AIG reduces government tab to $138.5 billion
28 September 2009
AIG still owes American taxpayers $US120.7 billion ($138.5 billion) for the bail-out funds it received between September last year and April this year…
International
Lloyd’s first-half profit up 39%
28 September 2009
Lloyd’s has reported a 39% jump in first-half net profit of £1.32 billion ($2.44 billion), driven by strong underwriting and resurgent investment income…
Europe proposes super-insurance supervisor
28 September 2009
The creation of a pan-European insurance supervisor has been proposed by the European Commission as it moves to centralise financial regulation in the wake of the global financial crisis…
US insurers bearish on underwriting profits
28 September 2009
American insurance executives aren’t expecting much in the way of underwriting profits for their companies over the next three years, according to consultants KPMG…
Floods and hail menace southern US
28 September 2009
Natural catastrophes over the past week are proving costly for the southern US…
UK regulator pushes consumer responsibility
28 September 2009
The UK Financial Services Authority will keep its regulatory approach to balancing the responsibilities of consumers and firms after feedback from the industry and consumer groups…
Willis quits Bermuda for Ireland
28 September 2009
Global insurance broker Willis will ask shareholders to approve a move from Bermuda to Ireland as the company’s place of incorporation…
Trade credit claims fall
28 September 2009
UK trade credit insurance claims have fallen for the first time in a year, according to the Association of British Insurers…
Downturn stifles marine rates
21 September 2009
Australia is feeling its share of the pain in the global commercial marine insurance market as the economic downturn squeezes demand and keeps a lid on rates…
Costs of climate change avoidable
21 September 2009
Climate risks could cost some countries up to 19% of their GDP by 2030, a report by a panel of international insurers, banks and consultants has revealed…
UK insurers call for competitive boost
21 September 2009
Some UK-based insurance companies are likely to move abroad unless the Government enables them to be more internationally competitive, a survey of senior industry manager…
Gen Re exec fined over bogus reinsurance deal
21 September 2009
A US court has placed former Gen Re executive Richard Napier on two years’ probation and imposed a $US10,000 ($11,449) fine for helping AIG artificially inflate its financial position in 2000…
Australian bushfires to push up reinsurance rates
14 September 2009
Australia’s severe bushfire losses will push local reinsurance rates up more than 10% in the January renewals, according to Hannover Re…
Reinsurers form global trade association
14 September 2009
Eleven major reinsurers have joined forces to launch an association to be known as the Global Reinsurance Forum…
D&O rates climb in US and UK financial sectors
14 September 2009
Directors’ and officers’ insurance rates have increased by an average of 15% in the US financial sector, according to Aon…
Zurich climate report points the way forward
14 September 2009
A Zurich Financial Services report on climate change identifies a key role for insurers in dealing with the “exceptional complexity” of climate risk…
Bogus claims on the rise in the US
14 September 2009
Suspicious insurance claims in the US rose 13% in the first half of this year compared with a year ago, with increases in nearly all referral categories…
US rate reductions slow during August
14 September 2009
The price war among the US property and casualty market appears to be losing intensity after rate reductions slowed during August…
Ratings agencies face scrutiny over insurer assessments
14 September 2009
The US National Association of Insurance Commissioners will hold a public hearing next week to examine the role ratings agencies played in assessing insurers’ creditworthiness…
Global industry outlook still negative
07 September 2009
The global insurance industry is unlikely to improve enough in the near future for a revision from its negative outlook, according to Fitch Ratings…