AM Best sets up Singapore office
20 April 2015
AM Best has opened an office in Singapore as part of its Asia-Pacific growth in the lead-up to creation of the Association of Southeast Asian Nations single market…
International
Forecasters tip mild Atlantic hurricane season
20 April 2015
US meteorologists have forecast a “well below average” Atlantic hurricane season from June to November…
Reinsurance market bows to ‘extreme strain’
13 April 2015
Reinsurance market conditions remain in buyers’ favour as the industry cycle continues to come under “extreme strain”, according to Willis Re’s latest First View renewals report…
Catastrophe pool pays out on Vanuatu cyclone
13 April 2015
A pilot catastrophe pool for Pacific island nations has paid Vanuatu $US1.9 million ($2.49 million) for losses incurred during Cyclone Pam last month…
Reinsurers warned over reliance on ‘unsustainable factors’
13 April 2015
Reinsurers maintained profits last year despite declining rates, but Aon Benfield has flagged danger signals for the industry…
European windstorm losses likely to top $US1 billion
13 April 2015
Economic and insured losses from windstorms Mike and Niklas, which swept across Europe at the end of last month, are expected to pass $US1 billion ($1.3 billion), according to Impact Forecasting’s March global catastrophe report…
Reinsurer consolidation to continue: Moody’s
13 April 2015
Mergers and acquisitions will accelerate as the operating environment for reinsurers continues to deteriorate, according to Moody’s…
US commercial rates fall flat
13 April 2015
The composite rate for US property and casualty insurance was flat last month compared with the corresponding period last year, according to analyst MarketScout…
Insurers set $390 million reserve for Germanwings crash
13 April 2015
Allianz Global Corporate & Specialty, the lead insurer for the crashed Germanwings plane, says $US300 million ($390 million) of reserves have been set aside to settle claims…
Lloyd’s makes $6 billion profit in difficult market
30 March 2015
Lloyd’s has reported pre-tax profit for last year of £3.16 billion, against a backdrop of low interest rates and a softening market…
UK targets dominance in cyber business
30 March 2015
The UK Government and insurance sector have set out a series of initiatives to help businesses reduce their cyber risk, and to cement London as the global centre for cyber cover…
‘Mega ships’ could lead to $US2 billion losses
30 March 2015
Massive cargo ships could result in $US2 billion loss scenarios, according to Allianz Global Corporate & Specialty…
Allianz is lead insurer of Germanwings plane
30 March 2015
Allianz Global Corporate & Specialty is lead insurer for the German budget airline whose plane crashed in the French Alps last week…
Thailand tweaks rules on foreign ownership
30 March 2015
Changes to insurance laws in Thailand will make it easier for foreign insurers to increase ownership of companies there, according to DLA Piper…
Global insured losses drop
30 March 2015
Insured losses from natural catastrophes and man-made disasters fell to $US35 billion last year from $US44 billion in 2013, despite a record 189 events, Swiss Re says…
Fairfax given nod for Brit deal
30 March 2015
Fairfax Financial Holdings’ £1.22 billion takeover of Lloyd’s global specialty insurer and reinsurer Brit has been approved by two of Brit’s largest shareholders…
UN agrees disaster risk reduction plan
23 March 2015
A 15-year international framework for disaster risk reduction has been signed by 187 United Nations member states…
Police gets to grips with UK insurance fraud
23 March 2015
The City of London’s Insurance Fraud Enforcement Department has detected 1000 insurance fraudsters in the past two years, arresting 600, according to an Association of British Insurers report…
Disaster risk ‘tough to measure’
23 March 2015
Measuring progress in reducing disaster risk is perilously hard, catastrophe risk management group RMS has warned…
Industry makes inroads on Big Data
23 March 2015
Tackling fraud is among insurers’ main uses for Big Data, which is increasingly important to industry profitability and credit ratings, according to Fitch…