Munich tops up American Re
16 July 2002
American Re, an arm of No 1 reinsurer Munich Re, is receiving a $2 billion funds transfusion to keep its reserves healthy…
International
UK life insurers move closer to securitisation
09 July 2002
Financial reinsurance is useful and logical, although recent revelations at the HIH Royal Commission have brought it into some disrepute…
WTC asbestos fears rise again
09 July 2002
Two preliminary studies have found that Ground-Zero recovery workers in New York may have little to fear concerning heavy metal and dangerous chemical compounds…
California drops toxic mould bill
09 July 2002
How dangerous is toxic mould, and why is it costing US insurers billions in claims..?
EU extends deadline
09 July 2002
The European Commission has extended the period EU member states can offer war risk insurance to airlines until October 31…
Insurers exposed to the WorldCom affair
09 July 2002
Ratings agency Fitch has warned that US insurers have an exposure of more than $8.9 billion of direct investment to collapsed communications giant WorldCom…
US homeowners are paying more
02 July 2002
An extraordinary number of catastrophes, the high cost of repairs and excessive jury awards due to the emergence of toxic mould claims have pushed the cost of US householders…
Silverstein faces tough Swiss Re stand
02 July 2002
Swiss Re believes a recent series of court rulings over its dispute with World Trade Centre leaseholder Larry Silverstein “clearly support” the insurers’ view that the terrorist attack…
Diplomatic feathers fly over Manulife “bankruptcy”
02 July 2002
Canada has again called for Indonesia to quickly resolve the controversial Manulife bankruptcy case before it affects Canadian business investments in the country…
China ensures the future of open market
02 July 2002
A draft amendment intended to bring China into line with the World Trade Organisation was presented to the National People’s Congress in Beijing last week…
Rise in estimated property claims from Sept 11
24 June 2002
New figures released by the Insurance Services Office in New York estimate that the Sept 11 attacks will cost property insurers more than $40 billion – 22% more…
Lord Levene next to lead Lloyd’s
17 June 2002
Lord Levene of Portsoken, a former Lord Mayor of London, will replace Sax Riley as Chairman of Lloyd’s at the end of the year…
No gambling on medical indemnity
17 June 2002
Australia isn’t the only place having a few problems with medical indemnity insurance, and the argument isn’t very different, either…
200 British insurers at risk
17 June 2002
US ratings agency Fitch has raised concerns about the financial health of 200 general insurers, which it claims have been placed in “higher risk” categories by the regulator…
Another R&SA non-general asset sold
17 June 2002
Meanwhile, Royal & SunAlliance has sold another asset as it continues with its $2.1 billion disposal program that will leave it as a general insurer…
India goes slow for brokers
17 June 2002
Brokers in the rapidly liberalising Indian insurance market won’t be allowed to collect premiums or manage claims under new legislation being debated by the country’s parliament…
R&SA agrees to recovery plan
11 June 2002
Royal & SunAlliance CEO Bob Mendelsohn has had a tough job keeping the company ahead of an ailing stock price and disappointing returns over the past couple of years…
US begins terrorism bill debate
11 June 2002
A terrorism bill has been introduced into the US Senate by a group of senators from the Democratic Party, and Majority Leader Tom Daschle has promised swift passage of the legislation…
Japan’s life industry continues to weaken
11 June 2002
Japan’s life insurance industry is still in terrible shape, according to the latest reports collated by ratings agency Standard & Poor’s…
Munich Re becomes an ART dealer
04 June 2002
It has been a player before, but now Munich Re is moving into the alternative risk transfer market in a big way…