Lloyd’s suffers largest catastrophe claims year on record
02 April 2012
Lloyd’s has suffered its largest catastrophe claims year yet, with a loss of £516 million ($788.5 million) for 2011…
International
Economic losses from 2011 disasters hit $US370 billion
02 April 2012
Swiss Re’s latest Sigma report has revealed total economic losses from natural catastrophes and man-made disasters in 2011 hit an unprecedented $US370 billion ($357 billion), up from $US226 billion ($218 billion)…
Tornadoes, earthquakes and floods push FM Global into loss
02 April 2012
Natural disasters sent FM Global into a net loss of $US41.5 million ($40 million) for 2011 compared with a $US686 million ($662 million) profit in 2010…
Insurance supervisors must think globally, act locally
02 April 2012
Insurance supervisors must co-ordinate their actions globally and allocate resources to protect policyholders, according to the leader of the world’s government regulators…
New CEO for QBE First
02 April 2012
QBE’s US mortgage business QBE First has named Christopher “CD” Davies as its new CEO…
UK asbestos ruling mirrors Australian legal stance
02 April 2012
UK insurers now have the same liability for asbestos-related diseases as those in Australia after a new UK court ruling…
What the US market needs: III
02 April 2012
This year is “the first year since 2005 where economic perceptions and reality in the US will be positive”, according to Insurance Information Institute President Robert Hartwig…
Insurance leads complaints to UK authority
02 April 2012
Dissatisfaction with general insurance and income protection policies underlies a 21% increase in complaints to Britain’s Financial Services Authority in the second half of 2011…
Duperreault to chair US advisory committee
02 April 2012
Marsh & McLennan President and CEO Brian Duperreault has been named Chairman of the US Federal Advisory Committee on Insurance…
US lightning strikes an expensive business
02 April 2012
Lightning strikes cost US insurers $US798 million ($769 million) in losses during 2009, according to an assessor of electronics claims…
Asia Pacific leads airline premium markets
02 April 2012
The Asia-Pacific region now has the highest airline fleet value and number of passengers in the world, according to the latest Aon Risk Solutions review on the airline insurance market…
Lloyd’s launches Asia terrorist consortium
02 April 2012
Lloyd’s has initiated a new insurance consortium, called “Xin”…
Ecclesiastical posts loss but remains positive
26 March 2012
UK-based insurer Ecclesiastical has taken a further knock in the form of a £16.9 million ($25.8 million) underwriting loss for last year…
Catastrophe modelling rivals agree on data sharing
26 March 2012
AIR Worldwide and Risk Management Solutions have agreed to pool their data to assist insurers and reinsurers struggling with increasingly complex catastrophe models…
Busy year expected for cat bonds
26 March 2012
The catastrophe bond market looks set for another busy year, with covers on US hurricane risk, storms in Europe, earthquakes, and disasters in Japan, reinsurance broker Guy Carpenter says…
US federal insurance committee to hold first meeting
26 March 2012
The Federal Advisory Committee on Insurance will hold its first meeting on Friday in Washington…
US reinsurers’ net income falls
26 March 2012
The 2011 net income of a group of 19 US property/casualty reinsurers surveyed by the Reinsurance Association of America fell 26.6% to $US6.89 billion ($6.58 billion) compared with 2010…
Quieter Atlantic hurricane season predicted
26 March 2012
Fewer hurricanes are expected across the Atlantic basin this year, Colorado State University researchers say…
Early start for tornadoes in the US Midwest
26 March 2012
Another three tornadoes have ripped through the US state of Michigan, destroying 13 homes and causing damage to more than 100 others. Eqecat estimates insured losses at less than $US100 million…
Munich Re forecasts a good year
19 March 2012
Munich Re says it remains on target to increase profit to €2.5 billion ($3.1 billion) this year after a relatively benign start to the catastrophe season and improving global markets…