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...
International
Industry agrees rates are on the rise
02 February 2009
Premium rates globally will continue to climb gradually through the next two years, according to industry leaders, with the impact already being felt...
Levene signs on again as Names re-emerge
02 February 2009
Lloyd’s Council has re-elected Lord Levene as Chairman for an unprecedented third term...
Merger will result in new Japanese market leader
02 February 2009
Major Japanese insurers Mitsui Sumitomo Insurance Group, Aioi Insurance and Nissay Dowa General Insurance are in the final stages of negotiating a merger that will make their combined entity...
Pirates go, but marine premiums still rising
02 February 2009
Premiums for insurance cover against high sea piracy will rise, according to Munich Re...
Zurich to insure world’s poorest
02 February 2009
Zurich Financial Services has announced it will insure low-income people in the world’s poorest countries...
Winter storm hits Europe with $1.4 billion insurance bill
02 February 2009
Winter storm Klaus, which cut a swathe across France last month, may cost insurers up to €700 million ($1.4 billion), according to catastrophe risk modelling firm AIR Worldwide...
Zurich settles US reinsurance fraud case
15 December 2008
Zurich Financial Services will pay $US25 million ($37 million) in civil penalties after settling a reinsurance fraud case brought by the US Securities and Exchange Commission...
D&O problems ahead, says ratings agency
15 December 2008
The US directors’ and officers’ liability insurance market is heading for a severe downturn in underwriting, according to AM Best...
Global leaders progress fight against climate change
15 December 2008
Insurers are working hard to promote the value of insurance in mitigating the risk of climate change...
Lloyd’s stakes its claim with three-year plan
15 December 2008
Lloyd’s has released a three-year strategic plan intended to underscore its evergreen presence in global markets...
Risk managers heroes, says Plumeri
15 December 2008
Risk managers will emerge from the financial crisis as heroes against the failure of investment banks and capital markets, says Willis Executive Chairman Joe Plumeri...
New Yorkers stung by insurance tax hike
15 December 2008
Australian policyholders aren’t the only people being taxed for non-insurance purposes – New York Governor David Paterson proposes to slug policyholders another…
Allianz Asia Pacific accentuates the positive
15 December 2008
Gross domestic product in the emerging markets of Asia is forecast to grow 5.9% next year, drawing bold growth projections from Allianz Asia Pacific...
Actuaries slam mortgage risk models
15 December 2008
Over-reliance on models used in securitising mortgage risks has contributed to the subprime crisis, according to the US Casualty Actuarial Society...
Emerging markets show premium growth above 11%
08 December 2008
General insurance premiums in emerging markets grew by more than 11% last year, a Swiss Re study has revealed...
Greenberg urges federal guarantee for AIG
08 December 2008
Former AIG CEO Maurice “Hank” Greenberg has accused the US Government of being inconsistent in its bailout approaches, saying the rescue of Citigroup supercedes its response…
Aon launches marine piracy policy
08 December 2008
Aon has launched a new shipping insurance policy to cover loss of earnings incurred when pirates hijack ships...
Fortunes fade for US reinsurance group
08 December 2008
The Reinsurance Association of America – which is made up of 20 US reinsurers – has reported a $US2.7 billion ($4.2 billion) net profit during the first nine months, which is almost…
The buck stops here: AIG CEO gets $US1
01 December 2008
AIG will limit the pay of top executives following criticism by US politicians, and CEO Edward Liddy has decided to pay himself an annual base salary of just $US1 ($1.50) for 2008 and…