Five banned as UK regulator gets tough
23 August 2010
The UK Financial Services Authority has banned five people and imposed a £150,000 ($260,000) fine on one of them for insurance fraud…
International
Berkshire Hathaway posts 40% profit slump
16 August 2010
Falling stock prices contributed to a 40% slump in second-quarter profit for Warren Buffett’s Berkshire Hathaway as derivative contracts lost value amidst the slump in global stocks…
Crawford returns to first-half profit
16 August 2010
Global claims management provider Crawford & Company has returned to first-half profit with earnings of $US527,000 ($583,000) following a loss of $US85 million ($94 million)…
BP pays out for Gulf oil spill
16 August 2010
BP has begun the costly process of compensating victims of the world’s worst oil disaster with an initial $US3 billion ($3.3 billion) deposit in a Gulf of Mexico spill fund…
Asia top market for life growth
16 August 2010
Asia has become the fastest growing life insurance market globally, according to AIA Group Chief Marketing Officer Chris Wei…
US backs federal office on insurance
16 August 2010
The US insurance industry has welcomed the fulfilment of an Obama Administration-backed pledge to establish a federal regulatory body…
Catlin takes profit hit, but fundamentals strong
16 August 2010
Bermuda-based property and casualty insurer Catlin has taken a hit in first-half earnings as adverse foreign currency movements and higher claims eroded the group’s profit base…
Plenty left to do, says new risk chief
16 August 2010
The financial crisis has raised risk awareness, but the new Chairman of the London-based Association of Risk and Insurance Managers says there is still plenty left to do…
Cat bond market slips
16 August 2010
Despite a surge of capital into the catastrophe bond market in the second quarter, overall capital in the market declined over the first half of this year…
Munich Re profit climbs despite catastrophes
09 August 2010
Munich Re has reported net profit of €1.19 billion ($1.3 billion) for the first half of this year, up from €1.13 billion ($1.23 billion) in the same period last year…
Swiss Re reports strong Q2 results
09 August 2010
Global reinsurer Swiss Re has reported strong second-quarter net profit of $US812 million ($887.5 million), reversing a loss of $US342 million ($373.8 million) in the same period last year…
Marsh parent returns to first-half profit
09 August 2010
Marsh & McLennan has reported first-half net profit of $US484 million ($530 million) as Asia-Pacific revenue growth helped reverse a previous first-half loss of $US17 million ($18.6 million)…
Restructuring costs hit AIG profit
09 August 2010
AIG has reported a net loss of $US2.66 billion ($2.9 billion) for the second quarter of this year, down from net income of $US1.8 billion ($1.96 billion) in the corresponding period last year…
Allianz income up 40%
09 August 2010
Global financial services provider Allianz Group has reported a 40% increase in first-half income to €2.7 billion ($2.94 billion) from the corresponding period last year…
International insurers make first-half gains
09 August 2010
International insurers Axis Capital Holdings and XL Group have recorded improved half-year results despite experiencing pressure on underwriting margins…
Liberty half-year net profit up 85%
09 August 2010
US-based insurer Liberty Mutual has reported an 85% increase in half-year net profit to $US535 million ($583 million), which the company attributes to the benefits of its global diversity…
BP oil spill insured losses relatively low
09 August 2010
Latest estimates put total insured losses from the Gulf of Mexico oil spill disaster between $US4-6 billion ($4.4-$6.6 billion), a fraction of the estimated $US35 billion…
Aggregators on the rise
09 August 2010
The use of aggregators is rising, with a UK survey revealing 40% of general insurance buyers have used a comparison site in the past 12 months…
Floods dominate July catastrophe report
09 August 2010
July featured some of the worst flood catastrophes in history, according to a report by reinsurance brokers Aon Benfield…
Strong second quarter from Ace
02 August 2010
Global insurer Ace has reported a 27% rise in net profit to $US677 million ($755 million) for the second quarter…