Winter storms take heavy toll in US
09 February 2015
Two winter storms that struck the US last month are estimated to have caused combined economic losses of at least $US600 million ($767 million), Impact Forecasting says…
International
Bermuda gains insurance weight
09 February 2015
The Bermuda Monetary Authority registered 89 new insurance entities last year, comprising 65 insurers and 24 intermediaries…
Reinsurance capital hits record high
02 February 2015
Reinsurance capital has grown to a record $US575 billion ($725 billion), including an unprecedented $US62 billion ($78 billion) of alternative capital, Aon Benfield says…
Buyers flex muscles as reinsurance prices fall further
02 February 2015
Global reinsurance pricing continued its downward spiral at the January 1 renewals, affecting almost all lines of business and geographic markets, according to Marsh subsidiary Guy Carpenter…
Disaster losses down as hurricanes steer clear
02 February 2015
Natural and man-made disasters cost insurers $US34 billion ($43.2 billion) last year, down from $US45 billion ($57.2 billion) in 2013, preliminary global figures from Swiss Re show…
US insurance ‘demand to rise’ as economy recovers
02 February 2015
Improved economic growth in the US will expand the property and casualty market this year, according to industry leaders surveyed by the Insurance Information Institute…
ILS issue hits record sum
02 February 2015
A record $US8.03 billion ($10.12 billion) in insurance-linked securities was raised last year, and the trend is set to continue…
Industry welcomes US terror backstop renewal
02 February 2015
US insurance industry leaders have praised Congress for its “swift action” to extend the Terrorism Risk Insurance Act…
Axis Capital/Partner Re deal creates fifth-largest reinsurer
02 February 2015
Axis Capital and Partner Re are merging to create a reinsurance giant that can compete against the ongoing influx of alternative reinsurance capital…
Natural catastrophe losses hit five-year low
02 February 2015
Insured losses from natural catastrophes fell to $US39 billion ($47.71 billion) last year, a five-year low and 38% below the 10-year average, according to Aon Benfield subsidiary Impact Forecasting…
Merged XL Catlin ‘bigger and better’
02 February 2015
The combined XL Group and Catlin will gain advantages of scale in a consolidating reinsurance market, XL CEO Mike McGavick has told investors…
Ace notches up operating profit record
02 February 2015
Ace Insurance has reported a record operating profit of $US3.32 billion ($4.24 billion) for last year, up 4.7% on the previous year…
Fewer catastrophes aid Chubb profit
02 February 2015
US-based insurer Chubb has reported a 10% drop in profit to $US2.1 billion ($2.63 billion) for last year – still one of the highest results in its history…
Hyperion reports revenue rise
02 February 2015
UK-based Hyperion Insurance Group has posted a 19% rise in revenue to £199 million ($386 million) for the year to September 30…
Lloyd’s chairman predicts decade of growth
15 December 2014
Lloyd’s Chairman John Nelson has delivered an upbeat forecast for the international insurance and reinsurance market…
Industry faces ‘daunting’ year amid low interest rates
15 December 2014
Next year is expected to be “daunting” for insurers, with low interest rates set to remain at least until 2016, Standard & Poor’s says…
Moody’s retains negative reinsurance outlook
15 December 2014
Moody’s has maintained its negative outlook for the global reinsurance sector next year, as profitability buckles under the weight of intense competition…
House of Representatives approves TRIA extension
15 December 2014
The US House of Representatives has passed legislation to extend the federal terrorism insurance backstop for six years…
Britain publishes flood data
15 December 2014
The UK Government is to release information on flood risks that was previously available to insurers only…
Munich Re among ‘select group of reinsurers’
15 December 2014
Only a “select group” of reinsurers have the scale, diversity and financial strength to attract the highest-quality business, according to a Fitch report on Munich Re…