KPMG: London market in good shape
26 September 2011
The London insurance market remains robust despite the high volume of large claims, a report from KPMG has found…
International
US flood plan in limbo as deadline looms
26 September 2011
The US National Flood Insurance Program could be shut down on Friday unless the Senate agrees to extend the program past Friday’s expiry date…
Lloyd’s begins writing direct insurance in China
19 September 2011
Lloyd’s of London has issued its first direct insurance policy in China through its fully owned subsidiary Lloyd’s Insurance Company (China) Ltd…
Catlin accuses Aon Benfield of talking reinsurance down
19 September 2011
Catlin Group CEO Stephen Catlin has accused Aon Benfield’s Chief Strategy Officer Bryon Ehrhart of being “irresponsible” on rates…
Terrorism threat more diverse but no less deadly, says RMS
19 September 2011
There have been more than 2400 major terrorist attacks in the 10 years since 9/11, and the perpetrators have become more diverse, says Risk Management Solutions…
Catastrophes pushing up prices
19 September 2011
Rising insurance premiums for commercial property and workers’ compensation pushed up aggregate commercial insurance prices in the US by almost 1.5% in the second quarter of 2010/11…
Reinsurers spruik more price increases at January renewals
19 September 2011
Reinsurers have told the annual Reinsurance Rendezvous meeting in Monte Carlo that the industry can expect further price increases at the January renewals…
Focus on reinsurance price ‘erodes insurance partnerships’
19 September 2011
Aon Benfield says the insurance cycle remains challenging and the focus on reinsurance price is preventing insurers and reinsurers from being more innovative…
HSBC Bank looks to sell off insurance arm
19 September 2011
HSBC Bank has declined to comment on speculation it is looking to offload its general insurance business for around $US1 billion ($967 million)…
First-half cats cost industry $US70 billion
12 September 2011
Total insured losses for the global insurance industry reached an estimated $US70 billion ($67 billion) in the first half of 2011, according to Swiss Re’s latest Sigma report…
US avoids storms but cat bills continue to mount
12 September 2011
Insured losses from recent wildfires in Texas will easily top the $US100 million ($94 million) mark, according to the Insurance Council of Texas…
Insurance-linked securities market continues to expand – Swiss Re
12 September 2011
The market for insurance-linked securities such as catastrophe bonds continues to expand and is broadening beyond US perils, says Swiss Re in a study of the market…
Compo culture must go, say UK insurers
12 September 2011
The Association of British Insurers is stepping up its campaign to eliminate the “have a go” compensation culture…
London company market size surprises
12 September 2011
The inaugural London Company Market Statistics Report, conducted by the International Underwriting Association, has revealed that the London market is larger than previously thought…
Typhoon damage in Japan could reach $US600 million
12 September 2011
Tropical Storm Talas, which hit Japan on September 2, is expected to cost between $US150 million ($142 million) to $US600 million ($566 million) in insured losses, according to catastrophe…
Moody’s likes US commercial lines sector
12 September 2011
Moody’s has upgraded its rating on the US commercial property and casualty insurance sector from negative to stable…
Counting the cost of Hurricane Irene
05 September 2011
Loss estimates from Hurricane Irene, which hit the US east coast last week, range from $US1.5 billion to $US6 billion ($1.4 billion-$5.6 billion), but industry observers say the losses are not significant…
UK brokers call for fairer regulations
05 September 2011
The British Insurance Brokers’ Association and Institute of Insurance Brokers are calling for the newly formed Finance Conduct Authority to reassess its regulatory demands…
Insurers ‘ignoring climate change’
05 September 2011
US insurers have been too slow to recognise the impact of climate change on their business models, according to a new report by ethical investment researcher Ceres…
US reinsurers suffer in the wake of cats
05 September 2011
The combined operating ratio of US reinsurers took a beating in the first half of 2011, jumping to 116.2% for the six months to June 30, according to a survey of 19 US reinsurers by the Reinsurance…