Third-quarter losses rack up for reinsurers
24 October 2011
Bermuda-based reinsurers have unveiled losses of up to $US460 million ($451 million) from global natural catastrophes for the third quarter…
International
Steady decline in pricing eases
24 October 2011
Stiff competition coupled with weak demand has resulted in flat pricing rates in the US, according to a survey by the Council of Insurance Agents & Brokers…
ABI issues UK flood cover warning
24 October 2011
The Association of British Insurers has warned that changes to the UK’s planning processes could result in a rise in uninsurable building projects…
US Insurance Office sets off on reform push
24 October 2011
The new US Federal Insurance Office is wasting no time making its presence in the market felt, calling for comments on ways to reform the country’s splintered and sometimes chaotic insurance…
Chubb takes a pounding in Q3
24 October 2011
US catastrophe losses have dragged Chubb Corporation net income down, with net third-quarter income at $US298 million ($288 million), compared with $US572 ($553 million) in the corresponding…
RBS Insurance to provide windfall to troubled parent
17 October 2011
Royal Bank of Scotland Insurance – the insurance arm of the Royal Bank of Scotland – is set to return as much as £1 billion ($1.54 billion) to its parent company in the short term…
European insurers facing ‘critical’ test, says AM Best
17 October 2011
The European general insurance sector is approaching a critical time which will “severely test” individual companies and the industry as a whole, according to a new report by AM Best…
UK insurers lose asbestos appeal
17 October 2011
UK insurers have lost a Supreme Court appeal to have compensation claims made in Scotland for the asbestos-related condition pleural plaques dismissed…
Category two hurricane makes landfall in Mexico
17 October 2011
Hurricane Jova, a category two storm, made landfall in Mexico last week but caused minimal insured damage…
US declares record number of disasters
10 October 2011
The US Government has declared a record-breaking 86 natural disasters in the past year, up from a previous record of 81 – a figure set only last year…
Times getting tougher for UK insurers and brokers
10 October 2011
UK general insurers and brokers are planning cost-cutting programs and layoffs after profits and business volumes fell for the second consecutive quarter, according to a survey…
UK restarts compensation scheme review
10 October 2011
UK brokers have welcomed the Financial Services Authority’s decision to reopen the review of its compensation scheme…
Marketscout sees signs of US market hardening
10 October 2011
Electronic insurance exchange Marketscout says the end of the soft market in the US “may be nearing” as small rate increases continue to be recorded, particularly in SME business…
Global rates stable in Q3, says Marsh
10 October 2011
Premium rates around the world remain stubbornly stable, even decreasing in some sectors, in the third quarter, according to major broker Marsh…
Disasters costs Asia $7.1 billion during September
10 October 2011
The Asian monsoon season caused nearly $US7 billion ($7.1 billion) of damage last month, according to Aon Benfield’s catastrophe report for September…
Study links risk management maturity and financial performance
10 October 2011
A study by Aon and the University of Pennsylvania’s Wharton Business School has established a relationship between the maturity of a company’s risk management framework…
Catlin wins entrepreneur award
10 October 2011
Stephen Catlin, the founder and CEO of Lloyd’s insurer Catlin, has been named the Ernst & Young UK Entrepreneur of the Year…
Chubb warns of Q3 cat losses
10 October 2011
Chubb Corporation has warned it will incur pre-tax catastrophe losses of around $US400-$US475 million ($409-475 million) in the third quarter…
Roke adds to cat bill, but Irene estimates revised down
03 October 2011
A typhoon which struck Japan in late September has produced insured losses of up to $US600 million ($620 million), modelling firms say…
Government intervention costs consumers, says Lloyd’s
03 October 2011
US Government intervention in the country’s insurance market is pushing the cost of natural disasters there on to taxpayers, according to a report by Lloyd’s…