Zurich’s global profit soars
24 August 2004
Zurich Financial Services has reported a first-half net profit of $US1.5 billion for its global operations…
International
Hurricane Charley costs up to $US10 billion
24 August 2004
The most recent estimates by risk agencies indicate that insurers will have to pay out between $US6 billion and $US10 billion as a result of Hurricane Charley…
R&SA result bolstered by sale
17 August 2004
The divestment strategy of troubled UK insurer Royal & SunAlliance have helped it turn the corner, with its management saying its half-year results and recent asset sales…
Florida faces massive insurance bill
17 August 2004
The damage caused by Hurricane Charley to insured property in Florida could reach as much as $US15 billion, according to insurance industry experts…
Rights group sues Marsh, Aon and Willis
17 August 2004
An insurance consumer rights group, which started in New York but is now based in San Francisco, is suing the three largest global brokers…
Global profit still on the rise
10 August 2004
Britain’s largest general insurer, Aviva, has beaten analysts’ expectations with a 37% increase in first-half operating profit, but it is still cautious about prospects for the UK…
Munich Re turns the corner, St Paul travels down
10 August 2004
Meanwhile, Munich Reinsurance has returned to form, recording a profit of €1.2 billion for the first half of this year, compared with a loss of €229 million for the corresponding period…
Profit news: up, up and away
03 August 2004
Premiums in the global insurance market might be softening, but the trend doesn’t seem to have had an adverse effect on profit…
Aon faces US class action suit
03 August 2004
No 2 broker Aon Corporation is facing a class action lawsuit in the US which alleges it breached its fiduciary duty by taking contingent commissions from insurers…
China’s insurance boom
03 August 2004
Driven by a surge in foreign investment, the Chinese insurance market has reached 1 trillion yuan in total assets…
AIG profits up by 25.7%
27 July 2004
New-York based global insurer American International Group has announced a profit increase of 25.7% to just over $US2.86 billion for the second quarter…
US insurers campaign for terror insurance extensions
27 July 2004
American insurers say the US Senate’s move to introduce legislation to extend the Terrorism Risk Insurance Act until 2007 will act as an economic safety net for consumers…
EnPro and Equitas settle on asbestos dispute
27 July 2004
US-based EnPro Industries and Lloyd’s vehicle Equitas have reached an agreement to settle the current and future insurance claims of EnPro subsidiaries against certain underwriters…
Regulatory guidance may tip scales for St Paul Travelers
27 July 2004
The US insurer St Paul Travelers says it is seeking regulatory guidance on how to account for an additional $US1.63 billion in reserves…
Senate may consider new asbestos fund plan
20 July 2004
US Senate Majority Leader Bill Frist is continuing with his push to resolve legal claims over asbestos exposure through a $190 billion fund financed by insurers and manufacturers…
Buffett finds value in Lloyd's consolidation
20 July 2004
Finance guru Warren Buffett is involved in a plan to merge small Lloyd’s syndicates, even though London market experts say such a consolidation is unlikely to occur…
Chinese regulator seeks disaster response scheme
20 July 2004
Australian insurers are among those the China Insurance Regulatory Commission has approached for advice on setting up a disaster response scheme to protect…
UK risk managers win regulatory exclusion
20 July 2004
British risk managers have won an exemption from European Union insurance regulations that are due to come into force early next year…
Brokers get set for battle with insurers
13 July 2004
Today is the British Financial Services Authority’s official cut-off date for licence applications…
JLT alerts firms of asbestos threat
13 July 2004
UK-based broker Jardine Lloyd Thompson has warned local firms they must address the new UK Government regulations on asbestos in the workplace…