TRIA program receives last-minute reprieve
04 February 2008
US President George W Bush gave the insurance industry a Boxing Day treat by signing a seven-year extension to the federal terrorism insurance backstop…
International
Chinese dragon stirs
04 February 2008
The Chinese insurance market increased by almost a quarter in premium revenue last year…
Steady as she goes for US insurers
04 February 2008
The US insurance industry is heading for another profitable underwriting year, despite a slight deterioration in its overall combined ratio, the Insurance Information Institute notes…
Reinsurance rates slide 9% as market leads charmed life
04 February 2008
Global reinsurance prices fell by an average of 9% last year, according to global reinsurance broker Guy Carpenter…
Nat cat losses double
04 February 2008
Insured losses from natural catastrophes doubled to $US30 billion ($33.75 billion) last year, Munich Re says in its annual market report…
Munich Re emerges from subprime huddle at front of pack
04 February 2008
Munich Re has escaped relatively unscathed from the subprime credit crisis with another record profit, due to a conservative investment strategy and prudent disposals…
Flood exposure to treble by 2070
11 December 2007
An OECD study has found as many as 150 million people in coastal cities worldwide are likely to be reliant on flood defences by the 2070s – more than treble the 40 million people…
British brokers escape mandatory transparency
11 December 2007
The UK Financial Services Authority is continuing its review into broker remuneration but has decided against mandating commission disclosure for the time being…
Buffett named as witness in AIG/Gen Re trial
11 December 2007
Prosecutors plan to call billionaire Warren Buffett as a witness in the criminal trial of five senior insurance executives in the US…
US insurers enjoy Indian summer – but storm clouds ahead
11 December 2007
The US property/casualty insurance market is enjoying its fourth consecutive year of double-digit returns on capital, says Fitch Ratings…
Subprime separates best from rest in risk
11 December 2007
The US subprime crisis has exposed deficiencies in risk management among financial institutions globally, according to a report by consultants TowerGroup…
US rates continue to flounder
11 December 2007
The soft US property and casualty insurance market shows no sign of turning, with rates down an average of 15% last month…
MMC in rating downgrade
11 December 2007
Standard & Poor’s has lowered its counterparty credit rating on Marsh & McLennan (MMC) to BBB- from BBB, which it attributes to the poor performance of broking…
Mixed fortunes for US reinsurers
11 December 2007
The US reinsurance sector’s combined ratio improved to 94.1% from 95.4% for the first nine months of the year, according to the Reinsurance Association of America’s latest…
Lloyd’s warns on terrorism risk
04 December 2007
British businesses need to develop practical ways to combat terrorism risk, according to a Lloyd’s report…
US commercial market going strong
04 December 2007
US commercial property/casualty insurers appear to be in rude health despite soft market conditions, says a report by Standard & Poor’s…
AIG Europe boss to head Marsh
04 December 2007
AIG Europe MD Daniel Glaser has been appointed Chairman and CEO of Marsh…
AIG in subprime horror show
27 November 2007
Giant insurer AIG is facing the subprime blowtorch as it deals with a shareholder lawsuit, the possibility of further writedowns and the disaffection of influential…
Hurricane risk remains high
27 November 2007
US residents face an elevated threat of hurricanes making landfall over the next five years, according to weather forecaster Risk Management Solutions…
UK professional rates hit seven-year low
27 November 2007
Rates are continuing to fall in financial, executive and professional lines of insurance, according to a Willis survey of UK insurers…