BestWeek: Amid Drive for International Markets, Aviva Targets Russia's Potential
London-based multiline insurer Aviva plc has its sights
set on the world's developing markets, a strategy evident so far this
year with publicized pushes into a number of countries where the
insurance potential is considered promising, if still under-developed,
according to an article in the July 3 BestWeek.
Since the beginning of the year, Aviva has reorganized its board
responsibilities, separating operations into U.K. and international
segments, rather than the old split between life and nonlife
activities. In June, Aviva said it began writing life insurance in
Russia, just three months after gaining a license. Aviva plans to gain
a spot among the country's top five life insurers within five years,
as Russia heads toward accession to the World Trade Organization, said
Grant Barrans, director of Aviva Life International.
Also in this week's BestWeek, many are calling for changes to the
National Flood Insurance Program, such as increasing maximum coverage
limits, mandating stricter building codes and compliance, and the
inclusion of additional living expenses, according to a survey by
Results of the survey appear in the July 2006 issue of the
magazine. More than two-thirds of the respondents said they were from
insurance companies or agencies, brokerages or adviser organizations.
Also featured is Best's Insurance Composite Index, which finished
the week of June 29, 2006 at 1,094.15, up 5.78% from a year ago. The
composite index reflects the performance of 133 insurance stocks. The
week's top performers were National Interstate Corp.; Republic Cos.
Group; Navigators. The week's bottom performers were Aetna; Arthur J.
Gallagher & Co.; Scottish Re Group; Aspen Insurance Holdings and
United America Indemnity. BestWeek is published by A.M. Best Co. for
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