BP, Obama announce $23 billion clean-up fund
21 June 2010
BP will create a $US20 billion ($23 billion) fund for clean-up costs in the Gulf of Mexico in the first concrete agreement to pin blame solely on the British oil major…
International
British brokers face levy spike
21 June 2010
British insurance brokers are facing big hikes in compensation levies despite having little involvement in the financial products responsible for the rising cost of the scheme…
Flood map a French first
21 June 2010
A two-year project to map France’s plains and river systems has culminated in the country’s first comprehensive flood map…
Macquarie heads Quinn Insurance sale
21 June 2010
Macquarie Bank will oversee the sale of stricken Irish company Quinn Insurance…
Mega-earthquake risks identified
21 June 2010
A new report has identified northern Chile, among other regions, as being a “high risk” zone for future mega-earthquakes…
S&P downgrades outlook on MMC
21 June 2010
Ratings agency Standard & Poor’s has downgraded its outlook on Marsh parent Marsh & McLennan to negative from stable, after the company paid hefty settlement costs…
Lost bags cost lots
21 June 2010
A report into baggage handling has found that one in 100 plane passengers suffer from mishandled baggage, presenting another compelling reason for travel insurance…
Marsh sells Kroll to focus on insurance
15 June 2010
Marsh & McLennan Companies has agreed to sell risk consulting firm Kroll in order to focus on its risk and insurance businesses…
Chilean earthquake shakes Munich Re
15 June 2010
Munich Re has upped its losses estimate from the February Chilean earthquake by more than 40% as the claims picture in the devastated South American country slowly becomes clear…
Report lashes AIG rescue
15 June 2010
The US Government has come under stinging attack for its “failure to exhaust all options” before deciding to rescue insurance giant AIG in 2008…
Energy market can’t support $US10 billion liability
15 June 2010
US legislators proposing an increase to the liability cap for oil spills have been warned the market lacks sufficient capacity…
Insurance assures smooth World Cup
15 June 2010
Football fans watching this year’s FIFA World Cup may be surprised to learn the world’s most watched sporting event is also one of the most heavily insured…
Green energy use essential: Lloyd’s
15 June 2010
Green energy systems are essential in managing the risks associated with energy supply as the world heads for a global oil crunch, according to a new report by Lloyd’s…
World Trade Centre workers get improved deal
15 June 2010
Workers injured in the clean-up following the World Trade Centre bombings on September 11 2001 will receive greater compensation after a new deal was agreed in New York last week…
German investors sue ratings agencies
15 June 2010
A group of German investors are planning to sue three global ratings agencies after losing their investments in top-rated Lehman Brothers shares…
Terrorism risk remains high, says Aon
07 June 2010
International counter-terrorism efforts have reduced the ability of terrorist groups to mount large-scale attacks but have not been enough to downgrade the risk…
BP well cap faces further delays
07 June 2010
The latest attempt by BP to halt the flow of oil into the Gulf of Mexico has struck further difficulties as clean-up and recovery costs reach $1.17 billion…
Oil spill spreads to premium rates
07 June 2010
Property and liability premiums for drilling platforms have risen sharply in the wake of the Deepwater Horizon oil spill, according to Moody’s Investors Service…
Reinsurance results improve but market remains tough
07 June 2010
US reinsurers have taken a battering this year, with their combined ratio declining from 95.5% in the first quarter of last year to 102.2% this year…
Moody’s maintains negative outlook for AIG
07 June 2010
Moody’s Investors Service has maintained a negative outlook on AIG following termination of the proposed life insurance division sale to Prudential…