Berkshire and Swiss Re face costly fall-out
10 December 2012
A life insurance contract dispute between Berkshire Hathaway and Swiss Re appears to have spread to the general reinsurance business…
International
US P&C performs well before Sandy effects kick in
10 December 2012
American property and casualty insurers enjoyed a healthy third quarter but face insured losses of up to $US25 billion ($23.87 billion) following Hurricane Sandy, according to a Moody’s Investors Services report…
British flood insurance losses at five-year high
10 December 2012
UK flood insurance losses for the year are estimated at £1 billion ($1.53 billion), after torrential rain killed four people and damaged more than 1100 houses last month…
HK market races ahead
10 December 2012
Hong Kong’s insurance industry grew 10% in the first nine months of this year, taking gross written premium (GWP) to $US190.1 billion ($181.63 billion) – more than five times the size of the Australian…
Islands want climate insurance as sea ice melts
10 December 2012
Small island nations have called for an insurance program covering climate change, as new data shows the Arctic sea ice melted at a record pace during the northern summer…
PICC lists with soft price
10 December 2012
The People’s Insurance Company of China launched on the Hong Kong stock exchange on Friday, raising $US3.1 billion ($2.96 billion) by floating a 16.7% stake…
Sandy, manufacturing industry drive US rates up
10 December 2012
US commercial and personal lines rates grew last month, with some lines showing significant increases, according to US insurance exchange MarketScout…
HSBC profits on Ping An stake
10 December 2012
HSBC is in line for a $US2.6 billion ($2.48 billion) capital gain after agreeing to sell its 15.6% stake in Chinese insurer Ping An to Thai group Charoen Pokphand for $US9.4 billion ($8.97 billion)…
Bermuda stays solid: AM Best
10 December 2012
Ratings agency AM Best forecasts an average return on equity of 10% for the Bermudian insurance and reinsurance market this year thanks to a “solid underwriting performance”…
QBE secures HK bank tie-up
10 December 2012
QBE Mortgage Insurance Asia has struck a deal with Hong Kong-based Fubon Bank to distribute its home loan insurance products…
Underinsurance taking toll on taxpayers: Lloyd’s
03 December 2012
Only $US116 billion ($110.87 billion) of the $US370 billion ($353.65 billion) in global economic losses last year were covered, according to the Lloyd’s Global Underinsurance Report…
Flood Re talks flounder as UK grapples with funding dilemma
03 December 2012
The UK flood insurance crisis has sunk to new depths, with the industry and Government unable to even agree on the status of negotiations…
Zurich stands by ‘ambitious’ targets
03 December 2012
Zurich is on track to deliver its targets for next year, despite rising catastrophe costs and a “more challenging” business climate, according to CEO Martin Senn…
Sandy losses continue to mount
03 December 2012
Swiss Re estimates its losses from Hurricane Sandy at $US900 million ($860 million)…
Industry ‘provides template for cutting disaster risk’
03 December 2012
Governments, non-profit groups and the private sector must learn from the “transformation of the insurance industry” to reduce disaster risk, according to the UK Government’s chief scientific adviser…
Cyber cover should be standard practice: Munich Re
03 December 2012
Munich Re has added to the growing chorus of warnings about cyber risks, saying companies must consider the threat of turnover losses and reputational damage…
Smartphone app rates driver safety
03 December 2012
Self-professed “good drivers” can now put their skills to the test, with a smartphone application developed by UK insurer Aviva…
Regulations squeezing brokers, BIBA warns
03 December 2012
The British Insurance Brokers’ Association says some members may withdraw from personal lines insurance sectors because of the high cost of meeting regulations proposed in the Financial Services Bill…
AIG jumps on China bandwagon with PICC
26 November 2012
The People’s Insurance Company of China is to list on the Hong Kong stock exchange after securing $US1.85 billion ($1.78 billion) in pledges from investors…
Tokio Marine cuts full-year profit forecast
26 November 2012
Japanese insurer and reinsurer Tokio Marine Holdings has issued a full-year profit warning following losses from Hurricane Sandy…