Marsh opens in Dubai
31 March 2008
Global broker Marsh has established a financial and professional services practice in Dubai, where it will market specialist insurance products to the Middle East...
International
US tornado damage estimate rises
31 March 2008
Insured losses from a devastating tornado that struck the US city of Atlanta, Georgia, and subsequent storms in other parts of the state on March 14-15 have risen to US$250 million…
China’s life insurers doing well
31 March 2008
China’s largest life insurers have announced steep climbs in profit for 2007...
AIG settles over bid-rigging allegations
31 March 2008
American International Group has reached a US$13.5 million ($14.7 million) settlement with the Pennsylvania Insurance Department over bid-rigging claims...
Aon founder Ryan set to retire
31 March 2008
Aon Executive Chairman Patrick Ryan will retire on August 1 from the brokerage he founded...
Spitzer falls on his sword
17 March 2008
New York Governor Eliot Spitzer, the scourge of insurers and brokers for much of the past five years, has resigned after admitting links with a prostitution ring...
UK Treasury proposes major changes at Lloyd’s
17 March 2008
It’s been a British institution for hundreds of years, but the UK Government believes it’s time Lloyd’s took another step towards modernising its practices...
More windstorm misery as Johanna batters UK and France
17 March 2008
Windstorm Johanna moved slowly across southern England and northern France last week, leaving widespread damage in its wake and creating misery for travellers...
Swiss Re: cat bill $75 billion
17 March 2008
Economic losses from catastrophes topped $US70 billion ($75.1 billion) last year, with insurance claims of $US28 million ($30 million), according to Swiss Re...
US rates down 14%
17 March 2008
US property and casualty premiums declined by an average of 14% in February, according to analysis group MarketScout...
Hannover Re profit up 43%
17 March 2008
Hannover Re has booked a 43% increase in net profit, due partly to a €165 million ($274 million) benefit from German corporate tax reform...
US insurance jobs on the slide
17 March 2008
The number of jobs in the US insurance sector fell 2.3% in February from the previous month, the country’s Bureau of Labor Statistics has reported...
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...
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…