‘Incomparable’ Benmosche to leave AIG
16 June 2014
Robert Benmosche will step down as CEO of AIG on September 1, to be replaced by current AIG Property Casualty CEO Peter Hancock…
International
TRIA extension may come at a price: Moody’s
16 June 2014
Moody’s expects the US Terrorism Risk Insurance Act to be extended, but with greater financial responsibility passed on to insurers…
Cyber insurance high on the agenda
16 June 2014
Data theft is the biggest threat to business reputations and 77% of mid to large companies intend to have some level of cyber insurance in place by next year, according to a US survey…
Japanese insurers forecast slower growth
16 June 2014
Japan’s five major insurers have reported a total combined operating ratio of less than 100 for the first time in six years, but they expect slower growth in net written premium for…
Underinsurance puts pressure on Asian governments
16 June 2014
Asia-Pacific has been more vulnerable to natural catastrophes than any other region in the past 20 years, and underinsurance means governments may no longer be able to act as insurer…
US commercial premium growth pace ‘slowing’
16 June 2014
US commercial premiums grew 4% in the first quarter, as gains slowed to their lowest level since 2011, according to Towers Watson…
Lloyd’s tips Germans for World Cup domination
16 June 2014
Germany is a shoo-in for the current soccer World Cup – according to a Lloyd’s assessment of teams’ insurable values…
No let-up on reinsurance price cuts: Guy Carpenter
10 June 2014
Competition from alternative markets is putting further downward pressure on reinsurance pricing, according to Marsh subsidiary Guy Carpenter…
TRIA extension moves step closer
10 June 2014
The US Senate Banking Committee has approved a seven-year extension to the Terrorism Risk Insurance Act, which was due to expire at the end of this year…
Forecasters raise Atlantic hurricane prediction
10 June 2014
Experts at Colorado State University have adjusted this year’s Atlantic hurricane forecast, increasing the number of storms expected…
Rise in capacity drives down US D&O rates
10 June 2014
US directors’ and officers’ insurance rates fell by an average of 4.8% in the first quarter, according to Aon…
Monthly US storm losses top $1 billion
10 June 2014
Storms in the US led to insured losses of more than $US1 billion ($1.07 billion) last month, according to Aon Benfield subsidiary Impact Forecasting…
Global ILS market off to strong start
10 June 2014
Activity in the global insurance-linked securities market surged to a first-quarter record this year, according to the Bermuda Insurance-Linked Securities update…
Farmers drops Chicago flood lawsuit
10 June 2014
Zurich-owned Farmers Insurance has dropped its legal action against councils in the Chicago area, ending one of the first lawsuits related to climate change…
Indonesia and Myanmar tipped as markets to watch
10 June 2014
Indonesia is beginning to attract more interest from global insurers, while Myanmar should also be high on the list of potential markets, according to law firm Clyde & Co…
US rate rise surprises analysts
10 June 2014
US commercial rates grew 3% last month compared with 2% in April, according to analyst MarketScout…
Insurer sues Chicago councils over climate change inaction
02 June 2014
Zurich-owned Illinois Farmers Insurance Co is suing 12 councils in Chicago and the state of Illinois, claiming they failed to respond to threats from climate change…
Global insurance risks ease: S&P
02 June 2014
Risks facing global insurers are easing as interest rates begin to rise, economies show signs of recovery and European conditions improve, Standard & Poor’s says…
Zurich urges collaboration on flood mitigation
02 June 2014
Zurich has called on governments, communities and insurers to rethink their approach to flood mitigation, particularly in Asia, where only 5% of losses are insured…
UK brokers ‘must manage conflicts of interest’
02 June 2014
UK insurance intermediaries are failing to manage conflicts of interest when dealing with small business clients, according to the country’s Financial Conduct Authority…