Lloyd’s study foresees even more drastic weather
11 April 2007
Climate change will be swifter and more dramatic than previously thought, according to a new study by Lloyd’s…
International
Acquisition lifts Swiss Re value
11 April 2007
Swiss Re has posted a 13% rise in embedded value for 2006, up CHF1.5 billion ($1.49 billion) from 2005, largely because of its June acquisition of GE Insurance Solutions…
Lloyd’s does well from quiet year
03 April 2007
Lloyd’s has bounced back from big hurricane losses in 2005 to record a pre-tax profit of £3.7 billion ($8.9 billion) for 2006…
Equitas deal finalised
03 April 2007
Equitas, the company set up in 1996 by Lloyd’s of London to handle 1992 and prior years’ liabilities such as asbestos, pollution and other claims, has completed its reinsurance deal…
US legal system ‘out of control’
03 April 2007
Tort law inefficiencies are a $US865 billion ($1067 billion) burden on the US economy every year and are having a direct effect on the cost of liability insurance, according to a new study…
Perfect storms brewing in Atlantic: report
27 March 2007
The frequency and severity of tropical storms and hurricanes in the Atlantic and the US will rise drastically in 2007, according to a consortium of experts on insurance, risk management and climate forecasting…
Willis chief urges principles over rules
27 March 2007
Willis CEO Joe Plumeri is calling for a principles-based approach to regulation rather than stringent rules as the best way of reducing red tape and improving client service…
Asbestos and tax hurt Munich Re
27 March 2007
Munich Re has posted a €3.5 billion ($5.77 billion) net profit for 2006 despite asbestos claims and tax costing its US operations more than $US1.5 billion ($1.86 billion)…
US bills aim for better disaster relief
27 March 2007
A new hurricane research project and a “national backstop” for state natural catastrophe insurance programs are among initiatives in bills presented to the US Congress last week…
Lloyd’s full steam ahead for China venture
20 March 2007
Lloyd’s has cleared the final hurdle for its new Asian operation, receiving the go-ahead from Chinese regulators for a reinsurance company…
Swiss Re splits into three
20 March 2007
Swiss Re says changes to its corporate structure make it more competitive as the European Union synchronises its regulatory platform for the reinsurance industry…
FSA says no excuse for brokers
20 March 2007
The Financial Services Authority in Britain says general insurance brokers have no excuse for failing to protect client funds, after its “Guide to Client Money” helped to bring about…
WTC developer settles and battles
20 March 2007
World Trade Centre developer Larry Silverstein has reached a $US12.5 million ($15.7 million) settlement with one of the minor insurers in the September 11 recovery battle, but continues to do battle with other insurers…
Data loss more worrying than natural disasters
20 March 2007
One in three global businesses see loss of data as a substantial threat and the main issue in operational risk management planning, according to a report by the Economist Intelligence Unit…
Climate change, urban sprawl will lead to future losses: Swiss Re
13 March 2007
Global warming and a concentration of urban developments in “highly exposed” areas will cause insurance companies greater financial pain in coming years…
Hurricanes hardly happened, but Munich Re wary
13 March 2007
The North Atlantic region experienced relatively few hurricanes last season but insurers shouldn’t expect such favourable conditions to continue…
‘Dob-in’ system for UK insurers better: FSA
13 March 2007
The UK’s financial regulator says it has “streamlined” its self-reporting system so companies can report the suspected financial crimes of others with greater ease…
Marine insurance losses down
13 March 2007
A dramatic reduction in the number of total losses of merchant ships since the year 2000 has been recorded, according to new statistics from the International Union of Marine Insurance…
Willis sticks with China
13 March 2007
Willis Group Holdings’ continued focus on broking major commercial risks in China has resulted in a revenue rise of 23% in 2006 for its China business…
US and Europe enjoy good times
06 March 2007
It’s profit season in international insurance circles, and most insurers seem to be taking the “p” word as literally as possible…