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…
International
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…
Standard delivers Savage blow to Lloyd’s
02 June 2014
UK insurance and investments house Standard Life has named one of Lloyd’s most senior executives as its new CFO and Executive Director…
Car insurance scams dent UK industry
02 June 2014
Motor insurance scammers are the biggest drain on the UK insurance industry, according to the Association of British Insurers…
S&P lifts AIG outlook to stable
02 June 2014
Standard & Poor’s has revised its outlook for AIG from negative to stable, noting its fixed-charge coverage has improved on stronger operating earnings and lower interest expenses…
Balkan floods to surpass war costs
02 June 2014
Damage from last month’s floods is likely to cost the countries that made up the former Yugoslavia more than the war in the 1990s, but insurance losses will be low due to limited…
Industry leaders sign climate statement
26 May 2014
IAG CEO Mike Wilkins and Suncorp CEO Patrick Snowball are among 66 global executives to sign a Geneva Association statement highlighting the role insurance can play…
Premium growth to pick up pace: Munich Re
26 May 2014
Global primary insurance premiums will grow 2.8% this year and 3.2% next thanks to economic recoveries and stronger growth in life insurance, according to Munich Re…
Lloyd’s names legal chief as CRO
26 May 2014
Lloyd’s has appointed its head of legal, regulatory and government affairs, Sean McGovern, as Chief Risk Officer…
Moody’s outlines Marsh and Aon ratings
26 May 2014
Marsh & McLennan Companies has rated higher than Aon because of its lower financial leverage and increased interest coverage ratio, Moody’s says…
Tough times ahead, but Fitch backs reinsurers
26 May 2014
Fitch Ratings says non-life reinsurers have made solid underwriting profits due to lower catastrophe-related losses – but it holds a negative outlook for the sector…
IIS keeps tabs on top listed insurers
26 May 2014
The International Insurance Society has launched the IIS 100 Global Stock Index Monitor, to give members detailed tracking of global insurance stock performance…
British insurers ‘must prove’ fraud suspicions
26 May 2014
The UK’s Financial Ombudsman Service has warned insurers they must be able to prove fraud, and should not find other ways to reject claims…