Higher cat losses, expenses hit US P&C income
18 July 2016
Private US property and casualty insurers’ first-quarter net income fell 26.5% to $US13.3 billion, hit by higher catastrophe losses and loss adjustment expenses, according to a new report…
International
China floods ‘point to La Nina’
11 July 2016
Natural disasters caused global economic losses of more than $US5 billion last month, according to the latest report from Aon Benfield subsidiary Impact Forecasting…
Zurich sell-off continues with South Africa deal
11 July 2016
Zurich will sell its operations in South Africa and Botswana for an undisclosed sum to Canada’s Fairfax Financial Holdings…
US insurers ‘tired of rate cuts’
11 July 2016
US commercial insurance rates dropped 1% last month, but insurers are running out of patience, according to analyst MarketScout…
Canada fire losses hit record $3.6 billion
11 July 2016
Insured property losses from the recent northern Alberta wildfire are estimated at $C3.58 billion, more than twice the sum from Canada’s previous most costly natural disaster, according to the Insurance Bureau of Canada…
TRIA renewal stabilises US terrorism coverage: Marsh
11 July 2016
Terrorism insurance take-up in the US improved to 61% last year from 59% in 2014 after Congress extended the Terrorism Risk Insurance Act, according to Marsh…
Atlantic hurricane forecast worsens
11 July 2016
Colorado State University forecasters have increased the expected number of named Atlantic storms this season from 14 to 15, with six predicted to become hurricanes…
Chinese insurers start quake policy sales
11 July 2016
Chinese insurers have started selling a policy covering earthquake damage, as the nation moves towards a market-driven approach to compensating disaster losses…
Reinsurance rate reductions slowing: Willis Re
04 July 2016
Market softening continued during the June-July reinsurance renewal period, but at a slower pace, according to Willis Re’s latest report…
Fitch warns on Brexit impact
04 July 2016
Britain’s decision to leave the European Union may have adverse implications for the UK insurance industry, Fitch Ratings warns…
AM Best puts negative outlook on Ironshore
04 July 2016
AM Best has assigned Ironshore a negative outlook, reflecting the credit profile and high debt leverage of its Chinese owner Fosun International, which has pushed forward with plans to list the US insurer…
XL’s Bermuda move wins shareholder nod
04 July 2016
XL Group expects to complete the relocation of its registered office from Ireland to Bermuda in the third quarter, after shareholders approved the move…
Tesla defends autopilot technology after fatal crash
04 July 2016
US electric carmaker Tesla is adamant its self-driving technology is sound and will continue to improve after the first fatal crash involving its automated vehicles…
Chubb names new Asia-Pacific president in senior shake-up
04 July 2016
Chubb has promoted Paul McNamee to Regional President Asia-Pacific and announced other senior appointments that will take effect later this year…
New rules on container cargo take effect
04 July 2016
The World Shipping Council has released a set of frequently asked questions on new shipping rules that took effect on Friday…
Cover-More appoints US sales chief
04 July 2016
Cover-More has appointed Mark Linton as Head of Sales for the US and Canada…
London rocked by $65 billion fire (350 years ago)
04 July 2016
Repairing damage caused by a blaze the size of the Great Fire of London in 1666 would cost insurers at least £37 billion today, the Association of British Insurers estimates…
London braces for Brexit fallout
27 June 2016
UK insurers have put on a brave face as Britain prepares to negotiate with the European Union over its divorce from the bloc…
ILS deals jump to Q1 record, BMA says
27 June 2016
Global deal volume for insurance-linked securities started the year strongly, setting a first-quarter record, according to the Bermuda Monetary Authority…
AM Best affirms Chubb ratings
27 June 2016
AM Best has removed from “under review with negative implications” the financial strength ratings of most Chubb subsidiaries, affirming them at a++…