Record number of complaints to UK FOS
23 May 2011
The number of insurance-related complaints directed to the UK’s Financial Ombudsman Services fell during the 12 months ending March 31…
International
US flood reform to pass final hurdles
23 May 2011
The embattled US National Flood Insurance Program is one step closer to being given the tick of approval to continue for another five years despite a $US17.75 billion ($16.3 billion) black hole in its…
Earthquakes shake Tokio Marine’s profit
23 May 2011
Tokio Marine’s profit fell 44% to ¥71.9 billion ($827 million) in the year to March 31 thanks to earthquake claims and a fall in underwriting income…
Ace seeks solution for global policies
23 May 2011
National regulations are stopping multinational companies from buying global insurance policies to protect their interests, a new Ace Insurance report claims…
US tornado losses climb
23 May 2011
Insurance losses from a spate of US tornadoes early last month are continuing to climb, with the latest estimates saying the bill could be as high as $US6 billion ($5.6 billion)…
Japan loss estimate leaps
16 May 2011
Eqecat has increased its market loss estimate for the Japanese earthquake and tsunami from a range of $US12-25 billion ($11.2-$23.4 billion) to a new range of $US22-39 billion…
Lloyd’s weathers natural disasters
16 May 2011
Natural disasters in the first quarter of this year have cost Lloyd’s $US3.8 billion ($3.6 billion)…
Munich Re posts first-quarter loss
16 May 2011
Munich Re has posted a loss of €948 million ($1.3 billion) for the first quarter of 2011, down from a €485 million ($648 million) profit for the same quarter last year…
UK broker groups set to merge
16 May 2011
The UK’s two leading insurance broking organisations are in formal discussions on a merger that will provide a united voice in negotiations over new government regulations…
US tornado bill mounts
16 May 2011
Rising insurance losses in the US could reach up to $US5.5 billion ($5.14 billion) following severe tornadoes that lashed southern parts of the country last month, according to risk modeller…
Gallagher scoops up Heath Lambert
16 May 2011
US broker Arthur J Gallagher has bought UK rival Heath Lambert in a £97 million ($148 million) deal…
AIG share sale heads into trouble
16 May 2011
Early indications suggest the US Government may struggle to sell down its stake in AIG…
Catlin relaxed about Q1 exposures
16 May 2011
Bermuda-based insurer Catlin’s exposure to the first-quarter catastrophes in Japan, Australia and New Zealand has stabilised at $US375 million ($356 million), net of reinsurance and…
Hiscox warns rates have started to rise
16 May 2011
The Bermuda-based insurer Hiscox has warned of widespread increases in rates in the coming June renewals period, with potential average rises of 10% in the US market and increases in the…
Ex-IAG UK CEO one of the UK’s wealthiest people
16 May 2011
Former IAG UK CEO Neil Utley has made his debut on the Sunday Times Rich List of the Top 1000 wealthiest people in the UK…
Worries old and new feature in business risk survey
09 May 2011
The global economic slowdown has again topped the list of the greatest concerns to business leaders in Aon’s 2011 Global Risk Management Survey…
US tornado losses in Alabama ‘worse than Katrina’
09 May 2011
Insured losses from the tornados which devastated property across six southern US states will be between $US2 billion ($1.86 billion) and $US5 billion ($4.65 billion), according to risk modeller…
US commercial rates remain soft but may be levelling out
09 May 2011
The US Council of Insurance Agents and Brokers says signs are emerging that the softening of the US commercial insurance market may be levelling out, according to first-quarter renewals figures…
Global brokers post positive first quarter
09 May 2011
Global brokers Marsh and Willis have achieved growth in income for the first quarter of 2011, despite the continuing soft insurance market…
AIG profit slumps on bailout costs, catastrophes
09 May 2011
AIG has reported a first-quarter profit of $US269 million ($250 million), down 85%, after catastrophe losses and a $US3.3 billion ($3 billion) pre-tax charge relating to the US Government rescue…