Industry pays $22 billion as floods ‘wreak havoc’
26 August 2013
Disasters have killed 7000 people and led to insurance industry losses of $US20 billion ($22.15 billion) in the first half of this year, according to Swiss Re…
International
Moody’s warns of threat from Willis sidecar
26 August 2013
Extra capital supplied to the insurance market through the Willis Global360 sidecar will be credit-negative for Lloyd’s participants because of its impact on rates, according to ratings agency Moody’s…
Flood Re ‘fails to consider climate change’
26 August 2013
The UK Government’s proposed flood insurance scheme may not be sustainable because it does not account for climate change, a submission from the London School of Economics warns…
Coastal floods could cost $1 trillion a year by 2050
26 August 2013
Rapid urbanisation and rising sea levels will expose coastal cities to costly and dangerous flooding, according to a new study…
Willis backs teenager’s Antarctic expedition
26 August 2013
Global insurer Willis is supporting a world record attempt in the Antarctic, to aid climate change research…
Lloyd’s looks to open Beijing office
26 August 2013
Lloyd’s aims to strengthen its presence in China by opening an underwriting office in Beijing…
Plumeri joins KKR as adviser
26 August 2013
Veteran insurance figure Joe Plumeri has joined investment bank Kohlberg Kravis Roberts as a senior adviser, a month after retiring as chairman of Willis…
European floods hit Amlin earnings
26 August 2013
Lloyd’s insurer and reinsurer Amlin has reported a slump in first-half profit after European floods pushed up catastrophe losses…
Industry reaps benefit as US cat losses drop
26 August 2013
US insurers delivered strong earnings growth in the second quarter, mostly due to lower catastrophe losses…
Supervisors turn spotlight on mortgage insurance
26 August 2013
Regulators should consider requiring home lenders and mortgage insurers to align their interests, to stop mortgage insurance stress and failure, according to the international supervisory Joint Forum…
BIBA raises Flood Re concerns
19 August 2013
The UK Government’s proposed flood cover scheme needs more work, according to the British Insurance Brokers’ Association…
Zurich takes a hit over catastrophes
19 August 2013
Zurich has reported net income of $US1.85 billion ($2.01 billion) for the first half of this year, down 17% from $US2.23 billion ($2.43 billion) in the corresponding period last year…
Hogan returns to AIG as global consumer CEO
19 August 2013
AIG has rehired former executive Kevin Hogan to be CEO of its expanded Global Consumer Insurance business…
Lloyd’s celebrates 325 years
19 August 2013
Lloyd’s has put a video and a written collection of historic milestones on its website to celebrate its 325th anniversary…
Fraud on the increase, US study shows
19 August 2013
US property and casualty insurance fraud costs $US32 billion ($35 billion) a year, according to the Insurance Information Institute…
Asia-Pacific gives reinsurers room to grow: Fitch
12 August 2013
Asia holds huge potential for reinsurers thanks to its robust development of insurance and strong economic growth, according to ratings agency Fitch…
RIMS looks to dispel ‘bailout’ myth on TRIA
12 August 2013
The Risk and Insurance Management Society has renewed its call for the US Terrorism Risk Insurance Act to be renewed before it expires at the end of next year…
Second-quarter claims hit Munich Re earnings
12 August 2013
Munich Re says first-half consolidated profit fell 4.5% to €1.5 billion ($2.2 billion), including a second-quarter claims burden of €230 million ($341 million) from floods in Europe…
Swiss Re profits rebound despite floods
12 August 2013
Swiss Re has reported a “robust” profit of $US786 million ($876.2 million) for the second quarter, despite high levels of natural catastrophes…
Marsh increases net income
12 August 2013
Marsh & McLennan has reported net income of $US802 million ($884.47 million) for the first half, up from $US676 million ($745.51 million)…