UK floods may cost $2.4 billion
03 July 2007
The Association of British Insurers predicts insured damage from the flooding in England last week is expected to reach £1.1 billion ($2.4 billion)…
International
US premium growth weakest since 1992
03 July 2007
The US general insurance industry’s net income after taxes dropped 5.5% to $US15.8 billion ($18.5 billion) in the first quarter of this year…
FSA to regulate all travel insurance
03 July 2007
The UK Government intends to extend the responsibility of the Financial Services Authority so that it regulates travel insurance sold with a holiday…
Munich Re aims for climate-neutral status
03 July 2007
Munich Re – one of the first corporations to warn of the potential impacts of global warming in the early 1990s – is aiming for climate-neutral global reinsurance activities by 2012…
Lloyd’s market under review
26 June 2007
Government regulation of the UK-based Lloyd’s market could be relaxed, in conjunction with a wider review of the London insurance market…
Greenberg counter-sues AIG
26 June 2007
AIG founder and former CEO Maurice “Hank” Greenberg has counter-sued 16 current and former company directors in response to a $US1 billion ($1.8 billion) suit…
New financial services rules in the UK
26 June 2007
The loosening of financial services regulation in the UK does not give companies free rein to dishonestly market their services, the industry regulator has warned…
US terrorism legislation up for debate
26 June 2007
The US House of Representatives has introduced a bill that extends the current Terrorism Risk Insurance Extension Act, which is set to expire December 31…
AIG sues Hank Greenberg
19 June 2007
American International Group, has sued former CEO Maurice “Hank” Greenberg and former CFO Howard Smith in a case seeking more than $US1 billion ($1.18 billion) in damages…
Terror risk borne by governments
19 June 2007
Governments worldwide are picking up private sector slack in terrorism insurance, a new report has found…
Lloyd’s recruits manager for global business
19 June 2007
Lloyd’s has appointed Jose Ribeiro as its new Director of International Markets and Business Development…
UK brokers respond on commissions
13 June 2007
The Institute of Insurance Brokers has come out strongly in response to a questionnaire from the UK regulator, the Financial Services Authority, on commission disclosure…
Broker commissions unpopular: survey
13 June 2007
UK risk managers are against contingency-based payments for insurance brokers, but argue little has changed since US investigations into industry practices…
Katrina insurer sued for inaction
13 June 2007
The US state of Mississippi has taken giant insurer State Farm to court over alleged failure to pay out thousands of claims stemming from losses attributed to Hurricane Katrina…
RIMS gets tough on commissions
05 June 2007
Broker commissions remain at the top of the issues list for the US insurance industry, with the Risk & Insurance Management Society saying it supports a business model…
Insurance is climate change yardstick, says report
05 June 2007
Insurers are uniquely positioned to serve as global intermediaries in dealing with climate change, according to a new US study…
US property sector between a rock and a soft place
05 June 2007
The US insurance sector is a “tale of two markets”, sharply divided between soft, non-catastrophe lines and harder property insurance premiums in regions at risk of…
Catastrophe fund launched by Munich Re
05 June 2007
Munich Re is taking part in a new Caribbean catastrophe fund, giving developing nations access to capital markets to cover natural disaster risks for the first time…
September 11 insurers settle
29 May 2007
Financial wrangling over payouts from the September 11 World Trade Centre attack have been finalised, with insurers offering an additional $US2 billion ($2.44 billion)…
Lloyd’s chief calls for radical modernisation
29 May 2007
If change isn’t radical and doesn’t represent a root and branch overhaul of antiquated practices by all of the London market, then the market may have an uncertain future…