske Markets Nordic Insurance Conference 21 September 2007 by Poul Almlund Chief Executive Officer Agenda Nordic non-life consolidation versus barriers to entry Will rising interest rates increase price
More informationNorwegian insurance market and. Gjensidige s ambitions. December 1, 2008
Norwegian insurance market and Gjensidige s ambitions Disclaimer The information contained herein has been prepared by and is the sole responsibility of Gjensidige Forsikring BA ( the Company ). Such information
More informationSpiralling Costs of Insurance in Ireland
Spiralling Costs of Insurance in Ireland Presented to the Society of Actuaries in Ireland Dermot O Hara FSAI David Costello FSAI November 2002 Note The opinions contained in this paper are expressed in
More information1 st Quarter 2013. Presentation of results from SpareBank 1 Gruppen. Kirsten Idebøen, CEO
1 st Quarter 2013 Presentation of results from SpareBank 1 Gruppen Kirsten Idebøen, CEO 25 April 2013 Best result in SpareBank 1 Gruppen's history Pre-tax profit in last 5 years (MNOK) 360 Pre-tax profit:
More informationINSURING FUTURE CLIMATE CHANGE. Oslo 3 4 November 2008. Natural Catastrophe Risk Management Policy in Norway
INSURING FUTURE CLIMATE CHANGE Oslo 3 4 November 2008 Natural Catastrophe Risk Management Policy in Norway 11/24/2008 Norwegian Natural Perils Pool 1 Compensation for damage due to natural disaster Already
More informationInsurance Activities 2014
Financing and incurance 2015 Insurance Activities The value of insurance companies' investments stood at EUR 116.2 billion at the end of The balance sheet value of investment activities amounted to EUR
More informationCompulsory Third-party Liability Insurance for Motor Vehicles. Accident Insurance for Driver and Owner as Passengers Windshield Insurance
Accident Insurance for Driver and Owner as Passengers Windshield Insurance Insurance Terms This policy is covered by the Insurance Contracts Act No. 20 of 1954 unless otherwise specified in these terms
More informationRental Dwelling Policy Comparison
Rental Dwelling Policy Comparison Coverage under the attached renewal policy is provided on our new Rental Dwelling Policy form DH 25-05 (01-97). As a result of this certain areas of coverage are broader
More informationSEB NORDIC SEMINAR 2014. By Christian Sagild CEO
SEB NORDIC SEMINAR 2014 By Christian Sagild CEO 1 1 AGENDA Equity story The Danish non-life market Hard to penetrate the Danish non-life market Key drivers of future performance Topdanmark s strategic
More informationSecurity for the individual growth for the economy
INSURANCE IN SWEDEN STATISTICS 214 Security for the individual growth for the economy We are all exposed to risk. It might be the risk of being in a traffic accident or of a fire in your home. It could
More informationQIS4 Technical Provisions in Non-life Insurance Market Parameters for a Bornhuetter-Ferguson-Based Proxy
KREDITTILSYNET (The Financial Supervisory Authority of Norway) June 2008 Revised version QIS4 Technical Provisions in Non-life Insurance Market Parameters for a Bornhuetter-Ferguson-Based Proxy I. Introduction
More informationPreliminary accounts for 2011
Preliminary accounts for Q4 Presentation of results from SpareBank 1 Gruppen Kirsten Idebøen, CEO 15 February 2012 Volatile securities market, combined with damage due to natural perils and large claims,
More informationInsurance in Sweden 2012
Insurance in Sweden 212 Security for the individual growth for the economy We are all exposed to risk. It might be the risk of being in a traffic accident or of a fire in your home. It could be theft or
More informationGjensidige Insurance Group Q4 2008 and preliminary 2008
Gjensidige Insurance Group Q4 2008 and preliminary 2008 Disclaimer The information contained herein has been prepared by and is the sole responsibility of Gjensidige Forsikring BA ( the Company ). Such
More informationINSURANCE DICTIONARY
INSURANCE DICTIONARY Actuary An actuary is a professional who uses statistical data to assess risk and calculate dividends, financial reserves, and insurance premiums for a business or insurer. Agent An
More informationPresentation of results. Kirsten Idebøen, CEO
Q2 1st half-year and 2nd quarter 2012 Presentation of results from SpareBank 1 Gruppen Kirsten Idebøen, CEO 9 August 2012 Year-to-date profit in line with last year Pre-tax profit Group quarterly (MNOK)
More informationCEIOPS-DOC-22/09. (former CP27) October 2009. CEIOPS e.v. Westhafenplatz 1-60327 Frankfurt Germany Tel. + 49 69-951119-20
CEIOPS-DOC-22/09 CEIOPS Advice for Level 2 Implementing Measures on Solvency II: Technical Provisions - Lines of business on the basis of which (re)insurance obligations are to be segmented (former CP27)
More informationALM. BRAND A/S Results for H1 2011
ALM. BRAND A/S Results for H1 2011 Conference call 25 August 2011 1 G R O U P The Alm. Brand Group Nonlife insurance Banking Life insurance Denmark's 4th largest nonlife insurer Market share of some 10%
More informationInformation Canada s Financial Services Sector
Property and Casualty Insurance in Canada Overview Information Canada s Financial Services Sector The property and casualty (P&C) insurance industry in Canada provides coverage for all risks other than
More informationSpareBank 1 Gruppen. Presentation 1st Half 2013
SpareBank 1 Gruppen Presentation 1st Half 14 August - Kirsten Idebøen, Idebøen CEO Performance in the 1 st half of Substantial improvement in pre-tax profit MNOK 531 (296) Premium growth and good result
More informationWallace Insurance. Brokerage Services. Contract. Bonds. Special Contract Clauses. Commercial. Property. Let / Vacant. Property. Commercial Vehicles
Wallace Insurance Brokerage Services Combined Contract Bonds Specialised Plant Contractors Combined Special Contract Clauses Business & Private Cars Contractors Liability Property Home, Travel & Personal
More informationBusniess Package - Retail & Trading Insurance
Busniess Package - Retail & Trading Insurance www.tawuniya.com.sa 03 04 04 05 05 05 10 10 10 Why Tawuniya? Business Package Retail & Trading Insurance Package Benefits & Advantages Beneficiaries Products
More informationMAKE FINANCIAL FITNESS HAPPEN
MAKE FINANCIAL FITNESS HAPPEN 3 UNIT 6 INTRODUCTION TO NEDBANK INSURANCE AND ASSURANCE PRODUCTS At the end of this unit, you will: understand the difference between insurance and assurance; and understand
More informationOECD INSURANCE STATISTICS
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT ORGANISATION DE COOPÉRATION ET DE DÉVELOPPEMENT ÉCONOMIQUES DIRECTION DES AFFAIRES FINANCIÈRES ET DES ENTREPRISES DIRECTORATE FOR FINANCIAL AND ENTERPRISE
More informationI am Toshihiko Tanaka from MS&AD Holdings. Thank you for finding time in your busy schedules to participate in our conference call today.
I am Toshihiko Tanaka from MS&AD Holdings. Thank you for finding time in your busy schedules to participate in our conference call today. Today s materials include our Earnings Report (Summary of Financial
More informationInsurance. for your small. business
Insurance for your small business @BritishInsurers As an employer, you are legally required to have Employers Liability Insurance. If you use motor vehicles for your business, you are legally required
More informationQuarter 2011. Presentation of results from SpareBank 1 Gruppen. Kirsten Idebøen, CEO
1st Q Quarter 2011 Presentation of results from SpareBank 1 Gruppen Kirsten Idebøen, CEO 29 April 2011 Highlights SPAREBANK 1 GRUPPEN Significantly improved profit for Good return on equity of 12.4 (8.8)
More informationEconomic and Social Council. Measurement of Non-Life Insurance Services in the National Accounts of Israel
United Nations Economic and Social Council ECE/CES/GE.20/2014/3 Distr.: General 12 February 2014 English Original: Russian Economic Commission for Europe Conference of European Statisticians Group of Experts
More informationResource 2.7 Introduction to Insurance Cover for Business What insurance is compulsory for businesses? Employers' liability insurance
Page 1 of 5 Introduction to Insurance Cover for Business All businesses need to be insured against risks, such as the theft of equipment or workrelated injury to staff. If you run a small business you
More informationIndependent consumer guide to life insurance
Independent consumer guide to life insurance Who we are and what we do The Irish Financial Services Regulatory Authority was established in May 2003 to regulate financial services firms in Ireland. Our
More informationRenewal 2003 MR Reinsurance Group
Renewal 2003 MR Reinsurance Group Renewal 2003 MR Reinsurance Group February, 28 th 2003 Münchener Rück Munich Re Group Contents Overview Market View Reinsurance Group Business Units / Lines of Business
More informationINSURANCE. Section 1 TAXABLE INSURANCE CONTRACTS. Taxable Insurance contracts
BULLETIN NO. 061 Issued June 2012 THE RETAIL SALES TAX ACT INSURANCE This bulletin explains the 2012 Budget changes affecting insurance contracts. Effective July 15, 2012, retail sales tax (RST) applies
More informationNorsk Naturskadepool www.naturskade.no
Norsk Naturskadepool www.naturskade.no World Forum Meeting Iceland 25/25 Norwegian Natural Perils Pool 1 Norway Land area: 307 766 km2 Mainland coastline 21 112 km Population: 4.7 mill. KABELVÅG ANDENES
More informationAnnex 7. Fact Sheet Estonia
Annex 7. Fact Sheet Estonia 1. Generalities: Some history of the agricultural risk and crisis management policies, programs and tools. Population: 1, 36 million inhabitants GDP 2004 9,4 billion Euro; Inflation
More informationTHE IMPORTANCE OF INSURING YOUR ASSETS
THE IMPORTANCE OF INSURING YOUR ASSETS Presented By: Karen B. Buchanan Prepared by: Karen B. Buchanan What is an Asset: Valuable thing or person An Advantage or resource Valuable Item The Importance of
More informationInsurance in Sweden 2011
Insurance in Sweden 211 Security for the individual growth for the economy We are all exposed to risk. It might be the risk of being in a traffic accident or of a fire in your home. It could be theft
More informationAbout Insurance Europe Insurance Europe is the European insurance and reinsurance federation. Through its 34 member bodies the national insurance
How insurance works About Insurance Europe Insurance Europe is the European insurance and reinsurance federation. Through its 34 member bodies the national insurance associations Insurance Europe represents
More information1st half-year and 2nd quarter 2011
1st half-year and 2nd quarter Q2 Presentation of results From SpareBank 1 Gruppen Kirsten Idebøen, CEO August 10th Good underlying earnings improvement marred by weak equity markets and flood damage Group
More informationQuarter 2011. Presentation of results from SpareBank 1 Gruppen. Kirsten Idebøen, CEO
3rd Q Quarter Presentation of results from SpareBank 1 Gruppen Kirsten Idebøen, CEO 28 October Profits down due to market turmoil and high claims ratio Q1 Q2 Group pre-tax profit* (MNOK), quarterly 374
More informationAn introduction to insurance cover for businesses
An introduction to insurance cover for businesses All businesses need to be insured against potential risks such as contractual disputes, accidental damage, fire, flood or theft and claims for negligence.
More information220 Third-Party Liability Insurance for Motor Vehicles
A COMPULSORY THIRD PARTY LIABILITY INSURANCE FOR MOTOR VEHICLES 1. The insured parties 1.1 The policyholder is insured, as well as whoever uses or drives the vehicle with his consent. Should the vehicle
More informationAMP Agriplan. All about protecting your livelihood
AMP Agriplan All about protecting your livelihood 2 This brochure summarises some of the cover provided by AMP s Agriplan policy. It is important to note that terms, conditions and exclusions apply to
More informationMOTOR FLEET INSURANCE
MOTOR FLEET INSURANCE Summary of Cover A commercial motor insurance package available for Partnerships or Companies who require more than four vehicles to be insured under the one Policy. Why choose the
More informationFIRE INSURANCE CLAUSES
FIRE INSURANCE CLAUSES 1. Earthquake and Volcano Eruption Clause All kinds of damages including those arising directly or indirectly out of earthquakes, tsunami or volcano eruptions including fire, explosion,
More informationThis bulletin explains the application of retail sales tax (RST) to certain insurance contracts that relate to Manitoba, at the rate of 8%.
BULLETIN NO. 061 Issued July 15, 2012 Revised July 2013 THE RETAIL SALES TAX ACT INSURANCE This bulletin explains the application of retail sales tax (RST) to certain insurance that relate to Manitoba,
More informationANNUAL RETURN: FORM 1 - FUND BALANCE SHEET
ANNUAL RETURN: FORM - FUND BALANCE SHEET R98G General: Singapore Insurance Fund Annex Row No. ASSETS Equity securities A Debt securities B Land and buildings C Loans D Cash and deposits 5,96,57 Other invested
More informationFLEETSHIELD. Policy Summary
FLEETSHIELD Policy Summary FleetShield Policy Summary FleetShield Policy Summary Your Tower Insurance FleetShield Policy is an annual contract which may be renewed each year subject to your needs and our
More informationMotor Fleet Insurance
Motor Fleet Insurance Summary of Cover A commercial motor insurance package available for Partnerships or Companies who require more than four vehicles to be insured under the one Policy. Why choose the
More informationAMENDATORY ENDORSEMENT NORTH CAROLINA PERSONAL AUTO POLICY
AMENDATORY ENDORSEMENT NORTH CAROLINA PERSONAL AUTO POLICY This Endorsement amends the Policy as follows: I. DEFINITIONS The Definitions Section is amended as follows: A. The third paragraph is replaced
More informationGEN3B - General Insurance Product syllabus For Ireland
GEN3B - GENERAL INSURANCE PRODUCTS (COMMERCIAL LINES) SYLLABUS 2009 Objective: To develop in the candidate a sound knowledge and understanding of the scope of the commercial general insurance products
More informationNon-Life Insurance in Canada, Key Trends and Opportunities to 2019
Brochure More information from http://www.researchandmarkets.com/reports/3508625/ Non-Life Insurance in Canada, Key Trends and Opportunities to 2019 Description: The 'Non-Life Insurance in Canada, Key
More informationGearing up for safety/
STRADA COMPACT motor vehicle insurance Gearing up for safety/ STRADA COMPACT means straightforward motor vehicle insurance designed for anyone seeking a solid package of benefits with their liability,
More informationR&Q Commercial Risk Services Limited Liability Combined Insurance Summary of Cover
R&Q Commercial Risk Services Limited Liability Combined Insurance Summary of Cover March 2014 Edition Contractors All Risks and Liability Combined Insurance Policy Overview About R&Q This Insurance product
More informationInsurance market report 2014
1 September 2015 Insurance market report 2014 Laupenstrasse 27, 3003 Bern Phone +41 (0)31 327 91 00, Fax +41 (0)31 327 91 01 www.finma.ch A340891/00080/1043572 Contents 1 Market overview... 3 1.1 Number
More informationBusiness Package - Engineering & Contractors Insurance
Business Package - Engineering & Contractors Insurance www.tawuniya.com.sa 03 04 04 05 05 05 10 10 10 Why Tawuniya? Business Package Engineering & Contractors Insurance Package Benefits & Advantages Beneficiaries
More informationNon-life and Health Insurance
Non-life and Health Insurance The Capital Market, Insurance and Saving Division Contents 1. Introduction... 5 2. General Review of the Industry... 6 A. General 6 B. Market concentration... 13 3. Characteristics
More informationBodily Injury Thematic Review
2015 Bodily Injury Thematic Review ii Central Bank of Ireland Insurance Directorate 2015 BODILY INJURY THEMATIC REVIEW 1 Introduction 1.1 Overview and Context 4 1.2 Summary of Findings 5 1.3 Observations
More informationCHALLENGES AND OPPORTUNITIES FOR INDIAN MOTOR THIRD PARTY INSURANCE POOL
CHALLENGES AND OPPORTUNITIES FOR INDIAN MOTOR THIRD PARTY INSURANCE POOL INTRODUCTION Jagendra Kumar, Corporate Head, (Trg), Shriram Group Companies, Jaipur Indian Motor Third Party Insurance Pool (IMTPIP)
More informationBusiness insurance. a practical guide. 13 12 49 smallbusiness.wa.gov.au The small business specialists BUILDING YOUR KNOWLEDGE
Business insurance a practical guide BUILDING YOUR KNOWLEDGE Small Business Development Corporation 13 12 49 smallbusiness.wa.gov.au The small business specialists Business insurance Obtaining the right
More informationFINNISH INSURANCE IN 2012 PUBLICATIONS AND RESEARCH 2013 30 APRIL 2013
FINNISH INSURANCE IN 2012 PUBLICATIONS AND RESEARCH 2013 30 APRIL 2013 FINNISH INSURANCE IN 2012 1 FINNISH INSURANCE IN 2012 2 FINNISH INSURANCE IN 2012 CONTENTS Highlights 4 Market developments 5 Corporate
More informationUK INSURANCE KEY FACTS 2014. UK Insurance KEY FACTS. Follow us on Twitter @BritishInsurers
UK INSURANCE KEY FACTS 2014 UK Insurance KEY FACTS 2014 3 @BritishInsurers Follow us on Twitter @BritishInsurers ASSOCIATION OF BRITISH INSURERS About the ABI The Association of British Insurers is the
More informationConsumer s Quick Check Guide Condominium Unit-Owners Policy
Consumer s Quick Check Guide Condominium Unit-Owners Policy Explanation of Coverage Limits and Options: This Consumer s Quick Check Guide to the Condominium Unit-Owners Policy is based, in part, on Insurance
More informationPROPERTY OWNERS INSURANCE PROPOSAL
PROPERTY OWNERS INSURANCE PROPOSAL Please use BLOCK CAPITALS and tick boxes where applicable. Where requested enter further details in the space provided. If there is insufficient space please continue
More informationResidential Landlords Insurance. Policy Summary
Residential Landlords Insurance Policy Summary Amlin Residential Landlords Insurance policy summary This insurance is designed to provide you with a wide range of standard cover in connection with the
More informationLandlord s Household Insurance Policy Summary
Landlord s Household Insurance Policy Summary This document is a guide to the cover provided under Your Landlords Household policy. It is only a summary and does not contain the full terms and conditions
More informationGlossary of Insurance Terms: (obtained from website: http://www.iii.org/individuals/glossary/alfa.l/)
Glossary of Insurance Terms: (obtained from website: http://www.iii.org/individuals/glossary/alfa.l/) ACTUAL CASH VALUE A form of insurance that pays damages equal to the replacement value of damaged property
More informationREINSURANCE ISSUES FOR SUPERVISORS. by Richard Smith Chief Manager General Insurance Australian Prudential Regulation Authority
REINSURANCE ISSUES FOR SUPERVISORS by Richard Smith Chief Manager General Insurance Australian Prudential Regulation Authority Background My comments are made in the context of general (non-life) insurance
More informationIntroduction to Insurance. Foundations of General Insurance. Regulation and Compliance. Personal Lines. Commercial Lines. Specialisms.
Guide to Content I F R P C S W Introduction to Insurance Foundations of General Insurance Regulation and Compliance Personal Lines Commercial Lines Specialisms The Workplace Assess is a web based system,
More informationPresentation Q3 2014 SpareBank 1 Gruppen. 22. October 2014 - Kirsten Idebøen, CEO
Presentation SpareBank 1 Gruppen 22. October - Kirsten Idebøen, CEO Best 3rd quarter result ever Pre tax profit for the quarter (MNOK) Pre tax profit year to date (MNOK) 745 1 753 529 1 216 320 707 (8)
More informationMINI FLEET. Policy Summary
MINI FLEET Policy Summary 2 Mini Fleet Policy Summary MINI FLEET Policy Summary Your RSA Mini Fleet Policy is an annual contract which may be renewed each year subject to your needs and our terms and conditions.
More informationtowergate commercial fleet
POLICY SUMMARY About this Document: Please note that this is a policy summary. It does not contain the full terms and conditions of the contract of insurance. These can be found in the policy document,
More informationRegulations relating to the guarantee scheme for non-life insurance
FINANSTILSYNET Norway Translation as of May 2010 This translation is for information purposes only. Legal authenticity remains with the official Norwegian version as published in Norsk Lovtidend. Regulations
More informationMotor insurance Introduction
Motor insurance Introduction This is an introductory guide to provide you with a better understanding of what motor insurance is and what you must know when buying motor insurance policies and making claims.
More informationInsurance LESSON 18. How Do I Purchase Insurance?
Insurance LESSON 18 In life, bad things happen. Unpleasant as it may seem, something life threatening or fi nancially devastating could happen to you right now. Someone could steal your MP3 player or your
More informationPark Home Insurance. Important Information About Our Insurance: 01 Terms of Business Agreement 02 Summary of Cover. Leisure Home
Park Home Insurance Important Information About Our Insurance: 01 Terms of Business Agreement 02 Summary of Cover Leisure Home i n s u r a n c e Leisure Home i n s u r a n c e Park Home Insurance Terms
More informationGoldman Sachs European Financials Conference 3 June 2009
Goldman Sachs European Financials Conference 3 June 2009 The outlook for returns in Nordic (Danish) P&C Opportunities vs. Threats by Christian Sagild CEO, Topdanmark 1 Markedspladsen Trend in gross profit
More informationCROATIAN FINANCIAL SERVICES SUPERVISORY AGENCY
CROATIAN FINANCIAL SERVICES SUPERVISORY AGENCY Pursuant to the provisions of Article 3 paragraph 5 of the Insurance Act (Official Gazette 151/05, Official Gazette 87/08 and Official Gazette 82/09), the
More informationBUSINESS INSURANCE FAQ
BUSINESS INSURANCE FAQ Q: What is Business Insurance? A: We strive to understand your risk tolerance and financial ability to withstand the spectrum of potential losses and develop insurance programs to
More informationPrivate Motor Insurance Statistics. Private Motor Insurance Statistics
2009 Private Motor Insurance Statistics Contents Executive Summary... 1 1. Introduction... 3 2. General Market Overview... 4 3. Premium Income and Claim Cost Development... 7 3.1 Premium income... 8 3.2
More informationAon Risk Solutions. Market Report 2012. The German Insurance Market
Aon Risk Solutions Market Report 2012 The German Insurance Market Table of Contents 1 Background 3 2 Market Developments in the Classes of Insurance 4 2.1 Property Insurance 4 2.2 Liability Insurance 4
More information1 st half and 2 nd quarter 2010
1 st half and 2 nd quarter Presentation of results SpareBank 1 Gruppen Kirsten Idebøen, CEO 11 August Highlights SpareBank 1 Gruppen reports good results for the 1 st half-year, despite challenging financial
More informationANNUAL RETURN: FORM 1 - FUND BALANCE SHEET ZURICH INSURANCE COMPANY LTD (SINGAPORE BRANCH) 34,844,737 Land and buildings
ANNUAL RETURN: FORM - FUND BALANCE SHEET I86G General: Singapore Insurance Fund Annex Row No. ASSETS Equity securities A Debt securities B,8,77 Land and buildings C Loans D Cash and deposits 5,6,76 Other
More informationFifth Quantitative Impact Study of Solvency II (QIS5)
Fifth Quantitative Impact Study of Solvency II (QIS5) Guidance on the treatment of German accident insurance with guaranteed premium repayment in the solvency balance sheet of QIS5 Introduction The UBR
More informationMANDATORY VEHICLE INSURANCE Terms and conditions No. 500
These insurance terms and conditions consist of three independent insurance contracts and are divided into four sections. The final section applies jointly to all three insurance contracts. The division
More informationSwiss Mobiliar has successfully maintained its profitable growth course. The premium volume was raised by 2.4% to CHF 2.358 billion.
Swiss Mobiliar Holding Ltd. Bundesgasse 35 P.O. Box CH-3001 Bern Phone 031 389 61 11 Telefax 031 389 68 52 swissmobiliar@mobi.ch www.mobi.ch Media information Swiss Mobiliar half-year results 2014 Swiss
More informationINSURANCE IN THE UK: THE BENEFITS OF PRICING RISK. January 2008
INSURANCE IN THE UK: THE BENEFITS OF PRICING RISK January 2008 1 INSURANCE IN THE UK: THE BENEFITS OF PRICING RISK How insurance deals with risk Insurance protects people and businesses against the risks
More informationInsurer solvency standards reducing risk in a risk business
Insurer solvency standards reducing risk in a risk business Richard Dean Significant earthquakes in Christchurch have brought the need for stability in the New Zealand insurance market into sharp focus.
More informationGENERAL CONDITIONS FOR INSURANCE OF GOODS Effective as of and including 1 April 2000 (amended 1 January 2007)
GENERAL CONDITIONS FOR INSURANCE OF GOODS Effective as of and including 1 April 2000 (amended 1 January 2007) These conditions are adopted by the Swedish Association of Marine Underwriters and are only
More informationBMW HOME INSURANCE POLICY SUMMARY.
BMW HOME INSURANCE POLICY SUMMARY. This is a Policy Summary only and does not contain the full terms and conditions of the contract. It does not form part of the contract between you and us. Full terms
More informationFINNISH INSURANCE IN 2014 PUBLICATIONS AND SURVEYS 2015 27 APRIL 2015
FINNISH INSURANCE IN 2014 PUBLICATIONS AND SURVEYS 2015 27 APRIL 2015 FINNISH INSURANCE IN 2014 1 FINNISH INSURANCE IN 2014 2 FINNISH INSURANCE IN 2014 CONTENTS Highlights 4 Insurance market developments
More informationCONSUMER S GUIDE TO AUTO INSURANCE
CONSUMER S GUIDE TO AUTO INSURANCE The Colorado Division of Insurance prepares this booklet to assist you in shopping for auto insurance and to help you understand your Personal Auto Policy. When shopping
More information7. Work Injury Insurance
7. Work Injury Insurance A. General Work injury insurance provides an insured person who is injured at work a right to receive a benefit or other defined assistance, in accordance with the nature of the
More informationAGRICULTURAL INSURANCE
AGRICULTURAL INSURANCE OVERALL DESCRIPTION Agricultural insurance is one tool to manage the risks that may arise in agricultural production, which will actively be used by financial intermediaries to hedge
More informationR&Q Commercial Risk Services Limited Contractors All Risks and Liability Combined Insurance Summary of Cover
R&Q Commercial Risk Services Limited Contractors All Risks and Liability Combined Insurance Summary of Cover June 2012 Edition Contractors All Risks and Liability Combined Insurance Policy Overview About
More informationThis policy summary does not contain full details and conditions of your insurance you will find these in your Policy Wording.
Summary of Cover This policy summary does not contain full details and conditions of your insurance you will find these in your. Your Home Insurance policy is provided by Swiftcover Insurance Services
More information