Bush signs flood insurance into law
06 July 2004
Flood is a big issue in many parts of the United States, and President George W Bush was well aware that you don’t mess around with a flood relief program in an election year…
International
Capital requirements issued for UK insurers
06 July 2004
The UK Financial Services Authority is taking a hands-on approach to prudential regulation by setting a new set of capital requirement standards for British-based insurers…
US group lobbies for TRIA extension
29 June 2004
The US National Association of Insurance Commissioners wants Congress to adopt a two-year extension of the Terrorism Risk Insurance Act…
Brokers defy levy plan
29 June 2004
Britain’s feisty Institute of Insurance Brokers is fighting a new regulatory push to directly levy brokers and mortgage insurers to pay for the country’s ombudsman…
UK insurers want climate change action
29 June 2004
Australian insurers are calling for action to manage climate change risks, and so are their British counterparts…
Risk management takes centre stage
22 June 2004
New risk exposures such as terrorism are forcing insurers to improve their own risk management, according to a panel of senior industry executives in New York…
US terrorism insurance law extended
22 June 2004
The US Treasury Department will extend the “make available” provision of its Terrorism Risk Insurance Act through to the end of 2005…
Ratings recovery isn’t likely for reinsurers
22 June 2004
Europe’s reinsurers may never regain that treasured AAA credit rating, says AM Best…
Broker fees probe widens
16 June 2004
New York Attorney-General Eliot Spitzer has widened his investigation into broker commissions, with four insurers receiving subpoenas to supply information…
Equitas raises asbestos reserves
16 June 2004
Lloyd’s run-off vehicle Equitas has raised its asbestos reserves by $789 million in response to the increasing number of asbestos-related claims being experienced…
Axa in $2.6 million contract dispute
16 June 2004
Axa is being sued by UK insurer Camperdown for more than $1 million and London and Edinburgh Insurance Company for nearly $1.6 million in a breach of contract dispute…
Insurance broker accused of $35 million theft
16 June 2004
A Chicago-based insurance broker has been accused of stealing $35 million from his own company’s premium trust funds to build his personal empire and pay…
US insurance groups urge renewal of flood program
08 June 2004
The innovative and highly effective National Flood Insurance Program operated by the US Government is in danger of shutting down by the end of the month…
Facelift for US marine clauses
08 June 2004
Revisions to the cargo clauses used by the American Institute of Marine Underwriters – the first changes since 1966 – won’t impact on Australian marine insurance…
Reinsurers to cut exposure, says report
08 June 2004
The global reinsurance market faces a challenging task next year as it seeks to maintain underwriting volumes while reducing exposure in some lines…
UK regulator bans former CEO from top jobs
08 June 2004
So you thought Australia’s industry regulators are tough… Britain’s Financial Services Authority has made headlines by banning former Equitable Life Assurance Society CEO…
Munich Re returns to profit
01 June 2004
Munich Re has reported a healthy profit of $915 million compared with a net loss of $743 million for the corresponding quarter last year…
Mould fears allayed by US scientific study
01 June 2004
The US Institute of Medicine says toxic mould in homes is not likely to cause serious health problems for most people…
UK regulator pushes insurers on customers’ warnings
01 June 2004
Britain’s financial regulator, the Financial Services Authority, will make insurers and other financial companies alert customers when their right to complain…
Marsh corners risk reduction niche
25 May 2004
The competition is getting intense at the top end of the global corporate market, with the big players adding a greater range of services to ensure they retain their clients…