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…
International
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…
WR Berkley posts 2010 profit lift
07 February 2011
US speciality insurer WR Berkley has reported a steep rise in profitability in 2010, despite tough market conditions and a modest increase in gross written premium…
Aon posts profit jump from broking
07 February 2011
Global broking giant Aon has reported a 33% increase in annual net profit from its insurance and reinsurance broking operations…
Gallagher posts strong 2010 result
07 February 2011
Stocks in US broker Arthur J Gallagher reached a 52-week high last week after its 2010 results beat market estimates…
AIG sells Japanese life businesses
07 February 2011
AIG has finalised the sale of its Japanese life insurance subsidiaries, AIG Star and AIG Edison, to Prudential Financial…
China’s insurers lose billions to fraud
07 February 2011
More than 350 staff in two of China’s state-run insurance companies have been caught committing fraud to the tune of 3 billion yuan ($449.2 million)…
Catastrophe risk assessments ‘must continue’
31 January 2011
The number of catastrophic flood and earthquake events last year was the second-highest since 1980, highlighting the need for continued analysis of these weather-related events…
Political risks rising
31 January 2011
The world’s economic conditions are improving, but political risks are growing, according to Aon Risk Solutions…
UK brokers set their agenda
31 January 2011
The British Insurance Brokers’ Association has put helping customers, regulation and consumer protection, as well as driving change in the industry, as its campaign issues for 2011…
US commercial premiums still flat-lining
31 January 2011
The Risk and Insurance Management Society has found fourth-quarter 2010 renewal premiums for commercial property and casualty insurance flat compared to the corresponding period…
US insurers survive the storms
31 January 2011
Property and casualty insurers have performed better during 2010, but premium growth will remain a challenge this year, according to speakers at an Insurance Information Institute seminar…
Catastrophes triple
13 December 2010
Munich Re says risks related to climate change are rising dramatically, with natural catastrophe events tripling since 1980…
Flood insurance to run dry
13 December 2010
The UK Government’s £200 million ($320.6 million) cuts to flood defences could lead to the withdrawal of insurance for flood, according to leading brokers…
Lloyd’s calls for focus on underwriting discipline
13 December 2010
Lloyd’s strategic outlook for 2011-13 warns of more challenging times ahead, but says the key is to continue focusing on underwriting disciplines…
No silver lining for US property insurance
13 December 2010
Market predictions for the US property and casualty insurance sector are “unlikely” to change in 2011, according to Fitch Ratings…