Pricing and profit top concern for insurers
01 September 2008
Competitive pricing and adequate profitability is the main issue facing the global insurance industry, according to a survey of participants at an International Insurance Society meeting…
International
Oil giant agrees massive liability for Exxon Valdez spill
01 September 2008
Exxon Mobil Corp has agreed to pay 75% of the $US508 million ($587 million) in punitive damages awarded by the US Supreme Court in June over the 1989 Exxon Valdez oil spill…
Swiss Re calls for a new kind of CRO
01 September 2008
Swiss Re has called for nations to establish the position of “country risk officer” to help mitigate increased risk associated with climate change...
Commerzbank buys Dresdner Bank from Allianz
01 September 2008
German insurer Allianz has offloaded its troublesome subsidiary Dresdner Bank, but will take a 30% stake in new owner Commerzbank aiming to improve insurance sales…
More time off work for smaller car owners
01 September 2008
Small vehicles cause big accidents...
Aon merges with Benfield
25 August 2008
Insurance broker Aon’s bid for Benfield Group will make it the world’s largest reinsurance broker...
Crocked Chinese hurdler set for golden insurance payout
25 August 2008
Chinese Olympic hero Liu Xiang is set to claim an insurance policy worth RMB100 million ($17 million) after he was forced to withdraw from the 110-metre hurdles through injury...
Crawfords reports strong results
25 August 2008
Global loss adjuster Crawford & Company has reported a net income of $US7.9 million ($9.1 million) for the second quarter of this year...
Half-year results show European insurers still strong
25 August 2008
Despite poor performance in capital markets, the underlying performance of European insurers in the second half remains strong, according to a Moody’s Investors Service report...
Reserves mask weak profitability for Allianz in UK
25 August 2008
Allianz insurance operations in the UK reported a 3% increase in profit of £94 million ($201 million) for the second quarter against the same period last year...
Insurers withdraw from Burma
25 August 2008
Two global insurers are pulling out of Burma just three weeks after being named in a report by human rights lobby group Burma Campaign UK...
Bank may abandon sale of insurance wing
25 August 2008
The Royal Bank of Scotland may abandon the sale of its insurance division after raising nearly £6 billion ($13 billion) through the sale of part of its loan book…
Aon launches Green Cover
25 August 2008
Global broker Aon is following the new wave of green insurers by launching an environmentally friendly and energy-efficient insurance solution in its global property policy...
Failed US banks wipe 17% from federal insurance fund
18 August 2008
The failure of eight US banks this year is expected to wipe 17% off the US Government’s deposit holder insurance fund...
Zurich increases half-year profit
18 August 2008
Global insurer Zurich has reported strong results for the first half of 2008, with operating profit increasing by 8% to $US3.5 billion ($4 billion)...
S&P downgrades outlook for US commercial insurers
18 August 2008
Standard & Poor’s has downgraded its outlook on the US commercial lines insurance sector from stable to negative as concern persists over declining prices and investment income...
Ping An Insurance profit down on poor investment returns
18 August 2008
Chinese insurer Ping An has recorded a 2.5% drop in first-half net profit of RMB9.7 billion ($1.6 billion) as premium growth was offset by a 63% slide in investment income...
ING profits tumble in the second quarter
18 August 2008
Dutch banking and insurance giant ING reported a 29% fall in underlying net profit for the second quarter, with lower investment results accounting for the bulk of the decline...
Tokio Marine posts 42% decline in Q2 profit
18 August 2008
Japan’s largest property and casualty insurer, Tokio Marine, has reported a 42% drop in quarterly profit...
Aviation insurance premiums remain flat
18 August 2008
International aviation insurance rates remain “virtually” flat among lead hull and liability premiums according to a report by Aon...