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…
International
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…
Hurricane Katrina claims top $40 billion
06 March 2007
US insurers have settled nearly all of the 1.7 million claims totalling $US40.6 billion ($52.3 billion) from Hurricane Katrina, according to the Insurance Information Institute…
Lloyd’s expands its Malaysian reinsurance
06 March 2007
Lloyd’s has opened a new reinsurance subsidiary in Labuan, Malaysia, hoping to take advantage of recent fast growth among the Association of South East Asian Nations…
Aon checks its books
06 March 2007
Aon Corporation will restate more than three years of its financial results after an internal audit committee uncovered irregularities in its accounts…
Spitzer reforms cap workers’ compensation
06 March 2007
New York’s long-awaited workers’ compensation package has been unveiled by Governor Eliot Spitzer, capping the number of years for which people can claim benefits…
Ace appoints Greenberg as Chairman
06 March 2007
Ace Insurance CEO Evan G Greenberg has been elected Chairman of the company’s board of directors…
European profits up
27 February 2007
Europe’s two biggest insurers, Allianz and Axa, have ridden buoyant equities markets and reduced claims to surpass market forecasts in their annual financial statements…