British insurer dials up a $4.6 million fine
08 July 2013
The UK Financial Conduct Authority has fined a mobile phone insurer more than £2.8 million ($4.68 million) for failing to deal with customer complaints…
International
Warming oceans make extreme weather the ‘new normal’
08 July 2013
A “paradigm shift” in risk assessment methods is needed in the face of increasingly extreme weather events, according to the Geneva Association…
AIG, GE accept extra regulation, Prudential appeals
08 July 2013
AIG and GE Capital are to be among the first US groups designated systemically important non-bank financial institutions, after a 30-day appeal period passed…
British insurers gain confidence
08 July 2013
More than a quarter of UK general insurers are optimistic about the future, but only 3% have reported business volume growth since the March quarter, a survey shows…
Insurers struggle to attract new customers
08 July 2013
The global financial crisis has affected insurers’ ability to reach new customers, according to a report by Ernst & Young…
World market on slow road to recovery: Swiss Re
01 July 2013
Global insurance premiums are likely to rise at a moderate pace this year after returning to growth last year with a 2.4% increase, according to Swiss Re’s latest Sigma study…
Underwriting profits lift US insurers
01 July 2013
US property and casualty insurers’ net income after tax grew 41.2% to $US14.4 billion ($15.5 billion) in the first quarter of this year…
Reinsurer plans to drive down debts and costs
01 July 2013
Swiss Re has briefed investors on plans to reduce debt, cut costs and grow its dividend…
UK insurers and Government agree on flood cover
01 July 2013
The UK Government and the Association of British Insurers have signed a memorandum of understanding to develop a flood insurance pool…
BIBA consults on strategic review
01 July 2013
The British Insurance Brokers’ Association is seeking members’ views on its strategic review…
Politician accused insurers of dumping Long Island
01 July 2013
Insurers are withdrawing from the Long Island homeowners’ market following Superstorm Sandy, despite many properties avoiding damage, US senator Charles Schumer claims…
Fitch raises outlook for Lloyd’s
01 July 2013
Fitch Ratings has affirmed Lloyd’s of London’s insurer financial strength rating at A+ and revised its outlook from stable to positive…
Ironshore earns ratings upgrade
01 July 2013
AM Best has upgraded its financial strength and issuer credit ratings on Ironshore and affiliated operating companies…
Greenberg continues fight over AIG bailout
01 July 2013
The US Federal Claims Court has allowed former AIG Chairman and CEO Hank Greenberg to continue legal action against the US Government over its bailout of the insurer in 2008…
Regulation causes concern for insurers
24 June 2013
Capital management challenges and increased regulatory constraints are among the leading concerns for insurance executives, according to a global survey by risk consultants Towers Watson…
German flood losses ‘may reach €5.8 billion’
24 June 2013
Insured losses from devastating floods in Germany could be between €4 billion and €5.8 billion (($5.74 billion to $8.32 billion), according to catastrophe modeller AIR Worldwide…
European premiums recover despite turmoil
24 June 2013
European insurers’ gross written premium grew 1.6% to €1114 billion ($1572 billion) last year…
RIMS backs New York fight for TRIA extension
24 June 2013
The Risk and Insurance Management Society has backed New York City Council’s bid for a long-term extension to the Terrorism Risk Insurance Act…
Solvency II package ‘will protect policyholders’
24 June 2013
The long-term guarantee package under Europe’s proposed Solvency II reforms should deliver a high level of policyholder protection, according to a new report…
Public-private teamwork ‘can ease the pain of a disaster’
17 June 2013
Governments could reduce the human and economic costs of natural catastrophes by working more closely with the insurance industry, the Geneva Association says…