Profit news: up, up and away
03 August 2004
Premiums in the global insurance market might be softening, but the trend doesn’t seem to have had an adverse effect on profit…
International
Aon faces US class action suit
03 August 2004
No 2 broker Aon Corporation is facing a class action lawsuit in the US which alleges it breached its fiduciary duty by taking contingent commissions from insurers…
China’s insurance boom
03 August 2004
Driven by a surge in foreign investment, the Chinese insurance market has reached 1 trillion yuan in total assets…
AIG profits up by 25.7%
27 July 2004
New-York based global insurer American International Group has announced a profit increase of 25.7% to just over $US2.86 billion for the second quarter…
US insurers campaign for terror insurance extensions
27 July 2004
American insurers say the US Senate’s move to introduce legislation to extend the Terrorism Risk Insurance Act until 2007 will act as an economic safety net for consumers…
EnPro and Equitas settle on asbestos dispute
27 July 2004
US-based EnPro Industries and Lloyd’s vehicle Equitas have reached an agreement to settle the current and future insurance claims of EnPro subsidiaries against certain underwriters…
Regulatory guidance may tip scales for St Paul Travelers
27 July 2004
The US insurer St Paul Travelers says it is seeking regulatory guidance on how to account for an additional $US1.63 billion in reserves…
Senate may consider new asbestos fund plan
20 July 2004
US Senate Majority Leader Bill Frist is continuing with his push to resolve legal claims over asbestos exposure through a $190 billion fund financed by insurers and manufacturers…
Buffett finds value in Lloyd's consolidation
20 July 2004
Finance guru Warren Buffett is involved in a plan to merge small Lloyd’s syndicates, even though London market experts say such a consolidation is unlikely to occur…
Chinese regulator seeks disaster response scheme
20 July 2004
Australian insurers are among those the China Insurance Regulatory Commission has approached for advice on setting up a disaster response scheme to protect…
UK risk managers win regulatory exclusion
20 July 2004
British risk managers have won an exemption from European Union insurance regulations that are due to come into force early next year…
Brokers get set for battle with insurers
13 July 2004
Today is the British Financial Services Authority’s official cut-off date for licence applications…
JLT alerts firms of asbestos threat
13 July 2004
UK-based broker Jardine Lloyd Thompson has warned local firms they must address the new UK Government regulations on asbestos in the workplace…
Bush signs flood insurance into law
06 July 2004
Flood is a big issue in many parts of the United States, and President George W Bush was well aware that you don’t mess around with a flood relief program in an election year…
Capital requirements issued for UK insurers
06 July 2004
The UK Financial Services Authority is taking a hands-on approach to prudential regulation by setting a new set of capital requirement standards for British-based insurers…
US group lobbies for TRIA extension
29 June 2004
The US National Association of Insurance Commissioners wants Congress to adopt a two-year extension of the Terrorism Risk Insurance Act…
Brokers defy levy plan
29 June 2004
Britain’s feisty Institute of Insurance Brokers is fighting a new regulatory push to directly levy brokers and mortgage insurers to pay for the country’s ombudsman…
UK insurers want climate change action
29 June 2004
Australian insurers are calling for action to manage climate change risks, and so are their British counterparts…
Risk management takes centre stage
22 June 2004
New risk exposures such as terrorism are forcing insurers to improve their own risk management, according to a panel of senior industry executives in New York…
US terrorism insurance law extended
22 June 2004
The US Treasury Department will extend the “make available” provision of its Terrorism Risk Insurance Act through to the end of 2005…