Global premium volume dips in 2009
05 July 2010
Global insurance premium volume dipped 1.1% last year, with general insurers showing greater resilience to the recession than their life insurance counterparts…
International
Oil spill compo fund to speed payouts
05 July 2010
Administrators of the $US20 billion ($24 million) Gulf of Mexico oil spill compensation fund have moved to speed up payments to victims…
US reinsurance rates decline
05 July 2010
Despite significant global catastrophe losses in the first half of this year, US reinsurance rates have continued to decline at the June 30 reinsurance renewal…
XL completes move to Ireland
05 July 2010
Former Canary Islands-based insurer XL Group has completed the relocation of its headquarters to Ireland…
US general insurers return to profit
28 June 2010
US property and casualty insurers returned to profit in the first quarter of this year despite a continuing decline in net written premium…
UK Government raises insurance taxes
28 June 2010
The UK Government has raised insurance taxes as part of a £40 billion ($68 billion) financial austerity package unveiled in last week’s emergency budget…
Lloyd’s boss outlines a year of ‘direct hits’
28 June 2010
Lloyd’s Chairman Lord Levene has outlined the considerable exposures faced by the London market, describing 2010 as a year of “direct hits”…
AIG’s Taiwan subsidiary sale delayed
28 June 2010
Taiwan regulators have delayed the $US2.15 billion ($2.46 billion) sale of AIG subsidiary Nan Shan Life in the latest impediment to the American insurer’s progress in selling non-core assets…
Axa sells part of UK life
28 June 2010
Global insurance giant Axa SA has finalised a deal to sell part of its UK life insurance division to investor Resolution for £2.75 billion ($4.75 billion)…
UK prudential regulator FSA to be scrapped
21 June 2010
The UK Government has announced its intention to scrap the Financial Services Authority and hand greater powers of scrutiny, including prudential regulation, to the Bank of England…
BP, Obama announce $23 billion clean-up fund
21 June 2010
BP will create a $US20 billion ($23 billion) fund for clean-up costs in the Gulf of Mexico in the first concrete agreement to pin blame solely on the British oil major…
British brokers face levy spike
21 June 2010
British insurance brokers are facing big hikes in compensation levies despite having little involvement in the financial products responsible for the rising cost of the scheme…
Flood map a French first
21 June 2010
A two-year project to map France’s plains and river systems has culminated in the country’s first comprehensive flood map…
Macquarie heads Quinn Insurance sale
21 June 2010
Macquarie Bank will oversee the sale of stricken Irish company Quinn Insurance…
Mega-earthquake risks identified
21 June 2010
A new report has identified northern Chile, among other regions, as being a “high risk” zone for future mega-earthquakes…
S&P downgrades outlook on MMC
21 June 2010
Ratings agency Standard & Poor’s has downgraded its outlook on Marsh parent Marsh & McLennan to negative from stable, after the company paid hefty settlement costs…
Lost bags cost lots
21 June 2010
A report into baggage handling has found that one in 100 plane passengers suffer from mishandled baggage, presenting another compelling reason for travel insurance…
Marsh sells Kroll to focus on insurance
15 June 2010
Marsh & McLennan Companies has agreed to sell risk consulting firm Kroll in order to focus on its risk and insurance businesses…
Chilean earthquake shakes Munich Re
15 June 2010
Munich Re has upped its losses estimate from the February Chilean earthquake by more than 40% as the claims picture in the devastated South American country slowly becomes clear…
Report lashes AIG rescue
15 June 2010
The US Government has come under stinging attack for its “failure to exhaust all options” before deciding to rescue insurance giant AIG in 2008…