9/11 losses reach $9.3 billion
09 September 2003
Claims against America’s property and casualty insurers arising from the September 11 terrorist attacks in 2001 reached $14.3 billion by the end of 2002…
International
RSA goes for rights issue as expected
09 September 2003
Following much market speculation, struggling UK insurer Royal and Sun Alliance has announced that it will make a rights issue to boost its reserves…
Munich plunges as reinsurers report results
02 September 2003
No 1 reinsurer Munich Re has taken a drubbing after reporting a first-half loss of $1.07 billion, getting itself into an argument with ratings agency Standard & Poor’s that it just can’t win…
Swiss Re does better
02 September 2003
Swiss Re has returned a $791 million first-half profit, with CEO John Coomber saying the hard market is responsible for the 690% rebound from last year’s first-half losses…
Other results
02 September 2003
German reinsurer Hannover Re posted a $273 million first-half profit, and Lloyd’s has increased its 2002 profit forecast from $345 million to $387 million…
US insurers still recovering
02 September 2003
Despite the highest premium increases in the US market since 1986, the property/casualty industry’s operating surplus actually fell last year…
Zurich returns to profit
26 August 2003
Zurich Financial Services has made a spectacular return to profit, exceeding analysts’ forecasts by as much as $300 million to post a first-half profit of $1.07 billion…
UK insurers, brokers agree on ‘good intentions’
26 August 2003
The Association of British Insurers has promised that members will provide brokers with 21 days’ notice of their renewal terms for employers’ and public liability cover…
New chief for Assurex Global
26 August 2003
A former IT specialist has been appointed President and CEO of major international broker Assurex Global. James R Hackbarth is “ideally suited”, according to Kym Bermingham…
US foresees more medical liability rises
26 August 2003
US medical insurers are increasing medical liability premiums by up to 85% over the next year – better than the 100%-plus increases imposed over the previous two years…
Lawyers look for proximate cause
26 August 2003
Who can US lawyers sue for business losses incurred in the power blackout that plunged much of the US east coast into darkness two weeks ago…?
Allianz returns to profit
19 August 2003
The beating being experienced by Germany’s once-impregnable financial services giants is showing signs of abating, with Allianz reporting its first profit in more than a year…
Power cut claims will be ‘modest’
19 August 2003
The power outage which left about 30 million US and Canadian citizens without power for most of last Thursday won’t lead to big insurance claims…
Aon turns around
12 August 2003
Patrick Ryan, Chairman and CEO of global broker Aon, had every reason to smile last week when he announced an 86% rise in the group’s net income in the first half of 2003…
Reinsurers still in trouble: S&P’s
12 August 2003
Standard & Poor’s says North American reinsurers face a “negative” outlook, with rate increases in the global reinsurance market failing to stem the downward pressure…
Premiums: up and down, but mainly up
12 August 2003
Major US risk management group Assurex Global says the commercial insurance middle market – risks with premiums between $US10,000-$15,000 – will enjoy lower rate increases…
Swiss Re moves on Zurich Life
12 August 2003
Swiss insurer Zurich Financial Services CEO James Schiro is continuing to sell off the company’s non-core assets, selling its British life insurance operations to Swiss Re…
Accounting standards: first shots fired
05 August 2003
The first draft of controversial new international accounting standards for insurers has been released in London, promising to bring great change to the way insurers present…
Germans protest their innocence
05 August 2003
The seven major German insurers accused of fixing policy prices for industrial clients are continuing to maintain their innocence…
Former Lloyd’s chief Sax Riley dies
29 July 2003
The architect of reform at Lloyd’s, former chairman Sax Riley, died suddenly on Friday. Mr Riley, 62, the immediate past chairman of Lloyd’s, retired last year…