Active Atlantic hurricane season forecast
31 May 2010
An active forecast Atlantic hurricane season threatens to erode profitability for global insurers already beset by a surge in natural catastrophes during the first quarter…
International
Lloyd’s syndicates block BP claim
31 May 2010
A group of insurers and Lloyd’s syndicates have launched legal proceedings against BP to block the oil and gas giant claiming on a $US700 million ($848 million) accident policy…
US brokers resist disclosure
31 May 2010
New York insurance brokers have taken legal action to halt a new state regulation requiring them to disclose to clients how insurance companies compensate them…
AIG cops criticism from Congressional panel
31 May 2010
Troubled US insurer AIG copped further criticism at a Congressional Oversight Panel last week, despite assurances that it will pay back its debt to the US Government in full…
US market to remain soft in 2010
31 May 2010
US premium rates are forecast to remain flat this year despite pressure from higher claims costs, Aon research has found…
Diamond claim cuts Swiss Re
31 May 2010
A New York-based diamond trader is suing its insurers after a diamond shipment worth $US140 million ($170 million) went missing…
Opportunities abound as Lloyd’s expands in China
24 May 2010
Lloyd’s has been given permission to write direct insurance in China – a move being hailed by the London-based market for the opportunities it presents…
Oil leak contained, but not sealed
24 May 2010
Efforts to contain the Gulf of Mexico oil leak are finally showing signs of success, with operator BP announcing nearly half the oil spewing from a ruptured well is being captured…
Lloyd’s chief warns of ‘perfect storm’
24 May 2010
Lloyd’s CEO Richard Ward says this year’s early onset of natural catastrophes does not auger well for industry profitability…
Swiss Re outlines risk management essentials
24 May 2010
Insurance company risk managers need to stand up and be counted in the wake of the global financial crisis, according to global reinsurer Swiss Re…
Coface returns to profitability
24 May 2010
French trade credit insurer Coface has reported a net profit of €15 million ($22.25 million) for the first quarter of this year, up from a loss of €37 million ($55 million) for the same period…
US crooks crash for cash
24 May 2010
US insurers say they have seen a 46% rise in the number of staged accident claims in the past two years…
Coface forecasts 3% world trade growth in 2010
17 May 2010
French trade credit insurer Coface has raised its world growth forecast for this year to 3% on the back of improving risk ratings in a number of countries…
Blame game comes full circle in Gulf disaster
17 May 2010
The three companies involved in the Gulf of Mexico oil spill have blamed each other for the catastrophic explosion of the Deepwater Horizon oil rig…
Allianz banks increased profit
17 May 2010
Allianz has reported a big increase in first-quarter net income of €1.6 billion ($2.26 billion) compared to €424 million ($598 million) in the corresponding period last year…
Bank axes 2000 insurance jobs
17 May 2010
Nationalised financial group the Royal Bank of Scotland is shedding 2000 jobs from its insurance arm as it prepares to sell the division…
US insurers turn a profit in first quarter
17 May 2010
US insurance giants Liberty Mutual and Berkshire Hathaway made strong gains during the first quarter as rising revenues countered the cost of recent natural catastrophes…
Positive results among UK, European insurers
17 May 2010
Dutch insurer ING and Italy’s Generali have recorded strong increases in profits in the first quarter of this year, while British giant Aviva recorded a growth in premium…
Net income flat for Crawford & Co
17 May 2010
Global loss adjuster Crawford & Company’s first-quarter results have reflected difficult market conditions, with net income unchanged from last year at $US3.1 million ($3.4 million)…
Huge micro-insurance potential in Africa revealed
17 May 2010
A new study has revealed that Africa represents a vast untapped micro-insurance market, with new figures showing only about 2% of the 700 million working poor who can afford cover have it…