Log Date 08_27_99
============= Transaction # 1 ==============================================
Transaction #: 1 Transaction Code: 0 (New Host Selected)
Terminal ID: 57943 Z39.50 Server ID: 0 (Astro/Math/Stat)
Session ID: 1 New Z39.50 Server ID: 19 (TREC)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 15:37:51
Rec. Format: Short Time Cmd Complete: 16:00:00
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
============= Transaction # 2 ==============================================
Transaction #: 2 Transaction Code: 35 (New Host Connected)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:37:52
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
============= Transaction # 3 ==============================================
Transaction #: 3 Transaction Code: 6 (Direct Rank Search)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 15:39:59
Rec. Format: Short Time Cmd Complete: 16:00:00
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 6 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
zfind "(topic @ {tropical storms storm hurricanes typhoons damage})"
============= Transaction # 4 ==============================================
Transaction #: 4 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:40:02
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 11358 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 5 ==============================================
Transaction #: 5 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:40:07
Selec. Rec. #: 1
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT923-6038
_AN-CH1BVABKFT
9208
27
FT 27 AUG 92 / Hurricane batters southern US but lets
insurers off lightly
By MARTIN DICKSON and ROBERT P
ESTON
NEW YORK, LONDON
HURRICANE
Andrew, claimed to be the costliest natural disaster in US
history, yesterda
y smashed its way through the state of Louisiana,
inflicting severe damage o
n rural communities but narrowly missing the
low-lying city of New Orleans.
The storm, which brought havoc to southern Florida on Monday and then headed
north-west across the Gulf of Mexico, had made landfall late on Tuesday
nig
ht some 60 miles south-west of the city in the agricultural Cajun
country.
A
lthough the damage from the hurricane's landfall in Florida on Monday was
mu
ch greater than initially esti mated, insurers' losses there are likely to
t
otal less than Dollars 1bn, well below earlier expectations, a senior
member
of Lloyd's insurance market said yesterday.
In Louisiana, the hurricane lan
ded with wind speeds of about 120 miles per
hour and caused severe damage in
small coastal centres such as Morgan City,
Franklin and New Iberia. Associa
ted tornadoes devastated Laplace, 20 miles
west of New Orleans.
Then, howeve
r, Andrew lost force as it moved north over land. By yesterday
afternoon, it
had been down-graded to tropical storm, in that its sustained
windspeeds we
re below 75 mph.
Initial reports said at least one person had died, 75 been
injured and
thousands made homeless along the Louisiana coast, after 14 conf
irmed deaths
in Florida and three in the Bahamas.
The storm caused little da
mage to Louisiana's important oil-refining
industry, although some plants ha
d to halt production when electricity was
cut.
The Lloyd's member, in close
contact with leading insurers in Florida, said
that damage to insured proper
ty was remarkably small. More than Dollars 15bn
of damage may have been caus
ed in all, but was mostly to uninsured property,
he said.
In north Miami, da
mage is minimal. Worst affected is one hotel, whose
basement was flooded. Mo
st of the destruction occurred in a 10-mile band
across Homestead, 25 miles
to the south of Miami, where a typical house
sells for Dollars 100,000 to Do
llars 150,000. US insurers will face a bill
in respect of such properties, b
ut Lloyd's exposure there is minimal.
Many destroyed power lines are thought
to be uninsured, as are trees and
shrubs uprooted across a wide area. Only
one big hotel in that area has been
badly damaged, a Holiday Inn.
Across Flo
rida, some 2m people remained without electric ity yesterday and
health offi
cials were warning the public to boil or chemically treat all
water.
Hurrica
ne Hugo, which devastated much of South Carolina in 1989, cost the
insurance
industry some Dollars 4.2bn. Further uninsured losses may have
raised the t
otal to Dollars 6bn-Dollars 10bn.
The Financial Times
London Page 6
============= Transaction # 6 ==============================================
Transaction #: 6 Transaction Code: 19 (Record Selected)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:40:13
Selec. Rec. #: 1
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT923-6038
_AN-CH1BVABKFT
9208
27
FT 27 AUG 92 / Hurricane batters southern US but lets
insurers off lightly
By MARTIN DICKSON and ROBERT P
ESTON
NEW YORK, LONDON
HURRICANE
Andrew, claimed to be the costliest natural disaster in US
history, yesterda
y smashed its way through the state of Louisiana,
inflicting severe damage o
n rural communities but narrowly missing the
low-lying city of New Orleans.
The storm, which brought havoc to southern Florida on Monday and then headed
north-west across the Gulf of Mexico, had made landfall late on Tuesday
nig
ht some 60 miles south-west of the city in the agricultural Cajun
country.
A
lthough the damage from the hurricane's landfall in Florida on Monday was
mu
ch greater than initially esti mated, insurers' losses there are likely to
t
otal less than Dollars 1bn, well below earlier expectations, a senior
member
of Lloyd's insurance market said yesterday.
In Louisiana, the hurricane lan
ded with wind speeds of about 120 miles per
hour and caused severe damage in
small coastal centres such as Morgan City,
Franklin and New Iberia. Associa
ted tornadoes devastated Laplace, 20 miles
west of New Orleans.
Then, howeve
r, Andrew lost force as it moved north over land. By yesterday
afternoon, it
had been down-graded to tropical storm, in that its sustained
windspeeds we
re below 75 mph.
Initial reports said at least one person had died, 75 been
injured and
thousands made homeless along the Louisiana coast, after 14 conf
irmed deaths
in Florida and three in the Bahamas.
The storm caused little da
mage to Louisiana's important oil-refining
industry, although some plants ha
d to halt production when electricity was
cut.
The Lloyd's member, in close
contact with leading insurers in Florida, said
that damage to insured proper
ty was remarkably small. More than Dollars 15bn
of damage may have been caus
ed in all, but was mostly to uninsured property,
he said.
In north Miami, da
mage is minimal. Worst affected is one hotel, whose
basement was flooded. Mo
st of the destruction occurred in a 10-mile band
across Homestead, 25 miles
to the south of Miami, where a typical house
sells for Dollars 100,000 to Do
llars 150,000. US insurers will face a bill
in respect of such properties, b
ut Lloyd's exposure there is minimal.
Many destroyed power lines are thought
to be uninsured, as are trees and
shrubs uprooted across a wide area. Only
one big hotel in that area has been
badly damaged, a Holiday Inn.
Across Flo
rida, some 2m people remained without electric ity yesterday and
health offi
cials were warning the public to boil or chemically treat all
water.
Hurrica
ne Hugo, which devastated much of South Carolina in 1989, cost the
insurance
industry some Dollars 4.2bn. Further uninsured losses may have
raised the t
otal to Dollars 6bn-Dollars 10bn.
The Financial Times
London Page 6
============= Transaction # 7 ==============================================
Transaction #: 7 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:40:15
Selec. Rec. #: 2
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT944-12299
_AN-EKBD9AC3FT
941
102
FT 02 NOV 94 / Business and the Environment: Insurer
s in a storm
By NANCY DUNNE
Fifteen
catastrophic hurricanes, floods and storms cost worldwide insurers
more tha
n Dollars 80bn (Pounds 50bn) since a period of weather extremes set
in five
years ago, according to an article in the latest World Watch
Institute's jou
rnal.
In 1992, Hurricane Andrew struck Florida and set a new record for dama
ges at
Dollars 25bn. The Mississippi floods in 1993 cost Dollars 12bn. Europ
e was
hit by four severe windstorms in 1990 which accumulated damages of Dol
lars
10bn. Japan was struck in 1991 by Typhoon Mireille with nearly Dollars
5bn
in damages.
As the damages mount, insurers have begun to take seriously
the global
warming theory advanced by many scientists. The fear is that the
warming,
spurred by 'greenhouse gases', produced by fossil fuels, could seri
ously
disrupt the world's atmospheric and oceanic systems.
Lack of agreement
in the scientific community has made the insurers wary.
But their interest
is being applauded by environmentalists who see the
insurers as a potential
counterweight to the power of the oil and coal
interests in the global warmi
ng debate.
Christopher Flavin, author of the World Watch article, is urging
the
insurers to enter the struggle over climate policy. 'Few industries are
capable of doing battle with the likes of the fossil fuel lobby. But the
ins
urance industry is,' he says. 'On a worldwide basis the two are of
roughly c
omparable size and potential political clout.'
The insurance industry could,
for example, push government to tighten energy
efficiency rules for new bui
ldings. It could actively lobby for a stronger
global climate pact.
It could
also use its investment capacity. 'If they (companies) were to dump
some of
their stocks in oil and coal companies or actively invest some of
their fun
ds in new, less carbon-intensive energy technologies (forming a
sort of clim
ate venture fund), insurance companies could spur the
development of a less
threatening energy system,' says Flavin.
Unless the industry begins to use i
ts clout in the struggle over climate
policy, its future 'is likely to be st
ormy indeed', said Flavin.
Countries:-
XAZ World.
Industries:-
P6331 Fire, Marine, and Casualty Insurance.
P951 Environmental Quality.
Types:-
CMMT Comment
& Analysis.
The Financial Times
London Page 18
============= Transaction # 8 ==============================================
Transaction #: 8 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:40:27
Selec. Rec. #: 1
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT923-6038
_AN-CH1BVABKFT
9208
27
FT 27 AUG 92 / Hurricane batters southern US but lets
insurers off lightly
By MARTIN DICKSON and ROBERT P
ESTON
NEW YORK, LONDON
HURRICANE
Andrew, claimed to be the costliest natural disaster in US
history, yesterda
y smashed its way through the state of Louisiana,
inflicting severe damage o
n rural communities but narrowly missing the
low-lying city of New Orleans.
The storm, which brought havoc to southern Florida on Monday and then headed
north-west across the Gulf of Mexico, had made landfall late on Tuesday
nig
ht some 60 miles south-west of the city in the agricultural Cajun
country.
A
lthough the damage from the hurricane's landfall in Florida on Monday was
mu
ch greater than initially esti mated, insurers' losses there are likely to
t
otal less than Dollars 1bn, well below earlier expectations, a senior
member
of Lloyd's insurance market said yesterday.
In Louisiana, the hurricane lan
ded with wind speeds of about 120 miles per
hour and caused severe damage in
small coastal centres such as Morgan City,
Franklin and New Iberia. Associa
ted tornadoes devastated Laplace, 20 miles
west of New Orleans.
Then, howeve
r, Andrew lost force as it moved north over land. By yesterday
afternoon, it
had been down-graded to tropical storm, in that its sustained
windspeeds we
re below 75 mph.
Initial reports said at least one person had died, 75 been
injured and
thousands made homeless along the Louisiana coast, after 14 conf
irmed deaths
in Florida and three in the Bahamas.
The storm caused little da
mage to Louisiana's important oil-refining
industry, although some plants ha
d to halt production when electricity was
cut.
The Lloyd's member, in close
contact with leading insurers in Florida, said
that damage to insured proper
ty was remarkably small. More than Dollars 15bn
of damage may have been caus
ed in all, but was mostly to uninsured property,
he said.
In north Miami, da
mage is minimal. Worst affected is one hotel, whose
basement was flooded. Mo
st of the destruction occurred in a 10-mile band
across Homestead, 25 miles
to the south of Miami, where a typical house
sells for Dollars 100,000 to Do
llars 150,000. US insurers will face a bill
in respect of such properties, b
ut Lloyd's exposure there is minimal.
Many destroyed power lines are thought
to be uninsured, as are trees and
shrubs uprooted across a wide area. Only
one big hotel in that area has been
badly damaged, a Holiday Inn.
Across Flo
rida, some 2m people remained without electric ity yesterday and
health offi
cials were warning the public to boil or chemically treat all
water.
Hurrica
ne Hugo, which devastated much of South Carolina in 1989, cost the
insurance
industry some Dollars 4.2bn. Further uninsured losses may have
raised the t
otal to Dollars 6bn-Dollars 10bn.
The Financial Times
London Page 6
============= Transaction # 9 ==============================================
Transaction #: 9 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:40:58
Selec. Rec. #: 2
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT944-12299
_AN-EKBD9AC3FT
941
102
FT 02 NOV 94 / Business and the Environment: Insurer
s in a storm
By NANCY DUNNE
Fifteen
catastrophic hurricanes, floods and storms cost worldwide insurers
more tha
n Dollars 80bn (Pounds 50bn) since a period of weather extremes set
in five
years ago, according to an article in the latest World Watch
Institute's jou
rnal.
In 1992, Hurricane Andrew struck Florida and set a new record for dama
ges at
Dollars 25bn. The Mississippi floods in 1993 cost Dollars 12bn. Europ
e was
hit by four severe windstorms in 1990 which accumulated damages of Dol
lars
10bn. Japan was struck in 1991 by Typhoon Mireille with nearly Dollars
5bn
in damages.
As the damages mount, insurers have begun to take seriously
the global
warming theory advanced by many scientists. The fear is that the
warming,
spurred by 'greenhouse gases', produced by fossil fuels, could seri
ously
disrupt the world's atmospheric and oceanic systems.
Lack of agreement
in the scientific community has made the insurers wary.
But their interest
is being applauded by environmentalists who see the
insurers as a potential
counterweight to the power of the oil and coal
interests in the global warmi
ng debate.
Christopher Flavin, author of the World Watch article, is urging
the
insurers to enter the struggle over climate policy. 'Few industries are
capable of doing battle with the likes of the fossil fuel lobby. But the
ins
urance industry is,' he says. 'On a worldwide basis the two are of
roughly c
omparable size and potential political clout.'
The insurance industry could,
for example, push government to tighten energy
efficiency rules for new bui
ldings. It could actively lobby for a stronger
global climate pact.
It could
also use its investment capacity. 'If they (companies) were to dump
some of
their stocks in oil and coal companies or actively invest some of
their fun
ds in new, less carbon-intensive energy technologies (forming a
sort of clim
ate venture fund), insurance companies could spur the
development of a less
threatening energy system,' says Flavin.
Unless the industry begins to use i
ts clout in the struggle over climate
policy, its future 'is likely to be st
ormy indeed', said Flavin.
Countries:-
XAZ World.
Industries:-
P6331 Fire, Marine, and Casualty Insurance.
P951 Environmental Quality.
Types:-
CMMT Comment
& Analysis.
The Financial Times
London Page 18
============= Transaction # 10 ==============================================
Transaction #: 10 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:41:25
Selec. Rec. #: 3
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT931-3325
_AN-DCSB4AHPFT
9303
16
FT 16 MAR 93 / Winter storms kill over 100 in eastern
US
By NIKKI TAIT and LAURIE MORSE
NEW YORK, CHICAGO
BUSINESSES, commuters and home-o
wners along the eastern US seaboard
struggled to return to normality yesterd
ay after a winter storm left a trail
of devastation in its wake and cost up
to 115 lives.
In Florida, hard-hit by Hurricane Andrew last August, the stor
m system
spawned about 50 tornadoes; in the New Jersey, Connecticut and New
York
state region around 300,000 homes were left without electricity and up
to
17ins of snow were recorded.
In New York hundreds of motorists spent yest
erday morning digging parked
cars out from mountainous snow-drifts, many cre
ated by the weekend's
snow-ploughs.
East Coast airports were crowded with pe
ople trying to get away after being
stranded through the weekend, when the n
ation's air transport system
suffered one of its worst-ever disruptions.
Maj
or motorways were reopening yesterday, but many smaller roads remained
block
ed, with some travellers still snowbound.
Yesterday afternoon, A M Best, the
US rating agency which specialises in the
insurance sector, estimated that
the storm produced about Dollars 800m in
insured damages. However, some comp
anies said it was too soon to attach a
precise number to claims.
'We just do
n't know at this stage,' said Allstate, the large Illinois-based
insurer. Th
e American Insurance Association, whose property-claims division
provides in
dustry-wide estimates of catastrophe losses, also said it was
only just begi
nning to receive reports from member firms.
A M Best suggested the bulk of d
amage would come in the southeastern states
and central Florida. It estimate
d that the storm which hit the Northeast in
December was probably more damag
ing to that region. The December storm
caused more widespread flooding and c
oastal damage, and resulted in around
Dollars 650m of insured claims.
The la
test disaster comes after a run of heavy catastrophe losses for big US
prope
rty-casualty insurers and will exasperate the financial pressures on
the ind
ustry. The bomb blast under New York's World Trade Centre complex
this month
is estimated to have caused over Dollars 1bn in insured damages,
while Hurr
icane Andrew produced a record-breaking Dollars 16bn-worth of
claims.
In Flo
rida, high winds battered grapefruit and orange crops, and frosts on
Sunday
and yesterday caused scattered damage to the fragile flowers that
form next
year's harvest, according to Mr Bobby McKown, of Florida Citrus
Mutual, the
state's largest growers' organisation. The damage was 'minor' in
comparison
to storms and freezes that devastated Florida citrus in the
1980s, he said.
Storms lift sugar price, Commodities Page
Countries:-
USZ United States of America.
Industries:-
P6331 Fire
, Marine, and Casualty Insurance.
P99 Nonclassifiable Establishments.
Types:-
RES Natural resources.
INS Insurance.
The Financial Times
London Page 6
============= Transaction # 11 ==============================================
Transaction #: 11 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:41:27
Selec. Rec. #: 2
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT944-12299
_AN-EKBD9AC3FT
941
102
FT 02 NOV 94 / Business and the Environment: Insurer
s in a storm
By NANCY DUNNE
Fifteen
catastrophic hurricanes, floods and storms cost worldwide insurers
more tha
n Dollars 80bn (Pounds 50bn) since a period of weather extremes set
in five
years ago, according to an article in the latest World Watch
Institute's jou
rnal.
In 1992, Hurricane Andrew struck Florida and set a new record for dama
ges at
Dollars 25bn. The Mississippi floods in 1993 cost Dollars 12bn. Europ
e was
hit by four severe windstorms in 1990 which accumulated damages of Dol
lars
10bn. Japan was struck in 1991 by Typhoon Mireille with nearly Dollars
5bn
in damages.
As the damages mount, insurers have begun to take seriously
the global
warming theory advanced by many scientists. The fear is that the
warming,
spurred by 'greenhouse gases', produced by fossil fuels, could seri
ously
disrupt the world's atmospheric and oceanic systems.
Lack of agreement
in the scientific community has made the insurers wary.
But their interest
is being applauded by environmentalists who see the
insurers as a potential
counterweight to the power of the oil and coal
interests in the global warmi
ng debate.
Christopher Flavin, author of the World Watch article, is urging
the
insurers to enter the struggle over climate policy. 'Few industries are
capable of doing battle with the likes of the fossil fuel lobby. But the
ins
urance industry is,' he says. 'On a worldwide basis the two are of
roughly c
omparable size and potential political clout.'
The insurance industry could,
for example, push government to tighten energy
efficiency rules for new bui
ldings. It could actively lobby for a stronger
global climate pact.
It could
also use its investment capacity. 'If they (companies) were to dump
some of
their stocks in oil and coal companies or actively invest some of
their fun
ds in new, less carbon-intensive energy technologies (forming a
sort of clim
ate venture fund), insurance companies could spur the
development of a less
threatening energy system,' says Flavin.
Unless the industry begins to use i
ts clout in the struggle over climate
policy, its future 'is likely to be st
ormy indeed', said Flavin.
Countries:-
XAZ World.
Industries:-
P6331 Fire, Marine, and Casualty Insurance.
P951 Environmental Quality.
Types:-
CMMT Comment
& Analysis.
The Financial Times
London Page 18
============= Transaction # 12 ==============================================
Transaction #: 12 Transaction Code: 19 (Record Selected)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:41:27
Selec. Rec. #: 2
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT944-12299
_AN-EKBD9AC3FT
941
102
FT 02 NOV 94 / Business and the Environment: Insurer
s in a storm
By NANCY DUNNE
Fifteen
catastrophic hurricanes, floods and storms cost worldwide insurers
more tha
n Dollars 80bn (Pounds 50bn) since a period of weather extremes set
in five
years ago, according to an article in the latest World Watch
Institute's jou
rnal.
In 1992, Hurricane Andrew struck Florida and set a new record for dama
ges at
Dollars 25bn. The Mississippi floods in 1993 cost Dollars 12bn. Europ
e was
hit by four severe windstorms in 1990 which accumulated damages of Dol
lars
10bn. Japan was struck in 1991 by Typhoon Mireille with nearly Dollars
5bn
in damages.
As the damages mount, insurers have begun to take seriously
the global
warming theory advanced by many scientists. The fear is that the
warming,
spurred by 'greenhouse gases', produced by fossil fuels, could seri
ously
disrupt the world's atmospheric and oceanic systems.
Lack of agreement
in the scientific community has made the insurers wary.
But their interest
is being applauded by environmentalists who see the
insurers as a potential
counterweight to the power of the oil and coal
interests in the global warmi
ng debate.
Christopher Flavin, author of the World Watch article, is urging
the
insurers to enter the struggle over climate policy. 'Few industries are
capable of doing battle with the likes of the fossil fuel lobby. But the
ins
urance industry is,' he says. 'On a worldwide basis the two are of
roughly c
omparable size and potential political clout.'
The insurance industry could,
for example, push government to tighten energy
efficiency rules for new bui
ldings. It could actively lobby for a stronger
global climate pact.
It could
also use its investment capacity. 'If they (companies) were to dump
some of
their stocks in oil and coal companies or actively invest some of
their fun
ds in new, less carbon-intensive energy technologies (forming a
sort of clim
ate venture fund), insurance companies could spur the
development of a less
threatening energy system,' says Flavin.
Unless the industry begins to use i
ts clout in the struggle over climate
policy, its future 'is likely to be st
ormy indeed', said Flavin.
Countries:-
XAZ World.
Industries:-
P6331 Fire, Marine, and Casualty Insurance.
P951 Environmental Quality.
Types:-
CMMT Comment
& Analysis.
The Financial Times
London Page 18
============= Transaction # 13 ==============================================
Transaction #: 13 Transaction Code: 22 (Record(s) Saved)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:41:29
Selec. Rec. #: 1
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT923-6038
_AN-CH1BVABKFT
9208
27
FT 27 AUG 92 / Hurricane batters southern US but lets
insurers off lightly
By MARTIN DICKSON and ROBERT P
ESTON
NEW YORK, LONDON
HURRICANE
Andrew, claimed to be the costliest natural disaster in US
history, yesterda
y smashed its way through the state of Louisiana,
inflicting severe damage o
n rural communities but narrowly missing the
low-lying city of New Orleans.
The storm, which brought havoc to southern Florida on Monday and then headed
north-west across the Gulf of Mexico, had made landfall late on Tuesday
nig
ht some 60 miles south-west of the city in the agricultural Cajun
country.
A
lthough the damage from the hurricane's landfall in Florida on Monday was
mu
ch greater than initially esti mated, insurers' losses there are likely to
t
otal less than Dollars 1bn, well below earlier expectations, a senior
member
of Lloyd's insurance market said yesterday.
In Louisiana, the hurricane lan
ded with wind speeds of about 120 miles per
hour and caused severe damage in
small coastal centres such as Morgan City,
Franklin and New Iberia. Associa
ted tornadoes devastated Laplace, 20 miles
west of New Orleans.
Then, howeve
r, Andrew lost force as it moved north over land. By yesterday
afternoon, it
had been down-graded to tropical storm, in that its sustained
windspeeds we
re below 75 mph.
Initial reports said at least one person had died, 75 been
injured and
thousands made homeless along the Louisiana coast, after 14 conf
irmed deaths
in Florida and three in the Bahamas.
The storm caused little da
mage to Louisiana's important oil-refining
industry, although some plants ha
d to halt production when electricity was
cut.
The Lloyd's member, in close
contact with leading insurers in Florida, said
that damage to insured proper
ty was remarkably small. More than Dollars 15bn
of damage may have been caus
ed in all, but was mostly to uninsured property,
he said.
In north Miami, da
mage is minimal. Worst affected is one hotel, whose
basement was flooded. Mo
st of the destruction occurred in a 10-mile band
across Homestead, 25 miles
to the south of Miami, where a typical house
sells for Dollars 100,000 to Do
llars 150,000. US insurers will face a bill
in respect of such properties, b
ut Lloyd's exposure there is minimal.
Many destroyed power lines are thought
to be uninsured, as are trees and
shrubs uprooted across a wide area. Only
one big hotel in that area has been
badly damaged, a Holiday Inn.
Across Flo
rida, some 2m people remained without electric ity yesterday and
health offi
cials were warning the public to boil or chemically treat all
water.
Hurrica
ne Hugo, which devastated much of South Carolina in 1989, cost the
insurance
industry some Dollars 4.2bn. Further uninsured losses may have
raised the t
otal to Dollars 6bn-Dollars 10bn.
The Financial Times
London Page 6
============= Transaction # 14 ==============================================
Transaction #: 14 Transaction Code: 22 (Record(s) Saved)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:41:29
Selec. Rec. #: 2
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT944-12299
_AN-EKBD9AC3FT
941
102
FT 02 NOV 94 / Business and the Environment: Insurer
s in a storm
By NANCY DUNNE
Fifteen
catastrophic hurricanes, floods and storms cost worldwide insurers
more tha
n Dollars 80bn (Pounds 50bn) since a period of weather extremes set
in five
years ago, according to an article in the latest World Watch
Institute's jou
rnal.
In 1992, Hurricane Andrew struck Florida and set a new record for dama
ges at
Dollars 25bn. The Mississippi floods in 1993 cost Dollars 12bn. Europ
e was
hit by four severe windstorms in 1990 which accumulated damages of Dol
lars
10bn. Japan was struck in 1991 by Typhoon Mireille with nearly Dollars
5bn
in damages.
As the damages mount, insurers have begun to take seriously
the global
warming theory advanced by many scientists. The fear is that the
warming,
spurred by 'greenhouse gases', produced by fossil fuels, could seri
ously
disrupt the world's atmospheric and oceanic systems.
Lack of agreement
in the scientific community has made the insurers wary.
But their interest
is being applauded by environmentalists who see the
insurers as a potential
counterweight to the power of the oil and coal
interests in the global warmi
ng debate.
Christopher Flavin, author of the World Watch article, is urging
the
insurers to enter the struggle over climate policy. 'Few industries are
capable of doing battle with the likes of the fossil fuel lobby. But the
ins
urance industry is,' he says. 'On a worldwide basis the two are of
roughly c
omparable size and potential political clout.'
The insurance industry could,
for example, push government to tighten energy
efficiency rules for new bui
ldings. It could actively lobby for a stronger
global climate pact.
It could
also use its investment capacity. 'If they (companies) were to dump
some of
their stocks in oil and coal companies or actively invest some of
their fun
ds in new, less carbon-intensive energy technologies (forming a
sort of clim
ate venture fund), insurance companies could spur the
development of a less
threatening energy system,' says Flavin.
Unless the industry begins to use i
ts clout in the struggle over climate
policy, its future 'is likely to be st
ormy indeed', said Flavin.
Countries:-
XAZ World.
Industries:-
P6331 Fire, Marine, and Casualty Insurance.
P951 Environmental Quality.
Types:-
CMMT Comment
& Analysis.
The Financial Times
London Page 18
============= Transaction # 15 ==============================================
Transaction #: 15 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:41:33
Selec. Rec. #: 3
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT931-3325
_AN-DCSB4AHPFT
9303
16
FT 16 MAR 93 / Winter storms kill over 100 in eastern
US
By NIKKI TAIT and LAURIE MORSE
NEW YORK, CHICAGO
BUSINESSES, commuters and home-o
wners along the eastern US seaboard
struggled to return to normality yesterd
ay after a winter storm left a trail
of devastation in its wake and cost up
to 115 lives.
In Florida, hard-hit by Hurricane Andrew last August, the stor
m system
spawned about 50 tornadoes; in the New Jersey, Connecticut and New
York
state region around 300,000 homes were left without electricity and up
to
17ins of snow were recorded.
In New York hundreds of motorists spent yest
erday morning digging parked
cars out from mountainous snow-drifts, many cre
ated by the weekend's
snow-ploughs.
East Coast airports were crowded with pe
ople trying to get away after being
stranded through the weekend, when the n
ation's air transport system
suffered one of its worst-ever disruptions.
Maj
or motorways were reopening yesterday, but many smaller roads remained
block
ed, with some travellers still snowbound.
Yesterday afternoon, A M Best, the
US rating agency which specialises in the
insurance sector, estimated that
the storm produced about Dollars 800m in
insured damages. However, some comp
anies said it was too soon to attach a
precise number to claims.
'We just do
n't know at this stage,' said Allstate, the large Illinois-based
insurer. Th
e American Insurance Association, whose property-claims division
provides in
dustry-wide estimates of catastrophe losses, also said it was
only just begi
nning to receive reports from member firms.
A M Best suggested the bulk of d
amage would come in the southeastern states
and central Florida. It estimate
d that the storm which hit the Northeast in
December was probably more damag
ing to that region. The December storm
caused more widespread flooding and c
oastal damage, and resulted in around
Dollars 650m of insured claims.
The la
test disaster comes after a run of heavy catastrophe losses for big US
prope
rty-casualty insurers and will exasperate the financial pressures on
the ind
ustry. The bomb blast under New York's World Trade Centre complex
this month
is estimated to have caused over Dollars 1bn in insured damages,
while Hurr
icane Andrew produced a record-breaking Dollars 16bn-worth of
claims.
In Flo
rida, high winds battered grapefruit and orange crops, and frosts on
Sunday
and yesterday caused scattered damage to the fragile flowers that
form next
year's harvest, according to Mr Bobby McKown, of Florida Citrus
Mutual, the
state's largest growers' organisation. The damage was 'minor' in
comparison
to storms and freezes that devastated Florida citrus in the
1980s, he said.
Storms lift sugar price, Commodities Page
Countries:-
USZ United States of America.
Industries:-
P6331 Fire
, Marine, and Casualty Insurance.
P99 Nonclassifiable Establishments.
Types:-
RES Natural resources.
INS Insurance.
The Financial Times
London Page 6
============= Transaction # 16 ==============================================
Transaction #: 16 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:41:51
Selec. Rec. #: 4
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT931-7520
_AN-DBXCKACQFT
9302
24
FT 24 FEB 93 / Business and the Environment: Weather
wise - Typhoons, hurricanes and the threat of global warming are pushing up
insurance rates
By RICHARD LAPPER and BRONWEN MADDOX
'WE GET zapped every five minutes,' says Richard Keeling,
underwriter with
Lloyd's syndicate 362, reviewing the impact of recent hurri
canes, gales and
typhoons on the London insurance market.
Recent storms, eac
h more damaging than the last, culminated in last year's
hurricane Andrew, w
hich devastated parts of Louisiana and Florida and caused
losses estimated t
o be at least Dollars 16bn and perhaps as much as Dollars
20bn (Pounds 14bn)
, the United States's biggest-ever insured loss.
That has triggered tough ba
rgaining in the London insurance market and one
of the hardest 'renewal' sea
sons, as reinsurers seek to impose big rate
increases.
Most significantly, i
n a move that could lead to higher insurance rates for
many years, insurers
are also beginning to ask whether recent storms are a
sign of global warming
or other long-term shifts in weather patterns. The
question has led to an u
nlikely convergence with environmental pressure
groups such as Greenpeace, w
hich last month published a long report
welcoming insurers' alertness to the
risk.
In the recent round of negotiations, brokers buying cover for US clie
nts -
who have avoided heavy increases in recent years - have found the goin
g
toughest.
However, across the board, direct insurers are now paying more f
or their
reinsurance. Keeling says that since October 1987, reinsurance rate
s have
increased by 650 per cent for European insurers, 450 per cent for US
buyers
and by 1,000 per cent for Japanese companies.
The increases partly re
flect reinsurers' efforts to restore profitability
after heavy losses from w
eather and from other disasters such as the 1988
Piper Alpha oil rig explosi
on and the Exxon Valdez oil spill the following
year.
Both Swiss Re and Muni
ch Re, the world's two biggest reinsurers, have seen
profits dented and have
been forced to draw deep into their reserves to meet
claims, especially fro
m the European storms of 1990. Many smaller reinsurers
have withdrawn from t
he market. More than a third of Lloyd's Names and
nearly half the syndicates
have left the market since 1989. As competition
for business has dwindled,
bigger players have found it easier to force
through rate increases.
Underwr
iters are also now beginning to take a deeper look at the risk of
storm dama
ge. They recognise that denser population in potentially exposed
regions, su
ch as the south-eastern coast of the US, is partly responsible
for the rise
in losses. 'Windstorm' cover has also become a more common
element of househ
olders' policies over the last two decades in most
countries.
And increasing
ly many are questioning whether the recent increases in land
and sea tempera
tures are leading to greater atmospheric instability and more
frequent and i
ntense winds. Scientists have warned for several years that
gases such as ca
rbon dioxide, emitted from burning fossil fuels, could cause
global warming.
The United Nation's Intergovernmental Panel on Climate Change, set up to
in
vestigate the phenomenon, has suggested the average increase could be
somewh
ere between 1.5'C and 3.5'C over the next 100 years.
However, scientists hav
e emphasised there is still uncertainty about the
processes involved - the m
odels find it hard to take account of clouds,
which could slow down warming.
They also say it is impossible to conclude
from recent storms and warm summ
ers that climate change is already
happening.
Despite scientific uncertainty
, insurers feel they need to protect
themselves. Walter Kielholz, general ma
nager of Swiss Re, one of the first
insurance companies to question whether
global warming could be responsible
for worsening weather, agrees that 'the
statistical data is too short to
conclusively prove that there is a trend'.
But he adds: 'It might just be a
hiccup but we can't afford to wait for the
long-term before taking action.'
Research commissioned by Keeling and severa
l other Lloyd's underwriters by
the University of East Anglia's climatology
department also concludes: 'The
possibility that the trend (of more frequent
gales in north-western Europe)
is related to global warming cannot be rejec
ted.' Insurers should assume
that 'gale frequencies will remain at the level
of the 1980s' and could rise
further, the report says.
In Greenpeace's rece
nt study, the pressure group called for insurers to join
the lobby for limit
s on the emission of 'greenhouse gases'. Keeling
acknowledges: 'We have to d
o something constructive but the insurance
industry will never be a lobby. W
e are too diffused.'
Instead, as well as increasing rates insurers have begu
n to toughen the
terms of storm insurance. Kielholz says that since 1990 Swi
ss Re has begun
to isolate the risk of 'windstorm' from other exposures it u
nderwrites.
The group now likes to cover windstorm through an excess of loss
reinsurance
contract (in which the reinsurer covers a tranche of risk up to
a pre-set
limit) rather than by covering it alongside other risks as part o
f a
proportional reinsurance deal (in which the reinsurer accepts an agreed
percentage of exposure).
'Reinsurers have become more and more reluctant to
include windstorm in
proportional property treaties,' says Kielholz.
Reinsur
ers are also urging direct insurers to make policyholders pay the
first port
ion of any loss themselves, as an incentive to protect their
property agains
t storms. Householders would then be more likely to carry out
essential main
tenance and commercial customers to follow building codes more
strictly, the
y argue. During Hurricane Andrew many new buildings, especially
those with s
teel frames and metal casings, proved to be particularly
vulnerable to wind
damage, according to Swiss Re.
Higher rates and tougher terms are the insura
nce industry's perhaps
unsurprising response to recent storms and the potent
ial threat of global
warming.
The environmental movement has shown itself re
luctant to acknowledge
scientific doubts about climate change, while climato
logists - who might
stress that uncertainty - have few reasons to get involv
ed in debates on
insurance charges. Customers may have to hope the new highe
r rates help
preserve some of the financially weaker groups, and so preserve
competition
in the industry.
---------------------------------------------
--------------------
THE COST OF RECENT STORMS
---------
--------------------------------------------------------
Aug 1992 US
Cyclone Iniki Dollars 1.4bn
Aug 1992 US
Hurricane Andrew Dollars 20.0bn
Sep 1991 Japan Typhoon Mi
reille Dollars 4.8bn
Jul 1990 US Colorado storms Do
llars 1.0bn
Feb 1990 NW Europe Windstorm Wibke Dollars 1.3b
n
Feb 1990 NW Europe Windstorm Vivian Dollars 3.2bn
Feb 1990
NW Europe Windstorm Herta Dollars 1.3bn
Jan 1990 NW Europ
e Windstorm Daria Dollars 4.6bn
Sep 1989 US
Hurricane Hugo Dollars 5.8bn
Oct 1987 NW Europe Un-named wi
ndstorm Dollars 2.5bn
----------------------------------------------------
-------------
Source: Greenpeace
------------------------------------------
-----------------------
Countries:-
GBZ United Kingd
om, EC.
Industries:-
P6331 Fire, Marine, and Casualty I
nsurance.
P6411 Insurance Agents, Brokers, and Service.
Types
:-
RES Natural resources.
COSTS Costs & Prices.
MKTS Ma
rket data.
The Financial Times
London Page 14
============= Transaction # 17 ==============================================
Transaction #: 17 Transaction Code: 19 (Record Selected)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:42:43
Selec. Rec. #: 4
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT931-7520
_AN-DBXCKACQFT
9302
24
FT 24 FEB 93 / Business and the Environment: Weather
wise - Typhoons, hurricanes and the threat of global warming are pushing up
insurance rates
By RICHARD LAPPER and BRONWEN MADDOX
'WE GET zapped every five minutes,' says Richard Keeling,
underwriter with
Lloyd's syndicate 362, reviewing the impact of recent hurri
canes, gales and
typhoons on the London insurance market.
Recent storms, eac
h more damaging than the last, culminated in last year's
hurricane Andrew, w
hich devastated parts of Louisiana and Florida and caused
losses estimated t
o be at least Dollars 16bn and perhaps as much as Dollars
20bn (Pounds 14bn)
, the United States's biggest-ever insured loss.
That has triggered tough ba
rgaining in the London insurance market and one
of the hardest 'renewal' sea
sons, as reinsurers seek to impose big rate
increases.
Most significantly, i
n a move that could lead to higher insurance rates for
many years, insurers
are also beginning to ask whether recent storms are a
sign of global warming
or other long-term shifts in weather patterns. The
question has led to an u
nlikely convergence with environmental pressure
groups such as Greenpeace, w
hich last month published a long report
welcoming insurers' alertness to the
risk.
In the recent round of negotiations, brokers buying cover for US clie
nts -
who have avoided heavy increases in recent years - have found the goin
g
toughest.
However, across the board, direct insurers are now paying more f
or their
reinsurance. Keeling says that since October 1987, reinsurance rate
s have
increased by 650 per cent for European insurers, 450 per cent for US
buyers
and by 1,000 per cent for Japanese companies.
The increases partly re
flect reinsurers' efforts to restore profitability
after heavy losses from w
eather and from other disasters such as the 1988
Piper Alpha oil rig explosi
on and the Exxon Valdez oil spill the following
year.
Both Swiss Re and Muni
ch Re, the world's two biggest reinsurers, have seen
profits dented and have
been forced to draw deep into their reserves to meet
claims, especially fro
m the European storms of 1990. Many smaller reinsurers
have withdrawn from t
he market. More than a third of Lloyd's Names and
nearly half the syndicates
have left the market since 1989. As competition
for business has dwindled,
bigger players have found it easier to force
through rate increases.
Underwr
iters are also now beginning to take a deeper look at the risk of
storm dama
ge. They recognise that denser population in potentially exposed
regions, su
ch as the south-eastern coast of the US, is partly responsible
for the rise
in losses. 'Windstorm' cover has also become a more common
element of househ
olders' policies over the last two decades in most
countries.
And increasing
ly many are questioning whether the recent increases in land
and sea tempera
tures are leading to greater atmospheric instability and more
frequent and i
ntense winds. Scientists have warned for several years that
gases such as ca
rbon dioxide, emitted from burning fossil fuels, could cause
global warming.
The United Nation's Intergovernmental Panel on Climate Change, set up to
in
vestigate the phenomenon, has suggested the average increase could be
somewh
ere between 1.5'C and 3.5'C over the next 100 years.
However, scientists hav
e emphasised there is still uncertainty about the
processes involved - the m
odels find it hard to take account of clouds,
which could slow down warming.
They also say it is impossible to conclude
from recent storms and warm summ
ers that climate change is already
happening.
Despite scientific uncertainty
, insurers feel they need to protect
themselves. Walter Kielholz, general ma
nager of Swiss Re, one of the first
insurance companies to question whether
global warming could be responsible
for worsening weather, agrees that 'the
statistical data is too short to
conclusively prove that there is a trend'.
But he adds: 'It might just be a
hiccup but we can't afford to wait for the
long-term before taking action.'
Research commissioned by Keeling and severa
l other Lloyd's underwriters by
the University of East Anglia's climatology
department also concludes: 'The
possibility that the trend (of more frequent
gales in north-western Europe)
is related to global warming cannot be rejec
ted.' Insurers should assume
that 'gale frequencies will remain at the level
of the 1980s' and could rise
further, the report says.
In Greenpeace's rece
nt study, the pressure group called for insurers to join
the lobby for limit
s on the emission of 'greenhouse gases'. Keeling
acknowledges: 'We have to d
o something constructive but the insurance
industry will never be a lobby. W
e are too diffused.'
Instead, as well as increasing rates insurers have begu
n to toughen the
terms of storm insurance. Kielholz says that since 1990 Swi
ss Re has begun
to isolate the risk of 'windstorm' from other exposures it u
nderwrites.
The group now likes to cover windstorm through an excess of loss
reinsurance
contract (in which the reinsurer covers a tranche of risk up to
a pre-set
limit) rather than by covering it alongside other risks as part o
f a
proportional reinsurance deal (in which the reinsurer accepts an agreed
percentage of exposure).
'Reinsurers have become more and more reluctant to
include windstorm in
proportional property treaties,' says Kielholz.
Reinsur
ers are also urging direct insurers to make policyholders pay the
first port
ion of any loss themselves, as an incentive to protect their
property agains
t storms. Householders would then be more likely to carry out
essential main
tenance and commercial customers to follow building codes more
strictly, the
y argue. During Hurricane Andrew many new buildings, especially
those with s
teel frames and metal casings, proved to be particularly
vulnerable to wind
damage, according to Swiss Re.
Higher rates and tougher terms are the insura
nce industry's perhaps
unsurprising response to recent storms and the potent
ial threat of global
warming.
The environmental movement has shown itself re
luctant to acknowledge
scientific doubts about climate change, while climato
logists - who might
stress that uncertainty - have few reasons to get involv
ed in debates on
insurance charges. Customers may have to hope the new highe
r rates help
preserve some of the financially weaker groups, and so preserve
competition
in the industry.
---------------------------------------------
--------------------
THE COST OF RECENT STORMS
---------
--------------------------------------------------------
Aug 1992 US
Cyclone Iniki Dollars 1.4bn
Aug 1992 US
Hurricane Andrew Dollars 20.0bn
Sep 1991 Japan Typhoon Mi
reille Dollars 4.8bn
Jul 1990 US Colorado storms Do
llars 1.0bn
Feb 1990 NW Europe Windstorm Wibke Dollars 1.3b
n
Feb 1990 NW Europe Windstorm Vivian Dollars 3.2bn
Feb 1990
NW Europe Windstorm Herta Dollars 1.3bn
Jan 1990 NW Europ
e Windstorm Daria Dollars 4.6bn
Sep 1989 US
Hurricane Hugo Dollars 5.8bn
Oct 1987 NW Europe Un-named wi
ndstorm Dollars 2.5bn
----------------------------------------------------
-------------
Source: Greenpeace
------------------------------------------
-----------------------
Countries:-
GBZ United Kingd
om, EC.
Industries:-
P6331 Fire, Marine, and Casualty I
nsurance.
P6411 Insurance Agents, Brokers, and Service.
Types
:-
RES Natural resources.
COSTS Costs & Prices.
MKTS Ma
rket data.
The Financial Times
London Page 14
============= Transaction # 18 ==============================================
Transaction #: 18 Transaction Code: 22 (Record(s) Saved)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:42:44
Selec. Rec. #: 4
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT931-7520
_AN-DBXCKACQFT
9302
24
FT 24 FEB 93 / Business and the Environment: Weather
wise - Typhoons, hurricanes and the threat of global warming are pushing up
insurance rates
By RICHARD LAPPER and BRONWEN MADDOX
'WE GET zapped every five minutes,' says Richard Keeling,
underwriter with
Lloyd's syndicate 362, reviewing the impact of recent hurri
canes, gales and
typhoons on the London insurance market.
Recent storms, eac
h more damaging than the last, culminated in last year's
hurricane Andrew, w
hich devastated parts of Louisiana and Florida and caused
losses estimated t
o be at least Dollars 16bn and perhaps as much as Dollars
20bn (Pounds 14bn)
, the United States's biggest-ever insured loss.
That has triggered tough ba
rgaining in the London insurance market and one
of the hardest 'renewal' sea
sons, as reinsurers seek to impose big rate
increases.
Most significantly, i
n a move that could lead to higher insurance rates for
many years, insurers
are also beginning to ask whether recent storms are a
sign of global warming
or other long-term shifts in weather patterns. The
question has led to an u
nlikely convergence with environmental pressure
groups such as Greenpeace, w
hich last month published a long report
welcoming insurers' alertness to the
risk.
In the recent round of negotiations, brokers buying cover for US clie
nts -
who have avoided heavy increases in recent years - have found the goin
g
toughest.
However, across the board, direct insurers are now paying more f
or their
reinsurance. Keeling says that since October 1987, reinsurance rate
s have
increased by 650 per cent for European insurers, 450 per cent for US
buyers
and by 1,000 per cent for Japanese companies.
The increases partly re
flect reinsurers' efforts to restore profitability
after heavy losses from w
eather and from other disasters such as the 1988
Piper Alpha oil rig explosi
on and the Exxon Valdez oil spill the following
year.
Both Swiss Re and Muni
ch Re, the world's two biggest reinsurers, have seen
profits dented and have
been forced to draw deep into their reserves to meet
claims, especially fro
m the European storms of 1990. Many smaller reinsurers
have withdrawn from t
he market. More than a third of Lloyd's Names and
nearly half the syndicates
have left the market since 1989. As competition
for business has dwindled,
bigger players have found it easier to force
through rate increases.
Underwr
iters are also now beginning to take a deeper look at the risk of
storm dama
ge. They recognise that denser population in potentially exposed
regions, su
ch as the south-eastern coast of the US, is partly responsible
for the rise
in losses. 'Windstorm' cover has also become a more common
element of househ
olders' policies over the last two decades in most
countries.
And increasing
ly many are questioning whether the recent increases in land
and sea tempera
tures are leading to greater atmospheric instability and more
frequent and i
ntense winds. Scientists have warned for several years that
gases such as ca
rbon dioxide, emitted from burning fossil fuels, could cause
global warming.
The United Nation's Intergovernmental Panel on Climate Change, set up to
in
vestigate the phenomenon, has suggested the average increase could be
somewh
ere between 1.5'C and 3.5'C over the next 100 years.
However, scientists hav
e emphasised there is still uncertainty about the
processes involved - the m
odels find it hard to take account of clouds,
which could slow down warming.
They also say it is impossible to conclude
from recent storms and warm summ
ers that climate change is already
happening.
Despite scientific uncertainty
, insurers feel they need to protect
themselves. Walter Kielholz, general ma
nager of Swiss Re, one of the first
insurance companies to question whether
global warming could be responsible
for worsening weather, agrees that 'the
statistical data is too short to
conclusively prove that there is a trend'.
But he adds: 'It might just be a
hiccup but we can't afford to wait for the
long-term before taking action.'
Research commissioned by Keeling and severa
l other Lloyd's underwriters by
the University of East Anglia's climatology
department also concludes: 'The
possibility that the trend (of more frequent
gales in north-western Europe)
is related to global warming cannot be rejec
ted.' Insurers should assume
that 'gale frequencies will remain at the level
of the 1980s' and could rise
further, the report says.
In Greenpeace's rece
nt study, the pressure group called for insurers to join
the lobby for limit
s on the emission of 'greenhouse gases'. Keeling
acknowledges: 'We have to d
o something constructive but the insurance
industry will never be a lobby. W
e are too diffused.'
Instead, as well as increasing rates insurers have begu
n to toughen the
terms of storm insurance. Kielholz says that since 1990 Swi
ss Re has begun
to isolate the risk of 'windstorm' from other exposures it u
nderwrites.
The group now likes to cover windstorm through an excess of loss
reinsurance
contract (in which the reinsurer covers a tranche of risk up to
a pre-set
limit) rather than by covering it alongside other risks as part o
f a
proportional reinsurance deal (in which the reinsurer accepts an agreed
percentage of exposure).
'Reinsurers have become more and more reluctant to
include windstorm in
proportional property treaties,' says Kielholz.
Reinsur
ers are also urging direct insurers to make policyholders pay the
first port
ion of any loss themselves, as an incentive to protect their
property agains
t storms. Householders would then be more likely to carry out
essential main
tenance and commercial customers to follow building codes more
strictly, the
y argue. During Hurricane Andrew many new buildings, especially
those with s
teel frames and metal casings, proved to be particularly
vulnerable to wind
damage, according to Swiss Re.
Higher rates and tougher terms are the insura
nce industry's perhaps
unsurprising response to recent storms and the potent
ial threat of global
warming.
The environmental movement has shown itself re
luctant to acknowledge
scientific doubts about climate change, while climato
logists - who might
stress that uncertainty - have few reasons to get involv
ed in debates on
insurance charges. Customers may have to hope the new highe
r rates help
preserve some of the financially weaker groups, and so preserve
competition
in the industry.
---------------------------------------------
--------------------
THE COST OF RECENT STORMS
---------
--------------------------------------------------------
Aug 1992 US
Cyclone Iniki Dollars 1.4bn
Aug 1992 US
Hurricane Andrew Dollars 20.0bn
Sep 1991 Japan Typhoon Mi
reille Dollars 4.8bn
Jul 1990 US Colorado storms Do
llars 1.0bn
Feb 1990 NW Europe Windstorm Wibke Dollars 1.3b
n
Feb 1990 NW Europe Windstorm Vivian Dollars 3.2bn
Feb 1990
NW Europe Windstorm Herta Dollars 1.3bn
Jan 1990 NW Europ
e Windstorm Daria Dollars 4.6bn
Sep 1989 US
Hurricane Hugo Dollars 5.8bn
Oct 1987 NW Europe Un-named wi
ndstorm Dollars 2.5bn
----------------------------------------------------
-------------
Source: Greenpeace
------------------------------------------
-----------------------
Countries:-
GBZ United Kingd
om, EC.
Industries:-
P6331 Fire, Marine, and Casualty I
nsurance.
P6411 Insurance Agents, Brokers, and Service.
Types
:-
RES Natural resources.
COSTS Costs & Prices.
MKTS Ma
rket data.
The Financial Times
London Page 14
============= Transaction # 19 ==============================================
Transaction #: 19 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:43:25
Selec. Rec. #: 5
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT923-6110
_AN-CH0BVADPFT
9208
26
FT 26 AUG 92 / Hurricane damage put at Dollars 20bn a
s 2m people told to leave homes
By MARTIN DICKSON an
d NORMA COHEN
NEW YORK, LONDON
DA
MAGE CAUSED by Hurricane Andrew could rise to Dollars 20bn, it was
estimated
yesterday, as one of the costliest US storms this century
threatened a furt
her devastating landfall near the city of New Orleans.
Government officials
in Louisiana, Mississippi and Texas yesterday advised
or ordered more than 2
m people to evacuate coastal areas.
The hurricane tore through southern Flor
ida early on Monday morning, causing
billions of dollars of property damage
and at least 12 deaths, and yesterday
was moving north-west across the Gulf
of Mexico with winds of about 140
miles an hour.
At least three people died
on Sunday when Hurricane Andrew crossed the
Bahamas.
Ms Kate Hale, director
of emergency services in Florida's Dade County, which
bore the brunt of the
storm, estimated that Andrew had already caused
Dollars 15bn to Dollars 20bn
(Pounds 7.5bn-Pounds 10bn) of damage.
However, insurance industry analysts
cautioned that it was too early to
assess the costs accurately. The US indus
try's Property Claims Service, the
official compiler of disaster losses, had
yet to compile a preliminary tally
of the Florida bill.
A hurricane warning
was in effect yesterday along 470 miles of Gulf coast
from Pascagoula, Miss
issippi, to Galvestone, Texas.
Several forecasting agencies suggested the li
keliest landfall was in central
Louisiana, to the west of New Orleans, possi
bly late last night or this
morning.
New Orleans, with a population of 1.6m,
is particularly vulnerable because
the city lies below sea level, has the M
ississippi River running through its
centre and a large lake immediately to
the north.
Much of America's oil refining industry is concentrated along coa
stal Texas
and Louisiana and several refineries were yesterday partially shu
t down.
These included British Petroleum's Belle Chasse plant in Louisiana.
In Florida, Andrew caused greatest havoc in a largely suburban swathe some
1
0-15 miles south of Miami. The town of Homestead, near the centre of the
sto
rm, was largely flattened, including a local air force base.
Miami's city ce
ntre escaped with relatively light damage. More than 24 hours
after the hurr
icane, some 825,000 households and businesses were still
without power.
The
brunt of insurance claims from the Florida storm will fall on the US
industr
y, and companies with a heavy local exposure include the State Farm
Group an
d the Allstate Insurance unit of Sears Roebuck. These are also the
leading p
roperty/casualty and home insurance groups in Louisiana, together
with Ameri
can International Group.
A spokesman for State Farm Insurance said he believ
ed the company had
roughly 20 per cent of the Florida market. The mutually-o
wned company has no
reinsurance. Its size has made obtaining reinsurance cov
er difficult and its
reserves, at about Dollars 24bn, have made it unnecessa
ry.
According to Balcombe Group, a UK-based claims adjustment firm, other
in
surers with large exposure in the hurricane-hit area are Hartford
Insurance,
Aetna and Travellers. Travellers said it had flown 50 claims
adjusters in t
o Florida late on Monday and was assessing losses. About 12
per cent of Trav
ellers' home insurance premium income came from Florida last
year, and 4.6 p
er cent of its commercial insurance premiums.
The last serious US hurricane,
Hugo, which struck South Carolina in 1989,
cost the industry Dollars 4.2bn
from insured losses, though estimates of the
total damage caused ranged betw
een Dollars 6bn and Dollars 10bn.
The Financial Times
London Page 14
============= Transaction # 20 ==============================================
Transaction #: 20 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:43:37
Selec. Rec. #: 6
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT943-15195
_AN-EGKDTACRFT
940
711
FT 11 JUL 94 / Business Travel (Update): Taiwan typh
oon
By DAVID OWEN
Typhoon Tim lashe
d eastern Taiwan with strong winds and heavy rain
yesterday, forcing the sus
pension of flights to two offshore islets.
Taiwanese officials said an impor
tant highway in Hualien city was closed
because of landslides set off by the
torrential downpour.
In the Philippines, the Manila weather bureau said ano
ther tropical storm,
Vanessa, had developed in the South China Sea and was b
ringing strong winds
and heavy rains to the main Philippine island, Luzon.
<
/TEXT>
Countries:-
TWZ Taiwan, Asia.
PHZ Philippines, A
sia.
Industries:-
P9229 Public Order and Safety, NEC.
<
/IN>
Types:-
RES Natural resources.
The Financial
Times
London Page 14
============= Transaction # 21 ==============================================
Transaction #: 21 Transaction Code: 19 (Record Selected)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:43:49
Selec. Rec. #: 6
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT943-15195
_AN-EGKDTACRFT
940
711
FT 11 JUL 94 / Business Travel (Update): Taiwan typh
oon
By DAVID OWEN
Typhoon Tim lashe
d eastern Taiwan with strong winds and heavy rain
yesterday, forcing the sus
pension of flights to two offshore islets.
Taiwanese officials said an impor
tant highway in Hualien city was closed
because of landslides set off by the
torrential downpour.
In the Philippines, the Manila weather bureau said ano
ther tropical storm,
Vanessa, had developed in the South China Sea and was b
ringing strong winds
and heavy rains to the main Philippine island, Luzon.
<
/TEXT>
Countries:-
TWZ Taiwan, Asia.
PHZ Philippines, A
sia.
Industries:-
P9229 Public Order and Safety, NEC.
<
/IN>
Types:-
RES Natural resources.
The Financial
Times
London Page 14
============= Transaction # 22 ==============================================
Transaction #: 22 Transaction Code: 22 (Record(s) Saved)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:43:50
Selec. Rec. #: 6
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT943-15195
_AN-EGKDTACRFT
940
711
FT 11 JUL 94 / Business Travel (Update): Taiwan typh
oon
By DAVID OWEN
Typhoon Tim lashe
d eastern Taiwan with strong winds and heavy rain
yesterday, forcing the sus
pension of flights to two offshore islets.
Taiwanese officials said an impor
tant highway in Hualien city was closed
because of landslides set off by the
torrential downpour.
In the Philippines, the Manila weather bureau said ano
ther tropical storm,
Vanessa, had developed in the South China Sea and was b
ringing strong winds
and heavy rains to the main Philippine island, Luzon.
<
/TEXT>
Countries:-
TWZ Taiwan, Asia.
PHZ Philippines, A
sia.
Industries:-
P9229 Public Order and Safety, NEC.
<
/IN>
Types:-
RES Natural resources.
The Financial
Times
London Page 14
============= Transaction # 23 ==============================================
Transaction #: 23 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:44:00
Selec. Rec. #: 7
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT923-4394
_AN-CIGBWADKFT
9209
07
FT 07 SEP 92 / Survey of Reinsurance (7): Storm warni
ng for insurers / Examining the rising trend in catastrophe losses
By SIMON REYNOLDS
KLAUS CONRAD, a member of
Munich Re's board of management, advises insurers:
'Beware of a catastrophe
reinsurer who asks no questions . . . who does not
ask to be paid a fair pri
ce for his goods and services; they may turn out to
be worthless.' This is s
ound advice: many reinsurers who did not ask
questions or a fair price have
in recent years been hit by the rising trend
in catastrophe losses.
The comp
act but intense Hurricane Andrew, the first big storm of the 1992
Atlantic h
urricane season, is one more example of nature's destructive
potential. In i
ts recent review of 1991 catastrophe losses the large
international reinsure
r Swiss Re argues that 'the last five years have shown
a loss burden above t
he long-term trend, both in the natural catastrophe and
major man-made loss
sectors. If this development continues, the world
insurance system will face
a huge challenge.'
A similar review of natural catastrophes from Munich Re,
the world's largest
reinsurer, 'confirms a continuation in 1991 of the tren
d that has been
observed for more than 30 years: natural disasters are becom
ing more and
more costly,' in terms of overall economic loss and insured los
s.
Since the mid-1980s insured damage from natural catastrophes have far
out
stripped significant man-made losses. Typhoon Mireille which swept Japan
for
two days in September 1991 caused insured damage of Dollars 5.2bn - the
lar
gest insured loss from a single storm. For the third year a wind storm
produ
ced a Dollars 4bn plus loss, following Hurricane Hugo in September
1989, and
the storm Daria in western Europe in January 1990. Insured wind
storm damag
e throughout North America totalled more than Dollars 3bn in
1991, while a b
ush fire in California in October 1991 caused an insured loss
of Dollars 1.2
bn.
Looking at man-made catastrophe losses the trend is similar: more losses
costing more money. Swiss Re's survey argues that in totalling more than
Do
llars 3.2bn in 1991 'man-made insured damage is still clearly above the
long
-term average'. The biggest losses in this category were the sinking of
the
Sleipner A gas platform while still in Grandafjord off Stavanger, Norway
(in
sured loss Dollars 334.5m), and the fire during construction of the
London U
nderwriting Centre (Dollars 290m). The latter highlighted the
increasing ris
k of construction site losses developed countries.
According to Munich Re, i
nsurers' real claims burdens from natural disasters
in the decade to 1991 we
re eight times heavier than during the 1960s.
Figures from Swiss Re, show th
at total insured damage from natural disasters
and large man-made losses tog
ether bounced around between Dollars 2bn and
Dollars 6bn (at 1991 prices) be
tween 1970 and 1985. Since then the yearly
totals have been sharply higher:
reaching Dollars 14bn in 1889, Dollars 18bn
in 1990, Dollars 15bn in 1991.
T
hese figures are small in comparison with the overall Dollars 1,200bn taken
in premiums each year by insurers world-wide. However, the recent trend in
f
requency and value of catastrophe losses is of concern because of its
uncert
ainty. Is the trend going to be the norm for future years? And how far
will
the figures rise?
Piper Alpha was an old platform (169 people died in the 19
88 disaster and
the insured loss was Dollars 1.4bn) - the newer North Sea pl
atforms are
multi-billion dollar structures. Insurance market estimates of p
ossible
future natural catastrophe incidents make grim reading. A large eart
hquake
in Tokyo or San Francisco could lead to a Dollars 50-Dollars 100bn do
llar
loss. If a Hugo-intensity storm had landed farther north up the US east
coast in New York, the loss could have been twice that actually suffered.
A
ccording to Andrew Dlugolecki, chief manager operations at General
Accident,
there are many factors driving these trends of rising cost and
frequency. O
ne significant factor may be that the weather trends of the
1950s, 1960s and
1970s were milder than the long-term trend, and recent
storm developments a
re a return towards that longer-term trend. Other
factors raising catastroph
e losses include:
Increasing concentration of values: industries have tended
to build
increasingly expensive plant, of higher output, with greater produ
ct
inventory on site.
Increasing business interruption (B/I): more businesse
s are buying B/I
insurance cover, and B/I insured losses are rising at a fas
ter rate than
property losses. Larger, higher output plant take longer to re
build in the
event of a disaster.
New business practices: the development of
just-in-time (jit) techniques is
one facet of increasing dependencies betwe
en suppliers and customers. In
recognition of this more supplier/customer B/
I extensions to cover are being
purchased.
New construction techniques: fast
track and unitary methods mean a higher
percentage of high value finished f
ixtures and fittings are on site during
earlier stages of building construct
ion, possibly a time of raised risk from
fire. Increasing population density
: cities are becoming larger and, on
average, richer. If a natural disaster
hits, losses are increased. Much of
the loss from a large wind storm is acco
unted for by many, relatively small
claims from householders. New geographic
al areas: both industry and
populations are moving into increasingly risky a
reas, especially coastal
regions more susceptible to storms, storm surges, t
sunamis (huge sea waves).
Increasing insurance density: greater demand from
customers has led to more
insurance purchasing. It was easy to sell wind sto
rm cover in Europe after
the 1987 and 1990 storms. A corresponding push from
insurers selling cheaply
in a soft market added to the trend.
Changes in cl
imate: natural variation in climate alters the propensity for
climatic event
s. The jury is still out on global warming, but scientists
argue that if the
troposphere is warming, the earth's weather system will
contain more energy
leading to greater intensity of climatic events.
What is to be done? Mr Con
rad argues that 'private fortunes gathered over
generations, were lost by Ll
oyd's names, reinsurers mobilised their
emergency reserves, retrocessionaire
s started selling their nest eggs.
(Premiums) apparently had been too low, o
therwise one would not have lost in
five years, what it had taken 50 to coll
ect'. His solution is simple: a
return to insurance basics; premiums rates c
ommensurate with risk,
appropriate levels of deductibles, proper calculation
of probable and
possible catastrophe scenarios, proper loss prevention, los
s mitigation, and
accumulation control.
The Financial Times
London Page 30
============= Transaction # 24 ==============================================
Transaction #: 24 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:44:46
Selec. Rec. #: 10
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT944-16873
_AN-EJKDGAFQFT
941
011
FT 11 OCT 94 / Commodities and Agriculture: St Lucia
looks for alternatives after banana disaster
By DEB
ORAH HARGREAVES
The West Indies island of St Lucia lost 70,
000 tonnes of bananas or 68 per
cent of its crop in the recent tropical stor
m that ravaged the Windward
Islands. It will cost Pounds 60m and take about
two years to repair the
damage and get the island's agriculture industry bac
k on its feet again,
said Mr John Compton, prime minister, last week.
But he
stressed that the country was using the damage wrought by tropical
storm De
bbie to step up its programme of agricultural diversification.
'We're lookin
g at tree crops such as mangoes and avocado pears to grow in
the hills for n
iche markets in Europe,' Mr Compton said.
Bananas have traditionally been a
mainstay of St Lucia's economy with most
destined for the British market. Bu
t Mr Compton believes Caribbean producers
must become more competitive and d
iversify their farm industries.
'We plan to re-organise the whole structure
of our banana industry as we
realise that competition in Europe will continu
e to be strong,' he said. The
country is looking for around Pounds 10m in ai
d from European Union
programmes to assist in increasing production and prod
uctivity in bananas as
well as diversifying.
Mr Compton believes producers i
n St Lucia can increase productivity by 50
per cent in fertile valleys by us
ing irrigation methods, better drainage,
better disease and pest control. He
aims to produce the country's quota to
the EU market - 127,000 tonnes - on
less acreage.
But the storm caused major structural damage, altering the cou
rse of rivers,
knocking out all but one of the island's water supplies. and
silting up some
rivers. Mr Compton reckons that 20 per cent of the island's
fertile valley
land is irrecoverably damaged.
'The storm has set back our ef
forts considerably, but we want to use this
opportunity to go ahead and prop
erly re-organise our farming industry,' Mr
Compton said.
In the meantime, th
e Windward Islands, which supply 3 to 4 per cent of EU
bananas are looking t
o buy in bananas from elsewhere to fulfil their quota
and hold on to market
share. But the commission has yet to approve the
request.
Belize is asking f
or an increase in its EU quota to reflect the growth in
its own banana indus
try - the country has a quota for 40,000 tonnes, but
production will exceed
55,000 tonnes this year.
Countries:-
LCZ St Lucia, C
aribbean.
BZZ Belize, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Produc
tion.
MKTS Foreign trade.
The Financial Times
London Page 31
============= Transaction # 25 ==============================================
Transaction #: 25 Transaction Code: 19 (Record Selected)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:45:18
Selec. Rec. #: 10
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT944-16873
_AN-EJKDGAFQFT
941
011
FT 11 OCT 94 / Commodities and Agriculture: St Lucia
looks for alternatives after banana disaster
By DEB
ORAH HARGREAVES
The West Indies island of St Lucia lost 70,
000 tonnes of bananas or 68 per
cent of its crop in the recent tropical stor
m that ravaged the Windward
Islands. It will cost Pounds 60m and take about
two years to repair the
damage and get the island's agriculture industry bac
k on its feet again,
said Mr John Compton, prime minister, last week.
But he
stressed that the country was using the damage wrought by tropical
storm De
bbie to step up its programme of agricultural diversification.
'We're lookin
g at tree crops such as mangoes and avocado pears to grow in
the hills for n
iche markets in Europe,' Mr Compton said.
Bananas have traditionally been a
mainstay of St Lucia's economy with most
destined for the British market. Bu
t Mr Compton believes Caribbean producers
must become more competitive and d
iversify their farm industries.
'We plan to re-organise the whole structure
of our banana industry as we
realise that competition in Europe will continu
e to be strong,' he said. The
country is looking for around Pounds 10m in ai
d from European Union
programmes to assist in increasing production and prod
uctivity in bananas as
well as diversifying.
Mr Compton believes producers i
n St Lucia can increase productivity by 50
per cent in fertile valleys by us
ing irrigation methods, better drainage,
better disease and pest control. He
aims to produce the country's quota to
the EU market - 127,000 tonnes - on
less acreage.
But the storm caused major structural damage, altering the cou
rse of rivers,
knocking out all but one of the island's water supplies. and
silting up some
rivers. Mr Compton reckons that 20 per cent of the island's
fertile valley
land is irrecoverably damaged.
'The storm has set back our ef
forts considerably, but we want to use this
opportunity to go ahead and prop
erly re-organise our farming industry,' Mr
Compton said.
In the meantime, th
e Windward Islands, which supply 3 to 4 per cent of EU
bananas are looking t
o buy in bananas from elsewhere to fulfil their quota
and hold on to market
share. But the commission has yet to approve the
request.
Belize is asking f
or an increase in its EU quota to reflect the growth in
its own banana indus
try - the country has a quota for 40,000 tonnes, but
production will exceed
55,000 tonnes this year.
Countries:-
LCZ St Lucia, C
aribbean.
BZZ Belize, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Produc
tion.
MKTS Foreign trade.
The Financial Times
London Page 31
============= Transaction # 26 ==============================================
Transaction #: 26 Transaction Code: 22 (Record(s) Saved)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:45:22
Selec. Rec. #: 10
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT944-16873
_AN-EJKDGAFQFT
941
011
FT 11 OCT 94 / Commodities and Agriculture: St Lucia
looks for alternatives after banana disaster
By DEB
ORAH HARGREAVES
The West Indies island of St Lucia lost 70,
000 tonnes of bananas or 68 per
cent of its crop in the recent tropical stor
m that ravaged the Windward
Islands. It will cost Pounds 60m and take about
two years to repair the
damage and get the island's agriculture industry bac
k on its feet again,
said Mr John Compton, prime minister, last week.
But he
stressed that the country was using the damage wrought by tropical
storm De
bbie to step up its programme of agricultural diversification.
'We're lookin
g at tree crops such as mangoes and avocado pears to grow in
the hills for n
iche markets in Europe,' Mr Compton said.
Bananas have traditionally been a
mainstay of St Lucia's economy with most
destined for the British market. Bu
t Mr Compton believes Caribbean producers
must become more competitive and d
iversify their farm industries.
'We plan to re-organise the whole structure
of our banana industry as we
realise that competition in Europe will continu
e to be strong,' he said. The
country is looking for around Pounds 10m in ai
d from European Union
programmes to assist in increasing production and prod
uctivity in bananas as
well as diversifying.
Mr Compton believes producers i
n St Lucia can increase productivity by 50
per cent in fertile valleys by us
ing irrigation methods, better drainage,
better disease and pest control. He
aims to produce the country's quota to
the EU market - 127,000 tonnes - on
less acreage.
But the storm caused major structural damage, altering the cou
rse of rivers,
knocking out all but one of the island's water supplies. and
silting up some
rivers. Mr Compton reckons that 20 per cent of the island's
fertile valley
land is irrecoverably damaged.
'The storm has set back our ef
forts considerably, but we want to use this
opportunity to go ahead and prop
erly re-organise our farming industry,' Mr
Compton said.
In the meantime, th
e Windward Islands, which supply 3 to 4 per cent of EU
bananas are looking t
o buy in bananas from elsewhere to fulfil their quota
and hold on to market
share. But the commission has yet to approve the
request.
Belize is asking f
or an increase in its EU quota to reflect the growth in
its own banana indus
try - the country has a quota for 40,000 tonnes, but
production will exceed
55,000 tonnes this year.
Countries:-
LCZ St Lucia, C
aribbean.
BZZ Belize, Central America.
Industries:-
P0179 Fruits and Tree Nuts, NEC.
Types:-
MKTS Produc
tion.
MKTS Foreign trade.
The Financial Times
London Page 31
============= Transaction # 27 ==============================================
Transaction #: 27 Transaction Code: 8 (Mixed Bool./Dir. Rank Search)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 15:45:42
Rec. Format: Short Time Cmd Complete: 16:00:00
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 1 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 7 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
zfind "(topic @ {tropical storms storm hurricanes typhoons damage}) and (dat
e {1960})"
============= Transaction # 28 ==============================================
Transaction #: 28 Transaction Code: 37 (General (non-Tcl) Error)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:45:45
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
{ERR {Status 1} {Hits 0} {Received 0} {Set Default}} {No matching records fo
und}
============= Transaction # 29 ==============================================
Transaction #: 29 Transaction Code: 8 (Mixed Bool./Dir. Rank Search)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 15:45:50
Rec. Format: Short Time Cmd Complete: 16:00:00
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 1 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 7 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
zfind "(topic @ {tropical storms storm hurricanes typhoons damage}) and (dat
e {1990})"
============= Transaction # 30 ==============================================
Transaction #: 30 Transaction Code: 37 (General (non-Tcl) Error)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:45:53
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
{ERR {Status 1} {Hits 0} {Received 0} {Set Default}} {No matching records fo
und}
============= Transaction # 31 ==============================================
Transaction #: 31 Transaction Code: 8 (Mixed Bool./Dir. Rank Search)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 15:45:57
Rec. Format: Short Time Cmd Complete: 16:00:00
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 1 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 7 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
zfind "(topic @ {tropical storms storm hurricanes typhoons damage}) and (dat
e {1991})"
============= Transaction # 32 ==============================================
Transaction #: 32 Transaction Code: 37 (General (non-Tcl) Error)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:46:00
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
{ERR {Status 1} {Hits 0} {Received 0} {Set Default}} {No matching records fo
und}
============= Transaction # 33 ==============================================
Transaction #: 33 Transaction Code: 8 (Mixed Bool./Dir. Rank Search)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 15:46:21
Rec. Format: Short Time Cmd Complete: 16:00:00
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 1 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 7 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
zfind "(topic @ {tropical storms storm hurricanes typhoons damage}) and (top
ic {1980})"
============= Transaction # 34 ==============================================
Transaction #: 34 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:46:25
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 210 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 35 ==============================================
Transaction #: 35 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:46:33
Selec. Rec. #: 1
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT911-1725
_AN-BECBBACPFT
9105
03
FT 03 MAY 91 / FT Law Report: Arbitrators cannot hear
claim
By RACHEL DAVIES, Barrister
WORLD ERA
Queen's Bench Division (Commercial Court): Mr Justice Hobhouse: Ma
rch 27
1991
AN ARBITRATOR'S jurisdiction on a reference asserting loss to ch
arterers in
their own right by shipowners' breach of charterparty, is limite
d to that
cause of action; and he therefore has no jurisdiction to hear an a
mended
claim arising out of a different cause of action in that the chartere
rs
claim as agents for loss suffered by their principals as a result of the
same breach.
Mr Justice Hobhouse so held when making a limited declaration i
n favour of
the plaintiffs, Leif Heogh and Co A/S, disponent owners of World
Era, that
arbitrators on a claim by the defendant charterers, Petrolsea Inc
, had no
jurisdiction to hear amendments to the Points of Claim in so far as
Petrolsea claimed as agents for an undisclosed principal. He rejected the
p
laintiffs' claim that the arbitrators had no jurisdiction on the ground
that
the amendments were time-barred.
HIS LORDSHIP said that a tanker voyage cha
rterparty dated October 24 1980
between disponent owners of World Era and th
e charterers, was one of a tier
of charterparties.
The actual owners had cha
rtered the vessel to the disponent owners on terms
similar to those between
the disponent owners and the charterers. The
charterers subchartered the ves
sel on back to back terms. The charterers and
sub-charterers were both subsi
diaries of companies in the Marc Rich & Co AG
group.
In November 1980 the ve
ssel loaded cargo at two Gulf ports for carriage to
ports in Italy and Sardi
nia, issuing bills of lading naming those discharge
ports. After the vessel
had sailed, the charterers ordered the vessel to
discharge at Durban in Sout
h Africa. They contended that under their
charterparty with the disponent ow
ners they were entitled to give that
order.
The disponent owners passed on t
he order to the head owners who refused to
accept it, and the disponent owne
rs passed that refusal back to the
charterers.
The upshot was that the cargo
was eventually discharged at Bonaire in the
Caribbean.
The charterers said
that certain expenses had been incurred in supplying
substitute cargo to Sou
th African purchasers.
In 1981 arbitrators were appointed in respect of a cl
aim by the charterers
against the disponent owners for damages for breach of
the charterparty in
refusing the order to discharge in South Africa.
Points
of Claim were served in November 1984. They described the arbitration
as be
tween charterers as claimants and disponent owners as respondents; and
refer
red to the charterparty an agreement between claimant charterers and
respond
ent disponent owners.
It was pleaded that by reason of the disponent owners'
breach of charter in
refusing to discharge at Durban, the claimants had suf
fered loss and damage
and/or had incurred liability to indemnify the sub-cha
rterers.
The claim amounted to about Dollars 4,784.
The disponent owners rai
sed defences and counterclaims.
In preparing their case as the years passed
by, it occurred to those acting
for the charterers that they might have diff
iculty in substantiating and
proving their claim as alleged. The charterers
discovered after all that
time that they had not been contracting on their o
wn behalf but on behalf of
Marc Rich, a fact not previously disclosed. In Ma
rch 1990 they sent the
disponent owners draft amended Points of Claim.
The a
mendments did not seek to alter the parties to the arbitration. They
remaine
d charterers as claimants and disponent owners as respondents. They
did not
alter the previous allegations with regard to the charterparty and
the parti
es to it.
However, they added an allegation that 'the charterparty was made
by the
claimants as agents for undisclosed principals, Marc Rich'.
The damag
es claim was recast. It was alleged that the claimants 'and/or
their princip
als Marc Rich' had suffered loss and damage and/or the
claimants had incurre
d a liability to indemnify the sub-charterers 'and/or
Marc Rich' in respect
of loss and damage suffered by them.
All the previous particulars were delet
ed. Allegations were substituted
regarding Marc Rich's liabilities to a Sout
h African company, and the agency
relationship. The final particular alleged
in the alternative that if,
contrary to the claimant's case, the claimants
were not agents for Marc
Rich, they were principals and the loss was suffere
d by them as such.
On the present originating summons the disponent owners a
sked for a
declaration that the arbitrators had no jurisdiction to hear the
amendments,
on the ground that they were outside the terms of the reference
to
arbitration, or were time-barred.
Section 5 of the Limitation Act 1980, a
nd its predecessor in the 1939 Act,
provided that an action founded on simpl
e contract should not be brought
after six years from when the cause of acti
on accrued.
By section 34(3) an arbitration commenced where the appropriate
steps to
appoint, or to require the appointment of an arbitrator had been ca
rried
out.
The character of the time limit did not go to jurisdiction. It me
rely
provided a defence to the claim. If the defence was disputed, as it was
here, the arbitrators must decide it.
It followed that in so far as the att
ack on jurisdiction was founded on time
bar, it was misconceived and must fa
il.
The disponent owners accepted that all the matters now within the amende
d
Points of Claim could have been referred to arbitration by the charterers
in
1981. They said they were not so referred.
The cause of action on which t
he charterers relied in 1981 when referring
the dispute to arbitration and a
ppointing their arbitrator, was the
disponent owners' alleged breach of char
ter in declining to deliver in South
Africa.
That was the original cause of
action, in respect of which the arbitrators
were appointed. Subject to one p
oint it remained the cause of action which
the charterers sought to enforce.
No new breach of charterparty was alleged
or relied on.
That was sufficient
to dispose of most of the points on which the disponent
owners relied in th
eir attack on jurisdiction.
But, in one respect the charterers, although sti
ll putting themselves
forward as the only claimant in the arbitration, did p
urport to raise a new
or different cause of action.
That was the allegation
that they were entitled to recover not only in their
own right, but in right
of Marc Rich.
In the clause pleading loss and damage, in so far as the char
terers alleged
that they had incurred liability to indemnify the sub-charter
ers and/or Marc
Rich, those were matters properly pleaded and relevant to th
eir claim.
In so far as they also alleged that 'their principals, Marc Rich'
had
suffered loss and damage, the charterers were going beyond what they co
uld
claim by their asserted cause of action.
To recover in the right of anot
her was to assert a cause of action of that
other person. Such cause of acti
on had not been referred to prior to
delivery of the draft amendments in 199
0.
On the face of it it was a new cause of action not included in the origin
al
reference.
The only entity that had claimed arbitration and referred its
claim to the
arbitrators was the charterers.
Marc Rich chose not to make a r
eference. All it had done was to cause its
agents, the charterers, to claim
in the right of Marc Rich. That was not
permissible within the existing refe
rence. In the absence of a further
reference, that claim must be excluded.
O
nce one had identified that a claim in the right of Marc Rich was not
within
the reference, questions of the extent of recovery to which the
charterers
were entitled in their own right, fell within the arbitrators'
jurisdiction.
In so far as the amended Points of Claim alleged that the charterers were
c
ontracting agents for undisclosed principals, that the principals suffered
l
oss and damage, and that the charterers were entitled to recover damages in
the right of the sub-charterers and Marc Rich, they made claims and raised
d
isputes which had not been referred and which the arbitrators did not have
j
urisdiction to decide.
For the plaintiff disponent owners: Bernard Eder QC a
nd John Lockey
(Sinclairs).
For the defendant charterers: Michael Howard QC
and Nigel Meeson (Clyde &
Co).
The Financial Times
London Page 29
============= Transaction # 36 ==============================================
Transaction #: 36 Transaction Code: 8 (Mixed Bool./Dir. Rank Search)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 15:47:05
Rec. Format: Short Time Cmd Complete: 16:00:00
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 1 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: Yes Used?: No Used?: No
# Keywords: 7 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
zfind "(topic @ {tropical storms storm hurricanes typhoons damage}) and (top
ic {1980})"
============= Transaction # 37 ==============================================
Transaction #: 37 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:47:08
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 210 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 38 ==============================================
Transaction #: 38 Transaction Code: 8 (Mixed Bool./Dir. Rank Search)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 15:47:39
Rec. Format: Short Time Cmd Complete: 16:00:00
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 1 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: Yes Used?: No Used?: No
# Keywords: 7 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
zfind "(topic @ {tropical storms storm hurricanes typhoons damage}) not (top
ic {andrew})"
============= Transaction # 39 ==============================================
Transaction #: 39 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:47:42
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 10500 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 40 ==============================================
Transaction #: 40 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:48:00
Selec. Rec. #: 6
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT943-1514
_AN-EIWEEAFMFT
9409
23
FT 23 SEP 94 / UK Company News: Geest warns of second
half loss - Shares fall as damage to banana production takes toll
By DAVID BLACKWELL
The aftermath of the trop
ical storm that severely damaged banana production
in the Windward Islands w
ill push Geest, the fresh and chilled food group,
into the red in the second
half.
Shares fell 30p to 190p yesterday following the warning from Mr David
Sugden, chief executive, who presented a strong set of interim results.
Pre
-tax profits rose from Pounds 3m to Pounds 17.9m for the six months to
July
2 on turnover ahead at Pounds 353.8m (Pounds 332.7m).
'The business has been
performing well, but is overshadowed by considerable
uncertainty,' said Mr
Sugden, referring to the European Commission's laxity
in responding to the c
ompany's plea for permission to purchase replacement
bananas in Latin Americ
a.
The EC banana management committee failed to agree on Wednesday on measur
es
that would allow Geest to purchase alternative bananas from Latin America
under the EC quota system. The committee does not meet again until October
5.
Tropical Storm Debbie hit the Windward Islands earlier this month, causin
g
extensive flooding around St Lucia and damage to roads and bridges. Geest,
which is under contract to ship all the islands' bananas, estimates that
ou
tput will be 40 per cent down.
Last week the first ship to arrive since the
storm was half full. The
company is expecting to load only 2,400 tonnes a we
ek, compared with a
normal load of 4,000 tonnes.
The first half, however, sh
owed the company recovering from the
uncertainties surrounding the EC banana
regime, introduced last July, as
well as an attack of disease on its Costa
Rican plantations, which left it
Pounds 5.4m in the red at the end of last y
ear. Operating profits in the
fresh produce division improved from Pounds 2m
to Pounds 15m on sales of
Pounds 285.6m (Pounds 276.5m).
The food preparati
on division, which supplies chilled salads and other
products, lifted operat
ing profits from Pounds 3.3m to Pounds 4.2m on sales
of Pounds 66.6m (Pounds
54.4m).
The result this time included an exceptional gain of Pounds 2.5m fr
om a
disposal. Net interest payable rose from Pounds 500,000 to Pounds 3.2m.
Earnings per share were 18.9p (2.7p). The interim dividend is unchanged at
3.7p.
COMMENT
While the problems of disease in Costa Rica appear to have gon
e away,
Geest's troubles with the European Commission and the banana regime
are not
over yet, thanks to Tropical Storm Debbie. In spite of its successfu
l
efforts to boost its food preparation division, the group remains vulnerab
le
to the banana industry, which is highly political and subject to natural
disaster. It has also only two main areas of supply, leaving it looking
infl
exible beside companies that source more widely. Adding to its problems
is g
earing of more than 100 per cent. Best guesses at this year's final
outcome
seem to be around Pounds 9m of profits - better than last year but a
far cry
from 1991's Pounds 26.2m.
See Commodities
Companies:-
Geest.
Countries:-
GBZ United Kingdom, EC.
Industries:-
P5148 Fresh Fruits and Vegetables.
Types
:-
FIN Interim results.
CMMT Comment & Analysis.
MKTS P
roduction.
The Financial Times
London Page 28
============= Transaction # 41 ==============================================
Transaction #: 41 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:48:19
Selec. Rec. #: 7
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT932-7277
_AN-DEYCHACEFT
9305
25
FT 25 MAY 93 / Insurers told to cut storm cover
By RICHARD LAPPER
INSURERS could come un
der pressure to reduce cover for storm damage to
homes, a conference on glob
al warming and catastrophic weather losses was
told yesterday.
Mr Jeremy Hin
dle, a senior underwriter with Swiss Re, the world's second
largest reinsura
nce company, said that the excess (the amount a policyholder
pays of any cla
im) on household buildings policies 'must be raised to Pounds
250 immediatel
y, with a move to Pounds 1,000 being the target.'
Swiss Re is one of a numbe
r of reinsurers providing cover to UK insurers.
Insurers have introduced hig
her excesses for subsidence but for most claims
householders pay a compulsor
y excess of about Pounds 50. Some insurers offer
lower premiums for customer
s who choose to take a higher excess.
Household insurance premiums have rise
n in recent years, partly reflecting
steep rises in rates charged by reinsur
ers to insurance companies.
Mr Hindle told the conference, organised by envi
ronmental pressure group
Greenpeace, that changes in terms and conditions of
buildings policies were
needed to reduce exposure to storm damage.
Reinsure
rs have put the UK in the list of five international regions most
exposed to
catastrophic weather or earthquake risk, after two of the
costliest storms
on record in the past six years.
But he said reinsurers could also press for
further changes. Insurers could
restrict coverage to a percentage of the su
m insured in some areas or follow
the example of insurers in the Virgin Isla
nds - badly hit by hurricane Hugo
in 1989 - where excesses are a percentage
of the property's value.
AA Insurance, one of the UK's biggest brokers, crit
icised the move to raise
excesses. Mr Noel Privett, AA head of information,
said such it would
represent 'a huge overreaction. A more creative solution
is called for'.
Countries:-
GBZ United Kingdom, EC.
Industries:-
P6331 Fire, Marine, and Casualty Insurance
.
Types:-
NEWS General News.
The Financial
Times
London Page 12
============= Transaction # 42 ==============================================
Transaction #: 42 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:48:46
Selec. Rec. #: 9
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT933-6576
_AN-DH0CBAAAFT
9308
27
FT 27 AUG 93 / World News in Brief: Tokyo under typho
on threat
Storm warnings were issued in central Japan abo
ut Typhoon Vernon, which
weather experts said could hit land near Tokyo toda
y with winds of 79mph.
Countries:-
JPZ Japan, Asia.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
RES Natural resources.
The Financial Time
s
London Page 1
============= Transaction # 43 ==============================================
Transaction #: 43 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:49:16
Selec. Rec. #: 9
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT933-6576
_AN-DH0CBAAAFT
9308
27
FT 27 AUG 93 / World News in Brief: Tokyo under typho
on threat
Storm warnings were issued in central Japan abo
ut Typhoon Vernon, which
weather experts said could hit land near Tokyo toda
y with winds of 79mph.
Countries:-
JPZ Japan, Asia.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
RES Natural resources.
The Financial Time
s
London Page 1
============= Transaction # 44 ==============================================
Transaction #: 44 Transaction Code: 8 (Mixed Bool./Dir. Rank Search)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 15:49:40
Rec. Format: Short Time Cmd Complete: 16:00:00
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 1 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 7 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
zfind "(topic @ {tropical storms storm hurricanes typhoons damage}) not (top
ic {vernon})"
============= Transaction # 45 ==============================================
Transaction #: 45 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:49:43
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 11339 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 46 ==============================================
Transaction #: 46 Transaction Code: 8 (Mixed Bool./Dir. Rank Search)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 15:49:55
Rec. Format: Short Time Cmd Complete: 16:00:00
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 1 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 2 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
zfind "(topic @ {vernon}) not (topic {vernon})"
============= Transaction # 47 ==============================================
Transaction #: 47 Transaction Code: 37 (General (non-Tcl) Error)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:49:56
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
{ERR {Status 1} {Hits 0} {Received 0} {Set Default}} {No matching records fo
und}
============= Transaction # 48 ==============================================
Transaction #: 48 Transaction Code: 8 (Mixed Bool./Dir. Rank Search)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 15:50:31
Rec. Format: Short Time Cmd Complete: 16:00:00
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 1 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 5 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
zfind "(topic @ {storm hurricanes typhoons damage}) not (topic {vernon})"
============= Transaction # 49 ==============================================
Transaction #: 49 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:50:34
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 10963 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 50 ==============================================
Transaction #: 50 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:50:38
Selec. Rec. #: 1
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT944-12299
_AN-EKBD9AC3FT
941
102
FT 02 NOV 94 / Business and the Environment: Insurer
s in a storm
By NANCY DUNNE
Fifteen
catastrophic hurricanes, floods and storms cost worldwide insurers
more tha
n Dollars 80bn (Pounds 50bn) since a period of weather extremes set
in five
years ago, according to an article in the latest World Watch
Institute's jou
rnal.
In 1992, Hurricane Andrew struck Florida and set a new record for dama
ges at
Dollars 25bn. The Mississippi floods in 1993 cost Dollars 12bn. Europ
e was
hit by four severe windstorms in 1990 which accumulated damages of Dol
lars
10bn. Japan was struck in 1991 by Typhoon Mireille with nearly Dollars
5bn
in damages.
As the damages mount, insurers have begun to take seriously
the global
warming theory advanced by many scientists. The fear is that the
warming,
spurred by 'greenhouse gases', produced by fossil fuels, could seri
ously
disrupt the world's atmospheric and oceanic systems.
Lack of agreement
in the scientific community has made the insurers wary.
But their interest
is being applauded by environmentalists who see the
insurers as a potential
counterweight to the power of the oil and coal
interests in the global warmi
ng debate.
Christopher Flavin, author of the World Watch article, is urging
the
insurers to enter the struggle over climate policy. 'Few industries are
capable of doing battle with the likes of the fossil fuel lobby. But the
ins
urance industry is,' he says. 'On a worldwide basis the two are of
roughly c
omparable size and potential political clout.'
The insurance industry could,
for example, push government to tighten energy
efficiency rules for new bui
ldings. It could actively lobby for a stronger
global climate pact.
It could
also use its investment capacity. 'If they (companies) were to dump
some of
their stocks in oil and coal companies or actively invest some of
their fun
ds in new, less carbon-intensive energy technologies (forming a
sort of clim
ate venture fund), insurance companies could spur the
development of a less
threatening energy system,' says Flavin.
Unless the industry begins to use i
ts clout in the struggle over climate
policy, its future 'is likely to be st
ormy indeed', said Flavin.
Countries:-
XAZ World.
Industries:-
P6331 Fire, Marine, and Casualty Insurance.
P951 Environmental Quality.
Types:-
CMMT Comment
& Analysis.
The Financial Times
London Page 18
============= Transaction # 51 ==============================================
Transaction #: 51 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:50:50
Selec. Rec. #: 2
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT931-7520
_AN-DBXCKACQFT
9302
24
FT 24 FEB 93 / Business and the Environment: Weather
wise - Typhoons, hurricanes and the threat of global warming are pushing up
insurance rates
By RICHARD LAPPER and BRONWEN MADDOX
'WE GET zapped every five minutes,' says Richard Keeling,
underwriter with
Lloyd's syndicate 362, reviewing the impact of recent hurri
canes, gales and
typhoons on the London insurance market.
Recent storms, eac
h more damaging than the last, culminated in last year's
hurricane Andrew, w
hich devastated parts of Louisiana and Florida and caused
losses estimated t
o be at least Dollars 16bn and perhaps as much as Dollars
20bn (Pounds 14bn)
, the United States's biggest-ever insured loss.
That has triggered tough ba
rgaining in the London insurance market and one
of the hardest 'renewal' sea
sons, as reinsurers seek to impose big rate
increases.
Most significantly, i
n a move that could lead to higher insurance rates for
many years, insurers
are also beginning to ask whether recent storms are a
sign of global warming
or other long-term shifts in weather patterns. The
question has led to an u
nlikely convergence with environmental pressure
groups such as Greenpeace, w
hich last month published a long report
welcoming insurers' alertness to the
risk.
In the recent round of negotiations, brokers buying cover for US clie
nts -
who have avoided heavy increases in recent years - have found the goin
g
toughest.
However, across the board, direct insurers are now paying more f
or their
reinsurance. Keeling says that since October 1987, reinsurance rate
s have
increased by 650 per cent for European insurers, 450 per cent for US
buyers
and by 1,000 per cent for Japanese companies.
The increases partly re
flect reinsurers' efforts to restore profitability
after heavy losses from w
eather and from other disasters such as the 1988
Piper Alpha oil rig explosi
on and the Exxon Valdez oil spill the following
year.
Both Swiss Re and Muni
ch Re, the world's two biggest reinsurers, have seen
profits dented and have
been forced to draw deep into their reserves to meet
claims, especially fro
m the European storms of 1990. Many smaller reinsurers
have withdrawn from t
he market. More than a third of Lloyd's Names and
nearly half the syndicates
have left the market since 1989. As competition
for business has dwindled,
bigger players have found it easier to force
through rate increases.
Underwr
iters are also now beginning to take a deeper look at the risk of
storm dama
ge. They recognise that denser population in potentially exposed
regions, su
ch as the south-eastern coast of the US, is partly responsible
for the rise
in losses. 'Windstorm' cover has also become a more common
element of househ
olders' policies over the last two decades in most
countries.
And increasing
ly many are questioning whether the recent increases in land
and sea tempera
tures are leading to greater atmospheric instability and more
frequent and i
ntense winds. Scientists have warned for several years that
gases such as ca
rbon dioxide, emitted from burning fossil fuels, could cause
global warming.
The United Nation's Intergovernmental Panel on Climate Change, set up to
in
vestigate the phenomenon, has suggested the average increase could be
somewh
ere between 1.5'C and 3.5'C over the next 100 years.
However, scientists hav
e emphasised there is still uncertainty about the
processes involved - the m
odels find it hard to take account of clouds,
which could slow down warming.
They also say it is impossible to conclude
from recent storms and warm summ
ers that climate change is already
happening.
Despite scientific uncertainty
, insurers feel they need to protect
themselves. Walter Kielholz, general ma
nager of Swiss Re, one of the first
insurance companies to question whether
global warming could be responsible
for worsening weather, agrees that 'the
statistical data is too short to
conclusively prove that there is a trend'.
But he adds: 'It might just be a
hiccup but we can't afford to wait for the
long-term before taking action.'
Research commissioned by Keeling and severa
l other Lloyd's underwriters by
the University of East Anglia's climatology
department also concludes: 'The
possibility that the trend (of more frequent
gales in north-western Europe)
is related to global warming cannot be rejec
ted.' Insurers should assume
that 'gale frequencies will remain at the level
of the 1980s' and could rise
further, the report says.
In Greenpeace's rece
nt study, the pressure group called for insurers to join
the lobby for limit
s on the emission of 'greenhouse gases'. Keeling
acknowledges: 'We have to d
o something constructive but the insurance
industry will never be a lobby. W
e are too diffused.'
Instead, as well as increasing rates insurers have begu
n to toughen the
terms of storm insurance. Kielholz says that since 1990 Swi
ss Re has begun
to isolate the risk of 'windstorm' from other exposures it u
nderwrites.
The group now likes to cover windstorm through an excess of loss
reinsurance
contract (in which the reinsurer covers a tranche of risk up to
a pre-set
limit) rather than by covering it alongside other risks as part o
f a
proportional reinsurance deal (in which the reinsurer accepts an agreed
percentage of exposure).
'Reinsurers have become more and more reluctant to
include windstorm in
proportional property treaties,' says Kielholz.
Reinsur
ers are also urging direct insurers to make policyholders pay the
first port
ion of any loss themselves, as an incentive to protect their
property agains
t storms. Householders would then be more likely to carry out
essential main
tenance and commercial customers to follow building codes more
strictly, the
y argue. During Hurricane Andrew many new buildings, especially
those with s
teel frames and metal casings, proved to be particularly
vulnerable to wind
damage, according to Swiss Re.
Higher rates and tougher terms are the insura
nce industry's perhaps
unsurprising response to recent storms and the potent
ial threat of global
warming.
The environmental movement has shown itself re
luctant to acknowledge
scientific doubts about climate change, while climato
logists - who might
stress that uncertainty - have few reasons to get involv
ed in debates on
insurance charges. Customers may have to hope the new highe
r rates help
preserve some of the financially weaker groups, and so preserve
competition
in the industry.
---------------------------------------------
--------------------
THE COST OF RECENT STORMS
---------
--------------------------------------------------------
Aug 1992 US
Cyclone Iniki Dollars 1.4bn
Aug 1992 US
Hurricane Andrew Dollars 20.0bn
Sep 1991 Japan Typhoon Mi
reille Dollars 4.8bn
Jul 1990 US Colorado storms Do
llars 1.0bn
Feb 1990 NW Europe Windstorm Wibke Dollars 1.3b
n
Feb 1990 NW Europe Windstorm Vivian Dollars 3.2bn
Feb 1990
NW Europe Windstorm Herta Dollars 1.3bn
Jan 1990 NW Europ
e Windstorm Daria Dollars 4.6bn
Sep 1989 US
Hurricane Hugo Dollars 5.8bn
Oct 1987 NW Europe Un-named wi
ndstorm Dollars 2.5bn
----------------------------------------------------
-------------
Source: Greenpeace
------------------------------------------
-----------------------
Countries:-
GBZ United Kingd
om, EC.
Industries:-
P6331 Fire, Marine, and Casualty I
nsurance.
P6411 Insurance Agents, Brokers, and Service.
Types
:-
RES Natural resources.
COSTS Costs & Prices.
MKTS Ma
rket data.
The Financial Times
London Page 14
============= Transaction # 52 ==============================================
Transaction #: 52 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:51:07
Selec. Rec. #: 6
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT923-6110
_AN-CH0BVADPFT
9208
26
FT 26 AUG 92 / Hurricane damage put at Dollars 20bn a
s 2m people told to leave homes
By MARTIN DICKSON an
d NORMA COHEN
NEW YORK, LONDON
DA
MAGE CAUSED by Hurricane Andrew could rise to Dollars 20bn, it was
estimated
yesterday, as one of the costliest US storms this century
threatened a furt
her devastating landfall near the city of New Orleans.
Government officials
in Louisiana, Mississippi and Texas yesterday advised
or ordered more than 2
m people to evacuate coastal areas.
The hurricane tore through southern Flor
ida early on Monday morning, causing
billions of dollars of property damage
and at least 12 deaths, and yesterday
was moving north-west across the Gulf
of Mexico with winds of about 140
miles an hour.
At least three people died
on Sunday when Hurricane Andrew crossed the
Bahamas.
Ms Kate Hale, director
of emergency services in Florida's Dade County, which
bore the brunt of the
storm, estimated that Andrew had already caused
Dollars 15bn to Dollars 20bn
(Pounds 7.5bn-Pounds 10bn) of damage.
However, insurance industry analysts
cautioned that it was too early to
assess the costs accurately. The US indus
try's Property Claims Service, the
official compiler of disaster losses, had
yet to compile a preliminary tally
of the Florida bill.
A hurricane warning
was in effect yesterday along 470 miles of Gulf coast
from Pascagoula, Miss
issippi, to Galvestone, Texas.
Several forecasting agencies suggested the li
keliest landfall was in central
Louisiana, to the west of New Orleans, possi
bly late last night or this
morning.
New Orleans, with a population of 1.6m,
is particularly vulnerable because
the city lies below sea level, has the M
ississippi River running through its
centre and a large lake immediately to
the north.
Much of America's oil refining industry is concentrated along coa
stal Texas
and Louisiana and several refineries were yesterday partially shu
t down.
These included British Petroleum's Belle Chasse plant in Louisiana.
In Florida, Andrew caused greatest havoc in a largely suburban swathe some
1
0-15 miles south of Miami. The town of Homestead, near the centre of the
sto
rm, was largely flattened, including a local air force base.
Miami's city ce
ntre escaped with relatively light damage. More than 24 hours
after the hurr
icane, some 825,000 households and businesses were still
without power.
The
brunt of insurance claims from the Florida storm will fall on the US
industr
y, and companies with a heavy local exposure include the State Farm
Group an
d the Allstate Insurance unit of Sears Roebuck. These are also the
leading p
roperty/casualty and home insurance groups in Louisiana, together
with Ameri
can International Group.
A spokesman for State Farm Insurance said he believ
ed the company had
roughly 20 per cent of the Florida market. The mutually-o
wned company has no
reinsurance. Its size has made obtaining reinsurance cov
er difficult and its
reserves, at about Dollars 24bn, have made it unnecessa
ry.
According to Balcombe Group, a UK-based claims adjustment firm, other
in
surers with large exposure in the hurricane-hit area are Hartford
Insurance,
Aetna and Travellers. Travellers said it had flown 50 claims
adjusters in t
o Florida late on Monday and was assessing losses. About 12
per cent of Trav
ellers' home insurance premium income came from Florida last
year, and 4.6 p
er cent of its commercial insurance premiums.
The last serious US hurricane,
Hugo, which struck South Carolina in 1989,
cost the industry Dollars 4.2bn
from insured losses, though estimates of the
total damage caused ranged betw
een Dollars 6bn and Dollars 10bn.
The Financial Times
London Page 14
============= Transaction # 53 ==============================================
Transaction #: 53 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:51:18
Selec. Rec. #: 7
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT944-17187
_AN-EJJD1ACJFT
941
010
FT 10 OCT 94 / Business Travel (Update): Typhoon hit
s Taiwan
Typhoon Seth, with winds of 107mph, struck Taiwa
n yesterday, leaving one
person dead. Four domestic airports in eastern Taiw
an were closed but
international airports stayed open.
A highway in eastern
Taiwan was closed following landslides. Officials were
considering whether t
o cancel today's National Day celebrations.
Seth is the sixth typhoon to hit
Taiwan since early July. Storms have killed
30 people and caused extensive
damage.
Countries:-
TWZ Taiwan, Asia.
Ind
ustries:-
P9511 Air, Water, and Solid Waste Management.
Types:-
NEWS General News.
The Financial Times
London Page 14
============= Transaction # 54 ==============================================
Transaction #: 54 Transaction Code: 19 (Record Selected)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:51:32
Selec. Rec. #: 7
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT944-17187
_AN-EJJD1ACJFT
941
010
FT 10 OCT 94 / Business Travel (Update): Typhoon hit
s Taiwan
Typhoon Seth, with winds of 107mph, struck Taiwa
n yesterday, leaving one
person dead. Four domestic airports in eastern Taiw
an were closed but
international airports stayed open.
A highway in eastern
Taiwan was closed following landslides. Officials were
considering whether t
o cancel today's National Day celebrations.
Seth is the sixth typhoon to hit
Taiwan since early July. Storms have killed
30 people and caused extensive
damage.
Countries:-
TWZ Taiwan, Asia.
Ind
ustries:-
P9511 Air, Water, and Solid Waste Management.
Types:-
NEWS General News.
The Financial Times
London Page 14
============= Transaction # 55 ==============================================
Transaction #: 55 Transaction Code: 22 (Record(s) Saved)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:51:33
Selec. Rec. #: 7
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT944-17187
_AN-EJJD1ACJFT
941
010
FT 10 OCT 94 / Business Travel (Update): Typhoon hit
s Taiwan
Typhoon Seth, with winds of 107mph, struck Taiwa
n yesterday, leaving one
person dead. Four domestic airports in eastern Taiw
an were closed but
international airports stayed open.
A highway in eastern
Taiwan was closed following landslides. Officials were
considering whether t
o cancel today's National Day celebrations.
Seth is the sixth typhoon to hit
Taiwan since early July. Storms have killed
30 people and caused extensive
damage.
Countries:-
TWZ Taiwan, Asia.
Ind
ustries:-
P9511 Air, Water, and Solid Waste Management.
Types:-
NEWS General News.
The Financial Times
London Page 14
============= Transaction # 56 ==============================================
Transaction #: 56 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:51:46
Selec. Rec. #: 5
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT931-3325
_AN-DCSB4AHPFT
9303
16
FT 16 MAR 93 / Winter storms kill over 100 in eastern
US
By NIKKI TAIT and LAURIE MORSE
NEW YORK, CHICAGO
BUSINESSES, commuters and home-o
wners along the eastern US seaboard
struggled to return to normality yesterd
ay after a winter storm left a trail
of devastation in its wake and cost up
to 115 lives.
In Florida, hard-hit by Hurricane Andrew last August, the stor
m system
spawned about 50 tornadoes; in the New Jersey, Connecticut and New
York
state region around 300,000 homes were left without electricity and up
to
17ins of snow were recorded.
In New York hundreds of motorists spent yest
erday morning digging parked
cars out from mountainous snow-drifts, many cre
ated by the weekend's
snow-ploughs.
East Coast airports were crowded with pe
ople trying to get away after being
stranded through the weekend, when the n
ation's air transport system
suffered one of its worst-ever disruptions.
Maj
or motorways were reopening yesterday, but many smaller roads remained
block
ed, with some travellers still snowbound.
Yesterday afternoon, A M Best, the
US rating agency which specialises in the
insurance sector, estimated that
the storm produced about Dollars 800m in
insured damages. However, some comp
anies said it was too soon to attach a
precise number to claims.
'We just do
n't know at this stage,' said Allstate, the large Illinois-based
insurer. Th
e American Insurance Association, whose property-claims division
provides in
dustry-wide estimates of catastrophe losses, also said it was
only just begi
nning to receive reports from member firms.
A M Best suggested the bulk of d
amage would come in the southeastern states
and central Florida. It estimate
d that the storm which hit the Northeast in
December was probably more damag
ing to that region. The December storm
caused more widespread flooding and c
oastal damage, and resulted in around
Dollars 650m of insured claims.
The la
test disaster comes after a run of heavy catastrophe losses for big US
prope
rty-casualty insurers and will exasperate the financial pressures on
the ind
ustry. The bomb blast under New York's World Trade Centre complex
this month
is estimated to have caused over Dollars 1bn in insured damages,
while Hurr
icane Andrew produced a record-breaking Dollars 16bn-worth of
claims.
In Flo
rida, high winds battered grapefruit and orange crops, and frosts on
Sunday
and yesterday caused scattered damage to the fragile flowers that
form next
year's harvest, according to Mr Bobby McKown, of Florida Citrus
Mutual, the
state's largest growers' organisation. The damage was 'minor' in
comparison
to storms and freezes that devastated Florida citrus in the
1980s, he said.
Storms lift sugar price, Commodities Page
Countries:-
USZ United States of America.
Industries:-
P6331 Fire
, Marine, and Casualty Insurance.
P99 Nonclassifiable Establishments.
Types:-
RES Natural resources.
INS Insurance.
The Financial Times
London Page 6
============= Transaction # 57 ==============================================
Transaction #: 57 Transaction Code: 6 (Direct Rank Search)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 15:52:21
Rec. Format: Short Time Cmd Complete: 16:00:00
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 6 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
zfind "(topic @ {storm hurricanes typhoons damage insurers list})"
============= Transaction # 58 ==============================================
Transaction #: 58 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:52:27
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 33892 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 59 ==============================================
Transaction #: 59 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:52:33
Selec. Rec. #: 1
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT944-12299
_AN-EKBD9AC3FT
941
102
FT 02 NOV 94 / Business and the Environment: Insurer
s in a storm
By NANCY DUNNE
Fifteen
catastrophic hurricanes, floods and storms cost worldwide insurers
more tha
n Dollars 80bn (Pounds 50bn) since a period of weather extremes set
in five
years ago, according to an article in the latest World Watch
Institute's jou
rnal.
In 1992, Hurricane Andrew struck Florida and set a new record for dama
ges at
Dollars 25bn. The Mississippi floods in 1993 cost Dollars 12bn. Europ
e was
hit by four severe windstorms in 1990 which accumulated damages of Dol
lars
10bn. Japan was struck in 1991 by Typhoon Mireille with nearly Dollars
5bn
in damages.
As the damages mount, insurers have begun to take seriously
the global
warming theory advanced by many scientists. The fear is that the
warming,
spurred by 'greenhouse gases', produced by fossil fuels, could seri
ously
disrupt the world's atmospheric and oceanic systems.
Lack of agreement
in the scientific community has made the insurers wary.
But their interest
is being applauded by environmentalists who see the
insurers as a potential
counterweight to the power of the oil and coal
interests in the global warmi
ng debate.
Christopher Flavin, author of the World Watch article, is urging
the
insurers to enter the struggle over climate policy. 'Few industries are
capable of doing battle with the likes of the fossil fuel lobby. But the
ins
urance industry is,' he says. 'On a worldwide basis the two are of
roughly c
omparable size and potential political clout.'
The insurance industry could,
for example, push government to tighten energy
efficiency rules for new bui
ldings. It could actively lobby for a stronger
global climate pact.
It could
also use its investment capacity. 'If they (companies) were to dump
some of
their stocks in oil and coal companies or actively invest some of
their fun
ds in new, less carbon-intensive energy technologies (forming a
sort of clim
ate venture fund), insurance companies could spur the
development of a less
threatening energy system,' says Flavin.
Unless the industry begins to use i
ts clout in the struggle over climate
policy, its future 'is likely to be st
ormy indeed', said Flavin.
Countries:-
XAZ World.
Industries:-
P6331 Fire, Marine, and Casualty Insurance.
P951 Environmental Quality.
Types:-
CMMT Comment
& Analysis.
The Financial Times
London Page 18
============= Transaction # 60 ==============================================
Transaction #: 60 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:52:50
Selec. Rec. #: 2
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT932-7277
_AN-DEYCHACEFT
9305
25
FT 25 MAY 93 / Insurers told to cut storm cover
By RICHARD LAPPER
INSURERS could come un
der pressure to reduce cover for storm damage to
homes, a conference on glob
al warming and catastrophic weather losses was
told yesterday.
Mr Jeremy Hin
dle, a senior underwriter with Swiss Re, the world's second
largest reinsura
nce company, said that the excess (the amount a policyholder
pays of any cla
im) on household buildings policies 'must be raised to Pounds
250 immediatel
y, with a move to Pounds 1,000 being the target.'
Swiss Re is one of a numbe
r of reinsurers providing cover to UK insurers.
Insurers have introduced hig
her excesses for subsidence but for most claims
householders pay a compulsor
y excess of about Pounds 50. Some insurers offer
lower premiums for customer
s who choose to take a higher excess.
Household insurance premiums have rise
n in recent years, partly reflecting
steep rises in rates charged by reinsur
ers to insurance companies.
Mr Hindle told the conference, organised by envi
ronmental pressure group
Greenpeace, that changes in terms and conditions of
buildings policies were
needed to reduce exposure to storm damage.
Reinsure
rs have put the UK in the list of five international regions most
exposed to
catastrophic weather or earthquake risk, after two of the
costliest storms
on record in the past six years.
But he said reinsurers could also press for
further changes. Insurers could
restrict coverage to a percentage of the su
m insured in some areas or follow
the example of insurers in the Virgin Isla
nds - badly hit by hurricane Hugo
in 1989 - where excesses are a percentage
of the property's value.
AA Insurance, one of the UK's biggest brokers, crit
icised the move to raise
excesses. Mr Noel Privett, AA head of information,
said such it would
represent 'a huge overreaction. A more creative solution
is called for'.
Countries:-
GBZ United Kingdom, EC.
Industries:-
P6331 Fire, Marine, and Casualty Insurance
.
Types:-
NEWS General News.
The Financial
Times
London Page 12
============= Transaction # 61 ==============================================
Transaction #: 61 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:52:54
Selec. Rec. #: 3
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT923-6038
_AN-CH1BVABKFT
9208
27
FT 27 AUG 92 / Hurricane batters southern US but lets
insurers off lightly
By MARTIN DICKSON and ROBERT P
ESTON
NEW YORK, LONDON
HURRICANE
Andrew, claimed to be the costliest natural disaster in US
history, yesterda
y smashed its way through the state of Louisiana,
inflicting severe damage o
n rural communities but narrowly missing the
low-lying city of New Orleans.
The storm, which brought havoc to southern Florida on Monday and then headed
north-west across the Gulf of Mexico, had made landfall late on Tuesday
nig
ht some 60 miles south-west of the city in the agricultural Cajun
country.
A
lthough the damage from the hurricane's landfall in Florida on Monday was
mu
ch greater than initially esti mated, insurers' losses there are likely to
t
otal less than Dollars 1bn, well below earlier expectations, a senior
member
of Lloyd's insurance market said yesterday.
In Louisiana, the hurricane lan
ded with wind speeds of about 120 miles per
hour and caused severe damage in
small coastal centres such as Morgan City,
Franklin and New Iberia. Associa
ted tornadoes devastated Laplace, 20 miles
west of New Orleans.
Then, howeve
r, Andrew lost force as it moved north over land. By yesterday
afternoon, it
had been down-graded to tropical storm, in that its sustained
windspeeds we
re below 75 mph.
Initial reports said at least one person had died, 75 been
injured and
thousands made homeless along the Louisiana coast, after 14 conf
irmed deaths
in Florida and three in the Bahamas.
The storm caused little da
mage to Louisiana's important oil-refining
industry, although some plants ha
d to halt production when electricity was
cut.
The Lloyd's member, in close
contact with leading insurers in Florida, said
that damage to insured proper
ty was remarkably small. More than Dollars 15bn
of damage may have been caus
ed in all, but was mostly to uninsured property,
he said.
In north Miami, da
mage is minimal. Worst affected is one hotel, whose
basement was flooded. Mo
st of the destruction occurred in a 10-mile band
across Homestead, 25 miles
to the south of Miami, where a typical house
sells for Dollars 100,000 to Do
llars 150,000. US insurers will face a bill
in respect of such properties, b
ut Lloyd's exposure there is minimal.
Many destroyed power lines are thought
to be uninsured, as are trees and
shrubs uprooted across a wide area. Only
one big hotel in that area has been
badly damaged, a Holiday Inn.
Across Flo
rida, some 2m people remained without electric ity yesterday and
health offi
cials were warning the public to boil or chemically treat all
water.
Hurrica
ne Hugo, which devastated much of South Carolina in 1989, cost the
insurance
industry some Dollars 4.2bn. Further uninsured losses may have
raised the t
otal to Dollars 6bn-Dollars 10bn.
The Financial Times
London Page 6
============= Transaction # 62 ==============================================
Transaction #: 62 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:53:11
Selec. Rec. #: 4
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT923-4394
_AN-CIGBWADKFT
9209
07
FT 07 SEP 92 / Survey of Reinsurance (7): Storm warni
ng for insurers / Examining the rising trend in catastrophe losses
By SIMON REYNOLDS
KLAUS CONRAD, a member of
Munich Re's board of management, advises insurers:
'Beware of a catastrophe
reinsurer who asks no questions . . . who does not
ask to be paid a fair pri
ce for his goods and services; they may turn out to
be worthless.' This is s
ound advice: many reinsurers who did not ask
questions or a fair price have
in recent years been hit by the rising trend
in catastrophe losses.
The comp
act but intense Hurricane Andrew, the first big storm of the 1992
Atlantic h
urricane season, is one more example of nature's destructive
potential. In i
ts recent review of 1991 catastrophe losses the large
international reinsure
r Swiss Re argues that 'the last five years have shown
a loss burden above t
he long-term trend, both in the natural catastrophe and
major man-made loss
sectors. If this development continues, the world
insurance system will face
a huge challenge.'
A similar review of natural catastrophes from Munich Re,
the world's largest
reinsurer, 'confirms a continuation in 1991 of the tren
d that has been
observed for more than 30 years: natural disasters are becom
ing more and
more costly,' in terms of overall economic loss and insured los
s.
Since the mid-1980s insured damage from natural catastrophes have far
out
stripped significant man-made losses. Typhoon Mireille which swept Japan
for
two days in September 1991 caused insured damage of Dollars 5.2bn - the
lar
gest insured loss from a single storm. For the third year a wind storm
produ
ced a Dollars 4bn plus loss, following Hurricane Hugo in September
1989, and
the storm Daria in western Europe in January 1990. Insured wind
storm damag
e throughout North America totalled more than Dollars 3bn in
1991, while a b
ush fire in California in October 1991 caused an insured loss
of Dollars 1.2
bn.
Looking at man-made catastrophe losses the trend is similar: more losses
costing more money. Swiss Re's survey argues that in totalling more than
Do
llars 3.2bn in 1991 'man-made insured damage is still clearly above the
long
-term average'. The biggest losses in this category were the sinking of
the
Sleipner A gas platform while still in Grandafjord off Stavanger, Norway
(in
sured loss Dollars 334.5m), and the fire during construction of the
London U
nderwriting Centre (Dollars 290m). The latter highlighted the
increasing ris
k of construction site losses developed countries.
According to Munich Re, i
nsurers' real claims burdens from natural disasters
in the decade to 1991 we
re eight times heavier than during the 1960s.
Figures from Swiss Re, show th
at total insured damage from natural disasters
and large man-made losses tog
ether bounced around between Dollars 2bn and
Dollars 6bn (at 1991 prices) be
tween 1970 and 1985. Since then the yearly
totals have been sharply higher:
reaching Dollars 14bn in 1889, Dollars 18bn
in 1990, Dollars 15bn in 1991.
T
hese figures are small in comparison with the overall Dollars 1,200bn taken
in premiums each year by insurers world-wide. However, the recent trend in
f
requency and value of catastrophe losses is of concern because of its
uncert
ainty. Is the trend going to be the norm for future years? And how far
will
the figures rise?
Piper Alpha was an old platform (169 people died in the 19
88 disaster and
the insured loss was Dollars 1.4bn) - the newer North Sea pl
atforms are
multi-billion dollar structures. Insurance market estimates of p
ossible
future natural catastrophe incidents make grim reading. A large eart
hquake
in Tokyo or San Francisco could lead to a Dollars 50-Dollars 100bn do
llar
loss. If a Hugo-intensity storm had landed farther north up the US east
coast in New York, the loss could have been twice that actually suffered.
A
ccording to Andrew Dlugolecki, chief manager operations at General
Accident,
there are many factors driving these trends of rising cost and
frequency. O
ne significant factor may be that the weather trends of the
1950s, 1960s and
1970s were milder than the long-term trend, and recent
storm developments a
re a return towards that longer-term trend. Other
factors raising catastroph
e losses include:
Increasing concentration of values: industries have tended
to build
increasingly expensive plant, of higher output, with greater produ
ct
inventory on site.
Increasing business interruption (B/I): more businesse
s are buying B/I
insurance cover, and B/I insured losses are rising at a fas
ter rate than
property losses. Larger, higher output plant take longer to re
build in the
event of a disaster.
New business practices: the development of
just-in-time (jit) techniques is
one facet of increasing dependencies betwe
en suppliers and customers. In
recognition of this more supplier/customer B/
I extensions to cover are being
purchased.
New construction techniques: fast
track and unitary methods mean a higher
percentage of high value finished f
ixtures and fittings are on site during
earlier stages of building construct
ion, possibly a time of raised risk from
fire. Increasing population density
: cities are becoming larger and, on
average, richer. If a natural disaster
hits, losses are increased. Much of
the loss from a large wind storm is acco
unted for by many, relatively small
claims from householders. New geographic
al areas: both industry and
populations are moving into increasingly risky a
reas, especially coastal
regions more susceptible to storms, storm surges, t
sunamis (huge sea waves).
Increasing insurance density: greater demand from
customers has led to more
insurance purchasing. It was easy to sell wind sto
rm cover in Europe after
the 1987 and 1990 storms. A corresponding push from
insurers selling cheaply
in a soft market added to the trend.
Changes in cl
imate: natural variation in climate alters the propensity for
climatic event
s. The jury is still out on global warming, but scientists
argue that if the
troposphere is warming, the earth's weather system will
contain more energy
leading to greater intensity of climatic events.
What is to be done? Mr Con
rad argues that 'private fortunes gathered over
generations, were lost by Ll
oyd's names, reinsurers mobilised their
emergency reserves, retrocessionaire
s started selling their nest eggs.
(Premiums) apparently had been too low, o
therwise one would not have lost in
five years, what it had taken 50 to coll
ect'. His solution is simple: a
return to insurance basics; premiums rates c
ommensurate with risk,
appropriate levels of deductibles, proper calculation
of probable and
possible catastrophe scenarios, proper loss prevention, los
s mitigation, and
accumulation control.
The Financial Times
London Page 30
============= Transaction # 63 ==============================================
Transaction #: 63 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:53:45
Selec. Rec. #: 5
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT931-7520
_AN-DBXCKACQFT
9302
24
FT 24 FEB 93 / Business and the Environment: Weather
wise - Typhoons, hurricanes and the threat of global warming are pushing up
insurance rates
By RICHARD LAPPER and BRONWEN MADDOX
'WE GET zapped every five minutes,' says Richard Keeling,
underwriter with
Lloyd's syndicate 362, reviewing the impact of recent hurri
canes, gales and
typhoons on the London insurance market.
Recent storms, eac
h more damaging than the last, culminated in last year's
hurricane Andrew, w
hich devastated parts of Louisiana and Florida and caused
losses estimated t
o be at least Dollars 16bn and perhaps as much as Dollars
20bn (Pounds 14bn)
, the United States's biggest-ever insured loss.
That has triggered tough ba
rgaining in the London insurance market and one
of the hardest 'renewal' sea
sons, as reinsurers seek to impose big rate
increases.
Most significantly, i
n a move that could lead to higher insurance rates for
many years, insurers
are also beginning to ask whether recent storms are a
sign of global warming
or other long-term shifts in weather patterns. The
question has led to an u
nlikely convergence with environmental pressure
groups such as Greenpeace, w
hich last month published a long report
welcoming insurers' alertness to the
risk.
In the recent round of negotiations, brokers buying cover for US clie
nts -
who have avoided heavy increases in recent years - have found the goin
g
toughest.
However, across the board, direct insurers are now paying more f
or their
reinsurance. Keeling says that since October 1987, reinsurance rate
s have
increased by 650 per cent for European insurers, 450 per cent for US
buyers
and by 1,000 per cent for Japanese companies.
The increases partly re
flect reinsurers' efforts to restore profitability
after heavy losses from w
eather and from other disasters such as the 1988
Piper Alpha oil rig explosi
on and the Exxon Valdez oil spill the following
year.
Both Swiss Re and Muni
ch Re, the world's two biggest reinsurers, have seen
profits dented and have
been forced to draw deep into their reserves to meet
claims, especially fro
m the European storms of 1990. Many smaller reinsurers
have withdrawn from t
he market. More than a third of Lloyd's Names and
nearly half the syndicates
have left the market since 1989. As competition
for business has dwindled,
bigger players have found it easier to force
through rate increases.
Underwr
iters are also now beginning to take a deeper look at the risk of
storm dama
ge. They recognise that denser population in potentially exposed
regions, su
ch as the south-eastern coast of the US, is partly responsible
for the rise
in losses. 'Windstorm' cover has also become a more common
element of househ
olders' policies over the last two decades in most
countries.
And increasing
ly many are questioning whether the recent increases in land
and sea tempera
tures are leading to greater atmospheric instability and more
frequent and i
ntense winds. Scientists have warned for several years that
gases such as ca
rbon dioxide, emitted from burning fossil fuels, could cause
global warming.
The United Nation's Intergovernmental Panel on Climate Change, set up to
in
vestigate the phenomenon, has suggested the average increase could be
somewh
ere between 1.5'C and 3.5'C over the next 100 years.
However, scientists hav
e emphasised there is still uncertainty about the
processes involved - the m
odels find it hard to take account of clouds,
which could slow down warming.
They also say it is impossible to conclude
from recent storms and warm summ
ers that climate change is already
happening.
Despite scientific uncertainty
, insurers feel they need to protect
themselves. Walter Kielholz, general ma
nager of Swiss Re, one of the first
insurance companies to question whether
global warming could be responsible
for worsening weather, agrees that 'the
statistical data is too short to
conclusively prove that there is a trend'.
But he adds: 'It might just be a
hiccup but we can't afford to wait for the
long-term before taking action.'
Research commissioned by Keeling and severa
l other Lloyd's underwriters by
the University of East Anglia's climatology
department also concludes: 'The
possibility that the trend (of more frequent
gales in north-western Europe)
is related to global warming cannot be rejec
ted.' Insurers should assume
that 'gale frequencies will remain at the level
of the 1980s' and could rise
further, the report says.
In Greenpeace's rece
nt study, the pressure group called for insurers to join
the lobby for limit
s on the emission of 'greenhouse gases'. Keeling
acknowledges: 'We have to d
o something constructive but the insurance
industry will never be a lobby. W
e are too diffused.'
Instead, as well as increasing rates insurers have begu
n to toughen the
terms of storm insurance. Kielholz says that since 1990 Swi
ss Re has begun
to isolate the risk of 'windstorm' from other exposures it u
nderwrites.
The group now likes to cover windstorm through an excess of loss
reinsurance
contract (in which the reinsurer covers a tranche of risk up to
a pre-set
limit) rather than by covering it alongside other risks as part o
f a
proportional reinsurance deal (in which the reinsurer accepts an agreed
percentage of exposure).
'Reinsurers have become more and more reluctant to
include windstorm in
proportional property treaties,' says Kielholz.
Reinsur
ers are also urging direct insurers to make policyholders pay the
first port
ion of any loss themselves, as an incentive to protect their
property agains
t storms. Householders would then be more likely to carry out
essential main
tenance and commercial customers to follow building codes more
strictly, the
y argue. During Hurricane Andrew many new buildings, especially
those with s
teel frames and metal casings, proved to be particularly
vulnerable to wind
damage, according to Swiss Re.
Higher rates and tougher terms are the insura
nce industry's perhaps
unsurprising response to recent storms and the potent
ial threat of global
warming.
The environmental movement has shown itself re
luctant to acknowledge
scientific doubts about climate change, while climato
logists - who might
stress that uncertainty - have few reasons to get involv
ed in debates on
insurance charges. Customers may have to hope the new highe
r rates help
preserve some of the financially weaker groups, and so preserve
competition
in the industry.
---------------------------------------------
--------------------
THE COST OF RECENT STORMS
---------
--------------------------------------------------------
Aug 1992 US
Cyclone Iniki Dollars 1.4bn
Aug 1992 US
Hurricane Andrew Dollars 20.0bn
Sep 1991 Japan Typhoon Mi
reille Dollars 4.8bn
Jul 1990 US Colorado storms Do
llars 1.0bn
Feb 1990 NW Europe Windstorm Wibke Dollars 1.3b
n
Feb 1990 NW Europe Windstorm Vivian Dollars 3.2bn
Feb 1990
NW Europe Windstorm Herta Dollars 1.3bn
Jan 1990 NW Europ
e Windstorm Daria Dollars 4.6bn
Sep 1989 US
Hurricane Hugo Dollars 5.8bn
Oct 1987 NW Europe Un-named wi
ndstorm Dollars 2.5bn
----------------------------------------------------
-------------
Source: Greenpeace
------------------------------------------
-----------------------
Countries:-
GBZ United Kingd
om, EC.
Industries:-
P6331 Fire, Marine, and Casualty I
nsurance.
P6411 Insurance Agents, Brokers, and Service.
Types
:-
RES Natural resources.
COSTS Costs & Prices.
MKTS Ma
rket data.
The Financial Times
London Page 14
============= Transaction # 64 ==============================================
Transaction #: 64 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:54:29
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 33892 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 65 ==============================================
Transaction #: 65 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:54:34
Selec. Rec. #: 12
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT944-9529
_AN-EKOENAFFFT
9411
15
FT 15 NOV 94 / International Company News: A listing
in the time of calamity - Hanover Re has a lot riding on its partial float <
/HEADLINE>
By ANDREW FISHER
The first stock mar
ket listing of a German reinsurance company for 33 years
-that of Hanover R
e, to raise DM530m (Dollars 353m) - comes at a time of
more frequent natural
disasters, higher premiums and a more selective
approach in the industry to
new business.
The issue is also one of the first with shares in nominal DM5
units instead
of the usual DM50. These are now allowed under regulations ai
med at
encouraging private investors to buy more shares. Next to Switzerland
,
shares in Germany are the most expensive in Europe.
With its sister compan
y, Eisen und Stahl Ruckversicherung, Hanover Re is
Germany's second largest
and the world's fifth largest reinsurance concern.
The new issue, in which 2
5 per cent of the capital is being sold, is the
seventh largest in Germany s
ince 1983.
Hanover Re and the issuing consortium, headed by Commerzbank, hop
e to
convince German and foreign investors that the company's policy of forg
oing
growth in premium income in high-risk areas and concentrating on
profit
ability will continue to pay off.
In deference to some analysts who thought
the issue price might be too high
for many investors, especially foreigners,
the voting shares are offered at
DM75 each for subscription from November 1
8 to 22. Some initial estimates
were nearer DM90.
Mr Erich Coenen, a Commerz
bank director, said yesterday the issue price was
attractive, both 'opticall
y' compared with the high price of other
reinsurance groups - Munich Re stoo
d at DM2,750 - and 'analytically': the
price-earnings ratio of 15.8 based on
expected 1995 earnings is well under
the German sector average.
With Eisen
und Stahl, which is more domestically-oriented than Hanover Re,
gross premiu
m income last year was DM5.3bn, a rise of 30 per cent. The
underwriting loss
fell to DM122m from DM263m and net profits shot up by
nearly 200 per cent t
o DM125m. Group investments totalled DM10.3bn.
Mr Michael Reischel, Hanover
Re's chief executive, does not expect growth to
be as spectacular this year
or next.
'We have grown enormously over the past three years,' he said. But
the group
had resisted the temptation to expand liability levels - risks are
simply
too high in certain areas. 'So we expect lower growth over the next
few
years. We are cutting back where necessary,' says Mr Reischel.
The messa
ge is the same as that last week from Munich Re, the world's
biggest reinsur
ance concern. Because disasters such as earthquakes, floods
and typhoons hav
e become more frequent, premiums have escalated. 'Assets are
more highly con
centrated,' said Mr Reischel. 'Fifteen years ago, Hurricane
Andrew in Florid
a would have caused a lot less damage.'
The hurricane was the largest disast
er, in terms of insured damage, to have
hit the industry. January's earthqua
ke near Los Angeles was the second
worst.
As an example of risk areas where
premiums have tended to rise steeply, Mr
Reischel cites Japan where Typhoon
Mireille caused heavy damage in 1991.
'The trend for natural disasters seems
to be on the rise,' says Mr Reischel.
More damage and more insurance payout
s are definitely to be expected.
Because the industry spreads its exposure i
nternationally, this trend
affects premiums in all sectors, not just those w
here the risk is severest.
'Insurance customers, whether private or corporat
e, have to pay more if they
want cover,' says Mr Reischel. 'The reinsurance
industry can't create money
by magic.'
In the five years to 1993, premiums p
aid for worldwide catastrophe risks
totalled nearly Dollars 20bn, says Mr He
rbert Haas, a director of Hanover
Re. Damage payouts totalled just over Doll
ars 18bn, but brokerage, interest
and other costs pushed this up to Dollars
25bn, leaving the industry with an
overall deficit.
Thus, many reinsurers an
d primary insurance companies have pulled out or
been forced out of the rein
surance business. Mr Reischel puts the figure at
more than 100 since 1990. N
ew reinsurance capacity is available from
Bermuda, but Mr Reischel sees this
as positive - 'since new investors are
only looking for returns, they will
hopefully prevent a rates war'.
Because it was founded as recently as 1966,
he says Hanover Re has been
spared some of the worst calamities, such as cla
ims on asbestos or pollution
liability. It has also kept out of the over-cro
wded London and Singapore
reinsurance markets. However, it is raising its pr
esence in Asia and
Australia, where growth is high.
The company has no acqui
sitions in mind after buying NRG Victory Australia
Life Reinsurance last yea
r.
Hanover Re will use its DM230m share of the issue proceeds to lift its 4
per
cent stake in Eisen und Stahl, with which it does business on a group ba
sis,
to a 53.9 per cent majority holding. The remainder will go to its paren
t,
Haftpflichtverband der Deutschen Industrie (HDI), a mutually-owned insure
r.
Companies:-
Hanover Reinsurance.
Countr
ies:-
DEZ Germany, EC.
Industries:-
P6331 Fi
re, Marine, and Casualty Insurance.
Types:-
CMMT Comme
nt & Analysis.
FIN Share issues.
The Financial Times
London Page 28
============= Transaction # 66 ==============================================
Transaction #: 66 Transaction Code: 8 (Mixed Bool./Dir. Rank Search)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 15:55:28
Rec. Format: Short Time Cmd Complete: 16:00:00
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
1 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 5 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
zfind "(topic @ {storm hurricanes typhoons damage}) not (title {taiwan})"
============= Transaction # 67 ==============================================
Transaction #: 67 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:55:31
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 10949 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 68 ==============================================
Transaction #: 68 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:56:05
Selec. Rec. #: 2
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT931-7520
_AN-DBXCKACQFT
9302
24
FT 24 FEB 93 / Business and the Environment: Weather
wise - Typhoons, hurricanes and the threat of global warming are pushing up
insurance rates
By RICHARD LAPPER and BRONWEN MADDOX
'WE GET zapped every five minutes,' says Richard Keeling,
underwriter with
Lloyd's syndicate 362, reviewing the impact of recent hurri
canes, gales and
typhoons on the London insurance market.
Recent storms, eac
h more damaging than the last, culminated in last year's
hurricane Andrew, w
hich devastated parts of Louisiana and Florida and caused
losses estimated t
o be at least Dollars 16bn and perhaps as much as Dollars
20bn (Pounds 14bn)
, the United States's biggest-ever insured loss.
That has triggered tough ba
rgaining in the London insurance market and one
of the hardest 'renewal' sea
sons, as reinsurers seek to impose big rate
increases.
Most significantly, i
n a move that could lead to higher insurance rates for
many years, insurers
are also beginning to ask whether recent storms are a
sign of global warming
or other long-term shifts in weather patterns. The
question has led to an u
nlikely convergence with environmental pressure
groups such as Greenpeace, w
hich last month published a long report
welcoming insurers' alertness to the
risk.
In the recent round of negotiations, brokers buying cover for US clie
nts -
who have avoided heavy increases in recent years - have found the goin
g
toughest.
However, across the board, direct insurers are now paying more f
or their
reinsurance. Keeling says that since October 1987, reinsurance rate
s have
increased by 650 per cent for European insurers, 450 per cent for US
buyers
and by 1,000 per cent for Japanese companies.
The increases partly re
flect reinsurers' efforts to restore profitability
after heavy losses from w
eather and from other disasters such as the 1988
Piper Alpha oil rig explosi
on and the Exxon Valdez oil spill the following
year.
Both Swiss Re and Muni
ch Re, the world's two biggest reinsurers, have seen
profits dented and have
been forced to draw deep into their reserves to meet
claims, especially fro
m the European storms of 1990. Many smaller reinsurers
have withdrawn from t
he market. More than a third of Lloyd's Names and
nearly half the syndicates
have left the market since 1989. As competition
for business has dwindled,
bigger players have found it easier to force
through rate increases.
Underwr
iters are also now beginning to take a deeper look at the risk of
storm dama
ge. They recognise that denser population in potentially exposed
regions, su
ch as the south-eastern coast of the US, is partly responsible
for the rise
in losses. 'Windstorm' cover has also become a more common
element of househ
olders' policies over the last two decades in most
countries.
And increasing
ly many are questioning whether the recent increases in land
and sea tempera
tures are leading to greater atmospheric instability and more
frequent and i
ntense winds. Scientists have warned for several years that
gases such as ca
rbon dioxide, emitted from burning fossil fuels, could cause
global warming.
The United Nation's Intergovernmental Panel on Climate Change, set up to
in
vestigate the phenomenon, has suggested the average increase could be
somewh
ere between 1.5'C and 3.5'C over the next 100 years.
However, scientists hav
e emphasised there is still uncertainty about the
processes involved - the m
odels find it hard to take account of clouds,
which could slow down warming.
They also say it is impossible to conclude
from recent storms and warm summ
ers that climate change is already
happening.
Despite scientific uncertainty
, insurers feel they need to protect
themselves. Walter Kielholz, general ma
nager of Swiss Re, one of the first
insurance companies to question whether
global warming could be responsible
for worsening weather, agrees that 'the
statistical data is too short to
conclusively prove that there is a trend'.
But he adds: 'It might just be a
hiccup but we can't afford to wait for the
long-term before taking action.'
Research commissioned by Keeling and severa
l other Lloyd's underwriters by
the University of East Anglia's climatology
department also concludes: 'The
possibility that the trend (of more frequent
gales in north-western Europe)
is related to global warming cannot be rejec
ted.' Insurers should assume
that 'gale frequencies will remain at the level
of the 1980s' and could rise
further, the report says.
In Greenpeace's rece
nt study, the pressure group called for insurers to join
the lobby for limit
s on the emission of 'greenhouse gases'. Keeling
acknowledges: 'We have to d
o something constructive but the insurance
industry will never be a lobby. W
e are too diffused.'
Instead, as well as increasing rates insurers have begu
n to toughen the
terms of storm insurance. Kielholz says that since 1990 Swi
ss Re has begun
to isolate the risk of 'windstorm' from other exposures it u
nderwrites.
The group now likes to cover windstorm through an excess of loss
reinsurance
contract (in which the reinsurer covers a tranche of risk up to
a pre-set
limit) rather than by covering it alongside other risks as part o
f a
proportional reinsurance deal (in which the reinsurer accepts an agreed
percentage of exposure).
'Reinsurers have become more and more reluctant to
include windstorm in
proportional property treaties,' says Kielholz.
Reinsur
ers are also urging direct insurers to make policyholders pay the
first port
ion of any loss themselves, as an incentive to protect their
property agains
t storms. Householders would then be more likely to carry out
essential main
tenance and commercial customers to follow building codes more
strictly, the
y argue. During Hurricane Andrew many new buildings, especially
those with s
teel frames and metal casings, proved to be particularly
vulnerable to wind
damage, according to Swiss Re.
Higher rates and tougher terms are the insura
nce industry's perhaps
unsurprising response to recent storms and the potent
ial threat of global
warming.
The environmental movement has shown itself re
luctant to acknowledge
scientific doubts about climate change, while climato
logists - who might
stress that uncertainty - have few reasons to get involv
ed in debates on
insurance charges. Customers may have to hope the new highe
r rates help
preserve some of the financially weaker groups, and so preserve
competition
in the industry.
---------------------------------------------
--------------------
THE COST OF RECENT STORMS
---------
--------------------------------------------------------
Aug 1992 US
Cyclone Iniki Dollars 1.4bn
Aug 1992 US
Hurricane Andrew Dollars 20.0bn
Sep 1991 Japan Typhoon Mi
reille Dollars 4.8bn
Jul 1990 US Colorado storms Do
llars 1.0bn
Feb 1990 NW Europe Windstorm Wibke Dollars 1.3b
n
Feb 1990 NW Europe Windstorm Vivian Dollars 3.2bn
Feb 1990
NW Europe Windstorm Herta Dollars 1.3bn
Jan 1990 NW Europ
e Windstorm Daria Dollars 4.6bn
Sep 1989 US
Hurricane Hugo Dollars 5.8bn
Oct 1987 NW Europe Un-named wi
ndstorm Dollars 2.5bn
----------------------------------------------------
-------------
Source: Greenpeace
------------------------------------------
-----------------------
Countries:-
GBZ United Kingd
om, EC.
Industries:-
P6331 Fire, Marine, and Casualty I
nsurance.
P6411 Insurance Agents, Brokers, and Service.
Types
:-
RES Natural resources.
COSTS Costs & Prices.
MKTS Ma
rket data.
The Financial Times
London Page 14
============= Transaction # 69 ==============================================
Transaction #: 69 Transaction Code: 6 (Direct Rank Search)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 15:56:23
Rec. Format: Short Time Cmd Complete: 16:00:00
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 4 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
zfind "(topic @ {storm hurricanes typhoons damage})"
============= Transaction # 70 ==============================================
Transaction #: 70 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:56:26
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 10981 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 71 ==============================================
Transaction #: 71 Transaction Code: 19 (Record Selected)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:56:29
Selec. Rec. #: 1
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT944-12299
_AN-EKBD9AC3FT
941
102
FT 02 NOV 94 / Business and the Environment: Insurer
s in a storm
By NANCY DUNNE
Fifteen
catastrophic hurricanes, floods and storms cost worldwide insurers
more tha
n Dollars 80bn (Pounds 50bn) since a period of weather extremes set
in five
years ago, according to an article in the latest World Watch
Institute's jou
rnal.
In 1992, Hurricane Andrew struck Florida and set a new record for dama
ges at
Dollars 25bn. The Mississippi floods in 1993 cost Dollars 12bn. Europ
e was
hit by four severe windstorms in 1990 which accumulated damages of Dol
lars
10bn. Japan was struck in 1991 by Typhoon Mireille with nearly Dollars
5bn
in damages.
As the damages mount, insurers have begun to take seriously
the global
warming theory advanced by many scientists. The fear is that the
warming,
spurred by 'greenhouse gases', produced by fossil fuels, could seri
ously
disrupt the world's atmospheric and oceanic systems.
Lack of agreement
in the scientific community has made the insurers wary.
But their interest
is being applauded by environmentalists who see the
insurers as a potential
counterweight to the power of the oil and coal
interests in the global warmi
ng debate.
Christopher Flavin, author of the World Watch article, is urging
the
insurers to enter the struggle over climate policy. 'Few industries are
capable of doing battle with the likes of the fossil fuel lobby. But the
ins
urance industry is,' he says. 'On a worldwide basis the two are of
roughly c
omparable size and potential political clout.'
The insurance industry could,
for example, push government to tighten energy
efficiency rules for new bui
ldings. It could actively lobby for a stronger
global climate pact.
It could
also use its investment capacity. 'If they (companies) were to dump
some of
their stocks in oil and coal companies or actively invest some of
their fun
ds in new, less carbon-intensive energy technologies (forming a
sort of clim
ate venture fund), insurance companies could spur the
development of a less
threatening energy system,' says Flavin.
Unless the industry begins to use i
ts clout in the struggle over climate
policy, its future 'is likely to be st
ormy indeed', said Flavin.
Countries:-
XAZ World.
Industries:-
P6331 Fire, Marine, and Casualty Insurance.
P951 Environmental Quality.
Types:-
CMMT Comment
& Analysis.
The Financial Times
London Page 18
============= Transaction # 72 ==============================================
Transaction #: 72 Transaction Code: 19 (Record Selected)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:56:33
Selec. Rec. #: 2
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT931-7520
_AN-DBXCKACQFT
9302
24
FT 24 FEB 93 / Business and the Environment: Weather
wise - Typhoons, hurricanes and the threat of global warming are pushing up
insurance rates
By RICHARD LAPPER and BRONWEN MADDOX
'WE GET zapped every five minutes,' says Richard Keeling,
underwriter with
Lloyd's syndicate 362, reviewing the impact of recent hurri
canes, gales and
typhoons on the London insurance market.
Recent storms, eac
h more damaging than the last, culminated in last year's
hurricane Andrew, w
hich devastated parts of Louisiana and Florida and caused
losses estimated t
o be at least Dollars 16bn and perhaps as much as Dollars
20bn (Pounds 14bn)
, the United States's biggest-ever insured loss.
That has triggered tough ba
rgaining in the London insurance market and one
of the hardest 'renewal' sea
sons, as reinsurers seek to impose big rate
increases.
Most significantly, i
n a move that could lead to higher insurance rates for
many years, insurers
are also beginning to ask whether recent storms are a
sign of global warming
or other long-term shifts in weather patterns. The
question has led to an u
nlikely convergence with environmental pressure
groups such as Greenpeace, w
hich last month published a long report
welcoming insurers' alertness to the
risk.
In the recent round of negotiations, brokers buying cover for US clie
nts -
who have avoided heavy increases in recent years - have found the goin
g
toughest.
However, across the board, direct insurers are now paying more f
or their
reinsurance. Keeling says that since October 1987, reinsurance rate
s have
increased by 650 per cent for European insurers, 450 per cent for US
buyers
and by 1,000 per cent for Japanese companies.
The increases partly re
flect reinsurers' efforts to restore profitability
after heavy losses from w
eather and from other disasters such as the 1988
Piper Alpha oil rig explosi
on and the Exxon Valdez oil spill the following
year.
Both Swiss Re and Muni
ch Re, the world's two biggest reinsurers, have seen
profits dented and have
been forced to draw deep into their reserves to meet
claims, especially fro
m the European storms of 1990. Many smaller reinsurers
have withdrawn from t
he market. More than a third of Lloyd's Names and
nearly half the syndicates
have left the market since 1989. As competition
for business has dwindled,
bigger players have found it easier to force
through rate increases.
Underwr
iters are also now beginning to take a deeper look at the risk of
storm dama
ge. They recognise that denser population in potentially exposed
regions, su
ch as the south-eastern coast of the US, is partly responsible
for the rise
in losses. 'Windstorm' cover has also become a more common
element of househ
olders' policies over the last two decades in most
countries.
And increasing
ly many are questioning whether the recent increases in land
and sea tempera
tures are leading to greater atmospheric instability and more
frequent and i
ntense winds. Scientists have warned for several years that
gases such as ca
rbon dioxide, emitted from burning fossil fuels, could cause
global warming.
The United Nation's Intergovernmental Panel on Climate Change, set up to
in
vestigate the phenomenon, has suggested the average increase could be
somewh
ere between 1.5'C and 3.5'C over the next 100 years.
However, scientists hav
e emphasised there is still uncertainty about the
processes involved - the m
odels find it hard to take account of clouds,
which could slow down warming.
They also say it is impossible to conclude
from recent storms and warm summ
ers that climate change is already
happening.
Despite scientific uncertainty
, insurers feel they need to protect
themselves. Walter Kielholz, general ma
nager of Swiss Re, one of the first
insurance companies to question whether
global warming could be responsible
for worsening weather, agrees that 'the
statistical data is too short to
conclusively prove that there is a trend'.
But he adds: 'It might just be a
hiccup but we can't afford to wait for the
long-term before taking action.'
Research commissioned by Keeling and severa
l other Lloyd's underwriters by
the University of East Anglia's climatology
department also concludes: 'The
possibility that the trend (of more frequent
gales in north-western Europe)
is related to global warming cannot be rejec
ted.' Insurers should assume
that 'gale frequencies will remain at the level
of the 1980s' and could rise
further, the report says.
In Greenpeace's rece
nt study, the pressure group called for insurers to join
the lobby for limit
s on the emission of 'greenhouse gases'. Keeling
acknowledges: 'We have to d
o something constructive but the insurance
industry will never be a lobby. W
e are too diffused.'
Instead, as well as increasing rates insurers have begu
n to toughen the
terms of storm insurance. Kielholz says that since 1990 Swi
ss Re has begun
to isolate the risk of 'windstorm' from other exposures it u
nderwrites.
The group now likes to cover windstorm through an excess of loss
reinsurance
contract (in which the reinsurer covers a tranche of risk up to
a pre-set
limit) rather than by covering it alongside other risks as part o
f a
proportional reinsurance deal (in which the reinsurer accepts an agreed
percentage of exposure).
'Reinsurers have become more and more reluctant to
include windstorm in
proportional property treaties,' says Kielholz.
Reinsur
ers are also urging direct insurers to make policyholders pay the
first port
ion of any loss themselves, as an incentive to protect their
property agains
t storms. Householders would then be more likely to carry out
essential main
tenance and commercial customers to follow building codes more
strictly, the
y argue. During Hurricane Andrew many new buildings, especially
those with s
teel frames and metal casings, proved to be particularly
vulnerable to wind
damage, according to Swiss Re.
Higher rates and tougher terms are the insura
nce industry's perhaps
unsurprising response to recent storms and the potent
ial threat of global
warming.
The environmental movement has shown itself re
luctant to acknowledge
scientific doubts about climate change, while climato
logists - who might
stress that uncertainty - have few reasons to get involv
ed in debates on
insurance charges. Customers may have to hope the new highe
r rates help
preserve some of the financially weaker groups, and so preserve
competition
in the industry.
---------------------------------------------
--------------------
THE COST OF RECENT STORMS
---------
--------------------------------------------------------
Aug 1992 US
Cyclone Iniki Dollars 1.4bn
Aug 1992 US
Hurricane Andrew Dollars 20.0bn
Sep 1991 Japan Typhoon Mi
reille Dollars 4.8bn
Jul 1990 US Colorado storms Do
llars 1.0bn
Feb 1990 NW Europe Windstorm Wibke Dollars 1.3b
n
Feb 1990 NW Europe Windstorm Vivian Dollars 3.2bn
Feb 1990
NW Europe Windstorm Herta Dollars 1.3bn
Jan 1990 NW Europ
e Windstorm Daria Dollars 4.6bn
Sep 1989 US
Hurricane Hugo Dollars 5.8bn
Oct 1987 NW Europe Un-named wi
ndstorm Dollars 2.5bn
----------------------------------------------------
-------------
Source: Greenpeace
------------------------------------------
-----------------------
Countries:-
GBZ United Kingd
om, EC.
Industries:-
P6331 Fire, Marine, and Casualty I
nsurance.
P6411 Insurance Agents, Brokers, and Service.
Types
:-
RES Natural resources.
COSTS Costs & Prices.
MKTS Ma
rket data.
The Financial Times
London Page 14
============= Transaction # 73 ==============================================
Transaction #: 73 Transaction Code: 12 (Record Relevance Feedback)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 15:56:38
Rec. Format: Short Time Cmd Complete: 16:00:00
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
zfind Default:1,2
============= Transaction # 74 ==============================================
Transaction #: 74 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:57:40
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 210114 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 75 ==============================================
Transaction #: 75 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:57:58
Selec. Rec. #: 4
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT923-4398
_AN-CIGBWADGFT
9209
07
FT 07 SEP 92 / Survey of Reinsurance (1): Sailing int
o calmer seas - Reinsurers meet in Monte Carlo this week with the damage cau
sed by Hurricane Andrew in America still fresh in their minds / A look at an
industry that is struggling to recover after several years of turmoil
By RICHARD LAPPER
ORDER OF A sort appear
s to be returning to the world's reinsurance markets
after several years of
turmoil. Between 1987 and 1991, fierce rate
competition, over-capacity and a
sharp increase in the number and cost of
catastrophes combined to depress t
he profits of larger companies and pushed
many smaller players out of busine
ss.
At this week's annual rendezvous in Monte Carlo, therefore, reinsurers -
their minds freshly concentrated by the damage wreaked by hurricane Andrew
in the southern US last month - are certain to be spelling out the same
mess
age to reinsurance buyers: premium rates must be set at levels that take
int
o account the level of risk.
That is likely to mean a further hardening in t
he market when reinsurance
buyers renew their annual policies towards the en
d of this year.
The bargaining will be simplest in the proportional market,
in which giant
companies such as Swiss Re and Germany's Munich Re reinsure a
n agreed
percentage of the potential liabilities in exchange for the same pr
oportion
of the original premium, less a commission payment.
In the wake of
poor results in 1990 and 1991, reinsurers may continue to
press direct insur
ers to increase rates and will seek reductions in the
commission paid to ins
urers to offset the costs of acquiring the original
business.
But it is in t
he non-proportional market, where reinsurers obtain cover
providing protecti
on above a set level of claims, that the impact of the
recent losses is bein
g felt most strongly.
After nearly a decade in which the brokers who buy rei
nsurance on behalf of
insurance companies have held the upper hand in settin
g rates, terms and
conditions, power is returning to the biggest and best ca
pitalised
reinsurance companies in Europe and North America, including Munic
h Re, and
Swiss Re.
Mr Patrick Peugot, chief executive of SCOR, France's big
gest reinsurer and
now the seventh biggest reinsurer in the world, says that
the main groups
now have the oppor-tunity to enforce greater discipline in
the market at a
time when the demand for catastrophe reinsurance is increasi
ng.
'We should be able to set rates that will provide cover for the medium a
nd
long-term not go up and down all the time. That is one of our aims - to
s
tabilise the market,' he says.
One of the critical factors in this shift in
power has been the impact of
rate competition and catastrophe in London, the
world's biggest reinsurance
market.
The effect has been particularly severe
in an esoteric corner of the market
known as London Market Excess or LMX, a
reinsurance of reinsurance, or
retrocession market, which has trad-itionall
y provided high level
catastrophe protection for the world's insurers and re
insurers.
During the 1980s several dozen syndicates and com-panies specialis
ed in
reinsuring each others' reinsurance exposures.
By 1991 the market had
been destroyed by a series of catastrophes, beginning
with the UK storms of
October 1987.
Reinsurance companies such as Victory, now part of the Dutch g
roup NRG, and
the UK's Mercantile and General Re have also suffered heavily
from these and
other large losses sustained by the market between 1987 and 1
991.
At Lloyd's of London the losses cut a swathe through the market, sendin
g
dozens of syndicates, and thousands of the individual Names whose wealth
p
rovides the market's capital base, spinning out of business.
In 1989, when t
he market was hit by hurricane Hugo, the Exxon Valdez oil
spill, the San Fra
ncisco earthquake and a Dollars 1bn plus explosion at a
petroleum plant in T
exas, 401 Lloyd's syndicates sustained record losses of
Pounds 2.06bn, but n
early half that amount was borne by fewer than a dozen
syndicates, which spe
cialised in retrocession business. Specialist
retrocession syndicates manage
d by Gooda Walker agency sustained losses of
nearly Pounds 500m, for example
.
By 1992, the number of Lloyd's syndicates had fallen to 278. Between 1988
and 1992 nearly a third of Lloyd's Names resigned, reducing total membership
of the market from over 30,000 to 22,300.
As a result of the collapse of th
e retrocession market, companies and
syndicates specialising in non-proporti
onal reinsurance have found much
greater difficulty in offsetting their own
exposures.
Forced to retain more risk on their own books, reinsurers have ha
d to
examine their exposures more carefully, increasing rates to more realis
tic
levels and often making cover available at much higher levels than hithe
rto.
Under these pressures many companies have retreated from the market.
Co
mpanies such as Yasuda have withdrawn from London, and many larger players
-such as Skandia, Sweden's biggest insurer - are seeking to reduce their
inv
olvement altogether.
Mr Peugot says that the inability of many smaller compa
nies to meet
reinsurance claims has been an important factor in purging the
market.
'Reinsurers, who - if I may say so - were playing reinsurance, didn'
t like
the play much and have with-drawn.'
Mr Alan Bedanes, managing directo
r of Chase Manhattan's insurance unit in
London, says that the part of the r
einsurance market dependent on
retrocession capacity is of 'diminishing rele
vance. In a way you could argue
the retro market didn't represent true capit
al.'
Mr Ron Iles, chairman of Alexander Howden Reinsurance Brokers, the
rein
surance broking arm of US brokers Alexander & Alex-ander, believes that
capa
city in the non-proportional market could fall by at least 30 per cent
this
year, putting further upward pressure on rates. In the US market, where
rate
s have been softest, the impact of Hurricane Andrew will add to the
upward p
ressure.
Other reinsurers think rises will continue in the 1992 renewal seas
on. UK
insurance companies which have drawn on their reinsurance contracts t
o pay
losses from storms in October 1987 and January 1990, paid increases of
up to
400 per cent at the end of 1990 and further rises of 25 per cent at t
he end
of last year.
According to Mr John Wetherell, underwriter of syndicat
e 190, which
specialises in non-proportional catastrophe cover at Lloyd's, f
urther
increases are on the cards this year. 'High level excess of loss cove
rs will
see significant increases.'
The collapse of the London retrocession
market, combined with the increased
emphasis on security, is leading many sm
aller insurers and reinsurers to buy
financial reinsurance, which contains e
lements of both finance and
reinsurance.
The financial reinsurer guarantees
that a claim will be paid but assumes the
risk that over time the sum of pre
miums paid, plus investment income, will
not equal the size of of the agreed
payout (the interest rate risk) and/or
that claims will emerge before the a
greed payment date.
Lloyd's syndicates with exposure to long tail liabilitie
s - in which claims
arise many years after the inception of policies - have
been buying time and
distance policies, which are similar to financial reins
urance transactions,
for some time. But over the past 12 months the use of f
inancial reinsurance
has become more common.
This is because, the collapse o
f the LMX market has exposed some of the
difficulties faced by syndicates, w
hich are effectively one year joint
ventures, in building reserves to cover
against the risk of disasters which
might occur once in every ten years.
Zur
ich Insurance, the giant Swiss company, is the world's leading financial
rei
nsurer and its Centre Re subsidiary has already been involved in two of
the
biggest financial reinsurance deals with Lloyd's, reinsuring syndicates
190
and 417.
Last year Zurich bought Pinnacle, the Bermuda-based financial reins
urer,
which has underwritten dozens of time and distance policies for Lloyd'
s
syndicates.
In addition, Lloyd's syndicates have also been given clearance
by the
market's authorities to make more use of traditional reinsurance.
Ob
servers believe that net result is likely to further increase the power of
t
he larger European and North American reinsurers.
The Financial
Times
London Page 27
============= Transaction # 76 ==============================================
Transaction #: 76 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:58:24
Selec. Rec. #: 5
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT933-5029
_AN-DIFB9ACJFT
9309
06
FT 06 SEP 93 / Survey of Reinsurance (5): Natural dis
asters multiply - Global warming makes insurers sweat
By VANNESSA YOUNG
THE scope and frequency of claims due t
o natural catastrophes has risen
drastically over recent decades leading to
unprecedented losses for insurers
and reinsurers alike.
The trend was highli
ghted by Swiss Re in Sigma, its monthly review of
reinsurance developments.
Its review of catastrophe and other major losses
in 1992 shows that natural
disasters again dominated the year with a record
130 events resulting in an
insured loss of Dollars 22.5bn, up 108 per cent
on the previous year's figur
e.
Nor was the long-term comparison any healthier. Loss figures have remaine
d
high for the last four years while average losses rose alarmingly.
From 19
70 to 1981 the insured loss per catastrophic event averaged Dollars
84m (199
2 prices). Between 1982 and 1991, however, the figure rose Dollars
132.8m. S
wiss Re concluded that economic factors were responsible for only a
small pr
oportion of the losses: GNP increased by 85 per cent over the last
23 years,
while insured losses increased by over 900 per cent.
Others factors, includ
ing the settlement and industrialisation of vulnerable
areas and an increase
in insurance density were no less important and may
gain further significan
ce. This applied especially to climatic conditions
'since it appears quite l
ikely that the loss surge is at least in part due
to climatic change ..'
Sig
ma says that its statistics do not tell us precisely 'how or why mankind
agg
ravates catastrophe risks or allows them to become worse ..' but that
they '
do clearly indicate that risks are increasing; they give us the urgent
warni
ng to examine the causes of these trends and to develop effective
preventive
strategies.'
Research by Munich Re has highlighted 'already disturbing sign
s of the
worldwide warming of the atmosphere'. For example, 1990 was the war
mest year
since meteorological records began, and six of the last 10 years h
ave seen
global temperatures higher than all previous readings.
Current info
rmation, seems to point to a global rise in temperature of
between 1.5 and 4
.5 degrees by the end of the next century. Assuming that
all the predicted e
ffects of the man-made greenhouse effect become reality,
just what will mank
ind be up against? Munich Re assumes the following line
of development:
A wa
rmer atmosphere would result in a greater exchange of energy adding to
the m
omentum of vertical exchange processes which are the driving force in
the de
velopment of tropical cyclones, tornadoes and thunderstorms resulting
in inc
reased frequency and strength.
More severe winter storms in Europe similar t
o those in late January and
March 1990 which resulted in an insured loss of
DM17.3bn are feasible.
Increased exposure to storm surges and flooding in lo
w-lying,
densely-populated regions such as Bangladesh, because of a 30cm-100
cm rise
in sea levels within 100 years.
The jury has still not reached its v
erdict on global warming. However, most
of its members would probably suppor
t the view expressed by Swiss Re in its
1990 annual report that 'reinsurers
cannot afford to wait for scientists to
provide evidence of how climatic cha
nge will influence natural events such
as storm, hail and flooding and so on
. Underwriting policy and commitment
acceptance must be adjusted now to poss
ible future developments.'
But just how can the insurance and reinsurance in
dustry cope with the
increased loss potential of natural catastrophes?
Munic
h Re believes that industry can either adjust to the situation or
minimise o
r prevent the effects and suggests a number of instruments that
the risk com
munity has at its disposal including:
Charging premiums commensurate with ri
sk, which would mean breaking down the
product into its constituent parts an
d calculating the risk premium for each
peril that could impact on an accoun
t. It should be kept in mind that
historical return periods for these perils
may well have been altered by
global warming. The challenge for reinsurers
is to provide cover at rates
that not only reflect the past, but to set pric
es which anticipate future
loss. Substantial deductibles and insurance parti
cipation by the insured.
Munich Re demonstrates the effectiveness of a deduc
tible in its study 1990
Winter Storms in Europe, illustrating how a deductib
le of DM500 on a German
homeowners' comprehensive policy would have reduced
aggregate insured losses
by 30 per cent and the number of insured losses by
40 pr cent.
Liability limits per loss event or area with those liabilities r
endered
transparent by determining accumulation.
Limits on cover or exclusio
ns for certain hazards.
Loss prevention through policyholder education about
measures which may
bring about a reduction in weather damage claims.
Optima
l loss settlement.
Munich Re maintains that the effects of climatic change n
eed not have a
negative impact as long as the above disciplines are introduc
ed. However,
clients of insurers and reinsurers would have to be aware of en
vironmental
changes to motivate them to take suitable countermeasures such a
s
participation in the United Nations International Decade of Natural Disast
er
Reduction aimed at combating the increased danger of natural disasters or
ratification of the World Climate Convention.
Vannessa Young is a staff wri
ter at the FT World Insurance Report
Countries:-
XAZ
World.
Industries:-
P63 Insurance Carriers.
P632
1 Accident and Health Insurance.
P6411 Insurance Agents, Brokers, and Se
rvice.
P951 Environmental Quality.
Types:-
TECH S
ervices & Services use.
CMMT Comment & Analysis.
RES Pollution.
The Financial Times
London Page 15
============= Transaction # 77 ==============================================
Transaction #: 77 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:58:44
Selec. Rec. #: 8
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT923-4395
_AN-CIGBWADJFT
9209
07
FT 07 SEP 92 / Survey of Reinsurance (6): Skills tran
scend disaster / Assessing the changing role of Lloyd's
By LEE COPPACK
THERE IS a continuing and growing demand
for reinsurance, particularly
catastrophe protection. Insured values increa
se and maximum potential
exposures rise, but this type of business is inevit
ably volatile. Lloyd's is
the second or third largest reinsurer in the world
, and reinsurance of all
types represents more than half its premium income.
As a consequence of the type of business they write, reinsurers have carrie
d
the brunt of catastrophes which coincided with a period of exceptional
ove
r-capacity and low premium rates. Lloyd's was never likely to escape the
cla
ims its competitors have suffered, and its entrepreneurial nature and
constr
aints on its reserving capability exacerbated the losses and their
effects.
The next few years will show to what level individuals are prepared to be
so
urces of risk capital to bear this volatility, particularly if they cannot
b
uild up reserves for the purpose of mitigating the worst effects.
The Rowlan
d task force examining Lloyd's put it this way: 'Lloyd's
underwriting skills
and appetite for risk enable it to compete effectively
to provide high-leve
l catastrophe insurance and reinsurance. However, its
capital structure is n
ot well matched to this business of volatile profit
streams. Full pay-out of
profits from an 'annual venture' will inevitably
result in highly volatile
returns.'
In spite of the disadvantages and an at least temporary reduction
in market
capacity, there is little doubt there is a continuing and growing
role for
Lloyd's as a source of reinsurance capacity. Richard Hazell, deputy
chairman
and a reinsurance underwriter, said: 'There is no question about i
t. The
pure reinsurance market is not large enough to service the needs of t
he
industry.'
Lloyd's exercises its greatest influence in reinsurance as wel
l as direct
business in the marine market where it has always been a world l
eader.
Lloyd's controls about 30 to 35 per cent of the marine reinsurance ma
rket.
In non-marine, its share is perhaps 1.5 or 2 per cent, though syndicat
es
often lead business which is substantially placed elsewhere.
Excess of lo
ss business is by a substantial margin the largest type of
reinsurance that
the market writes. It peaked as a proportion of the
market's total income in
1990 with the collapse of the spiral of excess of
loss retrocessions, but i
n 1991, excess of loss business was still
responsible for 36.2 per cent of t
he market's premium income.
Alan Grant is the underwriter for syndicate 991,
one of only three new
syndicates in Lloyd's this year. The syndicate has a
capacity of just over
Pounds 15m and it is expected to rise to about Pounds
25m for 1993. He
writes various types of reinsurance including long tail bus
iness. He
describes the exercise of getting the capacity as one of convincin
g names
'that it was the right time in the underwriting cycle to start a new
syndicate even if it was a difficult time in the capital supply cycle.'
He
stressed the importance of not confusing excess of loss business, a
mechanis
m no different from buying motor insurance above a deductible, from
retroces
sions of excess of loss where the risks may pass around the same
market seve
ral times. 'What we sold to the membership is that we are
bringing fresh bus
iness into the market; we are not recycling business from
the market.'
Poten
tial catastrophe exposures have exploded. The largest North Sea
platforms ha
ve insured values of between Dollars 2bn and Dollars 3bn.
According to Munic
h Re, natural disasters are becoming ever more costly. It
says that the burd
en of claims from natural disasters was eight times higher
in real terms in
the 1980s than the 1960s.
Typhoon Mireille in Japan in September 1991 was th
e most costly wind storm
loss in insurance history. Insured claims reached D
ollars 5.2bn, though, for
once, Lloyd's has not suffered heavily. In 1990 lo
sses from natural
disasters reached the record total of Dollars 15.3bn.
Said
Munich Re: 'This trend is primarily the consequence of increasing
populatio
n density, especially in conurbations, and the simultaneous
increase in the
concentration of values, as well as the phenomenon of people
and industry se
ttling in coastal areas and other regions that are
particularly exposed to n
atural hazards.'
The volatility of catastrophe risks and the Lloyd's system
of reconstituting
each syndicate every year would be less significant if nam
es were better
able to offset good years against bad. Neither names nor synd
icates are
allowed tax deductions for equalisation reserves, deductions in g
ood years
which can be brought back into the underwriting account to soften
the blow
of a serious loss.
The task force concluded that Lloyd's should be
able to continue to write
catastrophe business but that to do so competitive
ly, names needed to be
able to build up equalisation reserves. It said: 'Llo
yd's is at a severe
competitive disadvantage since its principal European co
mpetitors enjoy
advantageous tax treatment on reserves for both past and fut
ure losses.'
Talks are still taking place with the Inland Revenue over the p
ossible
creation of a form of equalisation reserves which could be used to p
rovide
cover for large variations in underwriting performance. 'Reserving ha
s
become an issue of acute concern within the market,' commented the task
fo
rce.
Seeing themselves as providers of capital for the insurance industry, t
he
reinsurance industry is now telling direct insurers what the cost for tha
t
capital is now. It is not just taking the form of higher prices,
particula
rly in the marine market where retrocession capacity has contracted
most sha
rply, but also in requiring direct companies to carry more of the
risk thems
elves. Richard Hazell said: 'The reinsurance market really decided
it had lo
st enough money.
When Hurricane Andrew hit the southern states of the US in
August, the
effect of these increased retentions emerged. Lloyd's was not ex
pecting to
face serious claims until insured damages reached around Dollars
3bn. Terry
Hayday, chief executive of the insurance division of underwriting
agent
Sturge Holdings, commented: 'Had the same loss occurred three years a
go, the
situation would have been different.'
Perhaps the biggest single exc
ess of loss contract in Lloyd's covers the
shipowners' liability insurers, t
he International Group of P & I Clubs. The
clubs this year have to retain Do
llars 15m of each loss instead of Dollars
12m in 1991. The top limit has dro
pped from Dollars 1.25bn to Dollars 1bn,
and the premiums have increased bet
ween 91 per cent and 144 per cent
depending on the type of ship insured.
The
clubs as a group are co-insuring 7 per cent of the bottom layer of the
exce
ss, and because of a shortage of capacity in Lloyd's, the brokers used
the B
ermuda-based XL, a company set up with capital from industrial
policyholders
during the liability insurance crisis of the 1980s, to
complete the slip.
I
n spite of these encouraging signs, losses from the most recent years are
le
ading to resignations, and many remaining names are wary of increasing
their
underwriting limits, Lloyd's capacity is expected to drop by 20 to 25
per c
ent.
The Financial Times
London Page 30
<
/DOC>
============= Transaction # 78 ==============================================
Transaction #: 78 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:59:05
Selec. Rec. #: 9
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT933-5030
_AN-DIFB9ACIFT
9309
06
FT 06 SEP 93 / Survey of Reinsurance (4): The big one
that missed Miami - Hurricance Andrew was bad but it could have cost a lot
more
By RICHARD LAPPER
HURRI
CANE Andrew, the biggest ever US catastrophe loss was bad
but it could have been much worse. Had Andrew hit Miami last August instead
of less built-up areas of Florida and Louisiana, the damage would have been
much greater than the Dollars 15.5bn in losses the storm actually caused.
E
ven so the impact of the hurricane on the local reinsurance market, which
co
ntributed to Dollars 22.97bn in catastrophe losses for the year as a
whole,
has been stark.
Last year's losses have depressed industry profitability and
put many
smaller and medium-sized reinsurers under further financial strain
leading
many to reduce their involvement in the market and a decline in cap
acity,
with the resulting fall in capacity forcing a sharp increases in pric
es.
The scale of the hurricane has also served to highlight a longer term tr
end
in which catastrophe losses are becoming bigger and more frequent. Losse
s
from catastrophes rose steadily during the 1980s with the annual toll
reac
hing Dollars 2.3bn in 1983, Dollars 2.8bn in 1985 and Dollars 7.6bn in
1989,
when claims from hurricane Hugo alone amounted to Dollars 4.2bn.
During 199
0 and 1991 losses stayed at a high level, amounting to Dollars
2.82bn and Do
llars 4.72bn respectively.
Figures for the first three months from Property
Claims Services, the body
which collates data for the industry, indicate tha
t the trend is continuing.
Anticipated claims for the first quarter amounted
to Dollars 2.8bn. The bulk
of the first quarter loss was provided by a larg
e storm which hit 24
southern and eastern states between 11 and 14 March. Cl
aims from the World
Trade Center bombing on 26 February amount to more than
Dollars 510m. 'The
industry has to accept that the traditional pattern of pe
riods of low loss
frequency punctuated by the occasional bad year is no long
er applicable,'
commented the specialist newsletter Catastrophe Reinsurance.
Rates have risen sharply. Reinsurance premiums which were moving gently
upw
ards at last year's mid-year renewals rose sharply at the end of the year
an
d have climbed higher again this year, bringing the US firmly into line
with
the hardening market in Europe and elsewhere.
Increases of rates ranged fro
m 10 per cent to 100 per cent on January 1993
renewals. Further tightness, e
specially in the property market, was evident
at mid-year renewals. The term
s and conditions of many reinsurance policies
sold to US buyers have tighten
ed.
According to Mr Alan Cranfield, reinsurance broker with Alexander Howden
,
pro-rata reinsurance treaties bought by US companies are now much more
lik
ely to include caps on the catastrophe exposures that they cover. Mr
Cranfie
ld said that 90 per cent of such policies included caps at the the
mid-year
renewals, compared with 70 per cent at the end of last year.
Reinsurers are
also more likely to insist that insurers agree to accept
bigger deductibles,
retaining more of their risks on their own books. This
in turn is prompting
many insurers to reduce the amount of cover they offer
to their own policyh
olders, especially in areas highly exposed to
catastrophe risks such as coas
tal Florida.
In the longer term the trends seem certain to put many smaller
reinsurance
companies under increasing financial pressure, leading to a furt
her
consolidation in the market.
Standard & Poor's, the US rating agency, sa
ys that 1992 losses drove up the
industry's combined ratio (expenses plus cl
aims against premiums) to 118.2
per cent compared with 106.3 per cent in 199
1, leading to a sharp depression
in profitability.
In spite of its capital g
ains of more than Dollars 870m, the earnings of the
US reinsurance industry
plummeted during 1992. Profitability as measured by
return on revenue droppe
d 10 percentage points to 2.88 per cent in 1992 from
12.95 per cent in 1991.
The industry's pre-tax profits declined by 51 per
cent to Dollars 963m comp
ared with Dollars 2bn in 1991, while profits - as
measured by return on equi
ty - fell by 747 basis points to 6.34 per cent in
1992. Excluding realised g
ains it fell to 0.59 per cent.
S & P's figures show that the industry's bett
er capitalised reinsurers have
fared better than their weaker rivals, genera
lly posting better results.
'Simply put, larger well-capitalised reinsurers
are in a better position to
withstand such devastating losses,' say Thomas W
alsh and Mary Ann Gangemi,
of Standard & Poor's.
Financially stronger well p
ositioned reinsurers have been able to 'cherry
pick' books of business from
both primary companies looking to leave the
reinsurance business and profess
ional reinsurers who have lost market share
or status.
The top 10 reinsurers
' increased their market share to 57 per cent in 1992,
compared with 44 per
cent in 1985 and 53 per cent in 1991, say S & P. The
top 20 reinsurers are r
esponsible for more than 75 per cent of net premiums
written. Beyond the top
20 almost 90 per cent of premiums are underwritten
by only 35 companies.
'T
he consolidation process, accelerated by the most recent string of
catastrop
hes, is expected to continue as many of the smaller firms
deteriorate financ
ially due to the less profitable business written in
recent years,' say S &
P's Walsh and Gangemi.
'These losses will require further loss reserve stren
gthening which for some
will create unbearable pressure on an already fragil
e capital base,' the two
analysts add.
------------------------------------
------
TOP 10 US REINSURERS BY NET PREMIUMS
written in 1992 (Dolla
rs m)
------------------------------------------
General Reinsurance
1,870
Employers Reinsurance 1,410
American Re-insurance 1,010
Prudential Re 704
Constitution Reinsurance 383
Swiss Re
insurance 376
Skandia America Re 372
Transamerica Re
354
Transatlantic Re 323
Munich American Re
323
------------------------------------------
Source: Standard & Poo
r's Rating Group
------------------------------------------
Co
untries:-
USZ United States of America.
Industries:-
<
/XX>
P63 Insurance Carriers.
P6231 Security and Commodity Exchange
s.
P6411 Insurance Agents, Brokers, and Service.
Types:-
CMMT Comment & Analysis.
TECH Services & Services use.
The Financial Times
London Page 15
============= Transaction # 79 ==============================================
Transaction #: 79 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:59:36
Selec. Rec. #: 10
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT921-10549
_AN-CBEBPAFQFT
920
205
FT 05 FEB 92 / UK Company News: Tougher times for co
mposites - Rising reinsurance rates
By RICHARD LAPPE
R
ALREADY enfeebled by their losses from recession and weat
her-related claims
over the past two years, UK composite insurers are facing
tough increases in
their reinsurance costs and a reduction in cover in some
instances.
With negotiations still proceeding in some cases, insurers are r
eluctant to
give details, but five of the country's leading insurers - Gener
al Accident,
Sun Alliance, Commercial Union, Guardian Royal Exchange and Roy
al Insurance
-face increases of at least 25 per cent. Underpinning these de
velopments
are two related trends.
UK insurers are presenting their reinsure
rs with serious losses. In 1990
four of the five recorded pre-tax losses for
the first time for at least a
generation. That result was heavily influence
d by the Pounds 4bn cost of the
storm losses of January and February 1990 an
d reinsurers responded by
pushing up rates by multiples of three and four ti
mes.
Reinsurers, such as Germany's Munich Re and Switzerland's Swiss Re, are
themselves facing much tighter conditions in the retrocession market, where
they buy their own reinsurance protections. Between 1987 and 1990 reinsurer
s
in the retrocession market, much of which is concentrated at Lloyd's of
Lo
ndon, were hit by a string of catastrophe losses - ranging from the Piper
Al
pha oil rig explosion in the North Sea in 1988, to hurricane Hugo in 1989
an
d the January storms in 1990.
Total losses amounted to more than Pounds 18bn
and the impact has forced
many players out of business with those remaining
pushing through
significant increases in rates. And although 1991 was relat
ively free of
major catastrophe losses, reinsurers were hit by a number of m
edium-sized
losses in the last three months of the year. Together losses fro
m Typhoon 19
in Japan, a forest fire in Oakland, California, a hailstorm in
Calgary and
hurricane Bob in North America led to claims in excess of Dollar
s 3bn
(Pounds 1.6bn).
Reinsurers have, therefore, been squeezed and although
UK insurers had hoped
to escape further increases this year they have found
their reinsurers in a
surprisingly tough mood over the past three months.
A
s a result negotiations have been long drawn out. Many contracts which are
n
ormally completed a number of weeks before Christmas have only been
complete
d in the past few days. One large mutual office is understood to
have comple
ted its programme last week.
'This has been the most horrendous renewal seas
on that most individuals on
the market can remember,' comments one London br
oker. 'European reinsurers
were unhappy with the extent of increases they we
re able to obtain last year
and since the summer of last year have been co-o
rdinating efforts to obtain
much higher rates', says another broker.
Reinsur
ers have been forcing through tough new terms for the proportional
treaties
- in which they assume a fixed percentage of an insurer's
liabilities for a
fixed percentage of the original premium.
The rate of commission which reins
urers pay for this business has been cut
drastically. Reinsurers who paid be
tween 25 per cent and 27 per cent at the
beginning of 1991 have paid as litt
le as 7.5 per cent this year.
In one case reinsurers have insisted on the in
troduction of 'loss
participation clauses,' arrangements whereby insurers re
fund the original
reinsurance commission if the business they cede eventuall
y generates
losses.
Not surprisingly, many insurers have refused to buy prop
ortional covers on
these terms and have been forced to rely exclusively on n
on-proportional
covers, in which the reinsurer agrees to pay all losses abov
e an annual
aggregate level.
Here, too, though prices have been increased an
d terms have been tightened.
Last year four of the UK's five composite insur
ers paid between Pounds 25m
and Pounds 30m for policies covering them from a
ggregate losses of up about
Pounds 250m.
Reinsurers are known to have succes
sfully achieved rate increases of at
least 25 per cent - following rises of
up to 400 per cent last year.
Last year the UK's leading five insurers paid
over Pounds 125m for their
non-proportional reinsurance.
And in at least one
case a trigger point of about Pounds 50m has been set,
with the implication
that insurers carry a much higher proportion of their
losses on their own b
ooks.
This shift has also had implications for the cash flow of insurers.
Wh
ile payments for proportional reinsurance are made on a quarterly basis,
ins
urers pay up front for their non-proportional protections.
The
Financial Times
London Page 22 Photograph Lloyd's of London, h
it by catastrophe claims (Omitted).
============= Transaction # 80 ==============================================
Transaction #: 80 Transaction Code: 19 (Record Selected)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:59:49
Selec. Rec. #: 10
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT921-10549
_AN-CBEBPAFQFT
920
205
FT 05 FEB 92 / UK Company News: Tougher times for co
mposites - Rising reinsurance rates
By RICHARD LAPPE
R
ALREADY enfeebled by their losses from recession and weat
her-related claims
over the past two years, UK composite insurers are facing
tough increases in
their reinsurance costs and a reduction in cover in some
instances.
With negotiations still proceeding in some cases, insurers are r
eluctant to
give details, but five of the country's leading insurers - Gener
al Accident,
Sun Alliance, Commercial Union, Guardian Royal Exchange and Roy
al Insurance
-face increases of at least 25 per cent. Underpinning these de
velopments
are two related trends.
UK insurers are presenting their reinsure
rs with serious losses. In 1990
four of the five recorded pre-tax losses for
the first time for at least a
generation. That result was heavily influence
d by the Pounds 4bn cost of the
storm losses of January and February 1990 an
d reinsurers responded by
pushing up rates by multiples of three and four ti
mes.
Reinsurers, such as Germany's Munich Re and Switzerland's Swiss Re, are
themselves facing much tighter conditions in the retrocession market, where
they buy their own reinsurance protections. Between 1987 and 1990 reinsurer
s
in the retrocession market, much of which is concentrated at Lloyd's of
Lo
ndon, were hit by a string of catastrophe losses - ranging from the Piper
Al
pha oil rig explosion in the North Sea in 1988, to hurricane Hugo in 1989
an
d the January storms in 1990.
Total losses amounted to more than Pounds 18bn
and the impact has forced
many players out of business with those remaining
pushing through
significant increases in rates. And although 1991 was relat
ively free of
major catastrophe losses, reinsurers were hit by a number of m
edium-sized
losses in the last three months of the year. Together losses fro
m Typhoon 19
in Japan, a forest fire in Oakland, California, a hailstorm in
Calgary and
hurricane Bob in North America led to claims in excess of Dollar
s 3bn
(Pounds 1.6bn).
Reinsurers have, therefore, been squeezed and although
UK insurers had hoped
to escape further increases this year they have found
their reinsurers in a
surprisingly tough mood over the past three months.
A
s a result negotiations have been long drawn out. Many contracts which are
n
ormally completed a number of weeks before Christmas have only been
complete
d in the past few days. One large mutual office is understood to
have comple
ted its programme last week.
'This has been the most horrendous renewal seas
on that most individuals on
the market can remember,' comments one London br
oker. 'European reinsurers
were unhappy with the extent of increases they we
re able to obtain last year
and since the summer of last year have been co-o
rdinating efforts to obtain
much higher rates', says another broker.
Reinsur
ers have been forcing through tough new terms for the proportional
treaties
- in which they assume a fixed percentage of an insurer's
liabilities for a
fixed percentage of the original premium.
The rate of commission which reins
urers pay for this business has been cut
drastically. Reinsurers who paid be
tween 25 per cent and 27 per cent at the
beginning of 1991 have paid as litt
le as 7.5 per cent this year.
In one case reinsurers have insisted on the in
troduction of 'loss
participation clauses,' arrangements whereby insurers re
fund the original
reinsurance commission if the business they cede eventuall
y generates
losses.
Not surprisingly, many insurers have refused to buy prop
ortional covers on
these terms and have been forced to rely exclusively on n
on-proportional
covers, in which the reinsurer agrees to pay all losses abov
e an annual
aggregate level.
Here, too, though prices have been increased an
d terms have been tightened.
Last year four of the UK's five composite insur
ers paid between Pounds 25m
and Pounds 30m for policies covering them from a
ggregate losses of up about
Pounds 250m.
Reinsurers are known to have succes
sfully achieved rate increases of at
least 25 per cent - following rises of
up to 400 per cent last year.
Last year the UK's leading five insurers paid
over Pounds 125m for their
non-proportional reinsurance.
And in at least one
case a trigger point of about Pounds 50m has been set,
with the implication
that insurers carry a much higher proportion of their
losses on their own b
ooks.
This shift has also had implications for the cash flow of insurers.
Wh
ile payments for proportional reinsurance are made on a quarterly basis,
ins
urers pay up front for their non-proportional protections.
The
Financial Times
London Page 22 Photograph Lloyd's of London, h
it by catastrophe claims (Omitted).
============= Transaction # 81 ==============================================
Transaction #: 81 Transaction Code: 22 (Record(s) Saved)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 15:59:50
Selec. Rec. #: 10
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT921-10549
_AN-CBEBPAFQFT
920
205
FT 05 FEB 92 / UK Company News: Tougher times for co
mposites - Rising reinsurance rates
By RICHARD LAPPE
R
ALREADY enfeebled by their losses from recession and weat
her-related claims
over the past two years, UK composite insurers are facing
tough increases in
their reinsurance costs and a reduction in cover in some
instances.
With negotiations still proceeding in some cases, insurers are r
eluctant to
give details, but five of the country's leading insurers - Gener
al Accident,
Sun Alliance, Commercial Union, Guardian Royal Exchange and Roy
al Insurance
-face increases of at least 25 per cent. Underpinning these de
velopments
are two related trends.
UK insurers are presenting their reinsure
rs with serious losses. In 1990
four of the five recorded pre-tax losses for
the first time for at least a
generation. That result was heavily influence
d by the Pounds 4bn cost of the
storm losses of January and February 1990 an
d reinsurers responded by
pushing up rates by multiples of three and four ti
mes.
Reinsurers, such as Germany's Munich Re and Switzerland's Swiss Re, are
themselves facing much tighter conditions in the retrocession market, where
they buy their own reinsurance protections. Between 1987 and 1990 reinsurer
s
in the retrocession market, much of which is concentrated at Lloyd's of
Lo
ndon, were hit by a string of catastrophe losses - ranging from the Piper
Al
pha oil rig explosion in the North Sea in 1988, to hurricane Hugo in 1989
an
d the January storms in 1990.
Total losses amounted to more than Pounds 18bn
and the impact has forced
many players out of business with those remaining
pushing through
significant increases in rates. And although 1991 was relat
ively free of
major catastrophe losses, reinsurers were hit by a number of m
edium-sized
losses in the last three months of the year. Together losses fro
m Typhoon 19
in Japan, a forest fire in Oakland, California, a hailstorm in
Calgary and
hurricane Bob in North America led to claims in excess of Dollar
s 3bn
(Pounds 1.6bn).
Reinsurers have, therefore, been squeezed and although
UK insurers had hoped
to escape further increases this year they have found
their reinsurers in a
surprisingly tough mood over the past three months.
A
s a result negotiations have been long drawn out. Many contracts which are
n
ormally completed a number of weeks before Christmas have only been
complete
d in the past few days. One large mutual office is understood to
have comple
ted its programme last week.
'This has been the most horrendous renewal seas
on that most individuals on
the market can remember,' comments one London br
oker. 'European reinsurers
were unhappy with the extent of increases they we
re able to obtain last year
and since the summer of last year have been co-o
rdinating efforts to obtain
much higher rates', says another broker.
Reinsur
ers have been forcing through tough new terms for the proportional
treaties
- in which they assume a fixed percentage of an insurer's
liabilities for a
fixed percentage of the original premium.
The rate of commission which reins
urers pay for this business has been cut
drastically. Reinsurers who paid be
tween 25 per cent and 27 per cent at the
beginning of 1991 have paid as litt
le as 7.5 per cent this year.
In one case reinsurers have insisted on the in
troduction of 'loss
participation clauses,' arrangements whereby insurers re
fund the original
reinsurance commission if the business they cede eventuall
y generates
losses.
Not surprisingly, many insurers have refused to buy prop
ortional covers on
these terms and have been forced to rely exclusively on n
on-proportional
covers, in which the reinsurer agrees to pay all losses abov
e an annual
aggregate level.
Here, too, though prices have been increased an
d terms have been tightened.
Last year four of the UK's five composite insur
ers paid between Pounds 25m
and Pounds 30m for policies covering them from a
ggregate losses of up about
Pounds 250m.
Reinsurers are known to have succes
sfully achieved rate increases of at
least 25 per cent - following rises of
up to 400 per cent last year.
Last year the UK's leading five insurers paid
over Pounds 125m for their
non-proportional reinsurance.
And in at least one
case a trigger point of about Pounds 50m has been set,
with the implication
that insurers carry a much higher proportion of their
losses on their own b
ooks.
This shift has also had implications for the cash flow of insurers.
Wh
ile payments for proportional reinsurance are made on a quarterly basis,
ins
urers pay up front for their non-proportional protections.
The
Financial Times
London Page 22 Photograph Lloyd's of London, h
it by catastrophe claims (Omitted).
============= Transaction # 82 ==============================================
Transaction #: 82 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:00:19
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 210114 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 83 ==============================================
Transaction #: 83 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:00:31
Selec. Rec. #: 14
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT941-12749
_AN-EA1CHAEFFT
940
128
FT 28 JAN 94 / Reinsurers eager for drama to become
crisis: The popularity of catastrophe reinsurance means rates may fall
By RICHARD LAPPER
After floods in Europe
, fires in Australia and a freeze in the eastern US,
last week's Los Angeles
earthquake has again reminded reinsurers of the
scale of the risks to which
they are exposed. Yet although the final bill is
not yet known, early indic
ations show that the markets have remained
relatively unscathed.
Overall eco
nomic losses from the earthquake are provisionally estimated at
more than Do
llars 15bn (Pounds 10bn), at least double the toll of the San
Francisco eart
hquake in 1989. But with much of the damage uninsured, claims
are expected t
o amount to no more than Dollars 3bn.
Also, because two of the biggest US in
surers in California - Allstate and
State Farm - buy very little reinsurance
, analysts expect reinsurers to pay
at most only Dollars 1.5bn of that bill.
Casual observers would expect reinsurers, especially those exposed to high
level catastrophe losses, to be relieved. After all the string of
catastroph
e losses, which shook the world between 1989 and 1990, has caused
considerab
le grief to reinsurers, especially at Lloyd's, where the impact
has ruined h
undreds of Names - the individuals whose assets have
traditionally supported
the market - and been one of the main factors in the
market's recent proble
ms.
Yet in London, at least, some reinsurers wish that the loss could have b
een
bigger. 'Not big enough, old boy. We needed 8 1/2 ' on the Richter scale
which measures earthquake intensity, was one typical comment last week.
Ind
eed many on the market suspect that rates are likely to fall later this
year
.
Underpinning this ostensibly perverse rationale is a simple calculation. T
he
catastrophes sandwiched between the European storms of 1987 and hurricane
Andrew of 1992 caused losses of more than Dollars 40bn, drove many smaller
players out of the market and - as the mechanics of supply and demand for
re
insurance shifted in favour of the seller - led to sizeable increases in
rei
nsurance rates.
Lloyd's of London said last year that catastrophe reinsuranc
e rates had
risen by between 133 per cent (for US companies), 450 per cent (
for UK
companies) and 780 per cent (for Japanese companies) since 1990. In
a
ddition, insurers buying reinsurance covers have generally accepted much
mor
e risk on their own accounts, with 'deductibles', or excess points,
rising b
y between 75 per cent in the UK and 500 per cent in Japan.
This movement has
transformed the underlying profitability of catastrophe
reinsurance and att
racted billions of dollars back into the business. Last
year institutional i
nvestors pumped more than Dollars 4bn into new
reinsurance ventures, based m
ainly in the lightly and flexibly regulated
Bermudian market.
More than Poun
ds 800m in institutional funds have been injected into
Lloyd's, where Names
strong enough to continue trading have also increased
their commitments. Cap
acity at Lloyd's - the amount of premium which Lloyd's
syndicates are allowe
d to underwrite - will increase to at least Pounds
10.5bn in 1994, compared
with Pounds 8.7bn in 1993.
As a result capacity shortages in the catastrophe
reinsurance market have
substantially eased. For buyers the recent renewal
season - most US and UK
insurers renegotiate their catastrophe reinsurance p
rotections towards the
end of each year - was the easiest for some time. Man
y brokers completed
deals much earlier than in either 1992 or 1993.
With mor
e capital chasing better risks and creating what one Lloyd's
underwriter des
cribes as a 'feeding frenzy', reinsurers have found it
difficult to underwri
te as much business as they want. 'Last year you would
have got 10 per cent
of a risk. This year you will be lucky to get 6 per
cent,' said the underwri
ter, who specialises in US business (most business
in London is underwritten
on a subscription basis with several underwriters
writing an agreed percent
age of a policy).
So far rates have been firm. Indeed, according to Mr Charl
es Bray,
reinsurance broker with Willis Corroon, many larger US insurers pai
d
increases of about 15 per cent this year - although smaller companies buyi
ng
lesser amounts of cover were able to renew at existing rates. 'There is a
lot of posturing at the moment. A lot of buyers would like to see reduction
s
in their prices but no one is giving them,' said Mr Bray.
However, brokers
and underwriters are expecting rates to come under pressure
later this year
. Japanese and Australian insurers renew their catastrophe
programmes in mid
-year and could be the first to benefit.
'I think rates will drop by July. T
he Japanese book will come under
tremendous pressure,' says another Lloyd's
underwriter, who expects cuts of
up to 15 per cent.
Mr Charles Kline, of Cen
tre Cat, one of the new catastrophe reinsurance
companies formed in Bermuda,
also expects prices to fall. 'Prices will go
down, probably dramatically in
some cases. But whether they go down by that
crucial amount which makes the
business untenable, that is really an
unanswered question. Much will depend
on underwriters' discipline.'
Increasingly analysts believe that only a ver
y large loss will stymie these
inexorable pressures. Hence the cynicism in L
ondon about Los Angeles.
According to one specialist reinsurance broker: 'We
may have seen the peak
of catastrophe pricing unless the world starts blowi
ng, shaking and burning
again.'
Countries:-
USZ Unit
ed States of America.
GBZ United Kingdom, EC.
AUZ Australia.
Industries:-
P6331 Fire, Marine, and Casualty Insurance.
P6411 Insurance Agents, Brokers, and Service.
Types:-
CMMT Comment & Analysis.
The Financial Times
Londo
n Page 19
============= Transaction # 84 ==============================================
Transaction #: 84 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:01:04
Selec. Rec. #: 16
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT941-2916
_AN-ECRDQADPFT
9403
18
FT 18 MAR 94 / Greenhouse faces stoning: Is global wa
rming really such a threat
By BRONWEN MADDOX
For the past five years global warming has been high on the world'
s list of
environmental worries. Outstripping other 'green' concerns in the
scale of
its potential impact and in the complexity of its causes, it has of
fered the
environmental movement some of its grandest images of apocalypse.
Industrialised countries took the threat so seriously that they made curbing
emissions of carbon dioxide and other gases the target of a treaty
negotiat
ed at the Rio Earth Summit in 1992. On Monday, that treaty becomes
internati
onal law, following ratification by more than 50 countries;
signatories will
now have to draw up plans for curbing emissions. This week
in Geneva, the U
nited Nations has wrestled with proposals for a fund to help
developing coun
tries cut emissions too.
However, this legislative and bureaucratic effort i
s misguided, according to
Global Warming: Apocalypse or Hot Air?, published
this week by the Institute
of Economic Affairs. The authors, Roger Bate and
Julian Morris, are
economists at the institute, a free-market think-tank. Th
e introduction by
Wilfred Beckerman, an Oxford economist fond of tilting at
environmental
exaggerations, urges resistance to the 'cohorts of eco-doomste
rs who warn us
we are living on the edge of the abyss'.
Bate and Morris ackn
owledge that the science which underpins predictions of
global warming is no
t in dispute. Physicists agree that some gases,
including carbon dioxide, no
w referred to as 'greenhouse gases', can trap
heat which is emitted from the
earth's surface and so prevent it passing
into space.
The authors take issu
e, however, with the hypothesis that, if greenhouse
gases build up in the at
mosphere, the planet will warm up. The four leading
models of climate change
used worldwide suggest that, if carbon dioxide
levels double, the world wil
l warm up by between 1.9`C and 5.2`C from
existing levels.
Among other criti
cisms, Bate and Morris say such climate models cannot fully
explain the warm
ing of about 0.5`C that appears to have taken place this
century. Instead, w
arming may be occurring because monitoring stations are
located near cities,
which have been getting larger and warmer, they
suggest.
These complaints a
re rejected by scientists studying models of climate
change, such as Bruce C
allander, head of the working party which weighs up
scientific research for
the United Nations Intergovernmental Panel on
Climate Change. In his view: '
It is naive to bring up urbanisation as a
problem, because it is recognised
and has been thoroughly addressed.'
Callander acknowledges that the models h
ave many shortcomings. The behaviour
of clouds remains the 'single biggest u
ncertainty', he says; modellers are
not sure whether clouds speed up warming
or slow it down. But he adds: 'The
modellers themselves are the models' gre
atest critics.'
Scientists admit that the global warming hypothesis is unpro
ven, and that
they will need years of further data to know whether predictio
ns are
accurate. The authors exaggerate the degree of scientific certainty a
nd do
not succeed in establishing that the threat of warming should be dismi
ssed.
They are on stronger ground in looking at ways in which economists hav
e
tried to compensate for the imperfect state of scientific knowledge in
for
mulating policy.
The pamphlet deftly picks holes in the green lobby's favour
ite claim that
measures to improve energy efficiency are a 'no-regrets' poli
cy, providing
benefits such as cheaper fuel bills as well as curbing emissio
ns. The
authors maintain that, if savings from investing in energy efficienc
y
outstripped the costs, companies and households would have made those
chan
ges already.
They home in, too, on the spurious precision of 'cost-benefit a
nalysis' -
the technique of comparing the costs and benefits of a particula
r policy
before deciding whether to proceed. The estimates are necessarily t
entative,
yet are often used as firm predictions; the UK government's recent
proposals
to tax rubbish dumping are a case in point.
But as in their attac
k on science, the authors are shadow-boxing at targets
which are less solid
than they claim. For instance, the policies which the
authors warn would slo
w economic growth have not been implemented. The Rio
convention, in the wate
red-down form which finally received international
consent, tells countries
only to draw up plans for curbing emissions, not to
make cuts. And although
the authors rail against the European Union's
proposals for an energy tax, t
hey seem not to have noticed that the
proposals are stalled, if not dead.
In
addition, the pamphlet's only recommendation - dashed off in two
paragraphs
- is that all taxes and subsidies on fossil fuels should be
removed worldwi
de. 'This is likely both to reduce emissions and increase
global economic ou
tput,' Bate and Morris state baldly.
The shortcomings of their case are unfo
rtunate, because scepticism about
environmental scaremongering is welcome an
d all too rare. So is the reminder
that, in pandering to green populism, gov
ernments can put in place policies
which are counter-productive and expensiv
e.
The Rio convention will encourage governments to grapple with the importa
nt
question of whether any international agreement to curb carbon dioxide
em
issions can be binding. Such treaties are almost impossible to police, as
th
e emissions of individual countries are hard to monitor. Further,
countries
may be tempted to avoid the inconvenience and cost of the curbs,
provided th
ey can be satisfied that they will benefit from other countries
continuing t
o observe them.
The only contribution which could settle the global warming
debate, however,
is more data about climate change. In Callander's words, 'i
n 10 years we may
say (scientists' investigation) has been an interesting ex
ercise which came
to nothing, or we may say that we were recognising somethi
ng important
happening in the atmosphere. At the moment, though, (the threat
) should be
taken seriously.'
Global Warming: Apocalypse or Hot Air? Roger B
ate and Julian Morris, IEA
Studies on the Environment, 2 Lord North St, Lond
on SW1P 3LP; Pounds 5
Countries:-
XAZ World.
<
XX>
Industries:-
P951 Environmental Quality.
Types:-
<
/XX>
RES Pollution.
CMMT Comment & Analysis.
The Financ
ial Times
London Page 18
============= Transaction # 85 ==============================================
Transaction #: 85 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:01:29
Selec. Rec. #: 21
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT932-7277
_AN-DEYCHACEFT
9305
25
FT 25 MAY 93 / Insurers told to cut storm cover
By RICHARD LAPPER
INSURERS could come un
der pressure to reduce cover for storm damage to
homes, a conference on glob
al warming and catastrophic weather losses was
told yesterday.
Mr Jeremy Hin
dle, a senior underwriter with Swiss Re, the world's second
largest reinsura
nce company, said that the excess (the amount a policyholder
pays of any cla
im) on household buildings policies 'must be raised to Pounds
250 immediatel
y, with a move to Pounds 1,000 being the target.'
Swiss Re is one of a numbe
r of reinsurers providing cover to UK insurers.
Insurers have introduced hig
her excesses for subsidence but for most claims
householders pay a compulsor
y excess of about Pounds 50. Some insurers offer
lower premiums for customer
s who choose to take a higher excess.
Household insurance premiums have rise
n in recent years, partly reflecting
steep rises in rates charged by reinsur
ers to insurance companies.
Mr Hindle told the conference, organised by envi
ronmental pressure group
Greenpeace, that changes in terms and conditions of
buildings policies were
needed to reduce exposure to storm damage.
Reinsure
rs have put the UK in the list of five international regions most
exposed to
catastrophic weather or earthquake risk, after two of the
costliest storms
on record in the past six years.
But he said reinsurers could also press for
further changes. Insurers could
restrict coverage to a percentage of the su
m insured in some areas or follow
the example of insurers in the Virgin Isla
nds - badly hit by hurricane Hugo
in 1989 - where excesses are a percentage
of the property's value.
AA Insurance, one of the UK's biggest brokers, crit
icised the move to raise
excesses. Mr Noel Privett, AA head of information,
said such it would
represent 'a huge overreaction. A more creative solution
is called for'.
Countries:-
GBZ United Kingdom, EC.
Industries:-
P6331 Fire, Marine, and Casualty Insurance
.
Types:-
NEWS General News.
The Financial
Times
London Page 12
============= Transaction # 86 ==============================================
Transaction #: 86 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:01:55
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 210114 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 87 ==============================================
Transaction #: 87 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:02:03
Selec. Rec. #: 26
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT933-5022
_AN-DIFB9ACQFT
9309
06
FT 06 SEP 93 / Survey of Reinsurance (12): Magnetic i
sland in the sun - Bermuda is the world's fastest growing offshore centre
By RICHARD LAPPER
BERMUDA, home of so
me of the world's fastest growing and innovative
reinsurance companies, has
benefited from a flood of new interest this year.
More than half a dozen new
reinsurance initiatives have been launched,
bringing more than Dollars 1bn
in fresh capital to the island and
consolidating its reputation as the world
's biggest offshore insurance and
reinsurance centre.
Until this year Bermud
a was known as a centre for captive insurers and more
recently for highly sp
ecialised reinsurers which offer high-level liability
covers.
Centre Re, the
biggest of Bermuda's reinsurance companies with assets of
Dollars 2.9bn, ha
s pioneered so-called finite risk transactions, while ACE
and XL insure larg
e - mainly US - corporations against legal awards.
In June, American Interna
tional Group, one of the world's biggest insurers,
reinforced this trend by
sponsoring the formation of a new excess liability
company, Starr Excess Lia
bility Insurance. Other backers include General Re,
Munich Re, Primamerica a
nd Aon Corporation.
However, most attention has focused recently on the cata
strophe reinsurance
market, with Bermuda hosting a number of significant new
initiatives by
North American insurers and financiers. Attracted by the rec
ent strength in
reinsurance rates and prospect of attractive profits, Marsh
McLennan, the
world's biggest insurance broker, and JP Morgan, the US bank,
sponsored the
formation last autumn of Mid-Ocean, a new Dollars 350m reinsur
ance company.
The company began underwriting in January and in the summer an
nounced plans
to go public in the US with an initial public offering expecte
d to raise
nearly Dollars 250m.
In the last six months five similar ventures
have been formed:
American International Group announced it was setting up
a property
catastrophe reinsurer, International Property Catastrophe Reinsur
ance Co,
which aims to provide excess of loss treaty reinsurance for persona
l and
commercial risks. AIG has a 24.4 per cent stake in the Dollars 300m co
mpany
which will also underwrite retrocessional business for other reinsurer
s and
also some non-catastrophe business.
Investors including General Re, th
e biggest US reinsurance company, and AIG
have raised Dollars 500m to suppor
t Tempest Reinsurance, which is expected
to begin underwriting in October.
G
oldman Sachs, the securities house, and Johnson & Higgins, the insurance
bro
ker, are organising another company, Global Capital Reinsurance, which is
ex
pected to have some Dollars 300m in capital. Investors include
Underwriters
Re Holdings Corporation.
Investors including Warburg, Pincus Investors, Gene
ral Electric Pension
Trust, Investment Private Placement Partners and USF&G,
the US insurance
company, are raising Dollars 140m to invest in Renaissance
Reinsurance. It
plans to underwrite property and short-tail casualty insura
nce, earning more
than 60 per cent of an expected Dollars 100m a year in pre
miums from the US
market.
Centre Re itself has formed a Bermuda-based shell
company, Centre Cat, which
will also underwrite catastrophe reinsurance.
Sep
arately, General Re is opening a wholly-owned underwriting management
compan
y, to help meet growing demand for back office services on the island.
Two o
bvious attractions are Bermuda's tax regime (companies pay no income or
corp
oration tax and can build up tax-free reserves allowing them to build up
muc
h stronger financial strength to meet large scale claims) and its benign
reg
ulatory environment.
Bermudian companies are able to avoid the very high so-
called 'frictional'
costs, which are typical of a market - such as London -
in which dozens of
relatively small insurers and brokers combine to insure a
nd reinsure large
risks.
They tend to conduct a small number of high-value t
ransactions, transferring
huge blocks of risk on to their own books in excha
nge for multi-million
dollar premiums.
Already there are signs that the amou
nt of fresh capital in Bermuda is
having an impact on rates and terms and co
nditions on international markets.
One prominent London underwriter estimate
s that capacity for leading US
buyers has risen from around Dollars 120m per
event to Dollars 150m per
event in recent months.
So far, however, there is
little sign that Bermudian underwriters are
winning market share at the exp
ense of established marketplaces in the North
America and Europe, either by
offering cheaper policies or better security.
Mid-Ocean, the most active Ber
mudian catastrophe reinsurer at present,
generally underwrites portions of r
einsurance programmes, in which prices
and conditions are set by so-called '
lead' underwriters in Lloyd's.
The new companies look set to follow suit. Mr
James Stanard, chief executive
of Renaissance, says: 'Much of our business
will be participations on
catastrophe programmes led by recognised lead unde
rwriters.'
Although there is concern among some US reinsurance buyers about
the quality
of security in the London market and particularly at Lloyd's, ot
her buyers -
especially from Europe and South Africa - are equally sceptical
about the
durability of Bermudian companies and are particularly mindful of
the
problems experienced by many Bermudian companies in the mid-1980s.
Indu
stry leaders such as Mr Michael Butt, the chief executive of Mid-Ocean,
insi
st that the Bermudian market 'complements' rather than competes with
London.
Indeed in some other ways the Bermudian market has recently provided
direct
support for Lloyd's underwriters. Underwriters Capital (Merrett),
another n
ew Bermudian company, was formed with the specific purpose of
providing quot
a share reinsurance to the syndicates of the Merrett Group,
for example.
Cen
tre Re agreed at the end of last year to back a multi-million pound
reinsura
nce scheme, which will allow Lloyd's Names to obtain stop-loss, or
personal,
reinsurance. And Centre Re also provides dozens of financial
reinsurance po
licies - called 'time and distance' policies - which allow
Lloyd's syndicate
s to manage their reserves more flexibly.
However, as the Bermudian market d
evelops and the confidence of buyers
increases, local Bermudian underwriters
may begin to seek to lead business.
One prominent London underwriter predic
ts this could happen in the 1995
renewal season. 'Customers are already usin
g Bermuda as a stick to beat us
over the head,' he says.
------------------
-----------------------------------------
BERMUDA'S BIG INS
URERS
Net insurance premiums written in 1992 (dollarsm)
---------------
--------------------------------------------
Centre Re
1,100.0
American International 850.0
Excel
434.5
ACE 325.4
OIL
187.6
Mid Ocean Re 130.0
Mutual Risk Managem
ent 82.2
Heddington Insurance 74.0
--------------
---------------------------------------------
Source: The Bermudan
--------
---------------------------------------------------
Countries:-
BMZ Bermuda, Caribbean.
Industries:-
P63
Insurance Carriers.
P6411 Insurance Agents, Brokers, and Service.
Types:-
CMMT Comment & Analysis.
TECH Services & Servic
es use.
The Financial Times
London Page 18
============= Transaction # 88 ==============================================
Transaction #: 88 Transaction Code: 6 (Direct Rank Search)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:02:25
Rec. Format: Short Time Cmd Complete: 16:00:00
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 5 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
zfind "(topic @ {storm hurricanes typhoons damage phillipians})"
============= Transaction # 89 ==============================================
Transaction #: 89 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:02:28
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 10981 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 90 ==============================================
Transaction #: 90 Transaction Code: 6 (Direct Rank Search)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:02:39
Rec. Format: Short Time Cmd Complete: 16:00:00
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 3 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
zfind "(topic @ {storm damage phillipians})"
============= Transaction # 91 ==============================================
Transaction #: 91 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:02:41
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 10689 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 92 ==============================================
Transaction #: 92 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:02:52
Selec. Rec. #: 2
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT933-13671
_AN-DGRAKAD2FT
930
717
FT 17 JUL 93 / Finance and The Family: Paying for Na
ture's violence - Eric Short on why insurers are re-assessing premiums in ar
eas of Britain most prone to severe weather
By ERIC
SHORT
LOOK carefully at the map. If you live in an area sha
ded X or Y, then it is
a high-risk storm area - and you can expect your buil
dings insurance premium
to be altered accordingly.
Gone are the days when in
surers charged one rate for the whole country -
effectively putting househol
ders into one big pool, with the low risks
subsidising the high. Now, underw
riters are splitting the country into
separate areas according to their risk
factors.
Underwriters take five major risks into account when setting rates
for
insuring buildings: fire, flood, storm, frost and subsidence. Of these,
storm and subsidence generally cause heavier claims.
Most fires are confine
d to a particular building, so the risk can be
controlled and damage minimis
ed. Floods tend to be localised in well-defined
areas, usually affecting onl
y a few hundred buildings at most.
Damage caused by frost can be widespread
and, in the past, a sudden
freeze-up has led to massive claims for damage fr
om burst pipes. But lagging
exposed pipes in new houses is now standard and
most residents of older
properties have learnt from experience to do likewis
e and take other
precautions. Underwriters are less concerned about cold spe
lls than they
used to be.
It is the storms of winter and a succession of dry
summers that have played
havoc with claims. Insurers shudder to think about
the great storms of
October 1987 and January 1990, and the summers of 1988-
91.
Using past claims information and large-scale geological maps, underwrit
ers
have been assessing the subsidence risk nationally and now have a cleare
r
picture of its extent. Assessing storm risks proved trickier, mainly becau
se
there was not enough data over an extended period. Storms still occur
inf
requently but, when they do, the damage is widespread and costly.
The climat
ic research unit at the University of East Anglia has, however,
examined 47
major storms between 1920-90. This helped to provide the
material from which
the Institute and Faculty of Actuaries produced a report
last year on Storm
Rating in the Nineties.
For the first time, underwriters now have a clear p
icture of storm frequency
in various parts of the UK (as shown on the map) -
although, interestingly,
the institute found there was no conclusive eviden
ce of an increasing trend
in storm losses, or to support the global warming
theory.
Underwriters now are assessing these storm patterns, together with t
heir own
claims' experience, to establish the changes that should be made to
buildings insurance rates.
The map shows that people living in most of Scot
land have the highest risk -
more than 180 per cent of the average. But Scot
s have known this for decades
and have built their houses to withstand the w
eather. Thus, the likely
premium increases will be much less than one would
expect from the risk
factor.
The areas most likely to be affected adversely
by premium increases are the
next highest-risk areas of Kent, Sussex, Cornwa
ll and northern England,
where the storm risk is 130-180 per cent above aver
age. Houses in these
regions generally were not built to withstand ultra-sev
ere weather and
claims have hit insurers hard in recent years.
While builder
s now are adapting new homes to cope better with storms,
existing properties
remain exposed to the next blast. So, if premium rates
are increased in the
se areas, house-owners will know why. Conversely, owners
in central England
may anticipate a reduction in rates because of their
below-average storm ris
k.
Countries:-
GBZ United Kingdom, EC.
In
dustries:-
P6411 Insurance Agents, Brokers, and Service.
P6321
Accident and Health Insurance.
P6331 Fire, Marine, and Casualty Insuran
ce.
Types:-
INS Insurance.
The Financial Ti
mes
London Page IV
============= Transaction # 93 ==============================================
Transaction #: 93 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:03:08
Selec. Rec. #: 3
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT923-563
_AN-CI1B0AAGFT
92092
8
FT 28 SEP 92 / Battered regions escape fresh storms
By AP
PARIS
FRESH storms moved across southern France yesterday, leaving three people
d
ead and several missing, AP reports from Paris.
But the rains eased before r
eaching regions battered last week by the
deadliest floods on record in Fran
ce.
Authorities said the worst damage from the new storms occurred in the
de
partments of Aude and Pyrenees-Orientales, close to the eastern part of
the
French-Spanish border.
Rivers swollen by torrential rains overflowed their b
anks. In the Aude
village of Rennes-les-Bains the floodwaters smashed a home
, killing a
65-year-old women and sweeping away two other people.
Floodwater
s a metre deep were reported in parts of the city of Narbonne.
The national
weather service had warned that severe storms could hit much of
south-east F
rance yesterday, but in most areas rain was too light to unleash
any new flo
oding.
Flash floods on Tuesday in the south-central departments of Vaucluse,
Drome
and Ardeche killed 38 people.
Vaucluse authorities yesterday lowered
their estimate of missing people from
40 to 15, saying the others had been a
ccounted for.
Officials said 150 homes in Vaucluse had been destroyed or ser
iously
damaged, and 12 bridges washed away.
An overall valuation of the dama
ge has not been released, but insurance
companies have already arranged for
payments totalling about FFr980m (Pounds
112.38m).
The Financia
l Times
London Page 3
============= Transaction # 94 ==============================================
Transaction #: 94 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:03:14
Selec. Rec. #: 4
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT923-6038
_AN-CH1BVABKFT
9208
27
FT 27 AUG 92 / Hurricane batters southern US but lets
insurers off lightly
By MARTIN DICKSON and ROBERT P
ESTON
NEW YORK, LONDON
HURRICANE
Andrew, claimed to be the costliest natural disaster in US
history, yesterda
y smashed its way through the state of Louisiana,
inflicting severe damage o
n rural communities but narrowly missing the
low-lying city of New Orleans.
The storm, which brought havoc to southern Florida on Monday and then headed
north-west across the Gulf of Mexico, had made landfall late on Tuesday
nig
ht some 60 miles south-west of the city in the agricultural Cajun
country.
A
lthough the damage from the hurricane's landfall in Florida on Monday was
mu
ch greater than initially esti mated, insurers' losses there are likely to
t
otal less than Dollars 1bn, well below earlier expectations, a senior
member
of Lloyd's insurance market said yesterday.
In Louisiana, the hurricane lan
ded with wind speeds of about 120 miles per
hour and caused severe damage in
small coastal centres such as Morgan City,
Franklin and New Iberia. Associa
ted tornadoes devastated Laplace, 20 miles
west of New Orleans.
Then, howeve
r, Andrew lost force as it moved north over land. By yesterday
afternoon, it
had been down-graded to tropical storm, in that its sustained
windspeeds we
re below 75 mph.
Initial reports said at least one person had died, 75 been
injured and
thousands made homeless along the Louisiana coast, after 14 conf
irmed deaths
in Florida and three in the Bahamas.
The storm caused little da
mage to Louisiana's important oil-refining
industry, although some plants ha
d to halt production when electricity was
cut.
The Lloyd's member, in close
contact with leading insurers in Florida, said
that damage to insured proper
ty was remarkably small. More than Dollars 15bn
of damage may have been caus
ed in all, but was mostly to uninsured property,
he said.
In north Miami, da
mage is minimal. Worst affected is one hotel, whose
basement was flooded. Mo
st of the destruction occurred in a 10-mile band
across Homestead, 25 miles
to the south of Miami, where a typical house
sells for Dollars 100,000 to Do
llars 150,000. US insurers will face a bill
in respect of such properties, b
ut Lloyd's exposure there is minimal.
Many destroyed power lines are thought
to be uninsured, as are trees and
shrubs uprooted across a wide area. Only
one big hotel in that area has been
badly damaged, a Holiday Inn.
Across Flo
rida, some 2m people remained without electric ity yesterday and
health offi
cials were warning the public to boil or chemically treat all
water.
Hurrica
ne Hugo, which devastated much of South Carolina in 1989, cost the
insurance
industry some Dollars 4.2bn. Further uninsured losses may have
raised the t
otal to Dollars 6bn-Dollars 10bn.
The Financial Times
London Page 6
============= Transaction # 95 ==============================================
Transaction #: 95 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:03:28
Selec. Rec. #: 6
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT923-3091
_AN-CIPCHAGNFT
9209
15
FT 15 SEP 92 / Hawaiian island recovers
<
BYLINE> By AP
LIHUE
TROOPS pat
rolled and helped clean up neighbourhoods and officials tended to
more than
7,000 people in shelters as the hurricane-hit Hawaiian island of
Kauai took
its first halting steps toward normality yesterday, AP reports
from Lihue.
F
ederal officials said 10,000 homes were badly damaged when Hawaii's worst
st
orm this century tore across the resort island. Most of the island's 70
hote
ls sustained serious damage.
A limited phone service was restored, giving th
e island's 52,000 residents
their first link to the outside world since the
storm hit on Friday.
The Financial Times
Internat
ional Page 8
============= Transaction # 96 ==============================================
Transaction #: 96 Transaction Code: 6 (Direct Rank Search)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:04:59
Rec. Format: Short Time Cmd Complete: 16:00:00
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 3 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
zfind "(topic @ {storm damage hawaiian})"
============= Transaction # 97 ==============================================
Transaction #: 97 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:05:02
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 10735 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 98 ==============================================
Transaction #: 98 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:05:05
Selec. Rec. #: 1
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT923-3091
_AN-CIPCHAGNFT
9209
15
FT 15 SEP 92 / Hawaiian island recovers
<
BYLINE> By AP
LIHUE
TROOPS pat
rolled and helped clean up neighbourhoods and officials tended to
more than
7,000 people in shelters as the hurricane-hit Hawaiian island of
Kauai took
its first halting steps toward normality yesterday, AP reports
from Lihue.
F
ederal officials said 10,000 homes were badly damaged when Hawaii's worst
st
orm this century tore across the resort island. Most of the island's 70
hote
ls sustained serious damage.
A limited phone service was restored, giving th
e island's 52,000 residents
their first link to the outside world since the
storm hit on Friday.
The Financial Times
Internat
ional Page 8
============= Transaction # 99 ==============================================
Transaction #: 99 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:05:28
Selec. Rec. #: 8
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT924-2373
_AN-CLMAOAECFT
9212
12
FT 12 DEC 92 / Finance & The Family: Braced for the s
torm / A look at weather-related insurance
By SCHEHE
RAZADE DANESHKHU
RAIN and violent storms have caused a grea
t deal of damage in recent weeks
and insurance companies are bracing themsel
ves for a rise in weather-related
claims.
Householders should check the exte
nt of their policy cover and take
preventative action in the home to minimis
e the need to make a claim.
Burst pipes are the most common cause of weather
-related damage. Since
building and contents are likely to be affected it is
important to be
covered for both.
Damage to roofs, windows, doors and walls
falls under a buildings insurance
policy, while damage to carpets and furni
ture is covered under a contents
policy. Donald Malcolm, of General Accident
, says that fitted units, tiles
and wallpaper are also considered part of th
e building. Repair to pipes
burst because of freezing weather usually will n
ot be covered, according to
Swinton Insurance brokers.
The insurance compani
es all stress prevention when it comes to winter. 'Act
as if you did not hav
e insurance and be prudent,' says Steve Turner, of Sun
Alliance. He advises
people to lag cold and hot water pipes and to clear
gutters and drains to pr
event damage during a thaw. Check the roof for loose
slates or tiles. Noel P
rivett, of AA Insurance, suggests opening the loft
door to let warm air into
the roof cavity when the weather turns very cold,
since that is where pipes
and water tanks are at their most vulnerable, and
to keep on the heating at
night.
If you are going away, you should turn off the water supply and drai
n the
hot and cold water system. Alternatively, you could keep the heating o
n low
while you are away. Turner says the worst thing is to turn the heating
off
while leaving water in the pipes.
A prudent measure is to leave keys wi
th someone in case of an emergency. If
a pipe has burst, the water must be t
urned off immediately, so make sure
that whoever comes around knows where th
e stopcock is. Remember that if you
go away for more than 30 days, your poli
cy is unlikely to cover you at all.
There can be confusion when it comes to
cover for items outside the house.
Garden furniture is usually covered under
a contents policy but, if it is
damaged by bad weather, you will find it ha
rd to find an insurer willing to
pick up the tab. Garden furniture should be
stored either inside the home or
in a shed. If a storm blows off the shed r
oof the stored garden furniture
would be covered under your contents policy
and the shed under buildings.
Some restrictions, on paths, fances and gates
for example, can bemuse
policyholders. Most insurers will not cover damage t
o fences or gates
because of a storm or flood. Some insurers, for example AA
, will pay for
damage to fences and gates caused by a falling tree but many
policies will
not do this if the tree fell as a result of a storm. Damage ca
used by a
falling tree (for whatever reason) will be covered by Sun Alliance
if it
fell on to a wall but not if it fell on gates or fences.
Your insuran
ce company will not pay to clear away a tree which has fallen
unless it caus
es damage.
Make sure that both buildings and contents are insured for their
full value
-if a pipe were to burst in the roof causing torrents of water t
o cascade
through the house, remember that the payout on an individual item
will be
restricted. You should have the item specified or see if your insure
r will
agree to increase the single item limit. The standard excess on most
buildings policies is Pounds 50.
If a pipe freezes, the Association of Briti
sh Insurers recommends that you
turn off the main stop valve and thaw the pi
pe with hot water bottles or a
thick cloth soaked in hot water. You should s
tart at the end of the pipe
nearest the tank.
If the pipe has already burst,
you should once again turn off the main stop
valve. If you cannot stop the
flow, open all cold water taps to drain the
system but do not open the hot t
aps as the hot water cylinder could collapse
if the pipes feeding it are fro
zen. You should also turn off the central
heating.
Before contacting a plumb
er, the ABI recommends contacting the insurance
company immediately to see i
f they have preferred contractors, which will
save you the bother of collect
ing different estimates for the damage. Some
insurers also have emergency he
lplines.
If you are flooded, you should switch off electricity at the mains
and move
as many belongings as possible upstairs. The ABI recommends leaving
windows
and doors open to allow air to circulate. Furniture should be pulle
d away
from the walls.
Swinton Insurance says you should keep damaged items
to show a loss
assessor, in case the insurance company decides to appoint on
e to look at
the damage.
Since you will probably need to claim both contents
and buildings insurance,
having these policies with one insurer simplifies
the claims process and you
will only need to submit one claim.
However, it c
ould be a while before you can redecorate and get life back to
normal again.
Walls should be treated with anti-mould solution and
floorboards should be
given six months to dry out. Many insurance companies
will contribute to the
costs of drying out and should pay for a short period
of temporary accommod
ation if the property has been made uninhabitable.
Prevention is not only in
the insurer's interest: averting a disaster means
much less hassle for the
homeowner, too.
The Financial Times
London Page I
V
============= Transaction # 100 ==============================================
Transaction #: 100 Transaction Code: 15 (Terms Cleared)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:05:45
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: or Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
============= Transaction # 101 ==============================================
Transaction #: 101 Transaction Code: 6 (Direct Rank Search)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:07:10
Rec. Format: Short Time Cmd Complete: 16:00:00
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 2 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
zfind "(topic {tourist}) and (topic {violence})"
============= Transaction # 102 ==============================================
Transaction #: 102 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:07:11
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 130 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 103 ==============================================
Transaction #: 103 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:07:14
Selec. Rec. #: 1
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT911-1104
_AN-BEHBSADXFT
9105
08
FT 08 MAY 91 / Operators review travel to Yugoslavia
By DAVID CHURCHILL
BRITISH tour ope
rators and travel agents were yesterday reviewing the
position facing travel
to Yugoslavia after the latest outbreak of violence,
David Churchill writes
.
They were concerned about the lack of firm guidance by the Foreign Office
about travel to Yugoslavia. A number of leading operators are understood to
support a move to ban holiday travel to the country in advance of any
Foreig
n Office ruling.
The latest Foreign Office advice is for travellers to avoid
the area between
Karlovac and Sisak in the north of the country and Split a
nd Gospic to the
south, including the coast road. They should also avoid tra
velling in the
area of Croatia to the north of the Zagreb-Belgrade motorway.
The Foreign Office said there was no reason for travellers to avoid the mai
n
cities in the tourist areas of Istria, Slovenia and Montenegro.
Yugotours,
the largest operator to the country and backed by the Yugoslav
government,
has some 2,500 Britons at present on holiday in Yugoslavia.
Last year about
800,000 Britons went to Yugoslavia, mainly to the coastal
seaside resorts, w
here holidays were considerably less expensive than their
Spanish equivalent
.
Even before the Gulf War, however, the market this year was looking bleak
because of the UK recession.
Now Yugoslavia's tourist industry, its biggest
foreign exchange earner,
faces the effects of the nationalist upheavals. Tou
rism brought in an
estimated Dollars 2.2bn (Pounds 1.27bn) in 1989 and at le
ast 10 per cent
more last year.
The Financial Times
London Page 8
============= Transaction # 104 ==============================================
Transaction #: 104 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:07:55
Selec. Rec. #: 2
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT911-1219
_AN-BEHBSAAQFT
9105
08
FT 08 MAY 91 / Washington seeks to prevent more rioti
ng
By PETER RIDDELL, US Editor
WASHINGTON
WIDESPREAD rioting and looting - for the se
cond night running in the
predominantly Hispanic area of Mount Pleasant in W
ashington, about two miles
from the White House - led to the imposition of a
curfew and a state of
emergency across both that area and that of Adams Mor
gan between midnight
Monday and early yesterday morning.
The disturbances ha
ve involved gangs of youths breaking shop windows and
looting, fires, destru
ction of vehicles, and running skirmishes with a
thousand police officers wh
o fired tear gas.
Calm prevailed yesterday as Mayor Sharon Pratt Dixon gathe
red her top
administrators to discuss ways to prevent a third night of rioti
ng.
Deputy Police Chief Edward Spurlock said the disturbances were the worst
in
Washington since 1968, after the assassination of Martin Luther King jr,
the
black civil rights leader.
The violence, though contained within a few
hundred square yards, crossed
16th Street, one of the city's main arteries,
and came within walking
distance of the main residential, tourist and office
areas.
For most Washingtonians, however, the main evidence of the riots was
the
live coverage on television, the screams of fire and ambulance sirens a
nd
heavy activity by low-flying police helicopters.
The disturbances followe
d the shooting of a Hispanic man by a police officer
who was trying to detai
n him for public drinking. According to the police,
the man, now in a critic
al condition, drew a knife. According to a Hispanic
witness, he was handcuff
ed when shot.
This triggered the waves of violence against both property and
the police on
Sunday and Monday evenings in the Mount Pleasant and Adams Mo
rgan areas.
The latest events have underlined simmering tensions between the
generally
poor Hispanic community and the District of Columbia government a
nd police
force, which are predominantly black and, as such, reflect the cit
y's racial
composition.
The tensions in Washington between Hispanics and bla
cks have been matched in
other US cities, such as Miami, Los Angeles and Hou
ston, where there are
large Spanish-speaking populations, often made up of r
ecent immigrants, who
argue that they are badly treated and often excluded f
rom power.
Following the first night's riots, local residents told Ms Dixon
that
Hispanic people were harassed by the police and poorly treated by city
agencies. Less than 4 per cent of the police are Hispanic, compared with at
least 10 per cent of the city's population. Many of the Hispanics are recent
refugees from central America and speak only Spanish.
Ms Dixon promised to
improve communications and said district agencies would
hire more Hispanic p
eople. This is her first big test since she took over
four months ago from M
ayor Marion Barry, who, despite his drug and alcohol
problems, proved to be
a wily operator in reducing conflicts in the city.
Sharon Pratt Dixon, mayor
of Washington, who sometimes carries a broom as
token of her determination
to clean up the city administration, has promised
more help for local Hispan
ics
The Financial Times
London Page 6
============= Transaction # 105 ==============================================
Transaction #: 105 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:08:21
Selec. Rec. #: 3
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT921-6602
_AN-CB0CIABFFT
9202
27
FT 27 FEB 92 / Rio business protests at rising crime
By CHRISTINA LAMB
RIO DE JAN
EIRO
THOUSANDS of Rio's hoteliers, shopkeepers, businessm
en and tourist agents
held a demonstration along Copacabana beach yesterday
to protest against the
resort's increasing violence, which, they say, is des
troying its tourist
industry.
Since 1987, the number of tourists visiting Br
azil has plummetted from
almost 2m to 800,000, largely because of Rio's spir
alling crime rate. As a
result, Rio has suffered an estimated Dollars 400m l
oss in revenue,
according to Mr Ronaldo Monterosa, president of Embratur, th
e Brazilian
tourist authority.
'Over the last five years we have watched tou
rism collapse,' said Mr Philip
Carruthers, general manager of the Copacabana
Palace hotel and president of
the Association of Hoteliers.
'Occupancy of f
ive-star hotels in peak months has fallen from 97 per cent to
63 per cent. T
he main reason is Rio's appalling image, which is based on a
fundamental rea
lity - complete lack of security.'
He complained that his hotel staff have t
o prevent guests leaving the hotel
with cameras, jewellery or watches becaus
e of the 'complete ineffectiveness'
of the police. 'The police here are part
of the problem rather than the
solution.'
Immediately after the press confe
rence, two journalists were stopped at
knifepoint near the hotel and opposit
e a police cabin.
Mr Paulo Protasio, head of Rio's Chamber of Commerce, said
'we need to
mobilise Rio's taxpayers to see that this constant drop in tour
ism, which is
the state's principal economic activity, is jeopardising every
one's jobs.'
He said the aim of yesterday's march was to press the state aut
horities into
taking action.
Rio's commercial and tourism associations have
presented a plan to the state
governor for the creation of a new 1,500-stron
g bilingual tourist police
force which would be well-paid and better motivat
ed.
Mr Protasio pointed out that Rio should be capitalising on the World
Env
ironment Conference, which it is hosting in June, to present a new image.
The Financial Times
London Page 5
============= Transaction # 106 ==============================================
Transaction #: 106 Transaction Code: 6 (Direct Rank Search)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:09:16
Rec. Format: Short Time Cmd Complete: 16:00:00
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 3 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
zfind "(topic @ {tourist injury death})"
============= Transaction # 107 ==============================================
Transaction #: 107 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:09:20
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 8262 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 108 ==============================================
Transaction #: 108 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:09:23
Selec. Rec. #: 1
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT933-15380
_AN-DGICIABGFT
930
709
FT 09 JUL 93 / Egypt hangs seven for terrorism
By MARK NICHOLSON
CAIRO
SEVEN Islamic militants were hanged in Egypt yesterday on charges
of
attacking foreign tourists and seeking to overthrow the government - the
greatest number of executions for political crimes in the country's recent
h
istory. Five were hanged in 1982 for assassinating President Anwar Sadat.
Th
e seven were convicted by a military court in April of six separate bomb
and
firearm attacks on tourist buses and Nile cruisers late last year, in
one o
f which a young Englishwoman was killed.
The men were among 49 tried in the
case, including six in absentia, who had
proclaimed loyalty to the Gamaa al-
Islamiyya extremist group which has
claimed responsibility for attacks on to
urism and security forces over a
year.
A total of 22 individuals have been s
entenced to death in trials arising
from politically-motivated violence sinc
e December last year. President
Hosni Mubarak has made a point of publicly r
atifying each one to signal his
government's resolve to crush the threat fro
m Islamic extremists.
Five more men face the scaffold later this month after
being convicted in
May for their part in four bombings and an attempt on th
e life of Mr Safwat
Sherif, the information minister, who escaped a shooting
near his Cairo home
with light injuries last April.
The government's determ
ination to mete out the severest penalties possible
on Islamic militants com
es despite rising opposition from western and
domestic human rights groups b
oth to the use of the death penalty and to the
conduct of trials by military
courts.
Countries:-
EGZ Egypt, Africa.
I
ndustries:-
P9229 Public Order and Safety, NEC.
Types:-
NEWS General News.
The Financial Times
London Page 4
============= Transaction # 109 ==============================================
Transaction #: 109 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:09:40
Selec. Rec. #: 2
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT933-15385
_AN-DGICIABBFT
930
709
FT 09 JUL 93 / Seven hanged for terrorism in Egypt:
Attacks on tourists and trying to overthrow government
By MARK NICHOLSON
CAIRO
SEVEN
Islamic militants were hanged in Egypt yesterday on charges of
attacking for
eign tourists and seeking to overthrow the government - the
greatest number
of executions for political crimes in the country's recent
history. Five wer
e hanged in 1982 for assassinating President Anwar Sadat.
The seven were con
victed by a military court in April of six separate bomb
and firearm attacks
on tourist buses and Nile cruisers late last year, in
one of which a young
Englishwoman was killed.
The men were among 49 tried in the case, including
six in absentia, who had
proclaimed loyalty to the Gamaa al-Islamiyya extrem
ist group which has
claimed responsibility for attacks on tourism and securi
ty forces over the
past year.
A total of 22 individuals have been sentenced
to death in trials arising
from politically-motivated violence since Decembe
r last year. President
Hosni Mubarak has made a point of publicly ratifying
each one to signal his
government's resolve to crush the threat from Islamic
extremists.
Five more men face the scaffold later this month after being co
nvicted in
May for their part in four bombings and an attempt on the life of
Mr Safwat
Sherif, the information minister, who escaped a shooting near his
Cairo home
with light injuries last April. Two men were hanged in June - th
e first
executions for political crimes in Egypt since 1982 - and the remain
der of
the 22 sentences were given in absentia.
The government's determinati
on to mete out the severest penalties possible
on Islamic militants comes de
spite rising opposition from western and
domestic human rights groups both t
o the use of the death penalty and to the
conduct of trials by military cour
ts.
President Mubarak shifted authority over such cases to military courts i
n
February to ensure the speediest possible process.
Yesterday's executions
come a day after publication of Amnesty
International's annual report, in wh
ich it repeats opposition to use of the
death penalty and reiterates allegat
ions of torture, detention without trial
and unfair practices in the militar
y courts.
Just after yesterday's hangings took place in a Cairo prison, in s
equence
between 7am and 10am, the Arab Organisation of Human Rights condemne
d in a
press conference the use of military courts, which were 'outside the
normal
legal framework', said Mr Mohammed Fayek, its secretary general.
Howe
ver, no such opposition is at all likely to deter President Mubarak from
rat
ifying further death sentences which may result from trials due before
these
courts in the next few weeks.
In the biggest of these, a total of 700 alleg
ed members of the Jihad
extremist Islamic group are being tried in two concu
rrent cases, facing
charges which include the attempted assassination of pub
lic figures and
incitement to rebellion.
Moreover, the government has still
either to apprehend or to bring charges
against those responsible for an app
arently random series of nail-bombings
in Cairo since mid-May which have kil
led 16 Egyptians.
Countries:-
EGZ Egypt, Africa.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
NEWS General News.
The Financial Times
London Page 4
============= Transaction # 110 ==============================================
Transaction #: 110 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:09:56
Selec. Rec. #: 4
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT942-11098
_AN-EEJC9AHIFT
940
506
FT 06 MAY 94 / Insurers face Dollars 16m claims on S
enna's death
By RICHARD LAPPER
Unde
rwriters at the troubled Lloyd's of London and other insurers face
claims of
at least Dollars 16m (Pounds 11m) following the death last weekend
of Ayrto
n Senna, the racing driver.
Increasing fears about the safety of some profes
sional sports are also
expected to force up premiums for specialised persona
l accident cover.
Senna, a three-times Formula One world champion, died from
injuries
sustained during the San Marino Grand Prix on May 1. He was covere
d against
death and injury by a personal accident policy, underwritten by in
surance
companies and Lloyd's syndicates. Typically, policies cover annual i
ncome
and medical and other expenses.
Additional multi-million dollar insura
nce claims are also expected to emerge
on so-called 'death and disgrace' pol
icies, which at least some of Senna's
sponsors are understood to have taken
out to cover any loss of advertising
revenue and extra expenses resulting fr
om his death or injury.
One of these policies is thought to provide cover of
at least Dollars 5m. A
range of other companies also insured the value of e
ndorsements - given by
Senna in return for a fee - to their products.
The pe
rsonal accident payout looks likely to be the highest ever by insurers
for a
sportsman and is expected to lead to a contraction in this highly
specialis
ed corner of the insurance market.
Senna's death came just a day after that
of fellow grand prix driver Roland
Ratzenberger at San Marino, and only a we
ek after the death of another
sportsman, the boxer Bradley Stone. Stone coll
apsed last week hours after an
unsuccessful challenge for the British super
bantamweight title.
Annual premium income from sports professionals' persona
l accident premiums
is estimated to amount to about Pounds 20m, of which bet
ween 10 per cent and
15 per cent is generated by racing drivers. Professiona
l soccer players
account for up to 40 per cent of the total.
Previous heavy
claims include Dollars 14m paid to an American footballer
paralysed after su
staining critical injuries.
'This is one of the largest personal accident lo
sses of any sportsman,' one
broker said, predicting that rates could rise by
up to 20 per cent.
Senna, who was widely regarded as one of the best and sa
fest grand prix
drivers, is understood to have paid about Dollars 500,000 fo
r a policy which
covered accident and medical expenses. For the personal acc
ident element of
the policy, the basic rate of 0.75 per cent (of the sum ins
ured) was at the
lower end of the range of rates charged to racing drivers.
Companies:-
Lloyd's of London.
Countries:-
GBZ United Kingdom, EC.
Industries:-
P6411
Insurance Agents, Brokers, and Service.
Types:-
COMP C
ompany News.
COSTS Product costs & Product prices.
The Finan
cial Times
London Page 8
============= Transaction # 111 ==============================================
Transaction #: 111 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:10:11
Selec. Rec. #: 7
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT923-15264
_AN-CGCA3AALFT
920
703
FT 03 JUL 92 / World News in Brief: Playgroup death
Police are investigating the death of a six-month-old gir
l found with fatal
head injuries at a playgroup in Milton Keynes, Bucks. The
baby was asleep in
an empty office while her mother helped supervise other
children.
The Financial Times
London Page 1
============= Transaction # 112 ==============================================
Transaction #: 112 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:10:26
Selec. Rec. #: 10
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT931-887
_AN-DC1AGAB7FT
93032
7
FT 27 MAR 93 / When terror takes a toll: How internati
onal tourist destinations are affected by political violence
By MICHAEL SKAPINKER, NIKKI TAIT and MARK NICHOLSON
A year ago, the Cairo Sheraton hotel was 75 per cent full. This month, 41
per cent of its rooms are occupied. Some Cairo hotels are just over a third
full. One five-star hotel is charging only Dollars 28 a room.
The Gama'a al-
Islamiyya, the Islamic militant group which is seeking to
destabilise the Eg
yptian government, has deliberately targeted the country's
tourist industry.
Late last year, gunmen shot at tour buses in Upper Egypt,
killing one Briti
sh visitor. Earlier this year, two visitors were killed
when a bomb exploded
in a cafe in Cairo's Tahrir Square.
Mr Fouad Sultan, the tourism minister,
says earnings are down by a fifth on
last year. Many in the industry conside
r that an underestimate. The tourist
ministry has hired Burson-Marsteller, t
he world's biggest public relations
company, and Saatchi & Saatchi to help i
mprove the country's image.
While terrorism and the murder of foreign visito
rs can substantially damage
a nation's tourism, the effect differs widely fr
om country to country. As
Egypt agonises over how to salvage its fastest gro
wing industry and biggest
foreign currency earner, the tourist businesses of
other countries have been
largely unaffected by terrorist and criminal viol
ence.
Third world destinations appear to suffer more than developed countrie
s from
attacks on tourists. Kenyan tourism was badly hit last year as a resu
lt of
publicity surrounding the trial of two game rangers accused of the mur
der of
British tourist Julie Ward in 1988, and by reports of other attacks o
n
tourists.
By contrast, the murder of a British visitor in Florida last yea
r had little
effect on the state's tourism. Thomson, the UK's biggest travel
group, said
that while the depreciation of the pound against the dollar had
deterred
some British travellers, reports of violence had little effect.
Si
milarly, Egyptian tourism has been much more severely affected by
terrorist
incidents than the industries in the UK or the US. Despite years
of widely-r
eported deaths and injuries from IRA bombs, the British tourist
industry has
suffered little long-term damage. Mr Alan Jefferson, the
British Tourist Au
thority's international marketing director, says his
offices abroad usually
receive no more than a handful of calls after IRA
attacks. One New York trav
el agent said that, while some US tourists about
to leave for the UK had ask
ed about recent IRA bombs, they had decided to go
ahead with their trips.
Th
e UK tourist industry has been more severely affected by events elsewhere.
T
he US bombing of Libya in 1986 contributed to a 4 per cent fall in visitors
to 13.9m, as Americans, fearing terrorist reprisals, stayed at home. The
Gul
f War resulted in tourists to the UK falling to 16.7m in 1991, from 18m
the
year before.
In the US, the bombing of New York's World Trade Centre last mo
nth produced
'no significant cancellations', according to the city's Convent
ion and
Visitors Bureau. Airlines servicing the New York area also say that
there
has been very little impact on passenger traffic.
The National Parks S
ervice reports that the number of visitors to New York
attractions such as t
he Statue of Liberty and Ellis Island ran at about
3,500-4,000 daily during
February, a typical number for the month.
While tourist destinations such as
Egypt and Kenya might feel they are the
victims of double standards, travel
industry executives say they suffer from
a perception that they are societi
es under siege. The futures of the US and
British governments are not percei
ved as being threatened by violent crime
or terrorism.
Although the IRA has
bombed areas frequented by tourists, foreign visitors
to the UK have not bee
n specific targets as they have in Egypt. Mr Peter
Kerkar, chief executive o
f Cox & Kings Travel, a London-based company,
argues that American visitors
to the UK are behaving quite logically in
ignoring IRA attacks but staying a
t home during the Gulf War and in the wake
of the bombing of Libya. 'The IRA
is not singling out Americans. If they're
involved in an IRA incident, it's
because of bad luck. In the case of Libya,
Americans were a target.'
One Br
itish travel industry manager points out that Florida, while plagued
by viol
ent crime, offers tourists a sense of safety, however illusory, that
countri
es such as Kenya and Egypt do not. 'America is familiar territory,
where eve
ryone speaks the same language and where half the TV programmes are
the ones
you see at home.'
Mr Martin Brackenbury, president of the International Fed
eration of Tour
Operators, says there are a few general principles which cou
ntries can apply
when attempting to limit the damage caused to tourism by vi
olence. 'The
first is: never attempt to cover up. Clearly admit a problem if
there is
one. The second is to put in place measures which can clearly be s
een to be
effective,' he says.
He says Kenya has responded constructively to
Ifto recommendations. The
Kenyan government has begun aerial surveillance o
f game parks and has issued
advice about which areas of Nairobi are consider
ed dangerous.
Mr Martin Thompson, managing director of the London-based tour
operator
Abercrombie & Kent, says his business to Kenya fell to 30,000 trav
ellers
last year from 34,000 in 1991 as a result of press coverage of violen
ce in
the country. However, he expects business to return to 1991 levels thi
s
year.
The Egyptian authorities, after initially criticising the western me
dia for
what it described as a biased, exaggerated campaign, is now taking a
ctive
steps to restore the country's image. It has supplied more tourist pol
ice,
troops and helicopters to protect visitors at sites in Upper Egypt.
Bot
h the government and the country's tourism industry are now hoping that
this
iron-fisted policy will stem the terrorist attacks. Mr Taher el-Sharif,
cha
irman of the Egyptian Businessman's Association says: 'The problem is we
jus
t don't know when this will stop - unlike the Gulf War, when we knew
there w
ould eventually be an end.'
Mr Brackenbury says that once a destination is p
erceived as being safer,
recovery for the tourist industry can be swift. 'Pe
ople's memories are
short,' he says.
Reporting by Michael Skapinker, Nikki T
ait and Mark Nicholson
Countries:-
XAZ World.
Industries:-
P7999 Amusement and Recreation, NEC.
Types:-
IND Industry profile.
MKTS Shipments.
GOVT Lega
l issues.
The Financial Times
London Page 9
============= Transaction # 113 ==============================================
Transaction #: 113 Transaction Code: 19 (Record Selected)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:11:32
Selec. Rec. #: 10
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT931-887
_AN-DC1AGAB7FT
93032
7
FT 27 MAR 93 / When terror takes a toll: How internati
onal tourist destinations are affected by political violence
By MICHAEL SKAPINKER, NIKKI TAIT and MARK NICHOLSON
A year ago, the Cairo Sheraton hotel was 75 per cent full. This month, 41
per cent of its rooms are occupied. Some Cairo hotels are just over a third
full. One five-star hotel is charging only Dollars 28 a room.
The Gama'a al-
Islamiyya, the Islamic militant group which is seeking to
destabilise the Eg
yptian government, has deliberately targeted the country's
tourist industry.
Late last year, gunmen shot at tour buses in Upper Egypt,
killing one Briti
sh visitor. Earlier this year, two visitors were killed
when a bomb exploded
in a cafe in Cairo's Tahrir Square.
Mr Fouad Sultan, the tourism minister,
says earnings are down by a fifth on
last year. Many in the industry conside
r that an underestimate. The tourist
ministry has hired Burson-Marsteller, t
he world's biggest public relations
company, and Saatchi & Saatchi to help i
mprove the country's image.
While terrorism and the murder of foreign visito
rs can substantially damage
a nation's tourism, the effect differs widely fr
om country to country. As
Egypt agonises over how to salvage its fastest gro
wing industry and biggest
foreign currency earner, the tourist businesses of
other countries have been
largely unaffected by terrorist and criminal viol
ence.
Third world destinations appear to suffer more than developed countrie
s from
attacks on tourists. Kenyan tourism was badly hit last year as a resu
lt of
publicity surrounding the trial of two game rangers accused of the mur
der of
British tourist Julie Ward in 1988, and by reports of other attacks o
n
tourists.
By contrast, the murder of a British visitor in Florida last yea
r had little
effect on the state's tourism. Thomson, the UK's biggest travel
group, said
that while the depreciation of the pound against the dollar had
deterred
some British travellers, reports of violence had little effect.
Si
milarly, Egyptian tourism has been much more severely affected by
terrorist
incidents than the industries in the UK or the US. Despite years
of widely-r
eported deaths and injuries from IRA bombs, the British tourist
industry has
suffered little long-term damage. Mr Alan Jefferson, the
British Tourist Au
thority's international marketing director, says his
offices abroad usually
receive no more than a handful of calls after IRA
attacks. One New York trav
el agent said that, while some US tourists about
to leave for the UK had ask
ed about recent IRA bombs, they had decided to go
ahead with their trips.
Th
e UK tourist industry has been more severely affected by events elsewhere.
T
he US bombing of Libya in 1986 contributed to a 4 per cent fall in visitors
to 13.9m, as Americans, fearing terrorist reprisals, stayed at home. The
Gul
f War resulted in tourists to the UK falling to 16.7m in 1991, from 18m
the
year before.
In the US, the bombing of New York's World Trade Centre last mo
nth produced
'no significant cancellations', according to the city's Convent
ion and
Visitors Bureau. Airlines servicing the New York area also say that
there
has been very little impact on passenger traffic.
The National Parks S
ervice reports that the number of visitors to New York
attractions such as t
he Statue of Liberty and Ellis Island ran at about
3,500-4,000 daily during
February, a typical number for the month.
While tourist destinations such as
Egypt and Kenya might feel they are the
victims of double standards, travel
industry executives say they suffer from
a perception that they are societi
es under siege. The futures of the US and
British governments are not percei
ved as being threatened by violent crime
or terrorism.
Although the IRA has
bombed areas frequented by tourists, foreign visitors
to the UK have not bee
n specific targets as they have in Egypt. Mr Peter
Kerkar, chief executive o
f Cox & Kings Travel, a London-based company,
argues that American visitors
to the UK are behaving quite logically in
ignoring IRA attacks but staying a
t home during the Gulf War and in the wake
of the bombing of Libya. 'The IRA
is not singling out Americans. If they're
involved in an IRA incident, it's
because of bad luck. In the case of Libya,
Americans were a target.'
One Br
itish travel industry manager points out that Florida, while plagued
by viol
ent crime, offers tourists a sense of safety, however illusory, that
countri
es such as Kenya and Egypt do not. 'America is familiar territory,
where eve
ryone speaks the same language and where half the TV programmes are
the ones
you see at home.'
Mr Martin Brackenbury, president of the International Fed
eration of Tour
Operators, says there are a few general principles which cou
ntries can apply
when attempting to limit the damage caused to tourism by vi
olence. 'The
first is: never attempt to cover up. Clearly admit a problem if
there is
one. The second is to put in place measures which can clearly be s
een to be
effective,' he says.
He says Kenya has responded constructively to
Ifto recommendations. The
Kenyan government has begun aerial surveillance o
f game parks and has issued
advice about which areas of Nairobi are consider
ed dangerous.
Mr Martin Thompson, managing director of the London-based tour
operator
Abercrombie & Kent, says his business to Kenya fell to 30,000 trav
ellers
last year from 34,000 in 1991 as a result of press coverage of violen
ce in
the country. However, he expects business to return to 1991 levels thi
s
year.
The Egyptian authorities, after initially criticising the western me
dia for
what it described as a biased, exaggerated campaign, is now taking a
ctive
steps to restore the country's image. It has supplied more tourist pol
ice,
troops and helicopters to protect visitors at sites in Upper Egypt.
Bot
h the government and the country's tourism industry are now hoping that
this
iron-fisted policy will stem the terrorist attacks. Mr Taher el-Sharif,
cha
irman of the Egyptian Businessman's Association says: 'The problem is we
jus
t don't know when this will stop - unlike the Gulf War, when we knew
there w
ould eventually be an end.'
Mr Brackenbury says that once a destination is p
erceived as being safer,
recovery for the tourist industry can be swift. 'Pe
ople's memories are
short,' he says.
Reporting by Michael Skapinker, Nikki T
ait and Mark Nicholson
Countries:-
XAZ World.
Industries:-
P7999 Amusement and Recreation, NEC.
Types:-
IND Industry profile.
MKTS Shipments.
GOVT Lega
l issues.
The Financial Times
London Page 9
============= Transaction # 114 ==============================================
Transaction #: 114 Transaction Code: 22 (Record(s) Saved)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:11:34
Selec. Rec. #: 10
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT931-887
_AN-DC1AGAB7FT
93032
7
FT 27 MAR 93 / When terror takes a toll: How internati
onal tourist destinations are affected by political violence
By MICHAEL SKAPINKER, NIKKI TAIT and MARK NICHOLSON
A year ago, the Cairo Sheraton hotel was 75 per cent full. This month, 41
per cent of its rooms are occupied. Some Cairo hotels are just over a third
full. One five-star hotel is charging only Dollars 28 a room.
The Gama'a al-
Islamiyya, the Islamic militant group which is seeking to
destabilise the Eg
yptian government, has deliberately targeted the country's
tourist industry.
Late last year, gunmen shot at tour buses in Upper Egypt,
killing one Briti
sh visitor. Earlier this year, two visitors were killed
when a bomb exploded
in a cafe in Cairo's Tahrir Square.
Mr Fouad Sultan, the tourism minister,
says earnings are down by a fifth on
last year. Many in the industry conside
r that an underestimate. The tourist
ministry has hired Burson-Marsteller, t
he world's biggest public relations
company, and Saatchi & Saatchi to help i
mprove the country's image.
While terrorism and the murder of foreign visito
rs can substantially damage
a nation's tourism, the effect differs widely fr
om country to country. As
Egypt agonises over how to salvage its fastest gro
wing industry and biggest
foreign currency earner, the tourist businesses of
other countries have been
largely unaffected by terrorist and criminal viol
ence.
Third world destinations appear to suffer more than developed countrie
s from
attacks on tourists. Kenyan tourism was badly hit last year as a resu
lt of
publicity surrounding the trial of two game rangers accused of the mur
der of
British tourist Julie Ward in 1988, and by reports of other attacks o
n
tourists.
By contrast, the murder of a British visitor in Florida last yea
r had little
effect on the state's tourism. Thomson, the UK's biggest travel
group, said
that while the depreciation of the pound against the dollar had
deterred
some British travellers, reports of violence had little effect.
Si
milarly, Egyptian tourism has been much more severely affected by
terrorist
incidents than the industries in the UK or the US. Despite years
of widely-r
eported deaths and injuries from IRA bombs, the British tourist
industry has
suffered little long-term damage. Mr Alan Jefferson, the
British Tourist Au
thority's international marketing director, says his
offices abroad usually
receive no more than a handful of calls after IRA
attacks. One New York trav
el agent said that, while some US tourists about
to leave for the UK had ask
ed about recent IRA bombs, they had decided to go
ahead with their trips.
Th
e UK tourist industry has been more severely affected by events elsewhere.
T
he US bombing of Libya in 1986 contributed to a 4 per cent fall in visitors
to 13.9m, as Americans, fearing terrorist reprisals, stayed at home. The
Gul
f War resulted in tourists to the UK falling to 16.7m in 1991, from 18m
the
year before.
In the US, the bombing of New York's World Trade Centre last mo
nth produced
'no significant cancellations', according to the city's Convent
ion and
Visitors Bureau. Airlines servicing the New York area also say that
there
has been very little impact on passenger traffic.
The National Parks S
ervice reports that the number of visitors to New York
attractions such as t
he Statue of Liberty and Ellis Island ran at about
3,500-4,000 daily during
February, a typical number for the month.
While tourist destinations such as
Egypt and Kenya might feel they are the
victims of double standards, travel
industry executives say they suffer from
a perception that they are societi
es under siege. The futures of the US and
British governments are not percei
ved as being threatened by violent crime
or terrorism.
Although the IRA has
bombed areas frequented by tourists, foreign visitors
to the UK have not bee
n specific targets as they have in Egypt. Mr Peter
Kerkar, chief executive o
f Cox & Kings Travel, a London-based company,
argues that American visitors
to the UK are behaving quite logically in
ignoring IRA attacks but staying a
t home during the Gulf War and in the wake
of the bombing of Libya. 'The IRA
is not singling out Americans. If they're
involved in an IRA incident, it's
because of bad luck. In the case of Libya,
Americans were a target.'
One Br
itish travel industry manager points out that Florida, while plagued
by viol
ent crime, offers tourists a sense of safety, however illusory, that
countri
es such as Kenya and Egypt do not. 'America is familiar territory,
where eve
ryone speaks the same language and where half the TV programmes are
the ones
you see at home.'
Mr Martin Brackenbury, president of the International Fed
eration of Tour
Operators, says there are a few general principles which cou
ntries can apply
when attempting to limit the damage caused to tourism by vi
olence. 'The
first is: never attempt to cover up. Clearly admit a problem if
there is
one. The second is to put in place measures which can clearly be s
een to be
effective,' he says.
He says Kenya has responded constructively to
Ifto recommendations. The
Kenyan government has begun aerial surveillance o
f game parks and has issued
advice about which areas of Nairobi are consider
ed dangerous.
Mr Martin Thompson, managing director of the London-based tour
operator
Abercrombie & Kent, says his business to Kenya fell to 30,000 trav
ellers
last year from 34,000 in 1991 as a result of press coverage of violen
ce in
the country. However, he expects business to return to 1991 levels thi
s
year.
The Egyptian authorities, after initially criticising the western me
dia for
what it described as a biased, exaggerated campaign, is now taking a
ctive
steps to restore the country's image. It has supplied more tourist pol
ice,
troops and helicopters to protect visitors at sites in Upper Egypt.
Bot
h the government and the country's tourism industry are now hoping that
this
iron-fisted policy will stem the terrorist attacks. Mr Taher el-Sharif,
cha
irman of the Egyptian Businessman's Association says: 'The problem is we
jus
t don't know when this will stop - unlike the Gulf War, when we knew
there w
ould eventually be an end.'
Mr Brackenbury says that once a destination is p
erceived as being safer,
recovery for the tourist industry can be swift. 'Pe
ople's memories are
short,' he says.
Reporting by Michael Skapinker, Nikki T
ait and Mark Nicholson
Countries:-
XAZ World.
Industries:-
P7999 Amusement and Recreation, NEC.
Types:-
IND Industry profile.
MKTS Shipments.
GOVT Lega
l issues.
The Financial Times
London Page 9
============= Transaction # 115 ==============================================
Transaction #: 115 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:11:56
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 8262 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 116 ==============================================
Transaction #: 116 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:11:59
Selec. Rec. #: 12
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT923-8432
_AN-CHMBDAEXFT
9208
11
FT 11 AUG 92 / Observer: Spare room
Hoteliers have been warned to hide the key to Room 44 . . . .at least if
J
apanese tourists arrive at reception. The word four sounds too much like
the
Japanese for death and should be avoided, says a new guide from the
Wales T
ourist Board.
The Financial Times
London Page 13
============= Transaction # 117 ==============================================
Transaction #: 117 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:12:24
Selec. Rec. #: 14
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT932-13257
_AN-DDZBRAEWFT
930
423
FT 23 APR 93 / World News in Brief: Death sentence f
or fundamentalists
Seven Egyptian Moslem militants were s
entenced to death by a military court
near Cairo for charges that included a
ttacks on foreign tourists and
conspiring to topple the government.
Countries:-
EGZ Egypt, Africa.
Industries:-
P9229 Public Order and Safety, NEC.
Types:-
NEWS
General News.
The Financial Times
International Pag
e 1
============= Transaction # 118 ==============================================
Transaction #: 118 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:12:47
Selec. Rec. #: 18
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT944-12108
_AN-EKCEGABGFT
941
103
FT 03 NOV 94 / Sihanouk warns off tourists
By AP and REUTER
PHNOM PENH
King Norodom Sihanouk, Cambodia's head of state (left), warned tou
rists
yesterday to avoid his country as the bodies of three western hostages
killed by Khmer Rouge rebels were recovered, bound and shot, from graves
fo
und near a southern rebel base. Saying Cambodia was 'clearly insecure', he
j
oined foreign embassies in advising tourists to avoid Cambodia. 'I condemn
w
ith the greatest severity the contemptible and unpardonable murderers who
ar
e responsible for the deaths of these three young gentlemen,' said the
king.
Mr Serey Kosal, deputy governor of Battambang province, said the Khmer
Roug
e had kidnapped 71 villagers and then executed 50 of them after a
four-day f
orced march to a guerrilla base.
Countries:-
KHZ Cam
bodia, Asia.
Industries:-
P9229 Public Order and Safety
, NEC.
P9721 International Affairs.
Types:-
NEWS G
eneral News.
The Financial Times
London Page 6
============= Transaction # 119 ==============================================
Transaction #: 119 Transaction Code: 19 (Record Selected)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:13:04
Selec. Rec. #: 18
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT944-12108
_AN-EKCEGABGFT
941
103
FT 03 NOV 94 / Sihanouk warns off tourists
By AP and REUTER
PHNOM PENH
King Norodom Sihanouk, Cambodia's head of state (left), warned tou
rists
yesterday to avoid his country as the bodies of three western hostages
killed by Khmer Rouge rebels were recovered, bound and shot, from graves
fo
und near a southern rebel base. Saying Cambodia was 'clearly insecure', he
j
oined foreign embassies in advising tourists to avoid Cambodia. 'I condemn
w
ith the greatest severity the contemptible and unpardonable murderers who
ar
e responsible for the deaths of these three young gentlemen,' said the
king.
Mr Serey Kosal, deputy governor of Battambang province, said the Khmer
Roug
e had kidnapped 71 villagers and then executed 50 of them after a
four-day f
orced march to a guerrilla base.
Countries:-
KHZ Cam
bodia, Asia.
Industries:-
P9229 Public Order and Safety
, NEC.
P9721 International Affairs.
Types:-
NEWS G
eneral News.
The Financial Times
London Page 6
============= Transaction # 120 ==============================================
Transaction #: 120 Transaction Code: 22 (Record(s) Saved)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:13:05
Selec. Rec. #: 18
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT944-12108
_AN-EKCEGABGFT
941
103
FT 03 NOV 94 / Sihanouk warns off tourists
By AP and REUTER
PHNOM PENH
King Norodom Sihanouk, Cambodia's head of state (left), warned tou
rists
yesterday to avoid his country as the bodies of three western hostages
killed by Khmer Rouge rebels were recovered, bound and shot, from graves
fo
und near a southern rebel base. Saying Cambodia was 'clearly insecure', he
j
oined foreign embassies in advising tourists to avoid Cambodia. 'I condemn
w
ith the greatest severity the contemptible and unpardonable murderers who
ar
e responsible for the deaths of these three young gentlemen,' said the
king.
Mr Serey Kosal, deputy governor of Battambang province, said the Khmer
Roug
e had kidnapped 71 villagers and then executed 50 of them after a
four-day f
orced march to a guerrilla base.
Countries:-
KHZ Cam
bodia, Asia.
Industries:-
P9229 Public Order and Safety
, NEC.
P9721 International Affairs.
Types:-
NEWS G
eneral News.
The Financial Times
London Page 6
============= Transaction # 121 ==============================================
Transaction #: 121 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:13:31
Selec. Rec. #: 24
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT921-16085
_AN-CAGBXAAAFT
920
107
FT 07 JAN 92 / World News in Brief: Angolan robbers
blamed
Angolan rebel leader Jonas Savimbi denied his Unit
a fighters were
responsible for the deaths of four British tourists, blaming
robbers.
The Financial Times
London Page 1
============= Transaction # 122 ==============================================
Transaction #: 122 Transaction Code: 19 (Record Selected)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:13:42
Selec. Rec. #: 24
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT921-16085
_AN-CAGBXAAAFT
920
107
FT 07 JAN 92 / World News in Brief: Angolan robbers
blamed
Angolan rebel leader Jonas Savimbi denied his Unit
a fighters were
responsible for the deaths of four British tourists, blaming
robbers.
The Financial Times
London Page 1
============= Transaction # 123 ==============================================
Transaction #: 123 Transaction Code: 22 (Record(s) Saved)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:13:43
Selec. Rec. #: 24
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT921-16085
_AN-CAGBXAAAFT
920
107
FT 07 JAN 92 / World News in Brief: Angolan robbers
blamed
Angolan rebel leader Jonas Savimbi denied his Unit
a fighters were
responsible for the deaths of four British tourists, blaming
robbers.
The Financial Times
London Page 1
============= Transaction # 124 ==============================================
Transaction #: 124 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:13:48
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 8262 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 125 ==============================================
Transaction #: 125 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:13:59
Selec. Rec. #: 26
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT924-14291
_AN-CJKABAC1FT
921
010
FT 10 OCT 92 / Finance & The Family: Lloyds offers a
ccident cover
Accident insurance is being launched by Llo
yds bank to provide a lump sum
for injury, disability or death. The policy w
ill also pay out for loss of a
limb or loss of sight or hearing. Premiums ar
e between Pounds 5.95 to Pounds
9.25 a month. The two levels of cover provid
e a lump sum disability payment
of Pounds 60,000 or Pounds 100,000. Insurers
adapt to different lives, Page
VI
The Financial Times
<
PAGE> London Page II
============= Transaction # 126 ==============================================
Transaction #: 126 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:14:06
Selec. Rec. #: 27
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT943-10675
_AN-EHEC9AE5FT
940
803
FT 03 AUG 94 / World News in Brief: Kuwait distribut
es compensation
Kuwait distributed the first compensation
it has received as a result of
Iraq's 1990-91 occupation, passing on Dollar
s 1,397,500 to 303 people who
suffered the death of a close relative or seri
ous personal injury.
Countries:-
KWZ Kuwait, Middle
East.
Industries:-
P9721 International Affairs.
<
XX>
Types:-
NEWS General News.
The Financial Times
International Page 1
============= Transaction # 127 ==============================================
Transaction #: 127 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:14:24
Selec. Rec. #: 31
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT931-1869
_AN-DCXAWAF0FT
9303
23
FT 23 MAR 93 / Jamaica takes steps to curb election v
iolence
By CANUTE JAMES
KING
STON
JAMAICA'S political leaders have signed a code of co
nduct in an attempt to
reduce party political violence in the last week of c
ampaigning for next
Tuesday's general election.
The code, which constrains p
oliticians from statements and action which
could inflame political passions
, follows clashes between party factions and
which the police say have cause
d six deaths and several injuries.
A similar code of conduct, signed before
the last election four years ago,
is credited with having reduced political
tensions and violence. Police say
17 people were killed in incidents associa
ted with party politics in the
1989 election. In 1980 about 600 of the 800 d
eaths in Jamaica that year were
attributed to party political violence in th
e poll campaign.
Public opinion polls published at the weekend have given Mr
P J Patterson's
incumbent People's National party a four-point lead over th
e Jamaica Labour
party of Mr Edward Seaga, a former prime minister.
Countries:-
JMZ Jamaica, Caribbean.
Industries:-
P8651 Political Organizations.
P9121 Legislative Bodies.
Types:-
GOVT Government News.
The Financial Time
s
London Page 10
============= Transaction # 128 ==============================================
Transaction #: 128 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:14:47
Selec. Rec. #: 32
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT933-7605
_AN-DHTCQADIFT
9308
20
FT 20 AUG 93 / Letters to the Editor: Spare a thought
for European non-smokers
From Mr ONESIMO ALVAREZ-MO
RO
Dr M Singer should spare a thought for us European non-s
mokers who will not
be returning to a country where smoking has been made al
most
unconstitutional (Letters, August 18 and 19).
If a substantial majority
of European residents are non-smokers, as
statistics suggest, then the Euro
pean tourist industry has a much bigger
market to think about than Dr Singer
suggests. Unfortunately, things move
slowly and, while we are delighted to
welcome Dr Singer back to our shores,
US tourist dollars will probably not c
ause the changes required.
The real changes to protect non-smokers will happ
en when that silent
majority stands up and complains. Otherwise we will have
to continue to rely
on vocal US tourists and the one or two of us who are l
abelled as cranks.
Far from being an American pleasure, as Dr R M Davis sugg
ests, smoking can
be described as the true Montezuma's revenge, given all th
e death and
destruction it has caused.
But come back to Europe soon, Dr Sing
er, European non-smokers need all the
help we can get.
Onesimo Alvarez-Moro,
O'Donnell, 6, A-9-1,
28009 Madrid,
Spain
Countries:-
USZ United States of America.
XGZ Europe.
Industries:-
P99 Nonclassifiable Establishments.
Types:-
NE
WS General News.
The Financial Times
London Page 1
2
============= Transaction # 129 ==============================================
Transaction #: 129 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:15:12
Selec. Rec. #: 35
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT942-15049
_AN-EDRDZAARFT
940
418
FT 18 APR 94 / China holds three for boat deaths
By AP
BEIJING
Under intense pressure to explain how 24 Taiwanese died in a boat fire,
Ch
ina announced yesterday the arrest of three men suspected of robbing and
mur
dering the tourists, AP reports from Beijing.
China's failure to explain the
mysterious boat fire that killed 32 people -
eight mainland Chinese and the
Taiwanese tourists - on a lake in eastern
China on March 31 has been threat
ening the growing detente between the two
sides.
Taiwan announced plans last
week to ban travel to China and to suspend
cultural exchanges unless Beijin
g gave a satisfactory explanation.
After first describing the fire as an acc
ident China said on its national
television news that the Taiwanese had been
robbed and murdered on Thousand
Island Lake by three young men.
Countries:-
CNZ China, Asia.
Industries:-
P9221 Police Protection.
Types:-
NEWS General News.
The Financial Times
London Page 3
============= Transaction # 130 ==============================================
Transaction #: 130 Transaction Code: 19 (Record Selected)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:15:19
Selec. Rec. #: 35
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT942-15049
_AN-EDRDZAARFT
940
418
FT 18 APR 94 / China holds three for boat deaths
By AP
BEIJING
Under intense pressure to explain how 24 Taiwanese died in a boat fire,
Ch
ina announced yesterday the arrest of three men suspected of robbing and
mur
dering the tourists, AP reports from Beijing.
China's failure to explain the
mysterious boat fire that killed 32 people -
eight mainland Chinese and the
Taiwanese tourists - on a lake in eastern
China on March 31 has been threat
ening the growing detente between the two
sides.
Taiwan announced plans last
week to ban travel to China and to suspend
cultural exchanges unless Beijin
g gave a satisfactory explanation.
After first describing the fire as an acc
ident China said on its national
television news that the Taiwanese had been
robbed and murdered on Thousand
Island Lake by three young men.
Countries:-
CNZ China, Asia.
Industries:-
P9221 Police Protection.
Types:-
NEWS General News.
The Financial Times
London Page 3
============= Transaction # 131 ==============================================
Transaction #: 131 Transaction Code: 22 (Record(s) Saved)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:15:20
Selec. Rec. #: 35
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT942-15049
_AN-EDRDZAARFT
940
418
FT 18 APR 94 / China holds three for boat deaths
By AP
BEIJING
Under intense pressure to explain how 24 Taiwanese died in a boat fire,
Ch
ina announced yesterday the arrest of three men suspected of robbing and
mur
dering the tourists, AP reports from Beijing.
China's failure to explain the
mysterious boat fire that killed 32 people -
eight mainland Chinese and the
Taiwanese tourists - on a lake in eastern
China on March 31 has been threat
ening the growing detente between the two
sides.
Taiwan announced plans last
week to ban travel to China and to suspend
cultural exchanges unless Beijin
g gave a satisfactory explanation.
After first describing the fire as an acc
ident China said on its national
television news that the Taiwanese had been
robbed and murdered on Thousand
Island Lake by three young men.
Countries:-
CNZ China, Asia.
Industries:-
P9221 Police Protection.
Types:-
NEWS General News.
The Financial Times
London Page 3
============= Transaction # 132 ==============================================
Transaction #: 132 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:15:26
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 8262 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 133 ==============================================
Transaction #: 133 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:15:34
Selec. Rec. #: 37
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT932-4001
_AN-DFKB5ACJFT
9306
11
FT 11 JUN 93 / IRA admits planting two Tyneside bombs
By CHRIS TIGHE
THE IRA claimed res
ponsibility yesterday for setting off bombs at two
industrial compounds on T
yneside within 24 hours.
The first incident, in which a Gateshead gasholder
was damaged by an
explosion and fire in the first few minutes of Wednesday m
orning, was
followed late on Wednesday night by two explosions at an Esso pe
trol and oil
storage terminal in North Shields.
No deaths or injuries result
ed, although no advance warnings were given.
Mr David Mellish, assistant chi
ef constable of Northumbria, said it seemed
the aim was was to achieve maxim
um damage and publicity rather than injury.
'But, because of the nature of t
he gas and petrol involved at both scenes,
it could have had potentially tre
mendous implications,' he said.
The Esso terminal was bombed by the IRA only
seven weeks ago. 'It's not only
embarrassing, it's extremely annoying,' sai
d Esso.
Last May, the IRA admitted planting 11 incendiary devices at the nea
rby
MetroCentre shopping complex.
Newcastle University politics lecturer Mr
David George, a terrorism
specialist, warned that the region's large number
of Far East companies were
a potential target.
In its statement the IRA warn
ed; 'The British establishment are obviously
slow learners, but we in the IR
A are patient teachers.'
Countries:-
GBZ United King
dom, EC.
Industries:-
P9229 Public Order and Safety, NE
C.
Types:-
NEWS General News.
The Financial
Times
London Page 9
============= Transaction # 134 ==============================================
Transaction #: 134 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:15:46
Selec. Rec. #: 38
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT942-3936
_AN-EFMDJABEFT
9406
13
FT 13 JUN 94 / Death sentence for attack on Taiwanese
By AGENCIES
TAIPEI
Yu Aijon, handcuffed, is flanked by police as he leaves the Hangz
hou
People's Court yesterday after being sentenced to death along with two o
ther
men for the murder of 32 Taiwanese tourists on a pleasure boat in China
's
coastal Zhejiang province on March 31, Agencies report from Taipei.
Delic
ate relations between Beijing and Taipei reached their lowest ebb after
the
attack, but bilateral relations appeared to improve after China arrested
the
three men in April.
Taiwan plans to hold a new round of high-level talks wi
th the mainland
Chinese government in Taipei in August, according to a Taiwa
nese newspaper.
The Straits Exchange Foundation plans to invite Mr Tang Shub
ei,
secretary-general of China's Association for Relations Across the Taiwan
Strait, to travel to Taipei in August for talks on how to expand contacts
b
etween the two bodies, the China Times reported.
Countries:-
CNZ China, Asia.
TWZ Taiwan, Asia.
Industries:-
P9211 Courts.
Types:-
NEWS General News.
The Financial Times
London Page 5
============= Transaction # 135 ==============================================
Transaction #: 135 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:16:16
Selec. Rec. #: 46
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT942-7353
_AN-EEZDOABHFT
9405
26
FT 26 MAY 94 / Taiwan ends China travel ban
By AP
TAIPEI
Taiwa
nese travel agents lifted a 25-day boycott against China yesterday,
despite
lingering anger over the death of 24 Taiwanese tourists in eastern
China two
months ago, AP reports from Taipei.
The boycott was part of Taiwan's reacti
on to allegations that the tourists
were robbed and murdered and that China
covered up the facts.
But the attempt to punish China appeared to have ended
with travel agents
and the government each saying the boycott was the other
's initiative.
Travel agents say about 20,000 cancelled tours have cost them
revenues of
between TDollars 40m to TDollars 100m (Pounds 1m to Pounds 2.5m
). Last year
about 1.5m Taiwanese travelled to China, pumping Dollars 3bn in
to the
Chinese tourism industry.
The Taipei Association of Travel Agents sai
d the lifting of the boycott was
approved by the Mainland Affairs Council, w
hich makes Taiwan's mainland
policy in the absence of official China-Taiwan
ties.
Mr Micky Chen, the council's director of economic affairs, said the
go
vernment had never encouraged organised tours to China, believing it to be
a
dangerous place, but was in no position to impose travel bans. 'It was
trav
el agents who started the boycott,' he said in an interview.
China and Taiwa
n do not recognise each other, and their trade and tourism
links, while taci
tly approved by both governments, are unofficial.
The bodies of the tourists
and eight Chinese crewmen were found in the
burned-out hulk of a pleasure b
oat on Thousand Islands Lake in Zhejiang
province.
The victims' relatives co
mplained that they were denied information and
harassed when they visited th
e lake.
Countries:-
CNZ China, Asia.
TWZ Taiwan
, Asia.
Industries:-
P4724 Travel Agencies.
P4725 T
our Operators.
Types:-
NEWS General News.
T
he Financial Times
London Page 7
============= Transaction # 136 ==============================================
Transaction #: 136 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:16:25
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 8262 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 137 ==============================================
Transaction #: 137 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:16:26
Selec. Rec. #: 48
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT921-15976
_AN-CAGBXADBFT
920
107
FT 07 JAN 92 / Savimbi deplores killings
By REUTER
ABIDJAN
AN
GOLAN opposition leader Jonas Savimbi said yesterday his former rebels
were
not responsible for the deaths of four British travellers killed in an
ambus
h, Reuter reports from Abidjan.
However, Mr Savimbi, head of the Unita movem
ent, also said at a press
conference in the Ivory Coast that while he deplor
ed the killing of
tourists, he did not think it was wise for foreigners to t
ravel in a country
which had just ended a civil war. He blamed robbers for t
he attack, near a
base where thousands of former Unita rebels are confined.
The Financial Times
London Page 4
============= Transaction # 138 ==============================================
Transaction #: 138 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:17:19
Selec. Rec. #: 54
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT911-3396
_AN-BDYBFAAWFT
9104
25
FT 25 APR 91 / Survey of Greece (14): Foreign visitor
s set to fall at least 10% - How the country's tourist bodies and hoteliers
are trying to win back lost trade
By KERIN HOPE
ZEUS XENIOS, the ancient Greek god in charge of offering hospit
ality to
strangers, seems to have turned his back on the tourist industry. F
or the
third time in six years, a disastrous plunge in bookings threatens to
wreck
a promising year for earnings.
Once again, a US travel warning to its
nationals to avoid the eastern
Mediterranean because of the risk of terrori
st attacks following the Gulf
war is scaring off the high-spending sector of
the Greek market: Japanese
honeymooners, incentive groups and conference or
ganisers as well as the
older Americans who like cruising in the Aegean.
Sim
ilar advice in 1985 was blamed for two unfavourable seasons that
followed. T
hen came a terrorist attack aboard a cruise ship in 1988. This
year a series
of bomb explosions damaged foreign bank branches and tourist
buses and a ba
dly aimed rocket narrowly missed a luxury hotel. There were no
injuries but
concerns over visitors' safety have revived.
As in the past, the Greek Touri
st Organisation (EOT) is trying to win back
lost trade through heavier adver
tising. This year's campaign will cost Dr6bn
(Dollars 33m). It is being co-o
rdinated for the first time by a group of
Athens advertising agencies with i
nternational affiliations. This, it is
hoped, will prove more effective than
relying on haphazard media-buying by
EOT offices abroad.
Senior Greek touri
sm officials have visited the big tour operators in
Britain and Germany, the
ir two main markets, as well as the US, offering
reassurances about airport
security and the government's determination to
crack down on terrorism.
'We
constantly point out that Athens is still one of the safest cities in
Europe
for visitors, in spite of what has been going on,' says Mr Nikos
Iatrakos,
EOT's secretary-general. 'However, we still face a considerable
drop in numb
ers this year, 10 per cent at minimum but perhaps as much as 20
per cent.'
I
n 1990, tourist arrivals reached a record 9.3m, a 9 per cent increase over
t
he previous year's 8.5m, the average figure for most of the past decade.
Off
icial foreign exchange inflows totalled Dollars 2.57bn, up from Dollars
1.89
bn in 1989.
But if credit card purchases, cruise earnings and tour operators
'
commissions paid abroad are counted in, overall tourist earnings rose to
D
ollars 4.1bn, almost 6 per cent of GDP. Income for 1991 was expected to be
w
ell over Dollars 5bn but 'now we'll be lucky to maintain last year's
levels,
' says Mr Iatrakos.
The worst-affected region this year will undoubtedly be
Athens. Despite its
chronic traffic and pollution problems it remains the fo
cus for most
conferences and incentive tours and a starting point for the cl
assical tours
favoured by the Americans and Japanese.
Hopes of substantially
boosting tourism in the capital during the 1990s
suffered a setback last au
tumn with the failure of Athens' bid to stage the
1996 Olympic Games.
Advanc
e bookings for the Mediterranean Games in July, one of several major
sports
events planned as dress rehearsals for an Athens Olympics, are
disappointing
, according to the organisers.
But amid the general gloom, tourist officials
note one optimistic pointer
for the future: the sale of the 100-year-old Gr
ande Bretagne Hotel, to a
Dutch-based investment company which has transferr
ed management to Ciga, the
international hotel group. As a family-run establ
ishment, Athens' best-known
luxury hotel could barely make ends meet, with o
ccupancy averaging only 55
per cent in recent years.
Ciga is expected to inv
est considerably in refurbishing to bring the Grande
Bretagne's facilities u
p to the standard of its other traditional luxury
hotels around Europe. 'The
presence of a really top-quality hotel in Athens
will upgrade the surroundi
ng area and encourage other hotels to try harder,'
says Mr Iatrakos.
The gov
ernment is already trying to ensure that older first-class hotels
around Gre
ece, including some in spectacular settings, are upgraded to the
standards o
f increasingly demanding guests. It is breaking up a
state-controlled hotel
chain and offering individual units to private
operators on long-term leases
.
Improving hotel facilities is one of the easier ways of attracting more
ol
der, wealthier tourists, something Greece has been trying to do for years
bu
t without conspicuous success.
With 433,000 hotel beds, Greece has no shorta
ge of accommodation. But many
large island resort hotels built in the boom y
ears of the 1970s have not
been maintained to international tour operators'
standards. Occupancy levels
in Corfu and Rhodes have slipped in recent years
.
It is no coincidence that the one area where bookings picked up sharply on
ce
the Gulf war ended was Crete, which boasts some of the best-run hotels in
Greece. Last year the island drew over 1.7m tourists, close to 25 per cent
of total arrivals.
'Large-scale tourism didn't start in Crete till the early
1980s. The resort
hotels are newer and better managed and many of the mista
kes made elsewhere
were avoided. As a result, we get a very high proportion
of return
visitors,' says Mr Thanos Habipis, chairman of the Cretan Hotelier
s'
Federation.
The Financial Times
London Page VI
Photograph The main square in Heraklion, Crete - where bookings picked up a
fter the Gulf War ended (Omitted).
============= Transaction # 139 ==============================================
Transaction #: 139 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:18:09
Selec. Rec. #: 55
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT944-18914
_AN-EJBBDAAZFT
941
001
FT 01 OCT 94 / Indian food exports hit by plague pan
ic
By STEFAN WAGSTYL
NEW DEL
HI
India's businessmen were yesterday counting the growin
g economic cost of the
plague, with tourism and food exports the two sectors
hardest hit.
The disease, which has killed about 50 people and left 2,000 o
thers sick,
has disrupted the travel trade and exports. Hotels and tour oper
ators,
gearing up for the start of the tourist season, have reported cancell
ations
by groups from Europe, the Far East and North America. Some business
visitors have cancelled trips. At least three trade fairs have been
postpone
d.
Trade with the Gulf states, worth Dollars 3bn a year, has been badly hit
by
the decision by Gulf governments to close air and sea links with India. T
he
biggest impact is on exporters of fresh food, who rely on the Gulf for 70
per cent of their overseas sales.
Food exporters are having to cancel purch
ases, put produce in store or try
to sell domestically. 'After three years o
f effort in promoting exports we
are back at square one,' said Mr Gian Nega,
assistant director of the
Agricultural and Processed Food Products Export D
evelopment Authority. Fresh
food exports to the Gulf last year totalled Doll
ars 177m.
Health officials, including Dr N K Shah, the resident representati
ve of the
World Health Organisation, accused the Gulf countries and other st
ates which
have cut trade links of over-reacting. The Indian government laun
ched a
publicity campaign aimed at calming the fears of tourists, business
t
ravellers and importers of Indian goods. Mr T Khanna, the commerce
secretary
, expressed concern at the potential damage to Indian trade.
'There's been a
panic reaction from some of our trading partners. But I
believe it will soo
n blow over.'
Speaking in London, Mr Manmohan Singh, the finance minister, s
aid the
countries which had imposed restrictions on travel and imports riske
d
hampering efforts to deal with the problem.
'We are trying to create an at
mosphere where people have confidence that
plague is no longer an incurable
disease,' he said. 'Creating an atmosphere
of panic which drives the whole t
hing underground would do a great
disservice to both India and the outside w
orld,' he said.
An official of KLM, the Dutch airline, in Delhi said much ha
rm had already
been done. 'The whole image of India has already been affecte
d.' He
estimated 25-30 per cent of tourists who had planned to travel to Ind
ia by
KLM this week and next had called off their trips. Other European airl
ines,
including British Airways, Lufthansa and Swissair, also reported
cance
llations by tourist groups.
Yesterday's most serious development in the spre
ad of the plague were the
deaths of an 18-year-old man and a five-year-old b
oy in Delhi. They were the
first deaths outside the western city of Surat an
d its neighbourhood, where
pneumonic plague erupted last week. The tally of
suspected cases rose by
about 700 yesterday to 2,500, mainly in Surat and in
remote eastern
Maharashtra, where bubonic plague broke out a month ago.
Ind
ia's exports in August were Dollars 2.11bn, some 24.6 per cent higher
than t
he same month last year. This followed four months of sluggish
performance w
hich gave rise to concern about future prospects. Figures
published yesterda
y by the commerce ministry showed exports in the five
months to August were
10.6 per cent up, compared with 8.3 per cent for the
four months to July. Bu
t the growth rate is still below the annual target of
15 per cent or more.
<
/TEXT>
Countries:-
INZ India, Asia.
Industries:-
P9311 Finance, Taxation, and Monetary Policy.
P9721 Internatio
nal Affairs.
P01 Agricultural Production-Crops.
P02 Agricultural
Production-Livestock.
Types:-
ECON Economic Indicator
s.
NEWS General News.
MKTS Foreign trade.
The Financial
Times
London Page 3
============= Transaction # 140 ==============================================
Transaction #: 140 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:18:46
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 8262 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 141 ==============================================
Transaction #: 141 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:18:48
Selec. Rec. #: 60
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT944-14159
_AN-EJYD1ABAFT
941
025
FT 25 OCT 94 / Sri Lanka counts cost of bombing
By STEFAN WAGSTYL and REUTER
NEW
DELHI, COLOMBO
The assassination on Sunday of Mr Gamini
Dissanayake, the Sri Lankan
opposition leader, is a grim reminder of the vio
lence which permeates the
island's politics.
Mr Dissanayake's death comes le
ss than 18 months after assassins claimed the
lives of two other prominent p
oliticians - Mr Lalith Athulathmudali, a close
colleague of Mr Dissanayake,
and President Ranasinghe Premadasa, who like Mr
Dissanayake was blown up in
the middle of a crowd by a suicide bomber.
In each case the security forces
suspect the hand of the LTTE, the Tamil
Tiger separatist militants fighting
for an independent homeland for ethnic
Tamils in the north. But the LTTE yes
terday denied it was involved, and
police have not in the past found enough
evidence to prove their suspicions.
Police in the capital Colombo said yeste
rday a Tamil woman suicide bomber
whose severed head was found on top of a t
wo-storey building was responsible
for the blast, which killed 52 people.
Th
e tradition of violence predates the LTTE, going back at least as far as
the
assassination of the late prime minister, Mr Solomon Bandaranaike, who
was
killed in 1959 by a disgruntled Buddhist monk.
Mr Dissanayake's bloody death
at the age of 52 brings shock, confusion and
uncertainty to Sri Lankan poli
tics. Its impact also seems likely to spread
to the economy, particularly th
e tourist industry.
The immediate effect is to rob the opposition United Nat
ional party of its
presidential candidate for the election which is due to b
e held next month
in which Mr Dissanayake was running against Mrs Chandrika
Kumaratunge, the
prime minister. The government, while postponing indefinite
ly peace talks
set for yesterday with the Tamil rebels, said the November 9
presidential
poll would go ahead despite the attack.
Mr Dissanayake was an u
rbane, western-educated lawyer on the UNP's
conservative wing. He had little
chance of winning against Mrs Kumaratunge,
who won a general election only
in August when she took power from a UNP
jaded after 17 years' rule. But Mr
Dissanayake had gone some way to
rebuilding party morale.
His place could no
w be taken by Mr Ranil Wickremasinghe, who was prime
minister until August,
or possibly by the incumbent president and UNP elder
statesman, Mr D B Wijet
unga. Either man might hope to capitalise on a
possible wave of sympathy amo
ng the majority Sinhalese for Mr Dissanayake or
for the tough pro-military p
olicy he supported on the Tigers - a policy
which may have cost him his life
.
Equally important, Mr Dissanayake's death has called into question Mrs
Kum
aratunge's whole approach to the Tamil question. She was elected on a
promis
e to try to make peace with the LTTE, a promise which she has bravely
and ra
pidly attempted to put into effect by moves including lifting an
economic em
bargo on the Tigers' northern stronghold in the Jaffna peninsula.
Government
officials this month started talks with LTTE representatives.
Despite conti
nuing LTTE attacks on Sri Lankan targets, including ships, Mrs
Kumaratunge p
ersisted with the peace effort. Against the advice of army
officers, she tru
sted ambiguous peace messages put out by Mr V Prabakaran,
the LTTE leader. N
ow her strategy has been thrown into jeopardy.
The Colombo stock market was
closed yesterday amid an island-wide curfew
imposed after the attack. Mr Jay
adeva Uyangoda, an economist attached to
Colombo University, said the econom
y would suffer in the short term due to
the attack. 'Long term stability wil
l depend on any social unrest and the
overall political situation,' he added
.
'In the past, such dramatic assassinations have not impacted on society,
w
hich has come to terms with the deaths of major political figures. Foreign
i
nvestors will react only if there is social unrest. Otherwise they will
wait
and see what happens before taking the next step.'
Sri Lanka has shown amaz
ing resilience to political deaths. Even last year's
two assassinations did
not throw the country's democratic institutions into
disarray: there was lit
tle street violence and this year's general election
was peaceful and judged
to be fair. The economy has continued to grow, with
gross domestic product
up 5.7 per cent last year; the tourists have kept
coming.
Yet it is hard to
believe that Sri Lanka can forever enjoy its economic
success and holiday pa
radise reputation while the streets of Colombo are
regularly soaked in blood
.
Countries:-
LKZ Sri Lanka, Asia.
Indust
ries:-
P9229 Public Order and Safety, NEC.
Types:-
NEWS General News.
The Financial Times
Londo
n Page 6
============= Transaction # 142 ==============================================
Transaction #: 142 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:19:18
Selec. Rec. #: 63
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT944-18821
_AN-EJBBDADKFT
941
001
FT 01 OCT 94 / India steps up efforts to tackle plag
ue
By CLIVE COOKSON and STEFAN WAGSTYL
LONDON, NEW DELHI
Indian authorities yesterday
stepped up efforts to stop the spread of
pneumonic plague, while struggling
to contain the economic threat posed by
the growing number of overseas trav
el restrictions.
The disease claimed the lives of two people in the capital,
Delhi, yesterday
-the first reported deaths outside the western city of Su
rat where plague
broke out last week. The deaths pushed the official death t
oll to more than
50, while the number of suspected plague cases rose to 2,50
0.
Meanwhile, officials in the capital moved to close all schools and cinema
s
to prevent the plague bacteria spreading - and advised residents to cover
their faces with masks or handkerchiefs in crowded places.
The authorities'
efforts have so far failed to reassure overseas governments
and visitors. KL
M, the Dutch airline, said that 25-30 per cent of tourists
who had planned t
o travel to India by KLM this week and next had called off
their trips.
In t
he UK, Thomson, the largest holiday company, cancelled its Indian tours
sche
duled for the first two weeks of October. Beach holidays in Goa would go
ahe
ad, although people who decided to cancel would receive full refunds.
The mo
ve came as many Asian and Middle Eastern governments banned all
flights to a
nd from India, and several European states imposed new medical
checks on pas
sengers arriving from the country.
The UK health department said its plague
surveillance system had identified
eight people showing flu-like symptoms 'w
ho may be infected'. But the
Communicable Diseases Surveillance Centre said
later that medical tests had
cleared seven of them, while the eighth was unl
ikely to have the plague.
Dr Kenneth Calman, Britain's chief medical officer
, said the system would
pick up more suspect cases. 'Should any cases be con
firmed, they will be
treated effectively with routinely available antibiotic
s,' he said.
Mr Manmohan Singh, the Indian finance minister who is visiting
London,
attacked countries that had imposed travel and trade restrictions on
India.
Indian food exports hit, Page 3
Countries:-
I
NZ India, Asia.
Industries:-
P9431 Administration of P
ublic Health Programs.
P9721 International Affairs.
Types:-
<
/XX>
NEWS General News.
The Financial Times
Lo
ndon Page 22
============= Transaction # 143 ==============================================
Transaction #: 143 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:19:35
Selec. Rec. #: 65
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT932-14950
_AN-DDPB8AA8FT
930
416
FT 16 APR 93 / S Africa counts the cost of mass acti
on
By PATTI WALDMEIR
JOHANNE
SBURG
SOUTH AFRICA was yesterday counting the political a
nd economic cost of
Wednesday's national protest strike which left 17 people
dead.
Yesterday an angry mob attacked two whites in the black homeland of T
ranskei
less than 48 hours after the slaying of two white South African tour
ists,
police said.
The death toll from Wednesday's protest rose to 17 after
11 people were
massacred in Natal province following a commemoration rally f
or slain
African National Congress leader Chris Hani.
However, it was not cl
ear how closely the deaths were related to the ANC
protest, given that such
massacres have become a regular occurrence in
Natal.
There were further viol
ent incidents in Port Elizabeth, Cape Town and on the
East Rand near Johanne
sburg. The black township of Soweto was reported
quiet.
Further mass protest
s are planned for tomorrow, Sunday and Monday, raising
the risk of further v
iolence.
The ANC has called another national protest strike for Monday, the
day Mr
Hani will be buried.
Yesterday it appeared the political impact of th
e Hani assassination might
prove positive, as the South African government a
nnounced it would drop
crucial preconditions to the establishment of the fir
st phase of a
multi-racial interim government, the Transitional Executive Co
uncil.
The council would include representatives of all the main parties, an
d would
have sub-councils to advise and monitor government actions in areas
such as
law and order, defence, finance and foreign affairs.
Mr Roelf Meyer,
the ANC's chief negotiator, said the government would no
longer insist that
the 26 parties to the multi-party negotiating forum agree
a transitional co
nstitution before this council could be formed. This
removes a big obstacle
to formation of the Council, which Mr Meyer said
could be agreed by May.
How
ever, he cautioned that some parties, such as the Inkatha Freedom Party,
mig
ht object, causing further delays. Inkatha believes there should be no
exten
ded transition to full democracy.
Meanwhile, the US state department advised
Americans to stay away from black
homelands and townships in South Africa.
Transkei leader Major-General Bantu
Holomisa said armed police were being se
nt to protect tourists in the
homeland's popular coastal resorts, but South
Africans were advised to avoid
Transkei.
Ms Michelle Cohen, executive direct
or of the US chamber of commerce, said
she knew of businessmen, representing
US companies which stuck with South
Africa through sanctions, curtailing vi
sits to the country because of the
turmoil.
She expected a hefty rise in the
cost of insurance on trade with South
Africa. 'We'll be on the same list as
Vietnam. . . Sarajevo.'
Countries:-
ZAZ South Afric
a, Africa.
Industries:-
P9721 International Affairs.
Types:-
NEWS General News.
The Financial Time
s
London Page 6
============= Transaction # 144 ==============================================
Transaction #: 144 Transaction Code: 19 (Record Selected)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:19:54
Selec. Rec. #: 65
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT932-14950
_AN-DDPB8AA8FT
930
416
FT 16 APR 93 / S Africa counts the cost of mass acti
on
By PATTI WALDMEIR
JOHANNE
SBURG
SOUTH AFRICA was yesterday counting the political a
nd economic cost of
Wednesday's national protest strike which left 17 people
dead.
Yesterday an angry mob attacked two whites in the black homeland of T
ranskei
less than 48 hours after the slaying of two white South African tour
ists,
police said.
The death toll from Wednesday's protest rose to 17 after
11 people were
massacred in Natal province following a commemoration rally f
or slain
African National Congress leader Chris Hani.
However, it was not cl
ear how closely the deaths were related to the ANC
protest, given that such
massacres have become a regular occurrence in
Natal.
There were further viol
ent incidents in Port Elizabeth, Cape Town and on the
East Rand near Johanne
sburg. The black township of Soweto was reported
quiet.
Further mass protest
s are planned for tomorrow, Sunday and Monday, raising
the risk of further v
iolence.
The ANC has called another national protest strike for Monday, the
day Mr
Hani will be buried.
Yesterday it appeared the political impact of th
e Hani assassination might
prove positive, as the South African government a
nnounced it would drop
crucial preconditions to the establishment of the fir
st phase of a
multi-racial interim government, the Transitional Executive Co
uncil.
The council would include representatives of all the main parties, an
d would
have sub-councils to advise and monitor government actions in areas
such as
law and order, defence, finance and foreign affairs.
Mr Roelf Meyer,
the ANC's chief negotiator, said the government would no
longer insist that
the 26 parties to the multi-party negotiating forum agree
a transitional co
nstitution before this council could be formed. This
removes a big obstacle
to formation of the Council, which Mr Meyer said
could be agreed by May.
How
ever, he cautioned that some parties, such as the Inkatha Freedom Party,
mig
ht object, causing further delays. Inkatha believes there should be no
exten
ded transition to full democracy.
Meanwhile, the US state department advised
Americans to stay away from black
homelands and townships in South Africa.
Transkei leader Major-General Bantu
Holomisa said armed police were being se
nt to protect tourists in the
homeland's popular coastal resorts, but South
Africans were advised to avoid
Transkei.
Ms Michelle Cohen, executive direct
or of the US chamber of commerce, said
she knew of businessmen, representing
US companies which stuck with South
Africa through sanctions, curtailing vi
sits to the country because of the
turmoil.
She expected a hefty rise in the
cost of insurance on trade with South
Africa. 'We'll be on the same list as
Vietnam. . . Sarajevo.'
Countries:-
ZAZ South Afric
a, Africa.
Industries:-
P9721 International Affairs.
Types:-
NEWS General News.
The Financial Time
s
London Page 6
============= Transaction # 145 ==============================================
Transaction #: 145 Transaction Code: 22 (Record(s) Saved)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:19:55
Selec. Rec. #: 65
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT932-14950
_AN-DDPB8AA8FT
930
416
FT 16 APR 93 / S Africa counts the cost of mass acti
on
By PATTI WALDMEIR
JOHANNE
SBURG
SOUTH AFRICA was yesterday counting the political a
nd economic cost of
Wednesday's national protest strike which left 17 people
dead.
Yesterday an angry mob attacked two whites in the black homeland of T
ranskei
less than 48 hours after the slaying of two white South African tour
ists,
police said.
The death toll from Wednesday's protest rose to 17 after
11 people were
massacred in Natal province following a commemoration rally f
or slain
African National Congress leader Chris Hani.
However, it was not cl
ear how closely the deaths were related to the ANC
protest, given that such
massacres have become a regular occurrence in
Natal.
There were further viol
ent incidents in Port Elizabeth, Cape Town and on the
East Rand near Johanne
sburg. The black township of Soweto was reported
quiet.
Further mass protest
s are planned for tomorrow, Sunday and Monday, raising
the risk of further v
iolence.
The ANC has called another national protest strike for Monday, the
day Mr
Hani will be buried.
Yesterday it appeared the political impact of th
e Hani assassination might
prove positive, as the South African government a
nnounced it would drop
crucial preconditions to the establishment of the fir
st phase of a
multi-racial interim government, the Transitional Executive Co
uncil.
The council would include representatives of all the main parties, an
d would
have sub-councils to advise and monitor government actions in areas
such as
law and order, defence, finance and foreign affairs.
Mr Roelf Meyer,
the ANC's chief negotiator, said the government would no
longer insist that
the 26 parties to the multi-party negotiating forum agree
a transitional co
nstitution before this council could be formed. This
removes a big obstacle
to formation of the Council, which Mr Meyer said
could be agreed by May.
How
ever, he cautioned that some parties, such as the Inkatha Freedom Party,
mig
ht object, causing further delays. Inkatha believes there should be no
exten
ded transition to full democracy.
Meanwhile, the US state department advised
Americans to stay away from black
homelands and townships in South Africa.
Transkei leader Major-General Bantu
Holomisa said armed police were being se
nt to protect tourists in the
homeland's popular coastal resorts, but South
Africans were advised to avoid
Transkei.
Ms Michelle Cohen, executive direct
or of the US chamber of commerce, said
she knew of businessmen, representing
US companies which stuck with South
Africa through sanctions, curtailing vi
sits to the country because of the
turmoil.
She expected a hefty rise in the
cost of insurance on trade with South
Africa. 'We'll be on the same list as
Vietnam. . . Sarajevo.'
Countries:-
ZAZ South Afric
a, Africa.
Industries:-
P9721 International Affairs.
Types:-
NEWS General News.
The Financial Time
s
London Page 6
============= Transaction # 146 ==============================================
Transaction #: 146 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:20:07
Selec. Rec. #: 67
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT923-6166
_AN-CH0BVAB5FT
9208
26
FT 26 AUG 92 / Business and the Environment: Everyone
's losing their marbles - Haig Simonian describes the furore surrounding one
of the world's most famous quarries
By HAIG SIMONIA
N
In the marble quarries high above Carrara in Tuscany, whe
re Michelangelo
chose the slabs for his future masterpieces, an almighty row
has broken out.
Like hundreds of other squabbles between industry and envir
onmentalists, it
has driven a wedge between those concerned about pollution
and the landscape
and others more preoccupied with profits and peoples' live
lihoods.
But the battle between the marble quarriers of Carrara, on whom the
town's
economy largely depends, and the local council, supported by the Tus
can
regional administration, cuts much deeper than the gashes in the mountai
ns
from which marble has been extracted over the centuries and which are now
at
the heart of the rumpus.
Under plans to develop the local Apuan park, th
e name for the area which
covers the mountains above Carrara and embraces mo
st of the quarries,
industrialists fear their businesses are at risk. Three
high-altitude
quarries have already closed owing to the enforcement of rules
banning
excavation above 1,200 metres. More could follow, they warn.
For ma
ny locals, not just in the marble business, the quarries, sawmills and
assoc
iated processing facilities which dominate the landscape are more
intrinisic
to Carrara, its history and surroundings, than any attempts to
set up an in
dustry-free zone in the hills. But for others, the park
represents the first
serious attempt by the authorities to check the
unbridled expansion of the
quarries since their origins.
The business of quarrying the lightly grained
white stone, for which Carrara
is famous, has certainly left its mark. From
a distance, especially in
winter, visitors regularly mistake the huge white
gashes along the local
stretch of the Appenines, for snow. Only when they ap
proach on roads like
the narrow, twisty lane which leads up to the village o
f Colonnata above
Carrara, do they realise that what they are seeing are vas
t white slices
gorged out of the face of the rock.
Elsewhere, the quarrying
is less immediately striking, as at the disused
workings which litter the ar
ea. Often, they are all that is left of
centuries of labour cutting hundreds
of feet into the mountain, only to be
abandoned when a vein has run out, or
the stone has become too difficult to
extract commercially. All around are
piles of debris, testifying to the fact
that often less than 10 per cent of
the stone extracted is suitable for
sale.
For Simonetta Cattani Lazzareschi,
head of the Carrara Industrialists'
Association, the quarries are a thing o
f beauty. 'Look,' she says, pointing
to the workings above the churchyard at
Colonnata, 'have you ever seen
anything so splendid?'
Lazzareschi, the only
woman to head an Industrialists' Association in Italy,
is not a lady to be
crossed in a hurry. Her strong features betray the
traits of the Greek and A
rab craftsmen who, she says, were first brought
into the region by the Roman
s to work the stone.
Perceptions of beauty are somewhat different at Carrara
town hall, where
Alberto Pincione is mayor. The marble-cladding of the mode
rn, two-storey
building highlights the trade's importance for the town, espe
cially now that
so much of the heavy public-sector industry brought into the
area by
Mussolini in the late 1920s has closed down, leaving 6,000 unemploy
ed.
'No one wants to close the quarries,' he says. 'But they have to observe
the
rules on protecting the landscape and maintaining safety standards'.
Bo
th are touchy subjects within the left-leaning council, dominated until
rece
ntly by the Communist Party. 'There have been 44 deaths in the quarries
sinc
e 1977, and almost as many serious injuries,' says Vittorio Prayer, a
local
journalist. His fingers quickly find the page in a specialised medical
magaz
ine on industrial injuries showing a gruesome colour photograph of a
huge ma
rble block, one side spattered with blood.
The quarrel now raging over the i
mplications of the park is as complex as
might be expected in a one-industry
town, where the trade is dominated by a
handful of aggressively independent
entrepreneurial families which have,
until recently, been left largely to t
hemselves.
The quarriers claim the park, first mooted in 1975, poses a more
serious
threat to their livelihoods than even the depression of the late 192
0s,
which prompted Mussolini to develop many of the now defunct alternative
sources of employment in the region.
Since then, the number of people workin
g in the quarries has fallen as new
technology has replaced manual labour an
d the highly fragmented quarries
have been rationalised into the hands of re
latively few families and big
companies.
Only about 1,900 people now work in
quarrying, compared with around 14,000
at the beginning of the century. How
ever, Lazzareschi reckons about 1,000
jobs hang on every one occupied in the
mountains.
The valleys and plain below the city echo to the repetitive grin
ding of
hundreds of sawmills operating around the clock to cut huge blocks o
f marble
into thin slices for cladding skyscrapers, making table tops and ev
en
gravestones. Around a quarter of the world's stone cutting facilites are
in
Carrara, according to the Industrialists' Association.
The quarry owners
fear that if the park one day receives national, rather
than regional, statu
s, all quarrying will have to stop. 'The rules governing
national parks in I
taly prohibit excavation,' says Lazzareschi. 'Given the
poor financial state
of the Tuscany region, the authorities are bound to try
to shift the burden
for the park to the state. That means we would close.'
The demise of quarry
ing would also threaten the substantial tourist business
which has developed
in its wake. The quarries and exposed peaks may not be
aesthetically appeal
ing to all, but they are often breathtaking and stand as
historical monument
s in their own right.
'Closure is crazy. It would put us all out of business
,' says Vannucci
Venanzio, the owner of a small restaurant in Colonnata that
lives off the
marble and tourist trades.
But according to Pincione: 'No one
is talking about closing anything. But do
you really call what has been don
e to the hillsides beautiful? It wouldn't
be allowed elsewhere in Europe.' U
nder present rules, the quarry-owners have
almost free rein over their sites
, for which they pay a token rent, under
concessions dating back to 1751.
Th
e council, which will this year make around L4.2bn (Pounds 2m) from a
specia
l tax on the amount of stone quarried, sees its role in enforcing the
enviro
nmental and safety rules which have been introduced since the 1980s
but not
always observed. 'Theoretically, the quarries should follow precise
rules on
how they cut into a hillside, not to change its shape without
permission. A
nd there should be regulations on cleaning up afterwards,' says
Prayer. The
briefest visit to the region demonstrates otherwise.
The park, which advance
d one step further last month with the appointment of
a new management board
, has now become the focal point for the wider dispute
over future regulatio
n. Although not yet a threat, its creation and the
likely rise in bureaucrac
y it will entail could obstruct the quarries'
expansion, particularly as new
stone-cutting technology has accelerated the
rate of excavation.
Meawnhile,
the underlying issue of exerting control over an industry which
is of immen
se economic and cultural importance to the region but which may
have grown a
ccustomed to being left to itself in the past, remains
unresolved.
'Environm
ental legislation has increased steadily,' says one resident, who
has follow
ed the growing conflict closely. 'And rules now cover every part
of the busi
ness, including the sawmills, which pollute local rivers with
marble powder
and other chemicals for treating and polishing stone.'
Behind the fighting t
alk on both sides, there is undoubtedly room for
compromise. It is almost in
conceivable that anyone on Carrara's council
would dream of closing the quar
ries, on which the town so heavily relies.
Nor are the quarry owners quite t
he shameless exploiters some of their
critics claim. But so far, their posit
ions have not met.
The Financial Times
London Pag
e 10
============= Transaction # 147 ==============================================
Transaction #: 147 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:20:26
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 8262 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 148 ==============================================
Transaction #: 148 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:20:41
Selec. Rec. #: 76
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT921-13393
_AN-CAVBGAAZFT
920
122
FT 22 JAN 92 / Brazil launches drive to boost touris
t industry
By CHRISTINA LAMB
RIO DE JANEIRO
BRAZIL is launching an aggressive marketi
ng campaign to recuperate its
flagging tourist industry.
Mr Ronaldo de Monte
Rosa, head of Embratur, the state tourist authority,
plans to double the nu
mber of tourists and increase income from Dollars
1.4bn to Dollars 3bn (Poun
ds 1.6bn) over the next five years. 'I want to
seize the opportunity of the
Earth Summit (to be hosted by Rio in June) to
relaunch Brazil as a tourist d
estination,' he says.
To encourage investment, credit lines have been made a
vailable by the
National Development Bank. Tourism is to be declared an indu
stry, giving
investors incentives in terms of reduced import tariffs and ene
rgy rates.
Brazil might seem to be the ideal tourist location: 4,600 miles o
f beaches,
the world's largest rainforest. But in the past five years, the n
umber of
tourists has fallen from 2m to 1.08m, as potential visitors are det
erred by
social problems caused by economic crisis.
Embratur has decided to
fight back against the wave of bad publicity
focusing on Rio's violence by s
etting up offices overseas to inform the
world about the Indian reserves and
Brazilian food and music. Mr Monte
Rosa's aims are to rescue Rio and show t
he world what else Brazil has to
offer, 'focusing on the north east and Amaz
onia'.
Despite Brazil's many natural advantages, this is no easy task. Mr Mo
nte
Rosa has finally persuaded Rio's state government to invest in a 'securi
ty
for tourists' programme, by showing that it has lost Dollars 400m a year
for
the past five years in tourism revenue. But he would like to divert tour
ists
to Amazonia and the north-east, Brazil's poorest but most scenic and
cu
lturally rich area.
The Financial Times
London Pa
ge 4
============= Transaction # 149 ==============================================
Transaction #: 149 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:21:33
Selec. Rec. #: 79
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT922-5263
_AN-CFAA4ADBFT
9206
01
FT 01 JUN 92 / Riverbus survives storm at Canary Whar
f
By JOHN AUTHERS
RIVERBUS, the Tha
mes passenger service, won a reprieve yesterday when Ernst
& Young, the admi
nistrators of Canary Wharf, said it could continue even
though it depends on
Olympia & York, which owns the crisis-ridden building,
as its main backer.
The high-speed service, which runs between Chelsea and Greenwich, is
underpi
nned financially by O&Y and has so far made big losses. Since its
launch in
the mid 1980s it has needed a Pounds 2.5m injection by a
consortium of five
property developers and a government grant of Pounds
500,000.
Analysts had c
onsidered it a likely early casualty once O&Y went into
administration.
Rive
rbus is owned by a partnership of O&Y and the property division of P&O,
the
shipping company, which is the developer of Chelsea Harbour. P&O manages
Riv
erbus via seconded managers, but has no liabilities and owns less than 6
per
cent of the issued share capital.
P&O welcomed the administrators' decision
. It said: 'We are quite happy to
leave our manager in there to keep it runn
ing . . . It's the only form of
commuter transport on the river at the momen
t.'
Instead of marking its death knell, yesterday turned out to be one of
Ri
verbus's best days.
Business on all its craft was brisk as Londoners and tou
rists travelled in
sunshine to look at the building which the past week's we
lter of cartoons
and photographs has turned into a famous landmark.
One empl
oyee said: 'The first boat was full and we had to turn people away
in the en
d because it was so busy. We've been doing extremely well.'
It remains uncle
ar how many of Riverbus's passengers were prospective
tenants or predators,
and how many simply wanted to see the Canary Wharf
tower.
Docklands may have
potential as a tourist destination. The top of the tower
was opened to the
families of potential investors for a brief period in
February and March, wh
en O&Y was attempting to raise finance via a tax
shelter scheme.
The Financial Times
London Page 6
============= Transaction # 150 ==============================================
Transaction #: 150 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:21:44
Selec. Rec. #: 80
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT923-13102
_AN-CGOA1AENFT
920
715
FT 15 JUL 92 / Warning over tourist industry
By MICHAEL SKAPINKER, Leisure Industries Correspondent
POORLY paid and badly trained hotel employees, together with in
adequate
public transport, threaten the UK's position as the world's fifth m
ost
popular tourist destination, according to a study by the National Econom
ic
Development Council.
The NEDC study, published yesterday, says the UK has
held its own in the
international tourist industry over the past 20 years.
Its share of tourists
was 4.2 per cent of the world total in 1990, the same
as in 1970. Its share
of world tourist spending has remained about 6 per cen
t for 20 years,
suggesting Britain has been attracting visitors who spend mo
re than the
average.
The study says, however, that this success masks worryi
ng trends. Skill
levels in UK hotels are lower than in continental Europe. B
ritish hotels
also employ more staff than their continental counterparts but
pay them
less.
The report says both the private and public sectors should r
aise the quality
of tourist facilities. The private sector should also impro
ve training and
productivity, which would make the tourist industry more att
ractive to job
entrants.
The UK has attracted increasing numbers of visitors
from the US and Japan,
but has been less successful in northern European ma
rkets.
The NEDC, which is due to be abolished at the end of the year, says t
hat UK
tourism should not try to compete on price. 'Comparison of the UK wit
h other
destinations shows that overall it is not particularly expensive; Lo
ndon
falls into the middle range of leading European cities.'
The report urg
es the tourist industry to create a new representative body to
stress the se
ctor's importance. Tourist spending, including domestic
tourism, accounts fo
r nearly 4 per cent of GDP and employs 1.6m people -
more than the health se
rvice.
Surveys carried out for the NEDC list British culture and heritage, t
he arts
and London as attractions mentioned most often by visitors to the UK
. Only
the US, Spain, France and Italy attract more tourists.
UK Tourism: Co
mpeting for Growth. Nedo Books, Millbank Tower, London SW1P
4QX. Pounds 11.2
0.
The Financial Times
London Page 10
============= Transaction # 151 ==============================================
Transaction #: 151 Transaction Code: 14 (Search Results Displayed)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:22:01
Selec. Rec. #: 0
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 8262 Help Code: 0
# Displayed: 12 Help ID: 0
Associated Variable Length Text:
============= Transaction # 152 ==============================================
Transaction #: 152 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:22:06
Selec. Rec. #: 84
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT933-39
_AN-DI3C1AGPFT
930930
FT 30 SEP 93 / Survey of India (7): Beautiful waters th
at have turned to blood - Tourism and tension in the Vale of Kashmir
By SHIRAZ SIDHVA
UNTIL recently, the legen
dary beauty of Kashmir in northern India attracted
tourists by the plane-loa
d, writes SHIRAZ SIDHVA.
In 1989, Indian Airlines ran 13 flights a day into
the state. Now there is
one flight a day.
It brings only a few tourists, mos
tly back-packers of the kind who used to
come by bus from Jammu, or trekkers
heading for the Himalayan kingdom of
Ladakh.
Most of the tourists are aware
of the conflict in Kashmir, where the Moslem
population has long chafed aga
inst Indian rule.
But they cannot resist the famed attractions of the area i
ncluding the
gracious houseboats that can be rented for next to nothing on t
he placid
lakes near Srinagar.
'We wanted to see for ourselves whether Kashm
ir is the lost paradise the
newspapers say it is,' says Carlo, an Italian ar
chitect, during the flight
to Kashmir. 'I decided that if we didn't visit Ka
shmir now, we may never get
there. Is it really as bad as they say?'
If you
are not put off by sporadic shooting, explosions, curfews, and the
presence
of thousands of Kalashnikov-toting soldiers and militia-men, then
Kashmir is
still a lovely destination for a holiday.
On all sides there is the awesome
grandeur of the Himalayas. The people are
as friendly as ever, and room pri
ces have remained steady for three years.
But as soon as you land, you know
you are in a war zone, where there are
daily clashes fought armed separatist
s and units of the estimated quarter of
a million armed forces.
Four years o
f death and decay are symbolised by what has happened at the Dal
Lake.
Once
a haven for tourists all the year round, its quiet waters are now
choked wit
h weeds. In a phenomenon still unexplained by scientists, the
colour of the
lake changed two years ago from a muddy green to red.
'The lake mirrors the
rivers of blood that are flowing in the Valley,' says
Ahmed Jaan, a wizened
old man who for 50 years has sailed his shikara on
these waters.
Today, his
life is as desolate as the houseboats with their vacant
signboards.
The intr
icately carved facades of these floating homes bear quaint names,
like Queen
of Sheba, Paris Beauty and Cherry Ripe.
But their timbers are rotting, and
the rooms, with their chandeliers and
exquisite carpets, are musty from negl
ect.
At Mr Butt's Clairmont houseboat on the Nagin lake, the visitor's book
tells
of good times that may never return. Beatle George Harrison has been h
ere;
so have hundreds of other celebrities from around the world.
The crowds
that thronged the Dal Lake boulevard have been replaced by
soldiers with st
en guns, the golf course is overgrown and abandoned, and the
grand imperial
Residence that became the Oberoi Hotel now houses officers of
the paramilita
ry forces.
Groups of women squat on the pavement outside the interrogation c
entre
waiting sometimes for hours to see their sons, brothers or fathers who
have
been picked up, sometimes, without reason, for questioning. There have
been
over 150 deaths in custody this year.
Stung by international complaint
s about human rights abuse earlier this
year, the government is trying to ma
ke its security forces more accountable.
But this is not easy. Most of the s
oldiers who are fighting a well armed
guerrilla enemy were trained for a con
ventional conflict rather than to face
10 year-old boys who lob hand-grenade
s before running into their mothers'
arms.
The Kashmiris have been alienated
from the security forces after humiliating
and sometimes brutal house searc
hes.
The troops have for decades been instilled with hatred of the enemy (re
ad
Pakistan). For them, every Kashmiri in the Valley is anti-national, and
t
herefore, Pakistani.
Women and children have been killed or wounded in cross
fire between Kashmiri
militants and the armed forces.
The citizenry of Srina
gar retreat indoors long before nightfall, hoping that
the next day will daw
n without a search operation.
Only stray dogs keep the soldiers company on t
heir long night vigil.
There is no solution in sight.
'The Indian government
has pushed us to the wall, and now, at the point of a
gun, they want us to
swear loyalty to the nation,' says a well-to-do
Srinagar trader.
'I never th
ought that there would come a stage when I would support the
movement that s
ome people have been advocating for over 40 years.
'But with the daily dose
of humiliation and harassment from the Indian
forces, I cannot see how we ca
n turn back on this road we have taken.'
Countries:-
INZ India, Asia.
Industries:-
P7999 Amusement and Recr
eation, NEC.
P9229 Public Order and Safety, NEC.
Types:-
CMMT Comment & Analysis.
The Financial Times
London Page V
============= Transaction # 153 ==============================================
Transaction #: 153 Transaction Code: 39 (Full Doc Window --TREC)
Terminal ID: 57943 Z39.50 Server ID: 19 (TREC)
Session ID: 1 New Z39.50 Server ID: 0 (Astro/Math/Stat)
Old Z39.50 Server ID: 0 (Astro/Math/Stat)
Usr Interface: Prob Time Cmd Sent: 16:00:00
Rec. Format: Short Time Cmd Complete: 16:23:22
Selec. Rec. #: 87
Boolean Indexes Used:
0 Author 0 Date 0 Rectype 0 X_Corp Author 0 Call #
0 Title 0 Language 0 X_Author 0 Uniform Title
0 Subject 0 ISBN 0 X_Title 0 X_Subject
0 Organization 0 LCCN 0 Topic 0 Host Item
0 Series 0 ISSN 0 Keyword 0 Conf
Boolean Conjunctions:
Button 1: and Button 2: OR Button 3: or
Used?: No Used?: No Used?: No
# Keywords: 0 Error Code: 0
# Hits: 0 Help Code: 0
# Displayed: 0 Help ID: 0
Associated Variable Length Text:
FT923-11990
_AN-CGVAPAAPFT
920
722
FT 22 JUL 92 / Peru rebels call 'armed strike'
By SALLY BOWEN
LIMA
<
TEXT>
PERU'S worst wave of terrorist bombings in 12 years is likely to ensur
e
widespread support for an 'armed strike' called for today by the Sendero
L
uminoso guerrilla group, writes Sally Bowen in Lima. Messages painted on
sha
nty-town walls are warning inhabitants of Lima and key provincial cities
the
y risk death if they attempt to turn up for work.
In the past few days Sende
ro has intensified its campaign of terror in the
capital. On Monday night a
car bomb wre