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…
International
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…
Global premiums are rising slowly, says Swiss Re
11 July 2011
General insurance premiums around the world rose by 2.1% last year, according to a new report by Swiss Re…
US market up slightly, says MarketScout
11 July 2011
A small shift in rates is under way in the US with the composite property and casualty rate improving by one percentage point in June…
Most European insurers pass latest Solvency II test
11 July 2011
Only 10% of European insurers would fail an adverse stress situation under the Solvency II capital requirement rules, according to the European Insurance and Occupational Pensions Authority…
Cheats named as industry tackles fraud
11 July 2011
The UK insurance industry will now “name and shame” fraudsters in a bid to stop the growing £2 billion ($2.9 billion) a year wasted on bogus claims…
Heath Lambert becomes Gallagher Heath following takeover
11 July 2011
UK broker Heath Lambert has changed its name to Gallagher Heath following its acquisition by Arthur J Gallagher & Co for £97 million ($144.7 million) in May…