US turns spotlight on Lloyd’s
16 October 2001
The solvency of the Lloyd’s market is coming under scrutiny from an unlikely source…
International
Israel will cover maritime rates increase
16 October 2001
Israel’s transport minister has recommended that the state contribute $10 million to meet an increase in maritime rates for ships docking at Israeli ports…
Terror claims and gross uncertainty
09 October 2001
Would insurers give a clearer picture of the possible loss from the September 11 terrorist attacks in the US if they reported their exposures in gross, rather than net, terms..?
How much? No one knows yet, but we’ll pay
09 October 2001
Estimates of the total losses are still over a wide range, although both minimum and maximum estimates are increasing…
New products meet new war risks
09 October 2001
Following the global withdrawal of terrorism cover, expect to see plenty of new niche products providing specific cover coming on the market…
Lloyd’s assesses its exposure
02 October 2001
Lloyd’s new exposure arising from the US terrorist attacks of September 11 is about $3.8 billion – equivalent to 12% of the market’s 2001 capacity…
The New York disaster: no quick answers for insurers
02 October 2001
The direct and indirect impacts of the World Trade Centre disaster may not be understood by insurers for several years, according to ratings agency AM Best…
Japanese stay home as premiums head north
02 October 2001
Japan’s outgoing tourism market, a major source of revenue for Australian tour operators, is drying up rapidly, and so is the insurance cover travelers used to take for granted…
Shipping charges will rise, too
02 October 2001
Shipping companies will also feel the heat from the US terrorist attacks through higher premiums…
The global industry after New York
25 September 2001
The terrorist war on America has caused chaos in the global insurance industry…
Reinsurance capacity will shrink, says report
25 September 2001
It’s not only liability that’s drying up. Morgan Stanley said the capacity of the reinsurance market worldwide to take risk, currently around $120 billion annually of premium…
Airlines get a reprieve as the rules change
25 September 2001
The US Government has legislated to limit non-passengers’ ability to sue US airlines…
Australia keeps Qantas flying
25 September 2001
Meanwhile, the Australian Government has joined European governments in guaranteeing the third-party liabilities of its remaining major airline as the global insurers cancel war and terrorism risks for airlines…
Middle East becomes a war-risk zone for ships
25 September 2001
The Lloyd’s War Risks Committee is demanding that shipping companies inform Lloyd’s of plans to send ships into most of the Middle East’s ports and waterways, including the Arabian Gulf…
The multi-billion dollar question: was it war or terrorism?
25 September 2001
One major question that insurers affected by the New York catastrophe want cleared up quickly is this: was the terrorist attack on America an act of war..?
Insurance shares ploy may have aided terrorists
25 September 2001
Terrorist leader and accused New York attack ringleader Osama bin Laden allegedly financed the attack by short-selling insurance stocks like Axa, Swiss Re and Munich Re…
Insurance premiums are going to go up even faster
25 September 2001
There is a “plus” – if there can be such a thing – for the insurance industry in all this chaos…
AMP sells its NZ general insurance operation
25 September 2001
AMP has sold its general insurance business in NZ to Royal and Sun Alliance for around $60 million…
Japanese life insurers placed on watch
25 September 2001
Five major Japanese life insurers – Asahi Mutual, Meiji, Mitsui Mutual, Sumitomo and Yasuda Mutual – have been placed on credit watch by Standard and Poor’s…
Insurance will survive, says S&P’s
18 September 2001
As long as the insurance claims from New York’s World Trade Centre tragedy don’t exceed $US50 million, the global insurance industry will be okay…