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(From Post Magazine)
Financial Times
HSBC plans to double the proportion of profits it makes from insurance by 2012. The bank has decided it is under-represented in this area. HSBC has told shareholders and financial analysts that it makes $2bn a year, approximately 10% of pre-tax profits, from insurance, but wants to double that. It has increased its focus on insurance lines, moving Clive Bannister from the important private banking division to a new job heading the insurance business globally.
The Times
North Korea is fighting a GBP30m legal battle with insurance syndicates at Lloyd's of London, which accuses it of making fraudulent claims in an attempt to prop up its collapsing economy. Supporters of North Korea's claim say that the insurers are trying to renege on a risky contract. It is also suggested they failed to differentiate ...