New Yorkers stung by insurance tax hike
15 December 2008
Australian policyholders aren’t the only people being taxed for non-insurance purposes – New York Governor David Paterson proposes to slug policyholders another…
International
Allianz Asia Pacific accentuates the positive
15 December 2008
Gross domestic product in the emerging markets of Asia is forecast to grow 5.9% next year, drawing bold growth projections from Allianz Asia Pacific...
Actuaries slam mortgage risk models
15 December 2008
Over-reliance on models used in securitising mortgage risks has contributed to the subprime crisis, according to the US Casualty Actuarial Society...
Emerging markets show premium growth above 11%
08 December 2008
General insurance premiums in emerging markets grew by more than 11% last year, a Swiss Re study has revealed...
Greenberg urges federal guarantee for AIG
08 December 2008
Former AIG CEO Maurice “Hank” Greenberg has accused the US Government of being inconsistent in its bailout approaches, saying the rescue of Citigroup supercedes its response…
Aon launches marine piracy policy
08 December 2008
Aon has launched a new shipping insurance policy to cover loss of earnings incurred when pirates hijack ships...
Fortunes fade for US reinsurance group
08 December 2008
The Reinsurance Association of America – which is made up of 20 US reinsurers – has reported a $US2.7 billion ($4.2 billion) net profit during the first nine months, which is almost…
The buck stops here: AIG CEO gets $US1
01 December 2008
AIG will limit the pay of top executives following criticism by US politicians, and CEO Edward Liddy has decided to pay himself an annual base salary of just $US1 ($1.50) for 2008 and…
Ace launches Swiss insurance company
01 December 2008
Former Bermuda-based insurer Ace has established a new subsidiary in Switzerland after moving company headquarters to Zurich in July...
Ship piracy insurance skyrocketing
01 December 2008
Overseas reports show insurance costs for merchant ships navigating the piracy-prone area around Somalia have risen significantly as yet more ships are hijacked...
Insurers remain unscathed from credit crunch
01 December 2008
Insurers have remained largely unscathed from the problems facing the financial services industry, despite being major players in the financial market, says a report by Swiss-based…
Axa cuts profit forecast
01 December 2008
Axa has cut a full-year profit forecast and says a continued economic downturn may render a long-term growth target obsolete...
Loss estimate points to life in jail for convicted Gen Re/AIG execs
01 December 2008
Five former Gen Re and AIG executives convicted of fraud have argued against advisory rulings that could see them spend life in prison...
Reinsurer’s rates predicted to rise
01 December 2008
While reinsurers have built up excess amounts of capital during two successive years of record profitability, they will now start to feel the crunch from catastrophe losses…
It tried going Dutch, now Aegon wants a US handout
24 November 2008
Aegon has asked the US Government for more than $US1 billion ($1.57 billion) in funds, less than a month after receiving €3 billion ($5.9 billion) in capital from the Dutch Government...
Sharp decline in US insurers’ results
24 November 2008
The US property and casualty insurance industry watched profit plunge 77% during the first nine months of the year, according to a report by Fitch Ratings...
California fires top $US500 million in losses
24 November 2008
California-based catastrophe modeller Eqecat has estimated property losses from this month’s three California wildfires to top $US500 million ($780 million)...
RSA unveils new business segment
24 November 2008
British-based general insurer RSA has unveiled three new business units to operate under its commercial division in response to feedback from brokers...
AIG pays to keep staff
24 November 2008
AIG will pay employees $US500 million ($780 million) of earned but deferred pay under a voluntary salary plan to keep them from quitting the company...
Lloyd’s warns of increased litigation risk
24 November 2008
Class actions, forum shopping and third-party litigation funding are all on the increase in Europe and the US, according to Lloyd’s...