The Insurance Chamber Venezuela (CAV) is making adjustments to adapt to changes in the Insurance Activity Act, passed less than four months. Alesia Rodriguez, chief executive of the chamber, said still can not declare the new law: "We are making adjustments and we will announce in due course." He stressed that so far no public pronouncements made. Prior to
approval of the insurance law, the Chamber of Insurance expressed his opposition to the text on the grounds that limits the activity of insurance companies.
New legislation passed this year, included an article that eliminates the emergency key private clinics asked insurance companies to treat patients. Another point that was approved was the requirement to ensure people from the elderly, as well as dental coverage.
Given these changes, the union is making adjustments to design the new operational scheme of insurance. Book. Sponsored by the BAC, was published the book's make sure our climate, written by Juan Carlos Sanchez, who said that Venezuela and Latin America is just beginning, "between 1% and 3%," the receptiveness of companies to buy policies for natural hazards and climate.
Insurance Banvalor has sufficient resources to paying customers
earnings and net income came Insurance Banvalor wrong from the beginning of the year. In addition, financial results contained trivia as the sustained growth of net premiums collected, and also a drop in company profits.
However, the reports of the Superintendent of Activity Insurer leave something very clear, is that the company has enough assets to cover losses (according to financial results) to the first half of this year. This means that the solvency margin Banvalor Insurance heritage is sufficient to settle the claims of customers, their claims and pay premiums.
Until June 2010, the solvency margin was over 192%. In other words, property (not committed) by the insurer was until June 2010 Bs.F. 352 million, and its solvency margin had a total of Bs.F. 114 million.
Superintendent of Insurance Activity explains that "the unencumbered assets is sufficient when greater than or equal to 105% solvency margin, by contrast, is insufficient when less than 105% of this margin. "
The solvency margin is a standard of insurance business. is a figure who commits the companies insurance to maintain a sufficient amount in case they need to return or pay all policyholders in a given time. With a 192% solvency Banvalor insured should have guaranteed the payment of their past claims.
Pedro The Khaouli , director of Fitch Venezuela and expert in finance, insurance statements, explains that, in theory, the Superintendent should support the latest reports Banvalor customers with that 192% of solvency.
"But look how that heritage is made and whether it meets. The obligations to policyholders depend on how much cash there is, is to assess the portfolio of cash and investments." Poor management
In the first half of 2007, Insurance Banvalor ranked as the first company in the country in the ranking of net premiums paid. Then was 12.66% market share, and had collected in premiums Bs.F. 906 million, says the Superintendent of Insurance Activities.
The following years were not as successful: in 2008 net premiums fell to Bs.F. 103 million. For 2009 and 2010, picked up the number of policies and managed to get a total Banvalor overcharged Bs.F. 364 million this year.
Despite the growth that came to have in the past two years, Banvalor could not change the net results negative: he was six months continuously in the red in their financial results.
In June, the insurer closed with a net in red Bs.F. 20 million. "It means that its management was deficient because it had more expenses than income," says Fitch Khaouli.
Insurance Superintendency of Insurance ordered Banvalor intervention.
by decision of the Superintendent of insurance business, today was published in Official Gazette No. 39516 dated September 23, 2010 intervention Banvalor Insurance Company.
By Resolution No. FSS-2-002716 was also decided to replace the directors, to a Board of Directors and Shareholders of the company by an Oversight Board. Will the citizens
Mario Alberto Moreno and the Angels Danelys Laporte and Nelly Maria Carrillo, who is expressly empowered to make all management decisions. The decision shall enter into force once it is notified to the company.
Insurers accuse the impact of natural disasters.
world's leading insurers face costly one year due to the increasing amount of claims for natural disasters. "In recent months, there was a significant accumulation of costly natural disasters," he acknowledged this month in its first half results report Munich Re, the world's largest reinsurer.
Virtually no month this year that did not occur somewhere in the world with a natural disaster, starting with the violent winter storms that crossed Europe in January. They were followed by large earthquakes in Haiti, Chile, Turkey, Costa Rica and China, as well as closure of air traffic in Europe by the eruption of volcanic ash and smoke in Iceland, as reported by the DPA agencai.
Allianz, the biggest European insurer, based in Munich, this month reported a 46% fall in net profit for the second quarter, after having to respond to natural disasters claims totaling 255 million euros. In the first quarter, he had to cover damages of 500 million euros.
At low negative impact traveled through the insurance industry. The German Hannover Re also reported coverage in the first half of u $ s 526 million by than expected, leading to a decrease of 28% of their earnings in the same period, to 310.6 million euros.
The U.S. insurance giant AIG faced disaster costs u $ s 287 million, including 27 million for compensation for the disaster of Deepwater Horizon, according to report second quarter results of the company. Swiss Re, the world's second largest reinsurer, expects to be covered by claims for some $ s 200 million before tax on the oil spill disaster in the Gulf of Mexico. Moreover, the reinsurer raised its cost estimates by the earthquake in Chile of U.S. $ s 500-630000000 before taxes. However, Swiss Re reported net income of $ s 812 million for the second quarter after scoring s loss of $ 342 million in same period last year.
Finally, Zurich Financial reported that its combined ratio worsened to 96.9% in the first half, compared to 96.7% in the same period last year. A ratio above 100 is indicative of losses. The Swiss company reported a 51% drop in net profit in the second quarter, au $ s 707 million.
Zurich is one of the top 100 brands in the world.
Zurich Financial Services Group has first included in the ranking of the top 100 brands in the world presented annually by Interbrand, the leading brand consultancy. In the study 2010 of the Best Global Brands, Zurich is in the position 94 of the brands with greater appreciation of the world with an estimated value of U.S. $ 3.49 billion.
Interbrand analyzes the continued investment in brand and its management as a business asset. Measures the investment return of the goods or services the mark, the part of the purchasing decision that is attributable to the mark, and the possibility for the brand to ensure future earnings expectations. Interbrand introduced this method for over 20 years and used it to evaluate more than 5000 brands worldwide. [1]
Zurich Switzerland is the first insurer to appear within the top 100 brands worldwide. This survey shows that Zurich is one of the companies that maintain the highest professional standards, and highlight the strength and competence of the company to excel in the industry.
[1] To qualify for the ranking, brands must have a minimum brand value of U.S. $ 3 billion, achieve at least a third of its earnings outside its home country, having financial and commercial data available groups, and have a broad public profile that goes beyond its direct customer base in all major global markets.
0 comments:
Post a Comment