Greenberg settles lawsuit with AIG
15 September 2008
Four former AIG executives, including legendary former CEO Maurice “Hank” Greenberg, have agreed to settle a shareholder lawsuit for $US115 million ($143 million)...
International
Worst US insurers named and shamed
15 September 2008
America’s largest personal lines insurer Allstate ranks as the worst US insurer for consumers, according to a new report that details thousands of legal documents uncovered…
Customer loyalty linked to higher policy renewals
15 September 2008
Car insurance customers with high commitment levels are more likely to renew their policies and are less sensitive to pricing offers from competitors, a US insurance survey says...
Hurricane Gustav fizzles, but more on the way
08 September 2008
Even as Hurricanes Hanna, Ike and Josephine gain strength in the Atlantic, insurers are still counting the cost of Hurricane Gustav, which turned out to be not quite as vicious…
European insurers avoid credit crisis
08 September 2008
European insurers have escaped the worst of the global credit market turmoil, according to a new Moody’s Investors Service report...
Munich Re vows to hold the line
08 September 2008
Munich Re has promised it will maintain underwriting discipline during every phase of the insurance cycle in the face of difficult capital markets and higher losses...
Levene urges industry to keep prices economic
08 September 2008
Lloyd’s Chairman Lord Levene has urged insurers operating in advanced economies to lift their game if they are to keep pace with the rest of the developing world...
Broker maps France’s flood exposures
08 September 2008
Global reinsurance broker Guy Carpenter is developing a national flood model for mainland France, with completion scheduled for early 2010...
FSA bans three UK directors
08 September 2008
The UK Financial Services Authority has banned three directors of London brokerage BPS Insure for misusing client funds...
Insurance sector rated as stable
08 September 2008
International ratings agencies Standard & Poor’s and Fitch are both maintaining their stable outlook for the global reinsurance sector, but they’re doing so cautiously...
Chinese market tough for AIG
08 September 2008
Insurance giant AIG says it will expand its general insurance business deeper into China in the next five years in a move the company concedes is “challenging”...
Curfew policy rewards young drivers
08 September 2008
An Irish insurer has introduced a curfew policy that rewards young drivers who leave their cars home on Friday and Saturday nights...
Insurers prepared as Hurricane Gustav threatens US
01 September 2008
New Orleans residents are fleeing town as Hurricane Gustav heads to US shores tonight just three years after Hurricane Katrina brought devastation to the gulf states…
Claims pile up after Tropical Storm Fay
01 September 2008
As Gustav moves in on the gulf states, US insurers are already counting the cost of damage from torrential rains and flooding caused by Tropical Storm Fay in Florida…
Pricing and profit top concern for insurers
01 September 2008
Competitive pricing and adequate profitability is the main issue facing the global insurance industry, according to a survey of participants at an International Insurance Society meeting…
Oil giant agrees massive liability for Exxon Valdez spill
01 September 2008
Exxon Mobil Corp has agreed to pay 75% of the $US508 million ($587 million) in punitive damages awarded by the US Supreme Court in June over the 1989 Exxon Valdez oil spill…
Swiss Re calls for a new kind of CRO
01 September 2008
Swiss Re has called for nations to establish the position of “country risk officer” to help mitigate increased risk associated with climate change...
Commerzbank buys Dresdner Bank from Allianz
01 September 2008
German insurer Allianz has offloaded its troublesome subsidiary Dresdner Bank, but will take a 30% stake in new owner Commerzbank aiming to improve insurance sales…
More time off work for smaller car owners
01 September 2008
Small vehicles cause big accidents...
Aon merges with Benfield
25 August 2008
Insurance broker Aon’s bid for Benfield Group will make it the world’s largest reinsurance broker...