New survey reveals US rates stabilising
22 August 2011
The US-based Risk and Insurance Management Society believes the results of its latest benchmarking survey indicate the US soft market may be “near bottom”…
International
AIG repays $US2 billion to US Government
22 August 2011
American International Group has repaid $US2.15 billion ($2.06 billion) to the US Government following the sale of Taiwan’s Nan Shan life group…
New India Assurance chairman suspended
22 August 2011
The Indian Government has suspended the Chairman and MD of New India Assurance over alleged irregularities in the distribution of credit insurance when he was in charge of another insurer…
Aviva UK simplifies its general insurance business
22 August 2011
Aviva is to simplify its UK general insurance business to enable it to meet the new Solvency II proposals…
OAMPS UK makes petrochemical changes
22 August 2011
Wesfarmers-owned broker OAMPS UK has split its petrochemical business into retail and wholesale divisions as part of a corporate reorganisation…
UK riot costs mount
15 August 2011
The Association of British Insurers continues to raise the claims estimates from the recent riots in London and other regional centres upwards, with its expectation currently standing at “in excess of…
BIBA supports aggregator guidelines
15 August 2011
The British Insurance Brokers’ Association has welcomed the Financial Services Authority’s move to regulate general insurance comparator sites, saying it’s a vital step towards customer protection…
Zurich lifts overall profit but general insurance profit down
15 August 2011
Zurich has reported a 20% rise in total net income for the first half of 2011, but its general insurance operating profit fell by the same amount…
Disasters hit Berkshire and Gen Re
15 August 2011
Berkshire Hathaway’s global insurance business has reported a drop in its first-half operating earnings due to $US1.9 billion ($1.8 billion) of losses from the Australasian, Japanese and US natural…
Losses hit Hannover Re despite premium growth
15 August 2011
Hannover Re has joined the growing list of insurers reporting profit downgrades this year as a result of the string of natural disasters…
Terrorism insurance market tighter but capacity full
15 August 2011
Reinsurers have plenty of capacity to provide cover for terrorism but the market has tightened due to natural catastrophe losses, according to a report by Guy Carpenter…
Marketscout: Rate decline in US has bottomed out
15 August 2011
Electronic insurance exchange Marketscout says its composite rate for property and casualty price movements in the US has improved for the third consecutive month, prompting it to…
Crawford & Co returns to profit on weather claims
15 August 2011
US-based loss adjuster Crawford & Company returned to profit in the second quarter after a surge in weather-related claims…
US flood program stumbles
15 August 2011
The troubled US National Flood Insurance Program’s reauthorisation could stumble at the final hurdle as the Senate puts its decision on hold…
Asia-Pacific boosts Marsh while Willis focuses on growth
08 August 2011
Global broker Willis’ net income fell 2% in the quarter to June 30 as the costs of an operational review ate into profits…
Reinsurance giants say the market’s turning
08 August 2011
The world’s biggest reinsurers have reported a hardening in the market in the second quarter and say they expect the trend to continue…
UK insurers to set up fraud register
08 August 2011
The Association of British Insurers is establishing a national fraud database to counter the rising incidence of insurance fraud…
Suncorp reinsurance bill hits Amlin profits
08 August 2011
The increase in Suncorp’s gross losses from February’s Christchurch earthquake has forced Lloyd’s (re)insurer Amlin into a profit warning…
Hiscox, Catlin results blow out
08 August 2011
Lloyd’s insurers Hiscox and Catlin both recorded combined operating ratios of 117% for the first half of 2011 as catastrophes hit that market hard…
Bermuda results mixed
08 August 2011
Bermudian (re)insurer XL turned in one of the best results of the reporting period, while fellow Bermudian (re)insurer Axis Capital was harder hit by the catastrophes…