Nat cat events soar in February
12 March 2012
Several large weather events in February have pushed global economic losses from natural catastrophes to more than $US2 billion ($1.87 billion)…
International
AIG sells down controlling stake in AIA
12 March 2012
AIG has sold a stake in its Asian life insurance subsidiary AIA, raising $US6 billion ($5.6 billion) to repay more of its debt to the US Government…
Record catastrophe losses hit Liberty Mutual
12 March 2012
Liberty Mutual incurred record catastrophe losses in 2011, with the Thai floods dragging down its fourth-quarter result…
New trial date for Gen Re and AIG managers
12 March 2012
The US District Court in Connecticut has set a retrial date for former executives of Gen Re and former AIG VP Christian Milton who had faced charges over a sham reinsurance agreement…
Industry still costing latest US tornadoes
05 March 2012
The US Insurance Information Institute says it is too early to assess the damage bill from tornadoes that hit the states of Kansas, Kentucky, Missouri, Indiana, Illinois and Tennessee last week…
JLT maintains profit in challenging market
05 March 2012
Global broker JLT Group maintained profit at £95.27 million ($140.4 million) last year, saying challenging conditions in mature markets have been offset by growth in Asia and Latin America…
UK wrestles with flood cover question
05 March 2012
The availability and affordability of flood insurance in the UK is causing heated debate as the Government and insurers have failed to agree a new deal to provide cover to at-risk homes…
Munich Re buys into cat bonds
05 March 2012
Munich Re is the latest group to seek sanctuary in capital markets as rising catastrophe claims force insurers to seek alternative means of transferring risk…
Thai floods endanger Asian insurers’ ratings
05 March 2012
Higher than estimated losses from the Thai floods could put “significant” pressure on Asian insurers’ capital, Standard & Poor’s has warned in a new report…
Disasters hit Brit’s bottom line
05 March 2012
Natural catastrophes have cost Brit Insurance £141.9 million ($210 million) for the year ending December 31…
Reinsurance rates up 20% as Swiss Re says market has turned
27 February 2012
Swiss Re has revealed the January property and casualty (P&C) renewals period saw it achieve premium growth of 20% across all regions, with Group CEO Michel Lies calling a “modest but broad” market turn…
AIG back on profit track
27 February 2012
Giant US insurance group AIG has beaten analysts’ expectations in lodging fourth-quarter operating income of $US1.558 billion ($1.45 billion)…
Allianz slips on Greece and weather events
27 February 2012
Global insurer Allianz missed market expectations for full-year net income as exposure to Greek debt and natural catastrophes wreaked havoc on its bottom line…
Willis defends U-turn on commissions
27 February 2012
Willis Chairman and CEO Joe Plumeri has defended plans to reinstate contingency commissions in the US after years of crusading against the controversial payments…
Claims and investment losses hurt Berkshire Hathaway
27 February 2012
Diversified group Berkshire Hathaway has stumbled on investment losses and insurance claims in tabling fourth-quarter net income of $US3.05 billion ($2.85 billion)…
US insurers ‘moving risk onto the consumer’
27 February 2012
The Consumer Federation of America is recommending states carefully examine natural disaster data before approving insurers’ rate increases…
Tough market in China for motor insurance
27 February 2012
The opening to foreign insurers of China’s third-party motor market is likely to put pressure on Chinese companies and force premiums down, according to a report by ratings agency Moody’s…
Willis channels facultative and wholesale business to new broker
27 February 2012
International broker Willis has launched a new London-based facultative and wholesale broking business, Faber Global Limited…
Moody’s cuts outlook on Japan’s Big Three
27 February 2012
Moody’s has cut the long-term ratings outlook on Japan’s three largest insurers due to the severity of catastrophe losses last year and their exposure to the country’s moribund auto industry…
Japan quake causes risk re-think
27 February 2012
The earthquake and tsunami which hit the Tohoku region of Japan last March has “changed conventional wisdom” about the probability of devastating earthquakes affecting some areas of the country…