British insurance fraud hits record levels
20 April 2009
Economic hardship always leads to insurance fraud, but the Association of British Insurers says fraud in the UK has already reached record levels with 2000 cases being exposed every week...
International
Risk agency reduces financial strength rating on 47 countries
20 April 2009
Credit insurer and ratings agency Coface has imposed negative ratings actions on 47 countries as trade risk continues to spiral...
New figures reveal extent of US insurance losses
20 April 2009
New results showing a 96.2% drop in profits for America’s property and casualty insurers last year reflect a hammering by catastrophe losses and the financial crisis...
… but insurers are storming through the downturn
20 April 2009
US property and casualty insurers are riding out the global financial crisis with their operating models intact and are in good stead to survive the storm...
Berkshire Hathaway downgraded by Moody’s
20 April 2009
Moody’s Investors Service has downgraded its rating for Berkshire Hathaway flagship reinsurer National Indemnity Company from Aaa to Aa1 and dropped the issuer default rating...
Normal Atlantic hurricane season forecast
20 April 2009
This year’s Atlantic hurricane season should feature a normal level of storm activity, according to Colorado State University’s Tropical Meteorology Project...
UK brokers welcome dropping of commission plan
06 April 2009
UK broker groups have welcomed a decision by the regulator not to impose mandatory disclosure on local insurance brokers...
G20 urged to recognise difference between insurers, banks
06 April 2009
International insurance trade groups have lobbied the Group of Twenty leaders at their meeting last week to distinguish between insurance and banking...
US moves closer to single insurance regulator
06 April 2009
US politicians have introduced legislation to create federal regulation of insurance, pledging to improve the current system where more than 50 state-based regulators run the industry...
Third broking group in UK flourishes
06 April 2009
The new London & International Insurance Brokers’ Association claims it now represents 98% of the London-based international broker sector...
Demand for reinsurance keeps industry strong
06 April 2009
Reinsurers are continuing to outperform the rest of the financial services sector, according to a report by global reinsurance broker Willis Re...
AIG completes sale of two insurance units
06 April 2009
AIG has finalised the discount sale of an American specialty insurer and a Canadian life insurance unit as the beleaguered insurer continues to divest non-core assets...
Analyst predicts income falls for US insurers, brokers
06 April 2009
The economic crisis will affect the top and bottom lines of commercial insurers, according to a report by US commercial insurance data collector Advisen...
Cost-conscious Swiss Re appoints new operating chief
06 April 2009
Swiss Re has promoted Agostino Galvagni to COO and announced plans to trim its 11,560 workforce by about 10% over the next 12 months...
Another Gen Re manager gets jail
06 April 2009
Former Gen Re CFO Elizabeth Monrad has been jailed by a US district court for 18 months and fined $US250,000 ($346,000) following her conviction in the AIG/Gen Re reinsurance scam...
Report update shows firming of reinsurance markets
06 April 2009
Property catastrophe reinsurance rates are firming across most world regions as the market completes April 1 renewals, according to a report update by reinsurance broker Aon Benfield...
Gen Re boss provides lesson on global credit crisis
06 April 2009
The worldwide credit crisis and financial market meltdown highlight the respect for risk that all financial firms must adopt, says a leading US insurance executive...
Fortis banks on insurance in €28 billion loss
06 April 2009
Troubled European financial services group Fortis will count on the sale of insurance policies to make money after its banking operations plunged the firm deep into the red last year...
Climate change could force premiums up 100% in 10 years
30 March 2009
The effects of climate change could force insurance premium rates 100% higher in the space of a decade, according to the Association of British Insurers...
Lloyd’s pushes positives as profit takes a tumble
30 March 2009
Lloyd’s has reported a 51% drop in annual gross profit to £1.9 billion ($4 billion) in the aftermath of the second costliest year on record for insurers...