Japan earthquake: record claims looming
14 March 2011
The massive earthquake and tsunami that hit the northern coast of Japan on Friday could prove to be the most costly natural disaster in history…
International
ABI names new chief
14 March 2011
UK insurance executive Otto Thoresen has been appointed the new Director-General of the Association of British Insurers…
No end to US soft market
14 March 2011
US property and casualty rates remain “stuck” at -5%, perpetuating the continuation of the soft market…
AIG repays $7 billion
14 March 2011
AIG has reduced its debt to the US Treasury by $US6.9 billion ($6.8 billion) following settlement of its life insurance assets…
Hannover Re profits despite leap in claims
14 March 2011
Hannover Re has increased its gross written premium by 11.2% to €11.4 billion ($15.73 billion) in 2010 and expects premium growth of up to 3% this year…
Scor Re increases profit on diversification
14 March 2011
French reinsurer Scor Re says its lift in gross written premium by 4.9% to €6.69 billion ($9.22 billion) in 2010 is the result of its strategy of significant business and geographical diversification…
Don’t rate elderly solely on age: UK report
14 March 2011
A planned UK referral service to help older customers obtain correct levels of cover says a person’s age should not be the sole measure of a risk…
EU outlaws gender-based risk rating
07 March 2011
The European Court of Justice has ruled that Europe’s insurers will no longer be able to use gender as a determinant when underwriting from December 2012…
South America, Asia star for JLT
07 March 2011
UK-based global broker Jardine Lloyd Thompson has recorded a £20 million ($32 million) rise in after-tax profit for 2010 to £90.7 million ($145.5 million)…
S&P cuts Chartis rating
07 March 2011
Standard & Poor’s has cut its counterparty credit and financial strength ratings on AIG subsidiary Chartis from A+ to A after Chartis reported a fourth-quarter loss of $US4 billion ($3.94 billion)…
Flagstone Re releases flood and Yasi loss figures
07 March 2011
Bermuda-based reinsurer Flagstone Re says it has recorded losses of $US60 million to $US80 million ($59 million to $79 million) as a result of its exposure to the flooding in Queensland and…
Rough ride ahead for US flood program
07 March 2011
A bill to overhaul the US National Flood Insurance Program will be introduced into the US House of Representatives this week…
Strong growth for Allianz Australia business
28 February 2011
Allianz’s Australian general insurance business has reported an 11.4% increase in revenue to €2.1 billion ($2.8 billion) for the 12 months ending December 31 2010…
AIG reports loss after reserve strengthening
28 February 2011
AIG has reported an after-tax loss of $US2.2 billion ($2.16 billion) for the quarter to December 31 and a full-year loss of $US898 million ($885 million) after increasing reserves…
UK insurers applaud civil litigation reform
28 February 2011
Proposals to reform Britain’s complex civil litigation system have received an overwhelming vote of confidence from the Association of British Insurers…
Captives boom in Bermuda
28 February 2011
The amount of business written by Bermuda-based captive insurers rose sharply in 2010, despite a fall in overall gross written premium n the domicile…
RBS insurance division struggles
28 February 2011
Royal Bank of Scotland’s insurance arms continues to struggle, with premium income down 3% to £4 billion ($6.3 billion) for the 2010 financial year ending December 31…
Gallagher tipped to buy Heath Lambert UK
28 February 2011
UK broker Arthur J Gallagher International is in talks to buy local rival Heath Lambert, according to sources close to the companies…
Berkshire Hathaway increases insurance profit
28 February 2011
Berkshire Hathaway’s insurance operations have provided a $US66 billion ($65 billion) float to fund the group’s other investments, according to Chairman Warren Buffett…
AIG may help end soft market: Berkley
21 February 2011
US insurance industry heavyweight Bill Berkley believes AIG will raise rates at its rebranded property and casualty insurer Chartis in a move which could help turn the soft market around…