US terrorism legislation up for debate
26 June 2007
The US House of Representatives has introduced a bill that extends the current Terrorism Risk Insurance Extension Act, which is set to expire December 31…
International
AIG sues Hank Greenberg
19 June 2007
American International Group, has sued former CEO Maurice “Hank” Greenberg and former CFO Howard Smith in a case seeking more than $US1 billion ($1.18 billion) in damages…
Terror risk borne by governments
19 June 2007
Governments worldwide are picking up private sector slack in terrorism insurance, a new report has found…
Lloyd’s recruits manager for global business
19 June 2007
Lloyd’s has appointed Jose Ribeiro as its new Director of International Markets and Business Development…
UK brokers respond on commissions
13 June 2007
The Institute of Insurance Brokers has come out strongly in response to a questionnaire from the UK regulator, the Financial Services Authority, on commission disclosure…
Broker commissions unpopular: survey
13 June 2007
UK risk managers are against contingency-based payments for insurance brokers, but argue little has changed since US investigations into industry practices…
Katrina insurer sued for inaction
13 June 2007
The US state of Mississippi has taken giant insurer State Farm to court over alleged failure to pay out thousands of claims stemming from losses attributed to Hurricane Katrina…
RIMS gets tough on commissions
05 June 2007
Broker commissions remain at the top of the issues list for the US insurance industry, with the Risk & Insurance Management Society saying it supports a business model…
Insurance is climate change yardstick, says report
05 June 2007
Insurers are uniquely positioned to serve as global intermediaries in dealing with climate change, according to a new US study…
US property sector between a rock and a soft place
05 June 2007
The US insurance sector is a “tale of two markets”, sharply divided between soft, non-catastrophe lines and harder property insurance premiums in regions at risk of…
Catastrophe fund launched by Munich Re
05 June 2007
Munich Re is taking part in a new Caribbean catastrophe fund, giving developing nations access to capital markets to cover natural disaster risks for the first time…
September 11 insurers settle
29 May 2007
Financial wrangling over payouts from the September 11 World Trade Centre attack have been finalised, with insurers offering an additional $US2 billion ($2.44 billion)…
Lloyd’s chief calls for radical modernisation
29 May 2007
If change isn’t radical and doesn’t represent a root and branch overhaul of antiquated practices by all of the London market, then the market may have an uncertain future…
UN warns insurers of climate change
29 May 2007
A United Nations report stressing the financial losses from climate change has called for the insurance industry to take a more strategic approach to managing future claims…
Dark skies for US hurricane season
29 May 2007
US scientists aren’t downgrading their earlier predictions that the US in for an active Atlantic hurricane season in the northern summer, with at least 13 named storms…
Brokers to check underwriter health
29 May 2007
UK brokers will be able to inspect the financial strength of insurers across the country under a new system backed by the British Insurance Brokers Association…
Competition a threat to companies
29 May 2007
The three biggest threats facing companies are competition, supply chain disruption and property-related risks, according to an FM Global survey…
Buffett linked to 5% Zurich share buy
22 May 2007
Is investment guru Warren Buffet planning to add Zurich Financial Services to his extensive insurance and reinsurance holding..?
Costly times predicted for Florida
22 May 2007
Hurricanes will wreak $US3.5 billion ($4.25 billion) in damage across Florida every year for the next three decades, the state’s largest insurance association predicts…
Ace makes settlement on commissions
22 May 2007
Ace Limited will pay $US9 million ($10.9 million) in fines and compensation to the Insurance Department of Pennsylvania to settle charges arising from its contingent commissions practices in 2004…