European insurance industry still set to grow
09 February 2009
The European insurance industry will continue to grow this year but at a slower pace than previous years, says accounting and advisory firm Ernst & Young...
International
Buffetted by losses, Swiss Re raises capital
09 February 2009
US investor Warren Buffet will figure prominently in a big capital injection at Swiss Re, which last week flagged a loss of CHF1 billion ($1.3 billion) for the 2008 year...
Writedowns bite into Munich Re profit
09 February 2009
Investment writedowns have squeezed Munich Re’s profit...
Chinese general insurance market grows 17%
09 February 2009
China recorded 17% growth in general insurance premium lines last year as 10 new firms established operations to capitalise on the growing insurance market...
Underwriters see upward path for UK corporate rates
09 February 2009
UK underwriters surveyed by Aon see corporate rates hardening significantly in coming months...
US rates slump 9% – but hardening is in sight
09 February 2009
While rates in other international markets begin to harden, the race to the bottom continues in the US, where property and casualty rates slid 9% in January...
Zurich annual profit falls 47%
09 February 2009
Zurich Financial Services has reported a 47% fall in annual net profit to $US3 billion ($4.5 billion), well down on the 2007 net profit of $US5.7 billion ($8.4 billion)...
… as Schiro enters his last year at Zurich
09 February 2009
While Zurich Global CEO James Schiro sees some upsides in the group’s market position, he’s also intending to quit the group at the end of the year...
Ace sustains massive Q4 loss due to writedowns
09 February 2009
Ace Insurance has suffered a 96% plunge in fourth-quarter net profit, due mainly to investment writedowns...
Generali does better
09 February 2009
Italy’s largest insurer, Generali, has bucked the general downward trend among European insurers with a 4.1% increase in premium income of €67.4 billion ($132.8 billion) in 2008 on the back of a strong performance in Germany...
Aon’s quarterly income drops 95%
09 February 2009
Global broker Aon Corp’s fourth-quarter net income has dropped 95% on an expected $US116 million ($172 million) – a loss mainly attributed to a year-long restructure in which it is shedding its underwriting activities...
Investors punish Gallagher as quarterly profit dives
09 February 2009
Shares in Arthur J Gallagher & Co have edged lower in New York after plunging 22% last Wednesday on news that the world’s fourth-largest broker’s Q4 profit dropped 80%...
New York proposes compulsory commission disclosure
09 February 2009
New York insurance brokers would be compelled to disclose all commission and affinity deals with insurers under a proposal from the New York Insurance Department...
… and whacks on some more tax
09 February 2009
The New York Insurance Association has slammed the state government for placing a $US180 million ($275 million) “back door” tax on insurers and policyholders...
What’s in a Name? Not much, says Lloyd’s
09 February 2009
While news reports last week suggested the number of private investors in Lloyd’s – better known as Names – has grown in recent months, official figures released by the market show the number actually fell 15% in January...
Bank shelves sale of insurance division
09 February 2009
The Royal Bank of Scotland has shelved plans to sell RBS Insurance after failing to attract a suitable offer...
Second exec sentenced over AIG/Gen Re reinsurance scam
02 February 2009
Former AIG reinsurance Vice President Christian Milton has been jailed by a US district court for four years and fined $US200,000 ($315,000) following his conviction in the AIG/Gen Re...
Aon: political instability on the rise as credit crunch hits home
02 February 2009
The global credit crunch is expected to impact worldwide political stability in the year ahead, posing challenges for Australian firms operating abroad, says Aon Risk Services...
Insure against recession, says IMF
02 February 2009
The International Monetary Fund is urging governments to provide insurance against large recessions like the one the world is sinking into at present...
Aon cops record fine from UK regulator
02 February 2009
Former Aon Australia CEO Peter Harmer says other UK insurance providers will be under the gun after Aon’s UK arm copped a record £5.25 million ($11.3 million) fine for poor controls...