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…
International
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…
UK internet insurance growing rapidly
03 October 2011
Buying insurance on the internet is growing rapidly, the Association of British Insurers has found in its latest statistical review of members…
Hollard poised to grow in India
03 October 2011
South Africa-based insurer Hollard is one step closer to applying for a licence to operate in the lucrative Indian market after winning approval to set up an office…
Lloyd’s combined ratio to be at least 105%
03 October 2011
Lloyd’s is facing a combined ratio of at least 105% this year, but the figure could blow out further if there are more disasters during the year, according to ratings agency Standard & Poor’s…
UK financial complaints rise
03 October 2011
More than 1.8 million complaints were made about the UK financial services industry in the first half of this year, with nearly half of those about insurance products, according to new data released…
Asian trade credit cover expanded
03 October 2011
Trade credit insurer Atradius has extended its trade credit insurance partnership with Tokio Marine to four more Asian countries…
New UK planning laws ‘increase flood risk’
03 October 2011
The Association of British Insurers has warned that a relaxation of UK planning laws currently under consideration could lead to inappropriate developments in flood-prone areas…
Worst six months on record guts Lloyd’s balance sheet
26 September 2011
Lloyd’s has posted a £697 million ($1.54 billion) loss for the first six months of this year following a string of natural catastrophes, including the Australian and US floods and earthquakes…
Lloyd’s endorses new MGA association
26 September 2011
Lloyd’s has welcomed the launch of the newly formed Managing General Agents Association, saying it will give the sector a much-needed voice…
Armed guards to fight piracy
26 September 2011
Somali pirate attacks in the Arabian Sea and Persian Gulf are continuing to rise, but an increase in the use of armed guards is slashing success rates, according to an Aon Risk Solutions report…