Class action curbed, but asbestos still simmers
15 February 2005
While a bill to shield businesses from major class action law suits has been approved by the US Senate, support for a proposal to create a $US140 billion asbestos compensation fund…
International
Catastrophe losses high, but AIG profits higher
15 February 2005
Despite record insured property damage payouts, giant US insurer AIG has reported significant increases in net income for 2004…
Insurers may re-consider tsunami cover
15 February 2005
While no insurers affected by the Asian tsunami have knocked back claims arising from the disaster, reports from the UK suggest insurers may re-evaluate the way they price…
Aon posts lower profits after Spitzer
15 February 2005
Aon has noted lower earnings in the December quarter due to the wind-back in its contingent commission earnings and the need to set aside $US50 million for settlements…
UK regulator stands firm on broker commissions
15 February 2005
The Financial Services Authority says it won’t budge on its refusal to make the disclosure of commission arrangements between insurers and brokers compulsory…
Knee-jerk reaction: Britney Spears sues QBE
15 February 2005
Teen pop icon Britney Spears is suing eight insurers – QBE among them – after they refused her claim over losses incurred when she called off a concert tour because she had hurt her knee…
Marsh – back to business?
08 February 2005
Now that Marsh has agreed to pay an $US850 million settlement for its role in bid rigging it can get back to business – but it won’t be all plain sailing for the international brokerage…
US premium growth tipped to slow
08 February 2005
The US insurance industry expects a slowing in premium growth while the combined ratio continues to hold steady…
Results round-up
08 February 2005
Chubb Corporation has reported net income of $US1.55 billion for 2004 – a 91.6% increase on the 2003 result…
Poultry premium
08 February 2005
Thought you’d heard it all in product liability insurance..?
Marsh agrees to $US850 million settlement
01 February 2005
Marsh & McLennan has agreed to settle the lawsuit brought by New York Attorney-General Eliot Spitzer for $US850 million…
UK regulators aim at brokers
01 February 2005
After much controversy, the UK Financial Services Authority has introduced its new regulatory regime covering the general insurance industry…
Doubts greet asbestos bill
01 February 2005
A new US draft asbestos bill – including a proposed $US140 billion trust fund – has had a mixed reaction from industry groups…
Hasta la vista for Arnie reforms?
01 February 2005
Attorneys for injured workers are challenging new amendments to California’s permanent disability compensation law that Governor Arnold Schwarzenegger has forced into law…
Button clicks to beat tricks
01 February 2005
In an attempt to tackle misconduct and breaches of law by insurance companies and brokers, US authorities have introduced an online reporting facility…
Good move for Gallagher
01 February 2005
No 4 US broker Arthur J Gallagher will merge two of its US reinsurance broking subsidiaries…
Royal applies the brakes on lawsuit
01 February 2005
British insurer Royal & SunAlliance is being sued by General Motors to recoup payment for all legal claims arising from asbestos-related lawsuits, along with additional damages…
US premiums drop
01 February 2005
A survey by the Council of Insurance Agents and Brokers in the US shows substantial rate reductions in the commercial property/casualty market for 2004…
Jury gives Silverstein a win over insurers
14 December 2004
Months after losing his first bid to have the attacks of September 11 2001 on the World Trade Centre declared two separate events, leaseholder Larry Silverstein has won…
US regulators act on disclosure
14 December 2004
US insurance commissioners have their hearts set on introducing new disclosure rules for brokers. It’s possible the new rules may be introduced before the end of the year…