UN warns insurers of climate change
29 May 2007
A United Nations report stressing the financial losses from climate change has called for the insurance industry to take a more strategic approach to managing future claims…
International
Dark skies for US hurricane season
29 May 2007
US scientists aren’t downgrading their earlier predictions that the US in for an active Atlantic hurricane season in the northern summer, with at least 13 named storms…
Brokers to check underwriter health
29 May 2007
UK brokers will be able to inspect the financial strength of insurers across the country under a new system backed by the British Insurance Brokers Association…
Competition a threat to companies
29 May 2007
The three biggest threats facing companies are competition, supply chain disruption and property-related risks, according to an FM Global survey…
Buffett linked to 5% Zurich share buy
22 May 2007
Is investment guru Warren Buffet planning to add Zurich Financial Services to his extensive insurance and reinsurance holding..?
Costly times predicted for Florida
22 May 2007
Hurricanes will wreak $US3.5 billion ($4.25 billion) in damage across Florida every year for the next three decades, the state’s largest insurance association predicts…
Ace makes settlement on commissions
22 May 2007
Ace Limited will pay $US9 million ($10.9 million) in fines and compensation to the Insurance Department of Pennsylvania to settle charges arising from its contingent commissions practices in 2004…
First-quarter profits a mixed bag
15 May 2007
American International Group and reinsurance giant Swiss Re reported increased profits for the first quarter, but New York-based Marsh & McLennan suffered a damaging fall of 36%…
Terror fears hamper investment
15 May 2007
Lloyd’s says increased concern over terrorism and political violence risk is causing businesses to avoid investing in politically sensitive areas or locating offices in large cities…
American insurance fraud costs $US30 billion
15 May 2007
After an extensive two-year review of anti-fraud efforts, the US general insurance industry is taking action on insurance fraud which costs it an estimated $US30 billion ($36 billion) a year…
Premiums fall in North America
08 May 2007
Property insurance rose but all other classes of cover fell in the latest survey on insurance trends in North America by the Risk and Insurance Management Society…
Willis rejects commission scheme
08 May 2007
US-based broker Willis has rejected a revised contingency commissions scheme, saying any system that rewards brokers for placing business with an underwriter is tainted…
FSA review calls for improvements
08 May 2007
UK regulator the Financial Services Authority has been told to lift its game. A performance review by the National Audit Office says the FSA needs to do more to streamline its structure…
Reinsurer changes gear for shareholders
08 May 2007
Munich Re has recorded a €982 million ($1.62 billion) first-quarter profit, but plans to do a lot more to please its shareholders…
Euro consumers pay through the nose
08 May 2007
A lack of competition means Europeans pay more for insurance and other financial services, according to regulators…
Reputation loss greatest fear: survey
01 May 2007
Diminished reputation is a company’s greatest fear, closely followed by business interruption and third-party liability, according to a review of business attitudes by global insurer Aon…
Triple treat for insurance giants
01 May 2007
Three of the world’s insurance juggernauts continue to outperform in the face of softening rates…
US insured losses reach $1.2 billion
01 May 2007
US insurers have been hit with a $US1.22 billion ($1.47 billion) insurance bill in the first quarter of 2007, according to an analysis by the Insurance Services Office…
Catastrophe respite brings bumper profits
24 April 2007
Following a sharp decline in losses from hurricanes and other natural disasters in 2006, the US general insurance industry is now in fine shape…
UK praises its principles-based regulation
24 April 2007
The UK’s principles-based regulation of the financial services sector stands as a “balanced model” for international counterparts to adopt, according to Treasury Economic Secretary…