Swiss Re: cat bill $75 billion
17 March 2008
Economic losses from catastrophes topped $US70 billion ($75.1 billion) last year, with insurance claims of $US28 million ($30 million), according to Swiss Re...
International
US rates down 14%
17 March 2008
US property and casualty premiums declined by an average of 14% in February, according to analysis group MarketScout...
Hannover Re profit up 43%
17 March 2008
Hannover Re has booked a 43% increase in net profit, due partly to a €165 million ($274 million) benefit from German corporate tax reform...
US insurance jobs on the slide
17 March 2008
The number of jobs in the US insurance sector fell 2.3% in February from the previous month, the country’s Bureau of Labor Statistics has reported...
Climate change is industry’s ‘biggest strategic risk’
17 March 2008
Climate change is this year’s greatest strategic risk for the insurance industry, according to an Ernst & Young report...
Buffett: the party’s over for underwriters
10 March 2008
Berkshire Hathaway Chairman Warren Buffett has told shareholders “the party is over” for insurers’ profit margins after the company posted an 18% dip in fourth-quarter earnings…
Willis keeps Joe Plumeri
10 March 2008
Willis Group has endorsed Chairman and CEO Joe Plumeri with an 18-month contract extension as part of several senior management appointments announced by the company...
Ping An share issue in doubt
10 March 2008
Shareholders at China’s second-largest insurer Ping An Insurance have voted in favour of a RMB160 billion ($24 billion) share-raising, in apparent defiance of the country’s…
Windstorm Emma claims near $2 billion
10 March 2008
US Catastrophe risk modelling company AIR Worldwide has estimated insured losses from Windstorm Emma at between €750 million ($1.25 billion) and €1.3 billion ($2.16 billion)...
Willis withdraws from Burma
10 March 2008
Willis Group has agreed to end its involvement in Burma in a decision welcomed by human rights advocates...
Guilty verdict in AIG/Gen Re trial
03 March 2008
Five former Gen Re and AIG executives have been convicted on conspiracy charges in a US District Court…
Munich Re exceeds profit forecast despite final quarter woes
03 March 2008
Munich Re has surpassed its maximum profit forecast for last year by €100 million ($161 million), posting an 11.9% increase to €3.9 billion ($6.3 billion) despite adverse weather…
Swiss Re happy with big 2007 result
03 March 2008
Swiss Re has reported a strong net income for 2007 of CHF 4.2 billion ($4.36 billion) - nearly as good as its record 2006 return…
AIG posts $US5.29 billion loss after subprime hit
03 March 2008
Two former Marsh executives have been found guilty on an anti-trust charge for participating in an insurance bid-rigging scheme…
Former Marsh executives convicted of bid-rigging
03 March 2008
Two former Marsh executives have been found guilty on an anti-trust charge for participating in an insurance bid-rigging scheme…
RSA profit up 4%
03 March 2008
Royal & SunAlliance recorded a 4% rise in operating profit last year to £814 million ($1.7 billion), despite the impact of widespread flooding in Britain…
UK floods dampen Aviva profit
03 March 2008
British insurance giant Aviva has blamed summer floods in the UK for wiping out profitability in its general insurance lines…
Reports of rebellion at Lloyd’s
03 March 2008
A rebel Lloyd's breakaway group is reported to be challenging Chairman Lord Levene's authority…
Aon acquires bulk of Gallagher Re
03 March 2008
Aon has picked up Arthur J Gallagher's US and UK reinsurance brokerages for an initial $US30 million ($31.8 million) and up to $15 million extra, depending on revenues…
Euro run-off about to take off: PWC
03 March 2008
The European run-off market is likely to increase over the next five years as a result of legislative changes, says a PricewaterhouseCoopers report…