Catastrophes hit reinsurers’ earnings
01 August 2011
US tornadoes sent RenaissanceRe into a loss in the second quarter while PartnerRe has warned of extra losses from the Christchurch earthquake…
International
Disasters cause Indian insurer’s first loss in 90 years
01 August 2011
Australian and Japanese natural disasters have pushed New India Assurance into a loss for the first time in its 90-year history…
Scor’s revenue down 75%
01 August 2011
French insurer Scor has reported a net income of €40 million ($52 million) for the six months ending June 30 after being hit with €423 million ($551 million) of claims from natural catastrophes…
Zurich defends its position on Sony hacking liability claim
01 August 2011
Zurich has filed a lawsuit against Sony Corporation in a bid to avoid paying the technology giant’s defence costs and indemnify it against a number of class actions it is facing over the…
Low yields and currency risk challenge Asian insurance growth
01 August 2011
Insurance company executives are eyeing the developing markets of Asia for future growth, but despite the bright outlook there are particular challenges for insurers entering the region…
Brokers dips toe into flood pool
25 July 2011
The Association of British Insurers is wading through a number of possibilities to fix the UK flood insurance crisis, including a pool option to ensure cover remains widely available for high-risk…
Axis counting the cost of disaster
25 July 2011
Axis Capital is estimating the Christchurch earthquake and tornadoes in the US earlier this year will cost it between $US90-105 million ($84-98 million)…
Atlantic hurricane season could tip markets, warns Marsh
25 July 2011
The Atlantic hurricane season, already expected to be worse than usual, could be the tipping point for property insurance markets, according to global broker Marsh…
Chubb sees better times ahead
25 July 2011
Tornadoes and storms in the US ate into Chubb’s profit in the second half of the 2010/11 financial year, but the group is seeing signs of healthier pricing in its standard commercial lines in…
UK regulator fines Willis for anti-corruption system failings
25 July 2011
The UK Financial Services Authority has fined Willis £6.895 million ($10.3 million) for failings in its anti-bribery and corruption systems and controls…
Marsh establishes global claims practice
25 July 2011
Marsh has formed a global claims practice to capture its claims expertise and experience from around the world…
2011 – a very expensive year
18 July 2011
This year has seen the highest-ever half-year economic loss recorded, exceeding the previous record year of 2005, according to Munich Re…
Insurers okay despite disasters, says Marsh
18 July 2011
The global insurance market remains well-capitalised and competitive despite the series of natural disasters eating into reserves in the first half of this year, according to research by Marsh…
UK brokers stung by astronomic rise in regulatory fees
18 July 2011
New research from the UK’s Institute of Insurance Brokers shows brokers’ compensation scheme levies have increased by almost 1000% in the past two years…
US flood cover program wins support
18 July 2011
The embattled US National Flood Insurance Program has jumped its latest set of legislative hurdles, but the race to provide cover for those in high-risk area is still far from over…
UK brokers force ad to be dropped
18 July 2011
Zurich Municipal – the direct arm of the global giant’s UK operation – has dropped an anti-broking advertisement from a magazine following an outcry from the British Insurance Brokers’ Association…
HSBC sells UK motor insurer
18 July 2011
UK-based HSBC Insurance Services has sold its run-off motor underwriting business HSBC Insurance UK to Syndicate Holding Corp for £68.5 million ($103 million) in cash…
Flagstone in private equity approach
18 July 2011
Bermudian specialist catastrophe reinsurer Flagstone has rejected a takeover approach from a private equity firm, according to reports…
Starr takes 20% stake in Chinese insurer
18 July 2011
Starr International has taken a 20% stake in Chinese property insurer Dazhong Insurance Company…
Reinsurance price increases confined to catastrophe zones
11 July 2011
Reinsurance broker Aon Benfield says “meaningful rate changes” experienced for recent reinsurance renewals in loss-affected areas like Australia and New Zealand were not matched in other parts…