Top CEOs fear insurers will pay for bankers’ mistakes
30 May 2011
The world’s top insurance CEOs believe insurers will be caught up in measures to prevent another global financial crisis, raising costs for companies and their clients…
International
Iceland’s ash cloud threatens travel insurers again
30 May 2011
European flights have returned to normal after the latest Icelandic volcano eruption last week sent a column of ash high into the atmosphere over northern Europe…
Bermuda insurers performing ahead of tough time
23 May 2011
Bermuda-based insurers and reinsurers have recorded “better than expected” operating results in the past year, according to an annual Deloitte-Standard & Poor’s survey…
UK to change consumer disclosure
23 May 2011
The UK Parliament has introduced a new bill setting out what consumers should tell their insurer before taking out a policy…
WR Berkley forms UK reinsurance arm
23 May 2011
US insurer WR Berkley has launched a London-based casualty and property treaty reinsurer, Berkley Re UK Limited…
Lloyd’s joins the rate rise chorus
23 May 2011
Lloyd’s CEO Richard Ward has issued a warning to the insurance market that the next big natural catastrophe will be a capital rather than earnings event, unless there are “significant” rate rises…
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…
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…