US flood plan extended
06 October 2008
It wasn’t the biggest piece of legislation the US Congress pondered last week, but its passage was at least quick and well received...
International
AIG offloads UK airport stake
06 October 2008
AIG last week sold its 50% stake in London City airport as it finalised plans to offload further assets in order to repay the $US85 billion ($109 billion) US Federal Government…
Hurricane Ike among most costly on record
06 October 2008
Hurricane Ike’s estimated losses of $US9.8 billion ($12.6 billion) have put the catastrophe on track to be the fourth most expensive storm in US history...
Typhoon Jangmi shakes up Taiwan
06 October 2008
AIR Worldwide Corporation has estimated insured losses from Typhoon Jangmi at between $US40-120 million ($51-152 million) after the storm rocked parts of Taiwan...
Munich Re to raise prices following AIG crisis
29 September 2008
Munich Re plans to significantly raise premiums in the wake of the AIG bailout, saying the reinsurance market has now hardened...
Lloyd’s half-year gross profit falls 47%
29 September 2008
Lloyd’s has reported a 47% drop in half-year gross profit as rising claims drained profitability from the world’s largest insurance market...
Governments save the day for troubled Fortis
29 September 2008
Banking and insurance group Fortis has become the latest victim of the US financial crisis, staying afloat only thanks to a tripartite government rescue package...
Tort laws work – depending on US state of origin
29 September 2008
Tort laws effectively lower insurance premiums and save consumers money, but it depends on which state you live in, according to research from the University of Iowa...
Greenberg bails out of AIG
29 September 2008
Former AIG Chairman and CEO Maurice “Hank” Greenberg has announced plans to sell some of his AIG stock...
Economic uncertainty increases D&O insurance
29 September 2008
Class action litigation in the US and the growing economic uncertainty have created a surge in the demand for management liability insurance among the UK’s top firms…
Swiss Re writedowns lower than predicted
29 September 2008
Swiss Re has reaffirmed its earnings targets as its financial writedowns are lower than expected...
Reinsurers face hefty Lehmans exposure
22 September 2008
The collapse of New York-based Lehman Brothers investment bank has sent many of the world’s reinsurers rushing to check the ledger...
UK regulator sets out lessons learned
22 September 2008
Outgoing UK Financial Services Authority Chairman Callum McCarthy has outlined a plan for tackling the crisis besetting world financial markets...
Hurricane Ike hits wallets
22 September 2008
After slamming ashore near the Texas city of Galveston on September 13 and later weakening to a tropical depression across western Arkansas the next day, Hurricane Ike’s…
Coastal flood losses to double by 2030
15 September 2008
Insurance losses from coastal flooding will double by 2030 unless an adaptation strategy is put in place, according to a report by Lloyd’s and Risk Management Solutions...
Texas relieved as Ike runs out of puff
15 September 2008
Hurricane Ike, which made landfall on the Texas island of Galveston on Sunday, will cause insured losses of between $US6 billion ($7.2 billion) and $US16 billion ($19.4 billion)…
Greenberg settles lawsuit with AIG
15 September 2008
Four former AIG executives, including legendary former CEO Maurice “Hank” Greenberg, have agreed to settle a shareholder lawsuit for $US115 million ($143 million)...
Worst US insurers named and shamed
15 September 2008
America’s largest personal lines insurer Allstate ranks as the worst US insurer for consumers, according to a new report that details thousands of legal documents uncovered…
Customer loyalty linked to higher policy renewals
15 September 2008
Car insurance customers with high commitment levels are more likely to renew their policies and are less sensitive to pricing offers from competitors, a US insurance survey says...
Hurricane Gustav fizzles, but more on the way
08 September 2008
Even as Hurricanes Hanna, Ike and Josephine gain strength in the Atlantic, insurers are still counting the cost of Hurricane Gustav, which turned out to be not quite as vicious…