Wildfire is Canada’s costliest natural disaster
06 June 2016
The Fort McMurray wildfire in Canada’s Alberta province is the costliest natural catastrophe yet recorded in the country, with estimated insured losses of $C4.4-$C9 billion…
International
Munich Re unveils turnaround plan for ailing Ergo
06 June 2016
Munich Re wants to return its loss-making Ergo primary insurance unit to profitability under a €1 billion ($1.54 billion) restructuring plan that will see about 1800 jobs in Germany axed…
AIG’s game plan gets a cautious welcome
06 June 2016
Insurance ratings agency AM Best has affirmed the issuer credit rating of AIG after earlier this year placing its ratings “under review with negative implications”…
Big hurricanes to boost pricing
06 June 2016
The US insurance industry is counting on an above-average hurricane season this year to boost property insurance premiums, but the rises won’t return to the levels seen in previous market cycles, according to Fitch Ratings…
Xchanging delists from London exchange
06 June 2016
UK insurance outsourcing group Xchanging will be delisted today from the London Stock Exchange in accordance with the takeover terms set out by Computer Sciences Corporation…
It’s in the mail: where the big trade credit risks are
06 June 2016
French trade credit insurer Coface’s annual survey of corporate payments activity in Asia-Pacific economies has identified the construction, industrial machinery and electronics, automotive and transportation, and metals industries as the riskiest sectors…
EU exit will bring more pain than gain, UK insurers say
30 May 2016
The UK insurance industry will lose more than it will gain if Britain votes in a referendum next month to leave the European Union, according to a report based on interviews with senior executives…
Atlantic hurricane season ‘could be big’
30 May 2016
There is an 80% chance this year will be the most active Atlantic hurricane season in four years, according to forecaster Tropical Storm Risk (TSR).
Future risks require action now
30 May 2016
Swiss Re’s annual Sonar report has identified turmoil in emerging markets and increased localisation of internet networks within country borders as key risks facing the insurance industry…
$3 billion payout from UK floods may push premiums higher
30 May 2016
More than 15,000 insurance claims for flooded homes and businesses have been made in the aftermath of Britain’s December storms…
Munich Re issues cat bond to cover US, Europe weather risks
30 May 2016
Munich Re has issued its biggest catastrophe bond of $US190 million to provide cover for its reinsurance business from potential US hurricane and European windstorm risks…
Container crackdown making waves: XL Catlin
30 May 2016
New rules preventing containers lacking verified weight information from being loaded onto ships have left the industry floundering, according to XL Catlin…
British insurers back cyber database
30 May 2016
The Association of British Insurers has called for a national database of cyber incidents and attacks on businesses…
TT Club hit by declining premiums, higher claims
30 May 2016
TT Club has reported a $US10 million decline in gross written premiums to $US172 million for the 12 months to December last year…
US insurers ‘over-exposed to fossil fuels’
30 May 2016
US general and life insurers’ have an investment in fossil fuel estimated to be worth nearly half a trillion dollars – a figure that’s is too “risky” in a world aspiring to a low-carbon future…
Arch names new Europe CEO
30 May 2016
Arch Insurance Europe has appointed Matthew Shulman as President and CEO, replacing James Weatherstone, who held the positions since 2008…
World Bank launches pandemic insurance fund
23 May 2016
The World Bank is launching a $500 million insurance fund to protect the world against deadly pandemics, creating the first insurance market for pandemic risks…
Gen Re announces new CEO
23 May 2016
Gen Re has appointed Berkshire Hathaway reinsurance executive Kara Raiguel as its new CEO…
Brexit would damage London’s status as insurance capital: Munich Re
23 May 2016
Munich Re has warned that Britain’s exit from the European Union – “Brexit” – would result in London losing some of its clout as one of the world’s leading insurance hubs…
Captive use growing, says Marsh
23 May 2016
The number of captive insurers writing non-traditional risks such as supply chain, cyber liability and political risk rose substantially last year, according to global broker Marsh…