Report on Public Issues by General Insurance Companies

Total Page:16

File Type:pdf, Size:1020Kb

Report on Public Issues by General Insurance Companies Report on Public Issues by General Insurance Companies SEBI Committee on Disclosures and Accounting Standards (SCODA) Page | 1 Table of contents Section No. Section Page No. 1 Background 3 2 Recommendations of Sub-group 3 3 Other Recommendations of Sub-group 8 List of Annexure Annexure No. Details of Annexure Page No. Annexure I Industry Specific Risk Factors for Insurance Sector 9 Annexure II Overview of Insurance Industry 19 Annexure III Comparison Table on Disclosures Made in Offer 21 Documents of General Insurance Companies in Other Jurisdictions Annexure IV Glossary of Terms Used in General Insurance 30 Annexure IV Format for Report on Investor Grievance 36 Page | 2 Public Issues by General Insurance Companies 1. Background: The report of the sub-group on “Public Issues by Insurance Companies” submitted to SCODA was discussed in the meeting of SCODA held on March 15, 2010. Following were the members of the Sub-group:- a) Dr. Subramanian, Head-IBD, Enam Securities Ltd. b) Ms. Dipti Neelakantan, MD & Group COO, JM Financial Consultants c) Shri Prithvi Haldea, CMD, Prime Database d) Shri R K Sharma, Deputy Director, IRDA e) Shri Shravan Jalan, Director, Ernst & Young f) Shri Sunil Kadam, General Manager, SEBI SCODA has accepted the recommendations of the sub-group for life insurance companies however, the sub-group was advised to identify additional disclosure requirement for General Insurance Companies. The report of the sub-group with the suggestions given by SCODA was placed before the SEBI Board in its meeting held on October 25, 2010 and the same was approved. Copy of the report approved by the SEBI Board is enclosed as Annexure I. The recommendation of the sub-group on the additional disclosure of General Insurance Companies was placed before the SCODA in its meeting held on January 20, 2012. The recommendation of the sub-group was accepted by the SCODA with the following changes:- a. A separate disclosure for re-insurance risk should also be incorporated in the report b. Instead of specifying the additional disclosure applicable to the general insurance companies, the sub-group may submit its supplementary report giving the all the disclosures requirement for the general insurance companies. 2. Recommendations of Sub-group 2.1. Disclosures by General Insurance Companies: 2.1.1. Industry- specific Risk Factors for Insurance Companies: The insurance industry is different from other industries and has risks which are unique to it. In order to get an understanding of risks specific to the insurance industry, offer documents of certain insurance companies which came out with issue of capital in other jurisdictions were studied. Based on the risk factors disclosed in such offer documents, following are the minimum broad industry specific risk areas that needs to be disclosed: Page | 3 i. Claims arising out of catastrophic losses (natural and man-made), which could materially and adversely impact the profitability or cash flow of the insurance companies. ii. Differences in future actual claims resulting from the assumptions used in pricing and establishing reserves for insurance and annuity products which may materially affect earnings. iii. Risk with reference to concentration by region/type of policies of the insurance company. iv. The assumptions based on which the Economic Capital is calculated and disclosed may vary significantly from time to time / among industry players. v. Inability to attract and retain productive agents in a growing competitive business environment. vi. Inability to obtain reinsurance on a timely basis or at all, which results in bearing increased risks or reduce the level of our underwriting commitments. vii. Default by one or more of our reinsurers which could materially affect the financial condition and results of operations. viii. Regulatory restrictions on investments by insurance companies ix. Exposure to recovery related risks including for foreclosure of the mortgages x. Risk of regulated tariff xi. Increase in the claim liability of motor third party due to the judgments of courts xii. Inability to accurately predict benefits, claims and other costs or to manage such costs through loss limitation methods, which could have a material adverse effect on the operations and financial condition The sub-group recommends that the aforementioned list may act as guidance for companies while disclosing the risk factors in the offer documents. The sub-group also compiled detailed risk factors for insurance companies which are placed at Annexure I. The sub-group recommends that: Page | 4 a. The detailed risk factors as identified by sub-group may be placed on the website of IRDA which may act as guidance to insurance companies coming out with IPO. b. SEBI may prescribe the disclosure of aforementioned list of risk factors in the offer documents of insurance companies through circular or standard observations. 2.1.2. Disclosure on Overview of the Insurance Industry: The SEBI (ICDR) Regulation does not prescribe the format or the contents of industry overview which need to be disclosed in the offer documents for any industry. However, considering the fact that no insurance company in India has come out with an issue so far, it is felt necessary that the investors get a broad overview of the insurance industry. In view of this, broad parameters under which the disclosure on insurance industry overview may be made have been listed and placed in Annexure II. The sub-group recommends that this listmay be placed in the website of IRDA, which may act as guidance for insurance companies coming out with issues. 2.1.3. Disclosure of Financial Information: It is observed that the components of financial statements of insurance companies are significantly different from other companies. An insurance company prepares two types of income accounts i.e. policy holder’s account (Revenue account) and shareholder’s account (profit and loss account). IRDA has prescribed the formats in which the financials of the insurance companies need to be submitted to them on a periodic basis. On the other hand, provisions regarding disclosure of financial information in SEBI (ICDR) Regulations are general and are applicable to all companies. The subgroup noted that banking companies follow format of financial statements prescribed under Banking Regulation Act, 1949 and similarly insurance companies may follow formats specified by IRDA. Sub-group recommended that the financial disclosure for insurance companies may be as per the format specified by IRDA. 2.1.4. Specific Disclosures which are followed in other Jurisdictions: The sub-group carried out an analysis of the specific disclosures which are followed in other jurisdictions. A detailed comparative chart along with the comments of the IRDA on each disclosure item in case of General insurance companies is attached as Annexure III. It is observed that the extant disclosure norms prescribed by IRDA are by and large at par with the international practice in vogue in various jurisdictions. The sub-group recommends that following disclosures shall be included in the offer documents of General insurance companies i. Gross premium- along with Geographic segmentation Page | 5 ii. Cross selling iii. Distribution network iv. Claims outstanding with age-wise and type-wise break-up a. Outstanding upto 180 days b. Outstanding more than 180 days and for each year upto 5 years c. 5 years and above v. Reinsurance a. Number of re- insurers with break-up- domestic and foreign b. Type of arrangement with Reinsurers i. Treaty Reinsurance- 1. Proportional treaties a. Obligatory and b. Others 2. Non-proportional Treaties a. Excess of Loss b. Stop Loss c. Any other ii. Facultative Reinsurance.- iii. Obligatory and iv. Others c. Reinsurance balances outstanding- age-wise vi. Maximum probable Loss Ratio vii. Incurred but not reported IBNR) /Incurred but not enough reported (IBNER) The sub-group recommends that SEBI/ IRDA may mandate the disclosure of aforementioned list of disclosure items in the offer documents of insurance companies through circular or standard observations The sub-group recommends that report of an independent actuary on the Economic Capital of the insurance company should be made a part of the offer document. The contents and format of the reports and criteria for actuaries who are authorized to prepare such report may be prescribed by IRDA. The sub-group recommends that SEBI may mandate the disclosure of aforementioned list of disclosure items in the offer documents of insurance companies through circular or standard observations. 2.1.5. Glossary of terms used in the Insurance Industry: In order to familiarize the investors with terms used in insurance industry and to standardize the definition and understanding of such terms, the sub-group felt that a “Glossary of the terms used in Insurance industry” Page | 6 may be prepared. IRDA provided a “Glossary of the terms used in Insurance industry” which is placed in Annexure IV. This glossary of terms may act as guidance for insurance companies coming out with issues. The sub group recommends that the glossary may be placed on the website of IRDA. 2.1.6. Continuous Disclosure Requirements for Insurance Companies: In the report submitted to SCODA, sub-group had suggested a separate format for continuous financial disclosure to be made by insurance companies pursuant to listing on stock exchanges. The sub-group recommended that the said formats may be incorporated in clause 41 of the listing agreement, which shall be used by insurance companies for publishing and filing financial information with stock exchanges on a periodic basis. After deliberating on the same SCODA suggested the sub-group to re- work on the formats specified in Clause 41 of the Listing Agreement and retain only critical portions, as the same needs to be published in the newspapers. Further, SCODA suggested that the sub-group should classify those disclosures which need to be filed with the exchanges and those which need to be published.
Recommended publications
  • Announcement
    Announcement QBE Asia wins Digital Insurance and two Claims Initiative Awards in Hong Kong and Singapore Hong Kong and Singapore, 15 Aug 2021 - QBE Asia, part of the International Division of QBE Insurance Group Limited, has won a total of three Claims and Digital Initiative awards at the Insurance Asia Awards 2021. These awards recognise the company’s outstanding achievement in providing seamless and convenient digital claims experiences for our business partners and customers. In Hong Kong, QBE extended its Digital Claims platform’s capability for home insurance in January 2021 following the success with its first introduction of the Digital Claims platform in 2019. It is an integrated platform where customers can manage both home claims and repairs simultaneously. Claims can be submitted, processed, and paid 24/7 anywhere and on any web-based device. Customers will be connected and auto matched to QBE’s network of adjusters and panel home contractors according to their needs and the nature of the home damage. Furthermore, they can also enjoy a faster repair survey and claims settlement via a single touchpoint with exclusive benefits on repairs. This will speed up their home damage recovery progress and allow them to return to normal daily lives quickly. “At QBE Hong Kong, we put our customers at the centre of all that we do, we understand our customers’ pain points and we are committed to provide a seamless claims process and value-added experience that will help them get back on their feet quickly.” said Lei Yu, Chief Executive Officer for North Asia and Regional Head of Distribution, QBE Asia.
    [Show full text]
  • Fire & General Insurance Providers
    FIRE & GENERAL INSURANCE PROVIDERS COMPANY FINANCIAL STRENGTH RATING RATING AGENCY AIG Asia Pacific Insurance Pte Ltd A A M Best A+ Standard & Poor’s AIG Insurance NZ Ltd A Standard & Poor’s Allianz Australia Insurance Limited AA- [*] Standard & Poor’s Ando (UK) Insurance Group Limited Refer Lloyd’s Ando Insurance Group Limited A- [*] A M Best (underwritten by Hollard Insurance Company Pty Ltd) AWP Services New Zealand Limited A- [*] A M Best trading as Allianz Partners (underwritten by Hollard Insurance Company Pty Ltd) Berkshire Hathaway Speciality Insurance A ++ A M Best (incl. BHSI Facilities) AA+ Standard & Poor’s Chubb Insurance New Zealand Ltd AA- Standard & Poor’s Classic Cover (underwritten by Lumley a Refer NZI a division of IAG New business division of IAG New Zealand Ltd) Zealand Ltd Cover-more (NZ) Ltd Refer Zurich New Zealand Dealersblock Insurance (Bus) Refer NZI a division of IAG New Zealand Ltd Delta Insurance NZ Ltd Refer Lloyd’s Delta Property Insurance Limited Refer Lloyd’s Dual New Zealand Ltd Refer Lloyd’s Ed Brokering LLP Refer Lloyd’s GT Insurance Refer Allianz Australia Insurance Limited HDI Global SE, Australia A+ [*] Standard & Poor’s Insurance Wholesale Limited Refer Lloyd’s International Underwriting Agencies Ltd Refer Lloyd’s, NZI a division of IAG New Zealand Ltd:-as advised Lumley, a business division of IAG New Refer NZI a division of IAG New Zealand Ltd Zealand Ltd NZI a division of IAG New Zealand Ltd AA- Standard & Poor’s (Incl. NZI Standard) NZI and Vero Insurance Refer NZI a division of IAG New Zealand
    [Show full text]
  • Part VII Transfers Pursuant to the UK Financial Services and Markets Act 2000
    PART VII TRANSFERS EFFECTED PURSUANT TO THE UK FINANCIAL SERVICES AND MARKETS ACT 2000 www.sidley.com/partvii Sidley Austin LLP, London is able to provide legal advice in relation to insurance business transfer schemes under Part VII of the UK Financial Services and Markets Act 2000 (“FSMA”). This service extends to advising upon the applicability of FSMA to particular transfers (including transfers involving insurance business domiciled outside the UK), advising parties to transfers as well as those affected by them including reinsurers, liaising with the FSA and policyholders, and obtaining sanction of the transfer in the English High Court. For more information on Part VII transfers, please contact: Martin Membery at [email protected] or telephone + 44 (0) 20 7360 3614. If you would like details of a Part VII transfer added to this website, please email Martin Membery at the address above. Disclaimer for Part VII Transfers Web Page The information contained in the following tables contained in this webpage (the “Information”) has been collated by Sidley Austin LLP, London (together with Sidley Austin LLP, the “Firm”) using publicly-available sources. The Information is not intended to be, and does not constitute, legal advice. The posting of the Information onto the Firm's website is not intended by the Firm as an offer to provide legal advice or any other services to any person accessing the Firm's website; nor does it constitute an offer by the Firm to enter into any contractual relationship. The accessing of the Information by any person will not give rise to any lawyer-client relationship, or any contractual relationship, between that person and the Firm.
    [Show full text]
  • The General Insurance Number
    The General Insurance Number Hamilton remains self-condemning after Damian rechristens ruefully or flake any supposal. Reynolds never relearns any fetterlocks kecks hazardously, is Mischa slushier and sparkly enough? Web misdoing intricately. The engine Car Insurance Bankrate Bankratecom. National general insurance phone number. Contact MIC Insurance via the web First Name about Name Email Address Phone Number Inquiry Type Comments Submission Validation. Or pain call 20-71-31 directly to credential a direct work number really an agent to. Quickly obtain a tank for life new auto insurance policy with annual General. Pay off Phone 1-00-396-145 CDI License Number 0H45142 2021 All summit General. What lost The unique car insurance customer care line to inject the insurance claims process The paid car insurance phone number nor a 24-. Correspondence National General Insurance PO Box 3199 Winston-Salem NC 27102-3199. National General Insurance Insurance Company James E. Who really splash the cheapest car insurance? Mexico by the general insurance number of choices means the general coverage and discounts does the use their toll free free and bbb business. With a famous service agent from artificial General myself I like to comment about his. Wawanesa Insurance received the highest score in California in the JD Power 2020 US Auto Insurance study of customers' satisfaction with their auto. The General welcomes your gown Please call us at 144327970144. Atlas General Insurance Services Home. Interested in open General's auto insurance policies for high-risk drivers. Chubb Samaggi Customer service Below increase the quick accesses to useful information and forms If you plot any enquiries or the further information please.
    [Show full text]
  • Overwhelmed an Overview of Factors That Impact Upon Insurance Disclosure Comprehension, Comparability and Decision Making, September 2018
    Overwhelmed An overview of factors that impact upon insurance disclosure comprehension, comparability and decision making, September 2018 Monash University and the Financial Rights Legal Centre, with the support of funding from the Victorian Fire Services Levy Monitor have produced a report titled: (In)effective Disclosure: A study of consumers purchasing home and contents insurance1. The experimental study aimed at examining how the newly introduced requirement for providing a Key Fact Sheet (KFS) for home and contents insurance enhances consumer perceptions and decision outcomes. The study in particular examined how: (i) consumers engage with the KFS and/or Product Disclosure Statement (PDS) at the point of sale; (ii) consumers perceive the information provided by the KFS and/or PDS; and (iii) the obtaining of this information and knowledge leads to perceptible changes in consumer decision-making behaviour. The study tested engagement, comprehension and behaviour of consumers in a specifically designed, experimentally controlled environment that nevertheless reflected the insurance purchasing process, albeit a simplified version. The study limited the number of parameters to ensure that the participant respondents were, in a sense, given the best chance to select the best PDS or KFS. For example, all tested policies were equally priced. Policies were non-branded to control for the effect of brand names. PDSs were reduced in size to 20 pages each rather than the usual 80 plus pages. KFSs also closely matched the legislated requirements but the number of covered events was reduced. The decision to essentially simplify the KFS and PDS and control for as many factors as possible, was made to ensure that the findings were obtained in as optimized a purchasing and decision-making context as possible.
    [Show full text]
  • IAG Corporate Profile March 2021
    IAG corporate profile March 2021 IAG is the parent company of a general insurance group with controlled operations in Australia and New Zealand It is listed on the Australian Securities Exchange (ASX) with ordinary shares trading under the ticker “IAG.” References in the remainder of this profile to IAG and to “the Group” are to IAG and its subsidiaries on a consolidated basis. Financial data for the 12-month period ended 30 June 2020 and a more comprehensive review of IAG and its operations is contained in the 2020 annual report and the FY20 Investor Report dated 7 August 2020. The IAG FY20 Investor Report is available in the Results & Reports section of the Group’s website (www.iag.com.au). IAG’s current businesses underwrite $12 billion of gross written premium (“GWP”) per annum, selling insurance under many leading and established brands in Australia and New Zealand. IAG also has an interest in a general insurance joint venture in Malaysia. Brief history From its beginnings as a motor vehicle insurer in New South Wales (“NSW”), Australia, IAG has grown to become a general insurance group diversified by product, distribution channel and geography. The Group’s heritage dates back to 1920 when the National Roads and Motorists’ Association (“NRMA”) was established and subsequently offered motor insurance to its members. Following demutualisation in 2000, the insurance arm of NRMA was listed on the ASX as NRMA Insurance Group Limited, and renamed Insurance Australia Group Limited in 2002. The Group grew organically and through acquisitions primarily in its home market of Australia, and in New Zealand.
    [Show full text]
  • COMPETITION COMMISSION of INDIA (Combination Registration No
    Fair Competition For Greater Good COMPETITION COMMISSION OF INDIA (Combination Registration No. C-2018/11/618) 19th December, 2018 Notice under Section 6(2) of the Competition Act, 2002 given by Ageas Insurance International N.V. CORAM: Mr. Ashok Kumar Gupta Chairperson Mr. Augustine Peter Member Mr. U. C. Nahta Member Legal Representatives of the Acquirer: Mr. Samir R. Gandhi and Mr. Rahul Rai, AZB & Partners Order under Section 31(1) of the Competition Act, 2002 1. On 29.11.2018, the Competition Commission of India (Commission) received a notice under Section 6(2) of the Competition Act, 2002 (Act) given by Ageas Insurance International N.V. (Ageas / Acquirer). 2. The notice has been filed pursuant to the execution of: (i) Share Purchase Agreement (SPA) entered into between the Acquirer, Royal Sundaram General Insurance Company Limited (RSGI / Target) and Sundaram Finance Limited (SFL) & other selling shareholders of RSGI, on 14.11.2018; and (ii) Shareholders’ Agreement (SHA) entered into between the Acquirer, Target and SFL & other shareholders of RSGI, on 14.11.2018. C-2018/11/618 Page 1 of 3 Fair Competition For Greater Good 3. The Proposed Combination envisages acquisition of 40% of the equity share capital of RSGI by Ageas. The acquisition would be by way of share purchase from some of the current shareholders of RSGI. (Hereinafter, Ageas and RSGI are collectively referred to as Parties). 4. Ageas, incorporated in the Netherlands, is a subsidiary of ageas SA/NV. Ageas is an international insurance solution provider to retail and business customers. ageas SA/NV is the ultimate parent company of all Ageas group companies.
    [Show full text]
  • Ageas SA/NV 11 October 2019 Key Facts and Statistics - FYE 2018
    FINANCIAL INSTITUTIONS ISSUER PROFILE Ageas SA/NV 11 October 2019 Key facts and statistics - FYE 2018 Company overview Headquartered in Brussels, Ageas SA/NV (Ageas) is the holding company of Ageas Group. TABLE OF CONTENTS Ageas offers life insurance and nonlife insurance products, including accident and health Company overview 1 insurance, car and motor insurance, fire insurance, and damage to property insurance. It also Financial highlights 2 offers reinsurance services through Intreas N.V. (Intreas) and real estate services through its Business description 2 Distribution channels 4 wholly owned subsidiary, AG Insurance. Ownership structure 4 Ageas has an active presence in Europe and Asia, and it was among the top 20 insurance Company management 5 companies in Europe with a market capitalisation of nearly €8.0 billion, as of 31 December Company history 5 2018. As of the same date, Ageas operated in 13 countries and served around 46.6 million Peer group 6 Related websites and information customers. sources 6 1 Moody’s related publications 6 In the financial year ended 31 December 2018, Ageas reported gross inflow of €10 billion, gross premium income of €8.9 billion and net income of €996.9 million. As of 31 December 2018, the company had total assets of €101.7 billion. Contacts Ageas was formed in November 1993 as Fortis Capital Holding and it changed its legal Christian Badorff +49.69.70730.961 VP-Senior Analyst name to Ageas SA/NV on 28 April 2010. Ageas' shares are listed on Euronext Brussels [email protected] (Ticker: AGEAS). As of 31 December 2018, its largest shareholder was Ping An Life Insurance Lila Sumino +33.1.5330.3359 Company, with a 5.17% stake of Ageas' outstanding shares.
    [Show full text]
  • Background to Private Motor Insurance (Insurers, Brokers and Price Comparison Websites)
    PRIVATE MOTOR INSURANCE MARKET INVESTIGATION Background to private motor insurance (insurers, brokers and price comparison websites) Introduction 1. This working paper is in four parts: (a) The first part provides background information on the legal and regulatory framework underpinning the private motor insurance (PMI) industry. (b) The second part provides background information on the provision of insurance policies, including types of PMI and claims costs, information on each of the ten largest PMI insurers, costs of selling PMI and claims experience by channel, common measures of industry profitability, a high-level analysis of profitability, and a description of the bilateral agreements between PMI providers. The ten largest PMI insurers are: Admiral Group plc (Admiral), Ageas NV/SA (Ageas), Aviva plc (Aviva), AXA Insurance UK plc (AXA), CIS General Insurance Limited (CISGIL), Direct Line Insurance Group plc (DLG), esure Insurance Limited (esure), Liverpool Victoria Insurance Company Limited (LV), Royal & Sun Alliance Insurance plc (RSA) and Zurich Insurance plc (Zurich). We estimate that the top ten PMI insurers made up 64 per cent of the total UK PMI market in 2012. The information we set out on these insurers includes the type of each company, its distribution channels and brands used to sell PMI, its gross written premiums (GWP) and the number of policies sold in a year (as rough measures of size), and whether the insurer owns PMI-related companies such as brokers or a price comparison website (PCW). This information was gathered directly from insurers and is more up to date than the data on types of PMI and claims costs which we 1 extracted from a 2012 Datamonitor report.
    [Show full text]
  • PRESS RELEASE Regulated Information Brussels, 15 May 2019 - 7:30 (CET)
    PRESS RELEASE Regulated information Brussels, 15 May 2019 - 7:30 (CET) Ageas first quarter 2019 result Strong growth of inflows Good net result in line with last year’s result New internal Non-Life reinsurance agreements implemented First quarter 2019 . Net result of EUR 251 million versus EUR 248 million . General Account net result of EUR 7 million negative versus EUR 52 million negative Net Result . Life net result down 11% to EUR 223 million versus EUR 252 million due to timing differences on capital gains Although stable operating performance, net result in Non-Life down 27% from EUR 48 million to EUR 35 million due to one-off expenses . Group inflows (at 100%) of EUR 12.8 billion, up 8% Inflows Life inflows up 9% to EUR 11.1 billion and Non-Life up 3% at EUR 1.7 billion (both at 100%) . Group inflows (Ageas’s part) up 11% at EUR 4.9 billion . Combined ratio at 98.3% versus 98.8% Operating . Operating Margin Guaranteed at 88 bps versus 137 bps due to timing difference in the investment income Performance . Operating Margin Unit-Linked at 18 bps versus 32 bps due to costs related to a succesful commercial campaing in Belgium . Life Technical Liabilities of the consolidated entities increased to EUR 75.9 billion . Shareholders’ equity of EUR 10.2 billion or EUR 52.05 per share Balance Sheet . Group Solvency IIageas ratio at 194% not yet including the benefit from the new debt issue . General Account Total Liquid Assets at EUR 1.5 billion, out of which EUR 0.7 billion is ring-fenced for the Fortis settlement All Q1 2019 figures are compared to the Q1 2018 figures unless otherwise stated.
    [Show full text]
  • The Impact of COVID-19 on the Insurance Industry by Studying 0237 ȷ \Textdotlessj LATIN SMALL LETTER DOTLESS J the Case of Ghana from March to June 2020
    USV Symbol Macro(s) Description 0216 Ȗ \textroundcap{U} LATIN CAPITAL LETTER U WITH INVERTED BREVE \textinvbreve{U} 0217 ȗ \textroundcap{u} LATIN SMALL LETTER U WITH INVERTED BREVE \textinvbreve{u} 0218 Ș \textcommabelow{S} LATIN CAPITAL LETTER S WITH COMMA BELOW 0219 ș \textcommabelow{s} LATIN SMALL LETTER S WITH COMMA BELOW 021A Ț \textcommabelow{T} LATIN CAPITAL LETTER T WITH COMMA BELOW 021B ț \textcommabelow{t} LATIN SMALL LETTER T WITH COMMA BELOW 021C Ȝ \YOGH LATIN CAPITAL LETTER YOGH 021D ȝ \yogh LATIN SMALL LETTER YOGH 021E Ȟ \v{H} LATIN CAPITAL LETTER H WITH CARON \capitalcaron{H} 021F ȟ \v{h} LATIN SMALL LETTER H WITH CARON 0220 Ƞ \M{N} LATIN CAPITAL LETTER N WITH LONG RIGHT LEG 0221 ȡ \textctd LATIN SMALL LETTER D WITH CURL International Journal of 0224 Ȥ \textcommabelow{Z} LATIN CAPITAL LETTER Z WITH HOOK Environmental Research 0225 ȥ \textcommabelow{z} LATIN SMALL LETTER Z WITH HOOK and Public Health \textcommatailz 0226 Ȧ \.{A} LATIN CAPITAL LETTER A WITH DOT ABOVE \capitaldotaccent{A} Article 0227 ȧ \.{a} LATIN SMALL LETTER A WITH DOT ABOVE 0228 Ȩ \c{E} LATIN CAPITAL LETTER E WITH CEDILLA The Impact of COVID-19 on the Insurance\capitalcedilla{E} Industry 0229 ȩ \c{e} LATIN SMALL LETTER E WITH CEDILLA 1,2,3 1, 3,4022A Ȫ \={\"O} 3,5 LATIN CAPITAL LETTER O WITH DIAERESIS AND MACRON Pius Babuna , Xiaohua Yang * , Amatus Gyilbag , Doris Abra Awudi\textdieresisoverline{O}, 3 1 David Ngmenbelle and Dehui Bian 022B ȫ \={\"o} LATIN SMALL LETTER O WITH DIAERESIS AND MACRON \textdieresisoverline{o} 1 School of Environment, Beijing Normal University, Beijing 100875, China; 022C Ȭ \={\~O} LATIN CAPITAL LETTER O WITH TILDE AND MACRON [email protected] (P.B.); [email protected] (D.B.) \texttildeoverline{O} 2 Department of Geography and Environmental Science, The University022D ȭ of Reading,\={\~o} Whiteknights, LATIN SMALL LETTER O WITH TILDE AND MACRON P.O.
    [Show full text]
  • AIG – Submission on Vero Tower Merger
    Public version AIG Insurance New Zealand submission on application to Commerce Commission by Vero Insurance New Zealand Limited (Vero) for clearance of Vero’s Proposed Acquisition of Tower Limited (the Proposed Acquisition) AIG seeks confidentiality for sections in [ ] 1 Executive Summary 1.1 AIG is concerned about the potential impact to consumers of the Proposed Acquisition on personal products markets for domestic buildings, contents and private motor vehicles (HCMV market ). 1.2 AIG is also concerned about the potential impact to consumers and suppliers in the markets for provision of windscreen repair services and collision repair services. AIG also believes this will potentially extend to include home repairs and the supply of building materials, particular in the event of natural catastrophe. 1.3 The Proposed Acquisition will result in a high concentration of market share in the HCMV market in IAG ([ ]%) and Vero ([ ]%), with a combined concentration of circa [ ]%. Tower currently is the most significant competitive constraint in the HCMV market on Vero and IAG with a market share of ([ ]%). The Proposed Acquisition would lead to further concentration of the HCMV market. 1.4 Increased market concentration makes new market entry and competitive offerings from existing players more difficult, all to the detriment of consumers. By way of example, Youi currently only accounts for a very small share of the HCMV market and its products do not compete strongly with Vero, Tower or IAG. Having to compete in a further concentrated market would further undermine the ability of smaller players like Youi and new market entrants to compete. 1.5 Acquisition will also establish conditions that substantially increase the potential for Vero and IAG to coordinate their behaviour (directly or indirectly) and collectively exercise market power, to the detriment of customers.
    [Show full text]