Politician accused insurers of dumping Long Island
01 July 2013
Insurers are withdrawing from the Long Island homeowners’ market following Superstorm Sandy, despite many properties avoiding damage, US senator Charles Schumer claims…
International
Fitch raises outlook for Lloyd’s
01 July 2013
Fitch Ratings has affirmed Lloyd’s of London’s insurer financial strength rating at A+ and revised its outlook from stable to positive…
Ironshore earns ratings upgrade
01 July 2013
AM Best has upgraded its financial strength and issuer credit ratings on Ironshore and affiliated operating companies…
Greenberg continues fight over AIG bailout
01 July 2013
The US Federal Claims Court has allowed former AIG Chairman and CEO Hank Greenberg to continue legal action against the US Government over its bailout of the insurer in 2008…
Regulation causes concern for insurers
24 June 2013
Capital management challenges and increased regulatory constraints are among the leading concerns for insurance executives, according to a global survey by risk consultants Towers Watson…
German flood losses ‘may reach €5.8 billion’
24 June 2013
Insured losses from devastating floods in Germany could be between €4 billion and €5.8 billion (($5.74 billion to $8.32 billion), according to catastrophe modeller AIR Worldwide…
European premiums recover despite turmoil
24 June 2013
European insurers’ gross written premium grew 1.6% to €1114 billion ($1572 billion) last year…
RIMS backs New York fight for TRIA extension
24 June 2013
The Risk and Insurance Management Society has backed New York City Council’s bid for a long-term extension to the Terrorism Risk Insurance Act…
Solvency II package ‘will protect policyholders’
24 June 2013
The long-term guarantee package under Europe’s proposed Solvency II reforms should deliver a high level of policyholder protection, according to a new report…
Public-private teamwork ‘can ease the pain of a disaster’
17 June 2013
Governments could reduce the human and economic costs of natural catastrophes by working more closely with the insurance industry, the Geneva Association says…
US profit and premiums grow
17 June 2013
The US insurance industry reported record aggregate premiums last year, according to the Federal Insurance Office’s first annual report…
Industry needs cultural shift, PWC says
17 June 2013
The insurance industry must change its culture to thrive in future, according to a PricewaterhouseCoopers report on global trends and responses…
Large US companies ‘unprepared for cyber attacks’
17 June 2013
More than half of US Fortune 500 companies admit they would face “serious harm” or be “adversely impacted” by a cyber attack, according to a report by Willis…
Floods to cost Germany $16 billion
17 June 2013
Floods that have swept across central Europe could cost Germany more than the devastating deluge of 2002, according to Fitch Ratings…
Falling reserves expected to push US premiums up
17 June 2013
Reserve deficiency in US commercial lines means the market will continue hardening, according to an Aon Benfield study…
Expanded crop insurance scheme passes Senate
17 June 2013
The US Senate has passed a bill to expand the subsidised crop insurance program…
US commercial rates continue to rise
17 June 2013
US commercial insurance rates posted “robust growth” in the first quarter, rising almost 7% on the corresponding period last year, a Towers Watson survey shows…
European floods cause extensive damage
11 June 2013
Insurers are waiting for floodwaters in Central Europe to recede before estimating their losses from record floods that caused widespread damage and forced tens of thousands to evacuate homes…
AIG listed among systemically important US companies
11 June 2013
AIG has been included on a list of systemically important non-bank financial institutions drawn up by the US Financial Stability Oversight Council…
Capital inflows weaken US reinsurance prices
11 June 2013
Increased levels of alternative capital have weakened premiums for June 30 reinsurance renewals in the US, according to reinsurance broker Guy Carpenter…