"Police officers charged with or even convicted of crimes in the Western Cape are being allowed to stay in their jobs, in contravention of national police policy. At least four cases have come to light in the past month in..." read more ...

"AN EAST London lawyer was arrested by the Special Investigations Unit (SIU) for allegedly stealing R192219 from a deceased clients Estate Late Account. Tshiwo Sijako of TT Sijako Inc , who also faces a fraud charge for..." read more ...

"Order bans activities in long-term insurance A black-owned insurance company, one of two in the country, is fighting to have a decision by the Financial Services Board (FSB) to put it under curatorshi..." read more ...

"Published By: Datamonitor Order Code: R313-53420 Description Introduction The report is an invaluable guide to the UK commercial motor insurance market, providing insight into competitor strategies, profitability and..." read more ...

"Taxes on your car, and each and every other car licensed in Michigan, have just gone up $20 a year. You'll see the new assessment on your auto insurance bill. Costs to cover catastrophic claims that may otherwise bankrupt..." read more ...

"NEW YORK (Reuters) - Robert Benmosche, the newly appointed chief executive officer of American International Group Inc , says he expects the bailed-out insurer to be able to repay its federal debts and to boost value for..." read more ...

"There were various surprises at the Sunday Times Top Brands Awards for 2009, last night, Thursday, 20 August 2009, at Lexus Fourways, Johannesburg, which this year included categories for social and d..." read more ...

"Although new share block developments are not common nowadays, there is a fairly large number of established, existing schemes in South Africa that you can buy into. There are also many retirement com..." read more ...

"CELEBRATE spring this September with a line up of exclusive artworks at the Ann Bryant Art Gallery, in Southernwood. Exhibitions include works by South African children, high school learners, DVD series and a lecture on art..." read more ...

"Those fortunate applicants (still only 65% of the total) who are granted home loans by the banks should take note that the loan package will usually include insurance on the property - and this will be issued by the bank..." read more ...

"Johannesburg - Empowerment investment group Brimstone moved back into the black after a realignment of its investment portfolio. On Thursday the company posted a R12.8m profit for the six months to end-June 2009, compared to..." read more ...

"Regulated monopoly Sasria has enviable margins. We investigate. Julius Cobbett Government-owned entities are often accused of being inefficient, not without reason. However, state-owned short-term insurer Sasria appears to be..." read more ...

Kurt Bressner spent more than $16,000 installing storm shutters, a reinforced garage door and an impact-resistant front door on his Boynton Beach home. In return, he got more than peace of mind. Effective this year, he got a $5,362 break on his annual insurance premiums. Now, Bressner -- and more than 700,000 other Florida consumers who spent big money to fortify their homes -- could see their "wind mitigation" discounts dramatically reduced. Insurers, led by State Farm Florida, are complaining that the discounts for installing shutters and other protections have become so popular that they are undercutting the industry`s bottom line. read more ...

A concert promoter's insurance on Michael Jackson's London shows has provisions that may deny a multimillion dollar payout if the pop star was found to have illegally possessed drugs or was involved in the "illicit taking of drugs."The policy, a copy of which was provided Friday to The Associated Press, covers cancellations resulting from death, but its provisions will hinge on the results of an autopsy that has been delayed twice.Jackson's doctor administered multiple sedatives along with the powerful anesthetic propofol, a potentially lethal combination, hours before the singer died June 25, a law enforcement official who requested anonymity because the death investigation is ongoing told the AP. read more ...

American International Group Inc., the insurer rescued by the U.S. government, reported its first profit in seven quarters on narrowing investment losses and a rebound in the value of some derivatives. The stock gained 20 percent in New York trading. Second-quarter net income of $1.82 billion, or $2.30 a share, compares with a net loss of $5.36 billion, or a splitadjusted $41.13, a year earlier, New York-based AIG said today in a regulatory filing. Operating income, which excludes some investment results, was $2.57 a share, beating the average estimate of five analysts surveyed by Bloomberg by $1.07. The results may ease pressure on Robert Benmosche, AIG’s fifth chief executive officer since 2005. read more ...

Vietnam's insurance sector has performed well in the first half of the year despite the global financial crisis. The sector posted an estimated VND5.4 trillion (US$301 million) in life insurance premium revenues in the first half of 2009, an increase of 8.4 percent compared to the same period last year.Meanwhile, non-life insurance premiums rose nearly 16 percent to VND6.4 trillion ($361.75 million), according to figures from the Association of Vietnamese Insurers. Motor vehicle insurance, which is compulsory, ranked first in the nonlife insurance market with premiums reaching VND2.14 trillion, or a 26.3 percent increase. 

State lawmakers approved a bill that would raise homeowner insurance rates across the state if a major hurricane hit North Carolina's coast.The house overwhelming voted to support making changes to the Coastal Properties Insurance plan, which is also called the beach plan.The changes make insurance companies responsible for $1 billion dollars in damage if a hurricane hit the coast. After that, companies would be allowed to raise home insurance rates across the state up to ten percent of the total policy. read more ...

BY SEPTEMBER, the public sector bank UCO will soon make its foray into the non-life insurance business as part of a joint venture. UCO Bank`s Chairman and Managing Director SK Goel said that the memorandum of understanding for the joint venture was expected to be signed in the month of September. A senior official at the bank claimed that a consultant had been appointed by the sub-committee of the board of directors to find out potential foreign partners for the joint venture. He also said that the new venture would begin with four partners which could include any other non-banking company or public sector bank apart from UCO Bank and the foreign partner. read more ...

Surging catastrophe losses weighed heavily on Allstate Corp.'s earnings Wednesday, but the insurer still turned a profit in the second quarter.The property-and-casualty insurer's results also reflected lower investment income amid the global financial crisis.The news sent Allstate's shares tumbling in aftermarket trading, down 76 cents, or 2.7 percent, to $27.47. The stock closed Wednesday's regular session at $28.23, down nearly 14 percent for the year.The Northbrook, Ill., company said it earned $389 million, or 72 cents per share, for the three months ended June 30. That compares with a profit of $25 million, or 5 cents per share, last year. Revenue rose 14.5 percent to $8.49 billion. read more ...

In the first semester of 2009, insurance companies that activate in Lithuania underwrote a volume of EUR 242 million, down by 20.1%, compared to the same period from 2008, as the National Insurance Supervisory Commission reported.Non-life insurance market decreased by 21.6%, down to EUR 176 million, as well as life insurance market, that decreased by 15.7%, to EUR 65.8 million.The share of life insurance sector rose by 240 basis points, to 27.2%, from 25.8% in H1/2008.Also, in this period, the number of insurance policies decreased by 12.6%, to 2.034 million signed insurance contracts. On the life insurance market, the number of policies decreased by 46.5%, to 24.7 thousands contracts. read more ...

American International Group Inc., the insurer bailed out by the U.S. government, named board member Harvey Golub its non-executive chairman, replacing Edward Liddy after he steps down next week. Golub, 70, the former chief executive officer of American Express Co., takes over from Liddy on Aug. 10, according to a statement today by the New Yorkbased insurer. That’s the same day that Robert Benmosche assumes the chief executive's role at AIG. Liddy, who served as both chairman and CEO since September, has said the jobs should be split. AIG once was the world’s biggest insurer before its near collapse and rescue by the U.S. last year. The company’s next chairman will help AIG dismantle itself to repay loans that are part of a $182.5 billion government bailout. read more ...

RSA today said it had hiked UK insurance rates by up to 9 per cent to combat the effects of recession on its key markets.RSA said group-wide pre-tax profits plunged 24 per cent to £301 million in the six months to June 30, with the UK impacted by the slump in the housing and car markets and a troubled business sector.UK net written premiums dropped 3 per cent to £1.34 billion in the half-year.RSA - formerly Royal & Sun Alliance until a rebrand last year - said it had increased UK personal motor and household insurance rates by 5 per cent and 4 per cent respectively. But UK commercial rates have risen the most, up by 6 per cent in property insurance and 9 per cent for motor insurance as the group took action to combat sliding business from recession-hit industries. read more ...

The Russian insurance market which is fairly underdeveloped and fragmented is poised to expand rapidly in coming years, says a new report from RNCOS. Although the Russian insurance market is fairly underdeveloped and fragmented, it has recorded higher growth rate than the global average. The insurance premium grew at a CAGR of over 22% during 2005-2008, but the global economic slowdown is likely to shrink demand for insurance products in short term. However, the insurance industry has strong potential for medium term growth once income begins to rise, says our new research report, "Russian Insurance Industry Forecast to 2012".Our research has found that the stable economic environment has
been creating demand for insurance products in Russia. read more ...

European insurers Zurich Financial Services, Aviva, and RSA beat first-half profit forecasts on Thursday after a relatively light claims load, defying trends seen in previous recessions.The trio's benign claims experience is a potentially encouraging sign for rivals including Royal Bank of Scotland (RBS.L) and Admiral (ADML.L), who issue interim results on Aug. 7 and Aug. 25, respectively.Analysts said insurers had been able to limit the rise in claims costs that in recessions are typically driven by rising crime and fraud levels, thanks to pattern-recognition technology that can alert them to potentially fraudulent claims."All the data from previous recessions tells us that claims do go up in terms of frequency and size," said Jonathan Hughes, an insurance partner at business consulting firm Bain & Company. read more ...

OLD Mutual , SA's largest and the UK's third-largest insurance group, has dealt with investor concerns about its capital, liquidity and US Life operations in the six months to June 30.It was therefore in a much better shape than before, CEO Julian Roberts said yesterday.The group’s local bank, Nedbank Group, maintained the trend of lower profits for the local banking industry .The group posted a net loss of £70m. Earnings per share fell 30,5% to 611c in the six months to end- June as the group worked to maintain a strong, liquid balance sheet."It's been a very tough six months for everybody, especially our retail and small and medium- sized business clients … the good news is that we’ve probably bottomed in retail impairments," Nedbank CEO Tom Boardman said. read more ...

Old Mutual SA (OMSA) experienced lower persistency levels in the upper end of the market since the onset of South Africa's recession, Paul Hanratty, the head of Old Mutual's new long-term savings unit, said yesterday.Hanratty said this was attributable to pressure on the private sector by the recession, in which job losses increased. Lower persistency levels mean that policy holders fail to keep up on premium payments. However, Hanratty said policy holders in the mass market were mostly civil servants and were not affected as much by job losses in the recession."So we have seen pressure mount on the upper end of the market. This state of affairs will continue for the next six months." read more ...

Independent South African financial services group acsis on Wednesday announced a new board after the acquisition by the company by Old Mutual South Africa.The acquisition was approved by the Financial Services Board and the Competition Commission and finalised on 31 July.It was announced earlier this year that Old Mutual would buy 100% of the asset consulting and financial planning business and operate it as an independent, standalone business.With the finalisation of the acquisition, the acsis board of directors has changed.Andrew Bradley, acsis CEO and Dr Frene Ginwala, former Speaker of the National Assembly, will remain on the board. read more ...

The debate over the direct versus broker-based short-term insurance model has raged in South Africa for a number of years. In the Financial Mail's Top Companies 2009 Stephen Cranston leads with the comment: "in short, going direct is gaining market share over broker-based shops." And he's spot on.He concluded that while South Africa's broker-focussed short-term insurers (including Santam, Mutual & Federal and Zurich) controlled approximately 50% of the motor and personal lines market, the country’s leading direct insurers were gaining market share hand over fist. Companies like OUTsurance (launched in February 1998) and Dial Direct (operating in South Africa since 2003) today account for an increasing slice of these categories. read more ...

ANOTHER person has been named as the driver of Prince Sifiso Zulu's vehicle on the night that it was involved in the hitand- run accident in which two people were killed.Zulu has been charged with two counts of culpable homicide for a hitand- run accident when his BMW X5 failed to stop at a traffic light on Masabalala Yengwa Avenue (NMR Avenue) and crashed into a bakkie carrying 12 people. The bakkie was carrying members from the Soul’s Harbour church.Mangosuthu University of Technology students Hlengiwe Dlamini and Sidumisile Mncube were killed. The driver fled the scene. Zulu is facing seven charges, including reckless and negligent driving, speeding and driving an unregistered vehicle and driving
with number plates that were false. read more ...

Owners of nearly 1 million California vehicles covered by insurance company USAA collectively will save about $48 million, thanks to a 7% rate decrease effective today.State Insurance Commissioner Steve Poizner approved the reduction for the insurer, which specializes in serving active-duty, retired and former members of the armed forces and their families.Los Angeles County customers of USAA, the state`s 10th-biggest auto insurer, will save more than twice as much as the statewide average. Their bills will go down by about 15%, saving them an average of $262, the company said.The USAA rate cut is the latest in a series of premium reductions by major auto insurers in California during the last three years. read more ...

Financial services group Old Mutual plc announced on Wednesday that Patrick O'Sullivan will succeed Chris Collins as chairman of the board of Old Mutual when he retires at the end of 2009.O'Sullivan will join the board and take up the chairmanship on 1 January 2010.O'Sullivan, 60, has a strong track record in international financial services, including in South Africa.He recently retired as vice-chairman of Zurich Financial Services, with specific responsibility for Zurich's international businesses including South Africa.From 2002 to 2007 he was Group Finance Director of Zurich, helping to lead the business through a major restructuring and refinancing, and he was Chief Executive of Eagle Star Insurance Company from 1998 to 2002. read more ...

Due to the increasing popularity of the product in AIG's other markets worldwide, AIG South Africa has introduced a new offering that pays policyholders’ mortgages for up to 6 months in the event of a disaster that leaves them out of home. AIG SA recently announced it will re-brand to Chartis in October as part of a global restructuring under which AIG's insurance businesses are being transferred into a newly-formed, profitable entity that is separate from AIG Inc, and isolated from its challenges. read more ...

Legal & General Group Plc fell by the most in a month after investment losses hurt first-half operating profit and the second-biggest U.K insurer by assets cut its dividend. Operating profit, measured by International Financial Reporting Standards, dropped 92 percent to 31 million pounds ($52 million), the London-based company said in a statement today. That missed the 248 million-pound estimate of 13 analysts surveyed by the insurer. The shares fell 4.8 percent. Legal & General is cutting jobs and selling products that require less capital to ease investor concern about reserves. The insurer gets about 30 percent of its revenue from annuities, which provide guaranteed returns and so require it to hold more capital. read more ...

Cholamandalam MS General Insurance Company, a Joint Venture with USD 3 bn Murugappa Group and Japan-based Mitsui Sumitomo Insurance Group plans to launch 13 more insurance policies in the motor vehicle insurance portfolio.The company currently offers a range of products in the health and motor sector and would soon launch 12 more add-on products, Murugappa Group Executive Chairman M A Alagappan told reporters here.Eight of the 12 products have received approval from the Insurance Regulatory and Development Authority (IRDA),he said.Mitsui Sumitomo Insurance Group President and CEO Toshiaki Egashira said their relationship with Murugappa had been growing stronger ever
since their association with them. read more ...

Recent insurance industry gains in capitalization may prove "ephemeral," as recessionary forces continue to constrain economic growth, Moody’s Investors Service warned in a report today.The New York-based firm noted that its ratings for companies are based on the assumption that markets will remain sluggish. Moody's found that insurance industry capitalization, which had been dented by realized and unrealized investment losses, is beginning to improve. This follows the recent upswing in the equity and debt markets, as investment portfolios gained value and as many firms rushed to raise capital via debt and equity raises.It cautioned that much of the present stabilization for insurers is due to the return of investors' confidence in that market, "which may prove to be fickle. read more ...

Hollard, South Africa's largest privately-owned insurance company, has appointed Mortimer Harvey as the company's official brand advertising and communications agency.Hollard`s business philosophy is based on strong partnerships and the partnership with Mortimer Harvey is seen as an exciting new chapter for both companies. The Hollard brand has been in the South African media landscape for the past 29 years. In last year`s Sunday Times Markinor Brands and Branding survey, the Hollard brand ranked 4th in Life and 3rd in Short Term Business to Consumer category. Today, 1 300 dedicated "Hollardites" provide both short-term and life insurance services to more than 6 million policyholders in South Africa and abroad. read more ...

NICK Beyers has decided that in October he will step down as CEO of Zurich Southern Africa. Beyers will do this, in part, because he believes it is not in the best interests of a company for a CEO to occupy the top position for too long. This, he says, is particularly true for CEOs of listed companies, such as Zurich, in southern Africa. Directors now have to cope with an array of corporate governance and director requirements, JSE regulations and consumer protection regulations as well as their traditional duties of coping with the market, which is increasingly competitive . "This is one of the reasons I decided to retire. Between seven and 10 years is probably a good time for a CEO." read more ...

German insurers and reinsurers will report higher earnings for the second quarter compared with the previous quarter, reflecting substantial rises in stock markets and some easing of the financial crisis, while costs for large losses remained moderate and limited to an earthquake in Italy and a plane crash of an Air France Airbus A330 into the Atlantic en route to Paris from Rio de Janeiro. However, second-quarter earnings will still be substantially lower than in the second quarter a year ago, mirroring continued hits from the crisis. The year-ago quarter preceded the insolvency of U.S. investment bank
Lehman Brothers Holdings Inc. in September. read more ...

Investing in art is – or should be – like investing in the stock market. If your time and willingness to learn are limited, you should find an expert to buy on your behalf. If you want to do it yourself, you’ll have to build up your knowledge about artists and the art market in order to separate the hype from the truly talented. We provide these pointers.

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Three alleged jewellery thieves, who are also wanted in connection with cash-in-transit robberies in and around Pretoria, will see in the New Year in jail.

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A double bank robbery at a sprawling market in Benin's capital Cotonou left six people dead and another 20 wounded, the country's interior minister told AFP on Monday.

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On Tuesday, 11 November 2008, at 11h00 members of the South African Police Service (SAPS) arrested six members of an armed gang as they were about to attack an assets-in-transit van on Lethlabile Road, five kilometres from Brits.

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Installing the right type of security technology can help banks and cash-in-transit companies fight this modern scourge.

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A businessman had just arrived at his Rivonia, Sandton, home when he realised there were two men behind him.

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A Renoir painting stolen in 1975 was recovered and three people were arrested on a tip from an art critic who had been asked to value it, Italy's police art squad said on Friday.

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South African bank robberies and attacks on automatic teller machines (ATMs) are well planned and carried out by highly organised and heavily armed gangs, who have no compunction in killing anyone who gets in their way. Brian Barnes looks at some potentially preventive measures.

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