News
Study reveals supply chain risks in China
A study commissioned by FM Global revealed a natural catastrophe in China on the scale of the 2011 Japan earthquake and tsunami would have an even more severe impact on supply chains, given the country’s critical role in global manufacturing.
Product innovation in European insurance firms is widespread
Product innovation in non-life insurance is widespread according to a new report.
$600m of Thai flood losses fall to Swiss Re
Swiss Re estimates its claims costs from severe flooding in Thailand will be $600m of the $11bn total losses.
Risk of conflict with ABS
The move by some legal expenses firms to develop alternative business structures under the Legal Services Act creates the risk of a conflict between the needs of underwriters and consumers, according to Arc Legal Assistance.
News analysis: Escalating loss estimates in Thailand begin to trigger market fallout
It was the worst flooding Thailand had seen for 50 years and, during its four-month spell, more than 600 people died and 77 provinces were submerged in water.
70% of firms ready for risks, says Lloyd’s report
A Lloyd’s Risk Index report has found that 70% of businesses believe they are better prepared to tackle the risks they face than they were two years ago.
US P&C rates rise after six soft years
US Composite P&C rates have finally risen after six years and eight months of soft market pricing, according to the Dallas-based insurance exchange Market Scout.
Swiss Re estimates Thai losses at $600m
Swiss Re estimates its claims costs from the flooding of 1500 industrial units in Thailand to be $600m, net of retrocession and before tax.
6 December: Driving into trouble
Following an accident involving a lorry driving through the window of a bric-a-brac shop, Mr Policyholder got in touch with his insurer, who then passed on the enquiry to their loss adjusters.
Brokers buoyant about future growth
Firms are setting their sights firmly on growth despite concerns about the economic outlook, according to Macquarie Relationship Banking’s 2011 Insurance Broking Benchmarking Report.
Cleaning contractor’s scheme for UK brokers launched
Gleaming Wholesale is a new scheme dedicated to the cleaning industry for UK insurance brokers and intermediaries, underwritten by Hiscox Insurance.
Japan to set up Asian nat cat insurance plan
Japan is planning to establish a large-scale insurance system encompassing the Asia-Pacific region to cover developing countries hit by devastating earthquakes, typhoons and other disasters.
Torus acquires Starr’s Continental Europe renewal rights
Specialty insurer Torus's syndicate 2243 has acquired the renewal rights to the European business of CV Starr's syndicate 1919.
US P&C losses climb to $38.6bn
AM Best has released its estimates for catastrophe-related losses experienced by the US property & casualty industry through the first nine months of 2011, which show that losses so far have nearly doubled total year-end 2010 losses.
Torus takes CV Starr Lloyd’s renewals
The Lloyd’s arm of specialty insurer Torus is to take over renewals of CV Starr’s Lloyd’s syndicate's continental European marine, casualty, financial lines and general property business.
Munich Re receives funding from German ministry for climate change initiative
Munich Re has teamed up with the Caribbean Catastrophe Risk Insurance Facility and specialist microinsurance broker Micro Ensure to develop insurance solutions developing countries vulnerable to climate change.
Aviva falls foul of broadcasting code
Broadcasting regulator Ofcom has ruled that Aviva's sponsorship of ITV's hit drama Downton Abbey strays too close to being advertising.
RK Harrison completes MWA acquisition
RK Harrison Group has completed the acquisition of specialist high net worth broker Mercury West Associates following due diligence and the approval of the transaction from the Financial Services Authority.
XL and Aon launch e-accounting system
The insurance segment of XL Group has launched an e-accounting system with broker Aon.
NIG names three in SME push
Broker-only commercial insurer NIG has appointed area business development managers at its regional headquarters in Bristol, Maidstone and Watford.
IUA calls for market solution to green risks
Market-driven solutions to environmental liability risks should take precedence over possible EU-enforced compulsory financial requirements, the International Underwriting Association has argued.
Slingsby returns to RSA as director of Global speciality lines
Former RSA executive Steve Slingsby is returning to the insurer as programme director for global speciality lines, after a two-year stint at rival QBE.
Challenges lie ahead for China's insurance market
The Chinese insurance market’s share of world insurance premiums has grown from 1% to 4% in the space of a decade, but with rapid growth come new challenges, according to an Aon Benfield report.
Slingsby rejoins RSA after QBE role
RSA has named former QBE UK and Europe head of operations Steve Slingsby as global programme director for global specialty lines.