Property
Fonsai misses 2011 target but cut losses by 51%
Italy’s second largest insurance company reported losses of €178.6m in the first nine months of 2011, but avoided the scale of losses that plagued it in first three quarters of 2010.
Cattolica profits down €20m
Cattolica Società di Assicurazione reported net profit of €41m for the first three quarters of 2011, down €20m compared with the same period in 2010.
Editor's comment: Impacting the market
Market-turning they may not be but market-impacting they evidently are. Revised loss estimates for the 1500 industrial units hit by the Thai floods have reached $20bn.
Review of the year - Lloyd's & London Market: The costliest year ever?
The first half of 2011 saw an unprecedented number of catastrophic events, so how has Lloyd’s and the London market coped?
8 December: Long lingering goodbyes
A tenancy agreement between the landlord of a Spanish villa and his lessees turned sour following a falling out between the parties.
7 December: Horsing around
It’s true to say that the one thing you don’t expect to come home to after a hard day’s Christmas shopping in Knightsbridge is a horse in your swimming pool.
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.
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.
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.
China’s P&C growth behind average
Reinsurance broker Aon Benfield says China’s property and casualty insurance growth has been too slow.
Bluefin's network appoints Ageas to home panel
Bluefin Broker Partnership Services (BBPS) has appointed Ageas to its panel of preferred home insurance providers.
Keychoice teams up with Lorega
Loss recovery managing general agent Lorega has linked up with Keychoice to provide commercial loss recovery insurance and services for its 800 plus broker members.
Imperial Consultants gains accreditation for in-house claims course
Property claims validation firm Imperial Consultants has gained accreditation from the CII for its in-house claims technicians training course.
Editor's comment: Sales, sprinklers and statistics
Any reputable estate agent — excusing the potential oxymoron — will tell you the property market falls quiet in the run-up to Christmas, as potential vendors focus on the festivities ahead. Not so in the insurance market, with an unexpected end-of-year…
Fire protection sprinklers: The market needs saturating
Despite research showing sprinklers significantly reduce economic damage and environmental impact following major fires, hopes for mandatory legislation remain low.
US reinsurers report worsening COR
The Reinsurance Association of America has reported that 19 US property-casualty reinsurers wrote $18.3bn of net premiums during the nine-months ended 30 September 2010 compared to $18.7bn for the same period in 2009.
UNIQA Austria expects full year losses of €300m
UNIQA Group Austria has revealed losses of €181m for the first nine months of 2011 due to significant significant one-off effects of write-downs of Greek government bonds and investments in the restructuring of the group.
Thai flood supply chain losses could reach $20bn
The majority of insurance losses from the Thai floods will come from manufacturing and supply chains and could reach $20bn according to AM best.
BSIA calls on insurers for support in fight against theft
The British Security Industry Association is calling on insurers to back the fight against rising levels of heavy machinery theft, following two recent incidents in Kent where criminals used mini diggers to rip out ATM machines.
Escape of water claims hit £2m daily
According to Cadogan Keelan Westall a quarter of claims made on flats are for damage caused by escape of water.
Affinity Select launches household service following PI success
Affinity Select Insurance Services is hoping to “fill a gap” in the household market with the launch of a new service designed to connect customers directly with industry experts.
Market moves: Setting the trend
Insurer MMA was the main recruiter this week, with the firm naming five new staff across its regional office network. The moves set the trend among fellow underwriters, with high-profile appointments at Groupama, DAS and for Markel’s fledging operation…
Roundtable - Global programme: Building successful global programmes
Delivering tailored coverage around the world is a boon for multinational insurers. However, keeping up with regulatory demands, both internationally and locally, can be be a strain. Post gathered a group of experts to debate the most pressing issues.
Claims - Board representation: Staking a claim
Claims representation at insurer board level may remain a relative rarity — but is it a business critical necessity or a luxury?