UK broker cops record fine
30 July 2012
A UK broker has been fined £471,846 ($711,836) and banned from working in the financial services industry…
International
Catastrophe models expand in Asia
23 July 2012
Weather-related risks in India, China and Japan have been the subject of new risk modelling arrangements made over the past few weeks…
The future is in ‘big data’, says ACORD
23 July 2012
US insurers are spending $US10 billion ($9.62 billion) a year – about 9% of their IT budgets – on data and analytics, according to a research study released by the Association for Co-operative Operations Research…
Delay for Solvency II start date
23 July 2012
The introduction of the Solvency II capital requirements for insurers could be delayed until January 1, 2014…
Insurers shifting focus to Asia, says Geneva Association
23 July 2012
Insurance industry leaders have significant concerns about the effects of inappropriate regulation and are planning to grow in Asia, according to the latest survey conducted by global insurance industry…
Lord Levene leaps from Lloyd’s to Starr
23 July 2012
Former Lloyd’s Chairman Lord Levene has joined Maurice “Hank” Greenberg’s Starr International as a director and vice chairman…
Mortgage insurers should stay at single-A: Moody’s
23 July 2012
Mortgage insurers with sound credit profiles should generally have stand-alone ratings limited to the single-A range, according to Moody’s Associate MD Stanislas Rouyer…
Asia-Pacific natural catastrophe losses fall
16 July 2012
Natural catastrophe losses in the Asia-Pacific region were moderate in the first half of 2012, accounting for only 4% of insured losses worldwide, according to Munich Re…
Deja vu for UK insurers as rain continues
16 July 2012
Continuing floods in the UK mean insurers may face the biggest payouts since 2007 and homeowners may be at risk of insufficient cover…
Light losses keep a lid on reinsurance prices
16 July 2012
Benign catastrophe activity resulting in plentiful capacity has capped upwards pressure on reinsurance prices, according to Guy Carpenter, the reinsurance broking arm of Marsh…
US weather leads June losses
16 July 2012
The US has endured a “highly active” month, with multiple natural disasters occurring from coast to coast, according to Aon Benfield’s Global Catastrophe Recap report for June…
Coface upgrades risk on southern Europe
16 July 2012
Worsening economies in southern Europe have prompted trader credit insurer Coface to upgrade the country risk for the region…
EIOPA Solvency II final report released
16 July 2012
The European Insurance and Occupational Pensions Authority has published its final report on insurers’ reporting and disclosure requirements under Solvency II, which it says will improve policyholder…
ILS activity at near record levels
16 July 2012
The insurance-linked securities market has had its most active first half since 2007, a Swiss Re report says…
Bermuda reinsurers’ capital withstands catastrophes
16 July 2012
Capital held by Bermuda’s reinsurers and insurers fell only 2% last year despite the string of natural catastrophes, supporting arguments that the cost of reinsurance is not rising because the market…
Ban on cold-calling claims spruikers gains support
16 July 2012
Most UK drivers would support a ban on claims management companies cold-calling people to represent them in motor vehicle claims, according to a new Association of British Insurers survey…
Willis Re: Reinsurance rates aren’t hardening
09 July 2012
Current reinsurance rate increases do not mean a hardening market, reinsurance broker Willis Re says…
UK industry bodies up in arms over disclosure
09 July 2012
UK industry bodies are concerned about recent changes to insurance broker regulation across Europe, specifically those relating to new guidelines on compulsory commission disclosure…
UK insurers’ confidence falls
09 July 2012
UK general insurers are reporting flat profitability and falling buyer sentiment, according to a survey by PricewaterhouseCoopers and the Confederation of British Industry…
US insurers expect low growth
09 July 2012
Continued slow growth in the insurance sector is turning the focus of US insurance executives inward as they grapple with operational issues, according to the latest Insurance Industry Outlook survey…