US profit and premiums grow
17 June 2013
The US insurance industry reported record aggregate premiums last year, according to the Federal Insurance Office’s first annual report…
International
Industry needs cultural shift, PWC says
17 June 2013
The insurance industry must change its culture to thrive in future, according to a PricewaterhouseCoopers report on global trends and responses…
Large US companies ‘unprepared for cyber attacks’
17 June 2013
More than half of US Fortune 500 companies admit they would face “serious harm” or be “adversely impacted” by a cyber attack, according to a report by Willis…
Floods to cost Germany $16 billion
17 June 2013
Floods that have swept across central Europe could cost Germany more than the devastating deluge of 2002, according to Fitch Ratings…
Falling reserves expected to push US premiums up
17 June 2013
Reserve deficiency in US commercial lines means the market will continue hardening, according to an Aon Benfield study…
Expanded crop insurance scheme passes Senate
17 June 2013
The US Senate has passed a bill to expand the subsidised crop insurance program…
US commercial rates continue to rise
17 June 2013
US commercial insurance rates posted “robust growth” in the first quarter, rising almost 7% on the corresponding period last year, a Towers Watson survey shows…
European floods cause extensive damage
11 June 2013
Insurers are waiting for floodwaters in Central Europe to recede before estimating their losses from record floods that caused widespread damage and forced tens of thousands to evacuate homes…
AIG listed among systemically important US companies
11 June 2013
AIG has been included on a list of systemically important non-bank financial institutions drawn up by the US Financial Stability Oversight Council…
Capital inflows weaken US reinsurance prices
11 June 2013
Increased levels of alternative capital have weakened premiums for June 30 reinsurance renewals in the US, according to reinsurance broker Guy Carpenter…
Twisters take their toll on cat costs
11 June 2013
Tornadoes and storms in the US last month could cost the insurance industry at least $US4 billion ($4.21 billion), according to Impact Forecasting’s Global Catastrophe Recap…
Oklahoma claims stack up
11 June 2013
The number of claims filed following the Oklahoma tornadoes now totals 32,433, for insured losses of nearly $US250 million ($263 million)…
Cat modellers strike data-sharing deal
11 June 2013
Catastrophe risk modeller Eqecat has agreed to share exposure data frameworks with its rival Risk Management Solutions…
Hong Kong GWP rises 13%
11 June 2013
The Hong Kong general insurance industry recorded a 13% rise in gross written premium to $HK12.4 billion ($1.65 billion) in the first quarter…
US personal and commercial rates continue to rise
11 June 2013
Rates on US personal and commercial lines increased last month, according to insurance exchange MarketScout…
Gen Re companies’ ratings affirmed
11 June 2013
Moody’s has affirmed an Aa1 insurance financial strength rating on Berkshire Hathaway-owned General Reinsurance Corporation…
Fitch expects Japanese premium increases
11 June 2013
Japanese non-life insurers’ underwriting profits have bottomed out, according to Fitch analysis of the past financial year…
Sidecars re-emerge in Lloyd’s market
03 June 2013
The insurance sidecar is making a return to the London market, with Willis reportedly in the final stages of negotiating a facility to cover up to 20% of its specialty insurance book running through Lloyd’s…
Ace to open office in Myanmar
03 June 2013
Ace Group has secured provisional approval to open a representative office in Myanmar later this year…
US industry profits rebound
03 June 2013
The US property casualty industry increased net income nearly 52% to $US39.9 billion ($41.3 billion) in 2012 compared with the previous year, according to AM Best…