Swiss Re flexes its muscles with GE acquisition
14 June 2006
Zurich-based reinsurer Swiss Re has completed the acquisition of GE Insurance Solutions, adding a bit more muscle to the world’s largest global reinsurer…
International
High hurricane chance for US
14 June 2006
This year’s US hurricane season has only just begun and already forecasting networks have predicted another active season, with landfall hurricane activity at 40% above…
Lloyd’s asbestos reserves boosted
14 June 2006
The run-off company for Lloyd’s claims, Equitas, has announced it has increased its reserves for asbestos claims by £128 million ($317 million) for the financial year to March…
Axa agrees to sell reinsurance unit
14 June 2006
Axa, has agreed to sell its reinsurance unit to a group of investors led by UK-based equity company Stone Point Capital…
Jitters as hurricane season begins
06 June 2006
The North American hurricane season kicked off last week with warnings that insurers should brace themselves for some big storm claims…
Lloyd’s tells industry to act on climate change
06 June 2006
A new report by Lloyd’s warns insurers to act now on manage the risks of climate change, or “risk being swept away” by the phenomenon…
US tort costs hit record $260 billion
06 June 2006
The cost of litigation in the US reached a record $US260 billion ($346 billion) in 2004 – about $US886 ($1177) per person in the US, according to the actuaries Tillinghast…
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…
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…