Munich Re buys weather risk company
09 September 2013
Munich Re has added to its weather risk expertise with the purchase of RenRe Energy Advisors…
International
Quiet month leaves US commercial, personal lines static
09 September 2013
Rate rises on US commercial and personal lines held steady last month as wildfire and flood claims made little impact on the market, according to insurance exchange MarketScout…
Consumers wary of catastrophic costs: Swiss Re
02 September 2013
Almost 80% of consumers fear governments will leave them to foot the bill for damage from earthquakes, floods or other natural disasters over the next 20 years, according to a global survey by Swiss Re…
Zurich’s chairman quits after CFO’s death
02 September 2013
Zurich Chairman Josef Ackermann has resigned following the death of Group CFO Pierre Wauthier…
Record sums flow into insurance-linked securities
02 September 2013
The market for insurance-linked securities continues to grow, with a record amount in catastrophe bonds on risk in the year to June 30…
Reinsurers seek capital partners amid profit squeeze
02 September 2013
Reinsurers are increasingly entering capital market partnerships as financial investors’ abundant capacity puts pressures on prices and drives “thinner” underwriting profits, according to a report by AM Best…
Bermuda insurer registrations soar
02 September 2013
The Bermuda Monetary Authority has reported an 81% increase in new insurer registrations…
US commercial rates to rise: Moody’s
02 September 2013
Moderate rate gains will push US property and casualty commercial insurance underwriting margins into favourable territory over the next year to 18 months, according to ratings agency Moody’s…
US commissioners back terrorism act extension
02 September 2013
The US National Association of Insurance Commissioners has passed a resolution backing the renewal of the Terrorism Risk Insurance Act…
Costa Concordia salvage costs soar
02 September 2013
The cost of salvaging the Costa Concordia has spiralled to more than €500 million ($742 million)…
Industry pays $22 billion as floods ‘wreak havoc’
26 August 2013
Disasters have killed 7000 people and led to insurance industry losses of $US20 billion ($22.15 billion) in the first half of this year, according to Swiss Re…
Moody’s warns of threat from Willis sidecar
26 August 2013
Extra capital supplied to the insurance market through the Willis Global360 sidecar will be credit-negative for Lloyd’s participants because of its impact on rates, according to ratings agency Moody’s…
Flood Re ‘fails to consider climate change’
26 August 2013
The UK Government’s proposed flood insurance scheme may not be sustainable because it does not account for climate change, a submission from the London School of Economics warns…
Coastal floods could cost $1 trillion a year by 2050
26 August 2013
Rapid urbanisation and rising sea levels will expose coastal cities to costly and dangerous flooding, according to a new study…
Willis backs teenager’s Antarctic expedition
26 August 2013
Global insurer Willis is supporting a world record attempt in the Antarctic, to aid climate change research…
Lloyd’s looks to open Beijing office
26 August 2013
Lloyd’s aims to strengthen its presence in China by opening an underwriting office in Beijing…
Plumeri joins KKR as adviser
26 August 2013
Veteran insurance figure Joe Plumeri has joined investment bank Kohlberg Kravis Roberts as a senior adviser, a month after retiring as chairman of Willis…
European floods hit Amlin earnings
26 August 2013
Lloyd’s insurer and reinsurer Amlin has reported a slump in first-half profit after European floods pushed up catastrophe losses…
Industry reaps benefit as US cat losses drop
26 August 2013
US insurers delivered strong earnings growth in the second quarter, mostly due to lower catastrophe losses…
Supervisors turn spotlight on mortgage insurance
26 August 2013
Regulators should consider requiring home lenders and mortgage insurers to align their interests, to stop mortgage insurance stress and failure, according to the international supervisory Joint Forum…