Big decisions for US asbestos reform
08 March 2005
The asbestos agenda is hotting up in the US Senate, with draft bills for asbestos reform creating significant debate among senators…
International
UK regulator assesses costs
08 March 2005
The Financial Services Authority, the British version of ASIC and APRA rolled into one, is doing something the Australian regulators have never done…
Hank Greenberg faces investigation
01 March 2005
Maurice “Hank” Greenberg, the legendary Chairman and CEO of American International Group (AIG), is being investigated by New York Attorney-General Eliot Spitzer…
Aon in talks with US attorneys-general
01 March 2005
Aon Corporation is the latest US broker to have its operations overhauled as a result of a visit by New York Attorney-General Eliot Spitzer…
Real estate insurance kickbacks cause concern
01 March 2005
California’s Insurance Commissioner John Garamendi is investigating two real estate title insurers and the perks they receive…
Zurich results bright despite reserves
22 February 2005
Swiss-based global insurer Zurich Financial Services has reported strong results for 2004 with a net income of $US2.59 billion – a rise of 29% over 2003…
Three more guilty in Spitzer investigation
22 February 2005
Three more individuals, one from Marsh and two from AIG, are the latest to face possible jail terms after pleading guilty to criminal charges arising from the investigations…
Spitzer spotlight on finite reinsurance
22 February 2005
Regulators worldwide are getting more nervous about the finite reinsurance contracts many insurers use to smooth out discrepancies in their balance sheets…
US passes class action laws
22 February 2005
The US Senate has passed the Class Action Fairness Act, which diverts large, multi-state class action lawsuits from state courts into federal courts…
Insurers are holding the line, says ratings agency
22 February 2005
Insurers in the US and Europe are maintaining pricing discipline in the property/casualty markets despite the influx of extra capacity, according to ratings agency AM Best…
Return to profitability for Munich Re
22 February 2005
Munich Re has a projected net profit of €1.8 billion ($A2.9 billion) last year – a big turnaround from its first-ever net loss of €434 million ($A701 million) in 2003…
Class action curbed, but asbestos still simmers
15 February 2005
While a bill to shield businesses from major class action law suits has been approved by the US Senate, support for a proposal to create a $US140 billion asbestos compensation fund…
Catastrophe losses high, but AIG profits higher
15 February 2005
Despite record insured property damage payouts, giant US insurer AIG has reported significant increases in net income for 2004…
Insurers may re-consider tsunami cover
15 February 2005
While no insurers affected by the Asian tsunami have knocked back claims arising from the disaster, reports from the UK suggest insurers may re-evaluate the way they price…
Aon posts lower profits after Spitzer
15 February 2005
Aon has noted lower earnings in the December quarter due to the wind-back in its contingent commission earnings and the need to set aside $US50 million for settlements…
UK regulator stands firm on broker commissions
15 February 2005
The Financial Services Authority says it won’t budge on its refusal to make the disclosure of commission arrangements between insurers and brokers compulsory…
Knee-jerk reaction: Britney Spears sues QBE
15 February 2005
Teen pop icon Britney Spears is suing eight insurers – QBE among them – after they refused her claim over losses incurred when she called off a concert tour because she had hurt her knee…
Marsh – back to business?
08 February 2005
Now that Marsh has agreed to pay an $US850 million settlement for its role in bid rigging it can get back to business – but it won’t be all plain sailing for the international brokerage…
US premium growth tipped to slow
08 February 2005
The US insurance industry expects a slowing in premium growth while the combined ratio continues to hold steady…
Results round-up
08 February 2005
Chubb Corporation has reported net income of $US1.55 billion for 2004 – a 91.6% increase on the 2003 result…