US flood scheme struggling
21 February 2011
The US National Flood Insurance Program continues to face a massive deficit bill adding to growing concerns over its future management…
International
Swiss Re boosts balance sheet
21 February 2011
Swiss Re has almost doubled its profit with a $US863 million ($853.2 million) return for the 2010 calendar year…
Marsh posts strong 2010 and quarterly results
21 February 2011
Marsh & McLennan Companies has posted a strong return for 2010, recording a 7% increase on the previous year’s result to $US10.6 billion ($10.4 billion)…
FSA works on right solvency model for insurers
21 February 2011
The UK Financial Services Authority says the calibration model it intends to use to check that insurers meet the Solvency II requirements will be crucial…
Flood defences under pressure
21 February 2011
The UK’s flood funding crisis could see insurance cover completely dry up following continued government funding cuts to the struggling scheme…
UK brokers angered by review delay
21 February 2011
UK brokers are up in arms over a decision by the Financial Services Authority to delay its review into the way the Financial Services Compensation Scheme is funded…
Aon positioned for global growth
21 February 2011
Aon is pursuing opportunities to grow on the coat-tails of its clients as they globalise, President and CEO Greg Case says…
Disasters hit Zurich’s general insurance business
14 February 2011
Zurich’s global general insurance business suffered a 23% slump in profits to $US2.7 billion ($2.69 billion) for the year ending December 31…
EU ruling could end gender-based premiums
14 February 2011
The Association of British Insurers has warned its members to prepare for a ban on premium price differentiation based on gender…
US winter storm losses top $US790 million
14 February 2011
The winter storm in the US over February 1 and 2 is estimated to cost insurers between $US790 million ($787 million) and $US1.4 billion ($1.39 billion) according to Boston-based catastrophe…
UK cold snap leads to highest freeze payout
14 February 2011
New figures released by the UK’s Association of British Insurers show December’s freezing conditions cost insurers more than £1.4 billion ($2.24 billion)…
Chartis strengthens loss reserves
14 February 2011
AIG has announced its intention to add $US4.1 billion ($4.09 billion) to the reserves of its property and casualty insurer Chartis…
Willis announces profit and operational review
14 February 2011
Global broker Willis is reviewing its operations after announcing a net income rise of 4% to $US455 million ($453 million) for the year to December 31…
Quakes dent Axis result
14 February 2011
The earthquakes in NZ and Chile last year have dented reinsurance income for Bermuda-based Axis Capital Holdings…
XL doubles profit, gives guidance on floods
14 February 2011
XL Group has more than doubled net profit in the year to December 31 and reported catastrophe losses were below expectations despite the Christchurch earthquake and Australian floods…
Xchanging’s shares halved on profit warning
14 February 2011
Shares in UK-based business processor Xchanging have slumped after the company announced it expects this year’s profit to be below the 2010 result, and its founder David Andrews has resigned…
UK brokers’ battle compensation scheme hike
07 February 2011
Insurance brokers in the UK are again facing a massive cost hike in regulatory costs, with the Financial Services Compensation Scheme levy expected to increase by around 50% this June…
Reinsurance rates continue to decline
07 February 2011
Record capacity and low catastrophe losses have continued to fuel falling reinsurance rates at the January 1 renewals, according to reinsurance broker Aon Benfield…
Profits fall at Munich Re
07 February 2011
Munich Re has reported a 5% fall in its 2010 net profit to €2.43 billion ($3.26 billion), down from €2.56 billion ($3.43 billion) in 2009. This is despite a 10% rise in gross written premium to €45.5 billion…
Floods to cost Chubb up to $US100 million
07 February 2011
US insurer Chubb has warned the Queensland floods will result in losses of $US75 million-$US100 million ($74 million-$98 million) before tax in its 2011 first-quarter results…