US flood program goes bust
30 May 2006
The US National Flood Insurance Program – which has often been held up as a model for an Australia-wide flood insurance scheme – is bankrupt…
International
North American market softens
30 May 2006
Commercial insurance premiums in North America are continuing to fall, according to the annual benchmark survey by the Risk and Insurance Management Society…
Major hurricanes predicted
30 May 2006
Up to six major hurricanes of category three or higher are likely to form during the Atlantic hurricane season this year, according to the US National Oceanic…
Silverstein’s new hurdle: slow claims payments
23 May 2006
Construction of the new Freedom Tower on the World Trade Centre site in New York will not be able to start if insurers continue to withhold payments promised to the developer…
Zurich to enter Beijing
23 May 2006
Zurich has become the first foreign insurer to be granted a business licence by the Chinese regulator to establish a general insurance branch in Beijing…
Zurich strong despite accounting settlement
23 May 2006
Zurich has recorded a first-quarter result reflecting strong operating performance in all segments of its business, despite the $US262 million ($348.4 million) it was slugged…
AIG gets practical on climate change
23 May 2006
Although climate change has been a hot topic for the global insurance industry for some time, American International Group has become the first big US company to build…
Hurricane season is back in the US
23 May 2006
Businesses and homeowners on the US Gulf Coast are underinsured against floods and hurricanes, the New York-based Insurance Information Institute says…
Axa life insurance sued
23 May 2006
A life insurance division of Axa, Axa Equitable Life Insurance, has been sued following claims the company classified all juveniles as smokers and charged higher life insurance rates…
AIG looks to European SMEs
16 May 2006
American International Group is looking to expand its presence in Europe, and it hasn’t ruled out acquisition as a strategy…
Profit up for international insurers
16 May 2006
Reinsurers Munich Re and Hannover Re have revealed big first-quarter results, with Munich Re’s profit rising by 41.7% from last year and Hannover Re profit by 38.6%…
UK asbestos ruling cuts payout
16 May 2006
Sufferers of the asbestos-caused cancer mesothelioma face a huge cut in compensation following a decision by Britain’s highest court on May 3…
NAIC compact begins soon
16 May 2006
The launch of the National Association of Insurance Commissioners Interstate Insurance Product Regulation Compact is expected to become a reality once Alaska and Ohio…
Liberty to face court
09 May 2006
Boston-based insurer Liberty Mutual is vowing to fight charges that it has been involved in kickbacks and overpriced policies…
UK brokers’ methods under scrutiny
09 May 2006
British brokers’ handling of their clients’ money is about to be closely examined by the Financial Services Authority…
Hurricanes don’t worry Buffett
09 May 2006
US business guru Warren Buffett, whose Berkshire Hathaway investment company owns two major reinsurers, says he still has plenty of appetite for catastrophe reinsurance…
Aon restructures its restructure
09 May 2006
Aon Corporation has rejigged the cost estimates for its corporate restructure, saying it will spend an additional $US30 million ($39 million) on the strategy…
Ace settles with regulators
02 May 2006
Bermuda-based global insurer Ace has settled a bid-rigging investigation by the US states of New York, Illinois and Connecticut for $US80 million ($105 million) in restitution…
Net income rise for Chubb
02 May 2006
US-based insurer Chubb has reported a rise in net income from $US470 million ($620 million) to $US672 million ($887 million) for the first quarter of this year…
Aon plots terrorism risk
02 May 2006
The overall threat of terrorism has not changed in the past year but it has moved around a little, according to global insurance giant Aon…