Berkshire takes a belting from Katrina, Rita
08 November 2005
Berkshire Hathaway, the investment company run by business guru Warren Buffett has suffered a 48% quarterly profit fall as a result of some $US3 billion claims…
International
Reinsurers rattled
08 November 2005
As the claims for the damage caused by hurricanes Katrina and Rita become clearer, the next few weeks are likely to be very rough for reinsurers with exposures to…
… and insurers drop hurricane states
08 November 2005
Major US insurers are beginning to scale down their exposures in the devastated gulf states, especially in the city of New Orleans…
Chubb judged the best
08 November 2005
And just to keep you up with all the awards: the Brussels-based International Insurance Brokers Association has named Chubb as the best international insurer for 2005…
Lawyers reined in
08 November 2005
The US Congress has passed a small but significant new bill into law…
Hurricane No 13 spares US insurers
01 November 2005
Hurricane Beta swept across the Central American countries of Nicaragua and Honduras at 135kmh yesterday, rapidly degrading into a tropical storm as it dumped 38cm of rain…
Jury blames authority for bombing
01 November 2005
A terrorist bombing in the basement of the World Trade Centre in 1993 has been found by a jury to be the fault of the building’s owner, the New York Port Authority…
Equitas does deal with General Motors
01 November 2005
Lloyd’s run-off reinsurer Equitas has settled all the asbestos-related claims of giant US car maker General Motors for an undisclosed amount…
Post-hurricane property premiums skyrocket
25 October 2005
US insurers are raising property premiums as much as 20% in the wake of the hurricanes which have hit the US gulf states this year…
FM Global moves into Singapore
25 October 2005
US commercial and industrial property specialist FM Global is following the example of many of its clients and expanding into the Singapore market…
Brokers protest direct market move
25 October 2005
More ructions among UK brokers as the country’s regulator, the Financial Services Authority, moves to redefine its consumer protection procedures for insurance…
Aon cuts 750 staff in UK restructure
11 October 2005
Aon will sack up to 750 of its UK staff in the next two years as part of a new restructure aimed at realigning the business around clients’ needs…
US market is up, even after Katrina and Rita
11 October 2005
Net income for the US general insurance industry increased 29.1% on the previous year, with a record $US30.93 billion earned in the first half of 2005…
Outsourcing ruling hits UK insurers
04 October 2005
Insurance companies in the UK will pay up to £200 million more tax a year after a landmark ruling by the European Court of Justice on outsourced insurance services…
US looks at national cat cover plan
04 October 2005
Key insurance regulators from across the US will attend a two-day summit in November to discuss plans for a national catastrophe insurance scheme…
Ratings drop after Katrina
04 October 2005
Analysts have been predicting it for weeks, and finally it’s happened…
Lloyd’s trading platform needs overhaul
04 October 2005
Kinnect, Lloyd’s major move into online processing, has taken a turn for the worse with the sudden departure of its two most senior managers…
Marsh & McLennan settling starts
04 October 2005
About 70,000 clients of Marsh & McLennan in the US have signed up for a piece of the $US850 million compensation fund the group has set up as part of its settlement…
Mississippi tries to void flood exclusions
27 September 2005
Mississippi Attorney-General Jim Hood has angered US insurers by demanding flood exclusions in policies should be voided for claims arising from Hurricane Katrina…
Katrina insurance bill could hit $US43 billion
27 September 2005
Disaster modelling company Eqecat has revised its estimate of insured damages from Hurricane Katrina to a high of $US43 billion, with claims from the offshore oil and gas industry…