Climate change is industry’s ‘biggest strategic risk’
17 March 2008
Climate change is this year’s greatest strategic risk for the insurance industry, according to an Ernst & Young report...
International
Buffett: the party’s over for underwriters
10 March 2008
Berkshire Hathaway Chairman Warren Buffett has told shareholders “the party is over” for insurers’ profit margins after the company posted an 18% dip in fourth-quarter earnings…
Willis keeps Joe Plumeri
10 March 2008
Willis Group has endorsed Chairman and CEO Joe Plumeri with an 18-month contract extension as part of several senior management appointments announced by the company...
Ping An share issue in doubt
10 March 2008
Shareholders at China’s second-largest insurer Ping An Insurance have voted in favour of a RMB160 billion ($24 billion) share-raising, in apparent defiance of the country’s…
Windstorm Emma claims near $2 billion
10 March 2008
US Catastrophe risk modelling company AIR Worldwide has estimated insured losses from Windstorm Emma at between €750 million ($1.25 billion) and €1.3 billion ($2.16 billion)...
Willis withdraws from Burma
10 March 2008
Willis Group has agreed to end its involvement in Burma in a decision welcomed by human rights advocates...
Guilty verdict in AIG/Gen Re trial
03 March 2008
Five former Gen Re and AIG executives have been convicted on conspiracy charges in a US District Court…
Munich Re exceeds profit forecast despite final quarter woes
03 March 2008
Munich Re has surpassed its maximum profit forecast for last year by €100 million ($161 million), posting an 11.9% increase to €3.9 billion ($6.3 billion) despite adverse weather…
Swiss Re happy with big 2007 result
03 March 2008
Swiss Re has reported a strong net income for 2007 of CHF 4.2 billion ($4.36 billion) - nearly as good as its record 2006 return…
AIG posts $US5.29 billion loss after subprime hit
03 March 2008
Two former Marsh executives have been found guilty on an anti-trust charge for participating in an insurance bid-rigging scheme…
Former Marsh executives convicted of bid-rigging
03 March 2008
Two former Marsh executives have been found guilty on an anti-trust charge for participating in an insurance bid-rigging scheme…
RSA profit up 4%
03 March 2008
Royal & SunAlliance recorded a 4% rise in operating profit last year to £814 million ($1.7 billion), despite the impact of widespread flooding in Britain…
UK floods dampen Aviva profit
03 March 2008
British insurance giant Aviva has blamed summer floods in the UK for wiping out profitability in its general insurance lines…
Reports of rebellion at Lloyd’s
03 March 2008
A rebel Lloyd's breakaway group is reported to be challenging Chairman Lord Levene's authority…
Aon acquires bulk of Gallagher Re
03 March 2008
Aon has picked up Arthur J Gallagher's US and UK reinsurance brokerages for an initial $US30 million ($31.8 million) and up to $15 million extra, depending on revenues…
Euro run-off about to take off: PWC
03 March 2008
The European run-off market is likely to increase over the next five years as a result of legislative changes, says a PricewaterhouseCoopers report…
British broker bodies in merger speculation
25 February 2008
Newly appointed Institute of Insurance Brokers CEO Barbara Bradshaw says the association is considering an amalgamation with larger rival the British Insurance Brokers' Association…
UK flood cover in jeopardy
25 February 2008
The public/private compact ensuring British householders have access to flood insurance is in danger of crumbling amid concern about the UK Government's ambitious…
Allianz weathers subprime to achieve record profit
25 February 2008
German-based insurer Allianz has achieved record results for last year, with net income lifting 13.5% to €7.97 billion ($12.84 billion) and operating profit up 9% to €10.9 billion…
Market cycle exercises Lloyd’s underwriters
25 February 2008
The insurance industry should make managing the cycle its top priority, a survey of Lloyd's underwriters suggests…