Tag: Insurance Journal
Surprising Number of Cyber Attacks Aim to Destroy, Not Steal
Hacking attacks that destroy rather than steal data or that manipulate equipment are far more prevalent than widely believed, according to a survey of...
AIR Estimates Cyclone Niklas Insured Losses from $1.09 to $2+ Billion
Catastrophe modeling firm AIR Worldwide estimates that insured losses from Extratropical Cyclone Niklas will range between €1.0 billion and €1.9 billion , with the...
AXA: Tighter Capital Rules on Too-Big-to-Fail Insurers May Threaten Recovery
AXA SA, France’s biggest insurer, said plans to impose tighter capital rules on too-big-to-fail insurers will pose a new hurdle to European growth and...
AIG Sued by Pimco Over Swaps, Subprime Losses
Pacific Investment Management Co. accused American International Group Inc. of misleading investors about “colossal” losing bets on unregulated credit-default swaps and subprime debt before...
German Aviation Authority Didn’t Know Crash Pilot’s Medical History
The German aviation authority did not know about co-pilot Andreas Lubitz’s medical background prior to the Germanwings crash that killed 150 people, it told...
AIG Aims to Sell Plane Leasing Firm AerCap for $4 Billion
American International Group Inc. registered to sell its 46 percent stake in plane lessor AerCap Holdings NV for a price that values the holding...
BlackRock, ACE Raise $800 Million to Form Bermuda Reinsurer
BlackRock Inc., the world’s largest money manager, and Evan Greenberg’s ACE Ltd. raised $800 million for a reinsurance venture, at the low end of...
Allianz Completes Sale of Fireman’s Fund Personal Lines to ACE
Allianz Global Corporate & Specialty (AGCS) said it has completed the sale of the U.S. personal lines business of Fireman’s Fund Insurance Co. (FFIC)...
Extra-Tropical Cyclones Niklas and Mike Strike No. Europe: AIR Worldwide
AIR Worldwide reports that extra-tropical cyclone Niklas, currently battering northern Europe with gale-force winds, “is reportedly one of the worst storms to affect Germany...
A.M. Best: Germanwings Crash May Put More Pressure on Aviation War Sector
A.M. Best said the total insurance loss of Germanwings Flight 4U9525, which crashed in the French Alps on March 24, 2015 killing 150 people,...
Allianz Estimates $300 Million in Claims for Germanwings Crash, Sources Say
Germany’s Allianz has estimated insurers will pay $300 million in claims and costs stemming from the crash of a Germanwings plane in the French...
AIG CEO Hancock Aims to Sell Off More Assets
American International Group Inc. Chief Executive Officer Peter Hancock, who took over the top job in September, said he plans to sell more businesses...
Reports Advise How to Make Flood Insurance Affordable
A new report suggests the federal flood insurance program may want to target mitigation grants to households with high premiums, urge homeowners to select...
AIG Chairman Miller to Exit in July: WSJ
American International Group Inc. Chairman Robert “Steve” Miller intends to step down in July after five years in the role, theWall Street Journal reported. The...
Ex-Pilot’s Suit Says JetBlue Should Have Known He Was Unfit to Fly
A former JetBlue Airways Corp. pilot whose midair meltdown forced an emergency landing of a 2012 flight on Friday sued the carrier for $14.9...
AIG Seeks $507 Million Through Sale of Some of Its Shares in China’s PICC
American International Group Inc. is seeking as much as $507 million through the sale of part of its holding in PICC Property & Casualty...
Lufthansa Liability May be Unlimited; Insurance in Play
Deutsche Lufthansa AG may face unlimited liability for payments to families of victims of the Germanwings jet crashed by its suicidal co-pilot, according to...
Lloyd’s Reports US$4.9 Billion (£3.2 Billion) Profit for 2014, Level With 2013
Lloyd’s announced a pre-tax profit of US$4.9 billion (£3.2 billion) for 2014, which is unchanged from the profit figure reported in 2013. The 2014 profit was...
2014 Insured Cat Losses below Average at $35 Bn: Swiss Re Sigma Report
Swiss Re has just released its sigma report on catastrophe losses for 2014, which confirms that total global economic losses from natural catastrophes and man-made disasters...
Germanwings Airbus A320 Crashes in France; Survivors Unlikely
An Airbus A320 crash in southern France may have claimed the lives of all 150 people on board, in what would be the worst...
Fireman’s Fund to Pay $44M to Settle Crop Insurance Fraud Charges
Fireman’s Fund Insurance Co. has agreed to pay $44 million to settle allegations under the False Claims Act that it knowingly issued insurance policies...
Talanx Q4 Profit Rose 17% on Measures to Restructure German Retail Division
Talanx AG, Germany’s third-biggest insurer, said fourth-quarter profit rose 17 percent helped by investment gains as it sought to restructure its German retail division. Net income...
Court OKs AIG $970M Pact with Investors Over Subprime Mortgages
American International Group Inc. shareholders won approval on Friday of a $970.5 million settlement resolving claims they were misled about its subprime mortgage exposure,...
ACE, Blackrock Seek Up to $1.3 Billion for Bermuda Reinsurance Venture
BlackRock Inc., the world’s largest money manager, and EvanGreenberg’s ACE Ltd. are forming a reinsurance venture that is seeking to raise $800 million to $1.3...
Natural Disasters Could Cost $750 Billion Annually in 15 Years: AIR Study
Economic losses from global natural catastrophes likely will triple over the next 15 years, unless steps are taken to reduce bad development choices, according...
Lloyd’s Opens Branch Office in Beijing to Access New Chinese Business
Lloyd’s opened a branch office in Beijing to access new business and forge closer links with business partners in China’s capital. Lloyd’s also appointed Songlin...
AIG Buys Controlling Interest in Program Manager NSM Group
American International Group Inc. has agreed to acquire a controlling stake in NSM Insurance Group, a managing general agent and insurance program administrator, from...
Nat Cat Risks Aggravated by Persistent Extreme Weather Conditions: Munich Re
Munich Re has published a report, which notes that “over the past years, persistent extreme weather conditions have triggered severe natural catastrophes and caused...
Generali Q4 Profit Drops 75% on Higher Impairments
Assicurazioni Generali SpA, Italy’s biggest insurer, said fourth-quarter profit slid 75 percent after impairments of its Russian stake and related to the sale of...
Google Compare May go Beyond Auto Insurance
The way Valen Analytics President and CEO Dax Craig describes it, Google’s move into insurance with Google Compare for auto insurance is an “all-aboard,...
Munich Re Continues Buying Back Shares Amid Falling Profit
Munich Re, the world’s biggest reinsurer, will continue buying back shares as declining prices and lower investment income undermine earnings. Munich Re plans to repurchase...
Compare.com Confirms Partnership with Google Insurance Comparison Site
Online auto insurance comparison site compare.com is now working with Google on its auto insurance compare and buy platform, Google Compare, in California. Andrew Rose, CEO...
Low Catastrophe Claims Help to Boost Full-Year Profit for Hannover Re
Hannover Re, the world’s third-biggest reinsurer, plans to pay a special dividend after fourth-quarter profit rose more than analysts estimated, helped by low catastrophe...
P/C Insurers Face $1 Billion Tab for February Storms in U.S.
February storms in the U.S. are expected to cost insurers more than $1 billion, according to the latest Global Catastrophe Recap from Aon Benfield’s...
Google Compare for Car Insurance Has Arrived
Google Compare for car insurance was introduced on Thursday in California, “with more states to follow,” the tech giant said. “Google Compare for car insurance...
Aon Risk Solutions Identifies 5 Big Geopolitical Risks for 2015
Critical events of early 2015 – cheap oil and Middle East violence – will probably continue to take their toll as the year goes on,...
Merger of Hyperion & RK Harrison Approved by Boards, Shareholders
Hyperion Insurance Group Limited and RK Harrison Holdings Limited announced the signing of the terms of agreement for the merger of the two London-based...
Uber: Hackers May Have Stolen Data on 50,000 Drivers
Uber Technologies Inc. said its database was access by an unauthorized third party last year, resulting in the possible theft of information on 50,000...
Aon Launches Maximum Protection Coverage for Directors & Officers
Aon Risk Solutions, the global risk management business of Aon plc, has launched Maximum Protection D&O, which provides additional coverage to directors and officers...
Allianz Profit Drops as Gross’ Exit Spurs PIMCO Asset Outflows
By Oliver Suess Allianz SE reported an unexpected decline in fourth-quarter profit as the exit of Bill Gross at Pacific Investment Management Co. (PIMCO) spurred...
2014 Insured Losses Hit Lowest Level in Five Years: Guy Carpenter
Insured losses in 2014 were at the lowest level seen since 2009, according to Guy Carpenter’s annual Global Catastrophe Review. The report says that significant...
RSA’s Restores 2014 Profit and Dividend; CFO Plans to Step Down
By Sarah Jones RSA Insurance Group plc reported its first full-year profit since Stephen Hester took charge, restoring dividends after a string of asset sales and...
Europe’s Insurers to Boost Dividends for Investors Seeking Higher Yields
By Oliver Suess Europe’s insurers are preparing to boost dividends to the highest of any industry except utilities, making use of expanding surplus capital to...
AXA Posts 12% Increase in 2014 Profit Led by Life & Savings Division
By Fabio Benedetti-Valentini AXA SA, France’s largest insurer, reported a 12 percent jump in full-year profit, buoyed by its life and savings division. The shares...
U.K. Regulator Fines Aviva $27 Million for Failing to Manage Conflicts of Interest
By Suzi Ring Aviva plc was fined 17.6 million pounds ($27.2 million) by the U.K. financial markets regulator for failing to manage conflicts of interest...
AXA to Acquire 7% of Africa Re to Increase Pan-African Exposure
AXA has entered into an agreement to acquire a 7.15 percent stake in African Reinsurance Corporation, the leading reinsurance company in Africa. Under the terms...
AXA Buys London Pinnacle Site for Redesigned Skyscraper
By Dalia Fahmy and Patrick Gower Axa Real Estate Investment Managers, the property unit of France’s AXA Group, has bought the London site of the...
Global Reinsurance M&A – A Strategy or an Ultimatum? Best’s Briefing
A.M. Best has released a briefing exploring the recent wave of merger and acquisition (M&A) activity in the global reinsurance industry and how it...
ACE Launches Luxury Goods Practice for Continental Europe
ACE Group announced the launch of a new luxury goods practice across Continental Europe. The launch of the practice follows research by ACE where almost...
Swiss Re Plans $1.1 Billion Share Buyback; Q4 Net Income Hit
By Oliver Suess Swiss Re AG, swimming in excess capital after several years of lower-than-expected disaster claims, plans to shift to share buybacks to return...
A.M. Best: European (Re)Insurers Face Pressure Points; Ratings Are Stable
The recent unveiling by the European Central Bank (ECB) of its large-scale sovereign bond buying program is just one of the pressure points building...
RSA Sells 26% Holding in India’s Royal Sundaram Alliance Insurance
RSA Insurance Group plc announced that it agreed the sale of its 26 percent holding in Indian insurer Royal Sundaram Alliance Insurance Company Limited...
Zurich Insurance Shares Drop as 4th Quarter Profit Drops 20%
Zurich Insurance Group AG, Switzerland’s biggest insurer, fell short of an earnings target as fourth- quarter profit fell 20 percent on lower income from the...
MAPFRE Net Income Rises 6.9% on Rebound in Spanish Business
MAPFRE SA, Spain’s biggest insurer, recorded a 6.9 percent rise in net income last year on higher returns in its home market. Net profit grew...
Arch Reports Q4 Net Income of $209.7 Million; $812.4 Million for 2014
Arch Capital Group Ltd., a Bermuda-based insurance and reinsurance company, reports that net income available to Arch common shareholders for the 2014 fourth quarter...
Agent-Broker Profitability Reaches Record 21% for 2014: Reagan Consulting
Agent-broker profitability reached 21 percent for 2014, a new record for the Reagan Consulting Organic Growth and Profitability (OGP) survey that began tracking profitability...
Commercial Lines Softening to Continue in U.S. in 2015: Marsh
Competition among property/casualty insurance carriers and the flow of capital into the industry are continuing to drive down rates in most U.S. commercial lines...
Aon Reports $3.3 Billion Q4 Total Revenue; $12 Billion FY
Aon has reported fourth quarter total revenue of $3.3 billion, and $12 billion for the full year.Other highlights for the fourth quarter include the...
Munich Re Raises Dividend Even After 4th Quarter Profit Declines 42%
Munich Re, the world’s biggest reinsurer, plans to raise its dividend even after fourth-quarter profit declined 42 percent on investments and goodwill impairments. Net income...
Health Insurer Anthem Hit with Cyber Attack
Hackers have stolen personal information relating to current and former customers and staff of no. 2 U.S. health insurer Anthem Inc., after breaching an...
Fraud Adds Up to 17% to Auto Insurance Injury Claims: IRC
A new study estimates that fraud and claim “build-up” add between $5.6 billion and $7.7 billion in excess payments to auto injury claims paid...
AXIS Capital Reports Q4 Operating Income of $120 Million, $563 Million for 2014
AXIS Capital Holdings Limited reported a net income available to common shareholders for the fourth quarter of 2014 of $164 million, or $1.60 per...
XL Group Reports $293.9 Million Q4 Net Income; $999.2 Million for 2014
XL Group plc reported its fourth quarter and full year 2014 results. Highlights include:Operating net income of $293.9 million, or $1.12 per share, for the fourth...
Chubb Reports Q4 Net Income Falls 2%; Says No Fear of ACE, Google
The Chubb Corp. in Warren, New Jersey, reported net income of $558 million for the 2014 fourth quarter, a 1.9 percent decrease from $569...
Top Vehicle Claims Trends from 2014
The top five states in which a person was most likely to file an auto claim last year were all on the East Coast. December...
ACE Reports $827 Million Q4 Operating Income; $3.3 Billion Full-Year
ACE Limited reported Q4 operating Income of $827 Million and record full-year Earnings of $3.3 Billion, up 4.7 percent per share. Net income for...
Bermuda States It Will Fight to Remain Top Domicile for ILS
The Bermuda Stock Exchange (BSX) has issued a lengthy defense of its primary position as the “domicile of choice” for insurance linked securities (ILS);...
P/C Insurers’ Surplus Rose, Profitability Fell in 2014?s First 9 Months
The first nine months of 2014 saw policyholders’ surplus for the U.S. property/casualty insurance industry reach record levels. At the same time, net income...
Size Matters in Bermuda as Reinsurance Deals Heat Up: Real M&A
Insurance deal making is heating up as companies embrace a bigger-is-better philosophy. AXIS Capital Holdings Ltd.’s plan to merge with PartnerRe Ltd., creating a firm...
Axis to Merge with PartnerRe to Create $11 Billion Reinsurer
Axis Capital Holdings Ltd. agreed to merge with PartnerRe Ltd., combining two Bermuda-based reinsurers with a total market value of almost $11 billion amid...
Travelers Q4 Profit Jumps 5% to $1.04B, Underwriting Gain Rises
The Travelers Companies Inc. today reported net income of $1.038 billion for the fourth quarter that ended on Dec. 31, 2014, up 5 percent...
Willis to Acquire Majority Stake in Miller in Ship-Insurance Wager
Willis Group Holdings Plc, the third-largest insurance broker by market value, has agreed to take a majority stake in Miller Insurance Services LLP to...
RSA Vows to Fight Case Taken by $39,000 a Month Ex-Irish CEO
RSA Insurance Group Plc said it will fight a constructive dismissal case filed by the former head of its Irish unit, who stepped down...
Reinsurance Execs See Market Adjusting to New Realities
Aon Benfield’s Reinsurance Market Analysis describes the participants as having “reached the end of a 15 year journey, featuring chronological stages of alternative capital’s...
Top 10 Causes of Workplace Injuries
Overexertion and falls account for more than $25 billion in workers’ compensation costs in the U.S. Being hurt by an object or equipment ranks third...
P/C Insurers See Surge in Cyber Insurance, M&A Activity in 2015
Property/casualty insurance executives overwhelmingly predict growth in both cyber insurance and merger and acquisitions (M&A) activity in 2015, according to a new Insurance Information...
Allianz Survey: Businesses Face New Challenges in Interconnected World
Business interruption (BI) and supply chain, natural catastrophes and fire/explosion are the major risks that occupy the attention of companies at the start of 2015,...
MetLife Touts Surviving Lehman in Case Against Systemic Risk Tag
MetLife Inc. Chief Executive Officer Steve Kandarian, who issuing to reverse a U.S. finding that subjects the insurer to greater oversight, said his company’s performance...
A.M. Best: Reinsurers Need Underwriting Discipline in Competitive Market
Increasing competition and lower underwriting margins in the reinsurance market highlights the importance of disciplined underwriting, according to an A.M. Best briefing entitled “Global...
MetLife to Sue to Overturn Systemically Risky Designation
MetLife Inc. said it will sue in federal court as part of Chief Executive Officer Steve Kandarian’s effort to overturn a finding that the...
Lowest Insured Losses since 2009: Impact Forecasting Climate and Cat Report
Impact Forecasting, Aon Benfield’s catastrophe model development team, has released its Annual Global Climate and Catastrophe Report, which evaluates the impact of the natural...
Insurance to Fully Cover Sony’s Cyber Attack, Says CEO
Over the past seven weeks, Sony Pictures’ chief executive has dealt with the fallout from a cyber attack he likens to having your house robbed...
After Jet Crashes, Aviation Industry Struggling’ to Re-Train Pilots
As investigators hunt for what caused an AirAsia jet to crash in an equatorial storm on Dec. 28, the aviation industry is still struggling...
XL to Write Nearly 10th of Lloyd’s Business After Catlin Deal
XL Group Plc said it would buy underwriter Catlin Group Ltd. for about 2.79 billion pounds ($4.22 billion), increasing the Dublin-based insurer’s share of...
Renewals See Lower Pricing, Broader Coverage, Reports Guy Carpenter
Guy Carpenter & Company reports reinsurance pricing fell at the January 1, 2015 renewals in many segments, affecting almost all lines of business and...
U.S. Insurers Still Funding Asbestos, Environmental Liabilities: A.M. Best
The current estimate of net asbestos losses for the U.S. property/casualty industry remains at $85 billion, with net environmental losses estimated at $42 billion,...
Aon Benfield 2015 Reinsurance Market Outlook Notes Financial Security’ Strength
The roller coaster ride engendered by the entry of large amounts of alternative capital into the reinsurance market – originally seen as a threat...
MetLife Considers Appeal of Systemic Risk Label
MetLife Inc., the biggest U.S. life insurer by assets, was labeled a systemically important financial institution by a council of regulators and said it...
ACE to Buy Fireman’s Fund Personal Lines; Famous Brand Fading Away
Allianz Group has agreed to sell the U.S. personal lines business of its Fireman’s Fund unit to ACE for $365 million by means of...
Top 10 Casualty Insurance Trends for 2015: Marsh
While casualty insurance rates remain stable overall and new capacity continues to enter the market, certain classes of business continue to be difficult to...
Swiss Re sigma 2014 Disaster Insured Loss Estimates = $34 Billion
According to Swiss Re’s preliminary sigma estimates, total economic losses from natural catastrophes and man-made disasters were $113 billion in 2014, down from $135 billion in...
Senate Fails to Renew Terrorism Insurance
A U.S. program that backstops insurance companies’ losses from acts of terrorism is set to end after the Senate didn’t extend it. Efforts to reauthorize the Terrorism...
Drone Risks Require More Safety Regulation, IATA Chief Says
The surging popularity of inexpensive radio-controlled airplanes and helicopters raises risks that require a firm response from regulators to ensure safety, the head of...
IBM, Apple Release 10 Apps for Insurance, Banks, Retail, Other Businesses
Five months after Apple Inc.’s partnership with International Business Machines Corp. was announced, the companies are unveiling the initial fruits of the deal: 10...
Hackers Increasingly Target Banks, Corporations Instead of Consumers
Hackers are increasingly stealing directly from banks and other companies and helping organized crime to operate more efficiently, according to the chief of cyber-security...
Cyber attacks, drones pose threat to plane safety: Allianz
Cyber attacks and commercial drones pose a growing risk of commercial airplane crashes, a major insurer said, running counter to a long-term decline in...
Legal Battle Over MetLife Systemic Risk Label Looms
U.S. regulators are close to a final decision to label MetLife Inc. systemically important, two people with knowledge of the matter said, setting up...
Winter Storm Bomb’ Watch Begins From New York to Europe
As fall gives way to winter, meteorologists from the U.S. East Coast to the shores of Western Europe will be watching for signs that...
Air Bag Update: Toyota to Recall 190,000 More Vehicles, Mostly in Japan
Toyota Motor Corp. said on Thursday it would call back 190,000 more vehicles, mostly in Japan, to replace potentially defective air bags made by Takata Corp., the latest...
U.S. Prods Banks to Buy Cyber Insurance, Insurers to Develop Products
Banks should consider cyber risk insurance to help deal with the financial fall-out from the growing threat of cyber attacks, a top U.S. regulator...
Global Car Insurers Offer Discounts – If They Can Monitor Driving Data
Insurance companies around the world are promising lower rates on car coverage. The catch is they want to install the equivalent of an airplane’s...
Spain’s Mapfre Seeking to Make Acquisitions in Europe and U.S.
Mapfre SA, the biggest insurer in Spain, is seeking to expand and may make acquisitions in Europe and the U.S., Chairman Antonio Huertas said. The...
New London Reinsurer Sets Sights on Africa
One Re Ltd., the first reinsurer approved under Britain’s “twin peaks” system of financial regulation, said it’s seeking clients across 38 African countries in...
IKEA, Ikano Group Testing Affordable Accident & Health Cover in Sweden
OMIFALL, a Swedish health insurance product for pregnant women and children, came about as a “mutual dream” between home furnishings icon IKEA and its...
ACE Authorizes $1.5 Billion of Share Buybacks
ACE Ltd., the Swiss insurer with operations in more than 50 nations, authorized $1.5 billion of share buybacks to take place in 2015.The plan...
Aviva in $8.76 Billion Deal to Buy Friends Life after Pensions Shake-up
British insurer Aviva said on Friday it had agreed terms on a possible deal to buy rival Friends Life for £5.6 billion , as...
Generali Meets Targets Ahead of Schedule, Sheds Global Non-Core Assets
Assicurazioni Generali SpA said it has reached most of its targets ahead of schedule after shedding non-core assets around the world and will present a new...
Google Targeted in Independent Contractor Classification Dispute
Google was sued last week by a worker who claimed the company did not pay overtime, improperly classified him as an independent contractor then...
MetLife’s Gay Rights Support Draws Criticism of Malaysia Partner
MetLife Inc.’s support for gay rights in the U.S. is drawing criticism to the insurer’s partner in Malaysia. A group in the nation called...
Cyber Attacks, Terrorism Are Top Emerging Risks for 2015: Guy Carpenter
Cyber attacks and terrorism are ranked among the top emerging risks concerning the (re)insurance industry in the year ahead, according to a survey released...
Berkshire Nearly Quadruples Insurance Profits; Boosts Premiums 50%
While investment losses pulled net income for Warren Buffett’s Berkshire-Hathaway down 8.6 percent to $3.6 billion in third-quarter 2014, a 40 percent jump in...
RSA Premiums Drop 16%, Focuses on Most Profitable Business
RSA Insurance Group Plc reported a 16 percent drop in net written premiums in the first nine months of this year as the insurer...
China’s PICC P&C Plans $1.2 Billion Rights Offer
PICC Property & Casualty Co., China’s biggest non-life insurer, said it plans to raise 7.25 billion yuan ($1.2 billion) in a rights offer in...
AIG Q3 Net Income Rises 1% to $2.19B, More Share Buybacks Planned
Insurer American International Group on Monday reported better-than-expected third quarter earnings, bolstered in part by improved performance at core insurance operations. After-tax operating income jumped...
Greenberg Upset Win in AIG $25 Billion Bailout Trial Possible
Lawyer David Boies has a shot at an upset win in the trial of Maurice “Hank” Greenberg’s $25 billion bailout case against the U.S....
MetLife to Continue Fight Against Systemic Risk Designation Next Week
MetLife will plead against being branded a super-risky financial firm at a meeting next week with regulators, a company spokesman said, as the U.S....
The Hartford Profit Up 32% in Q3
The Hartford reported third quarter 2014 net income totaled $388 million, up 32 percent from $293 million in third quarter 2013. The insurer said core...
Ping An Profit Rises, Along With Investment Returns
Ping An Insurance (Group) Co., China’s second-largest insurer, said profit rose in the third quarter as banking revenue expanded and a stock-market rally bolstered...
Climate Scientists Forecast Severe Winters for Europe
The decline in Arctic sea ice has doubled the chance of severe winters in Europe and Asia in the past decade, according to researchers...
Chubb Reports Outstanding’ Q3
Calmer weather, rate increases, high account retention and lower expenses powered The Chubb Corp. to a what the firm’s CEO said was an “outstanding”...
Some Insurers Exclude Ebola; Others Offer New Products
As fear of Ebola infections spreads to developed economies, U.S. and British insurance companies have begun writing Ebola exclusions into standard policies to cover...
Early Insured Loss Estimates on Hurricane Gonzalo Up to $400M
Early estimates by catastrophe modeling firms indicate insured losses from Hurricane Gonzalo in Bermuda will come in between $200 and $400 million. EQECAT estimates $300...
Towers Watson Predicts Moderate Global Growth, Downside Risks
Towers Watson says that overall global growth in the next three to five years will be moderate and divergent on a country basis, and...
ACE’s Greenberg Says TRIA Inaction Shameful’; Defends Ebola Underwriting
The failure of Congress to renew federal terrorism reinsurance legislation is “shameful” because both political parties know it needs to be done and their...
Travelers Reports Profit Up 6% for Q3 on Higher Investment Income, Lower Cat Losses
The Travelers Companies Inc. today reported net income of $919 million for the quarter ended Sept. 30, 2014, up more than six percent compared...
Hannover Re Sees Storm Losses Stabilizing Reinsurance Prices in Germany
Hannover Re, the world’s third- largest reinsurer, expects more than 5 billion euros ($6.4 billion) in losses from two storms to sustain prices for...
Marsh to Acquire Flood Insurance Technology Firm Torrent
Insurance broker Marsh has agreed to acquire Torrent Technologies Inc., which serves Write Your Own (WYO) insurers participating in the National Flood Insurance Program...
Management of Top Risks Unsatisfactory, Say Risk Managers Profiled in FERMA Survey
Risk managers are not satisfied with the level of mitigation for six of the top 10 risks “that keep their CEO awake at night,”...
AIG Ex-CEO Liddy Defends Closeness with Government During Bailout
Former American International Group Inc. Chief Executive Officer Edward Liddy defended his decision to work closely with the government at the time of the...
AIA Group’s New Business Growth Up 23%
AIA Group Ltd., the second-largest insurer by market value based in Asia, posted a higher-than- expected value of new business growth of 23 percent...
AIG Bailout Trial Probes Role of Ex-CEO Liddy
Former American International Group Inc. Chief Executive Officer Edward Liddy will face a key question on the witness stand in a trial over claims...
Progressive Profit Jumps 27% in Q3 on Improved Sales
Progressive Corp., the fourth- largest U.S. car insurer, said profit rose 27 percent as margins improved for a second straight period. Third-quarter net income climbed...
PwC: Climate Change Is Risk and Business Opportunity
Competition and regulation push companies to take action to protect themselves from the effects of climate change, not climate science, Jon Williams, partner at...
Are States, Cities Equipped to Handle Ebola Emergencies?
The missteps in Dallas’s handling of the first Ebola case diagnosed in the United States have revealed an uncomfortable reality: state and city plans...
Bernanke Denies Bailout Terms Were Meant to Punish AIG
Former Federal Reserve Chairman Ben Bernanke said he wasn’t looking to punish American International Group Inc. for mismanagement when the board of governors authorized...
Lloyd’s CEO Expects Cyber Insurance Surge
Lloyd’s of London Chief Executive Officer Inga Beale expects the market for cyber insurance to surge after hackers attacked some of the largest companies...
Scientists Calculate Risk of Ebola Spreading to France, Britain
Scientists have used Ebola disease spread patterns and airline traffic data to predict a 75 percent chance the virus could be imported to France...
P/C Insurers’ Net Income Rose, Operating Income Fell in First Half
U.S. property/casualty insurers’ net income rose $1.6 billion to $26.0 billion in first-half of 2014 while pretax operating income fell $1.9 billion to $23.9...
MetLife Challenges Systemic Risk Designation
MetLife Inc., the largest U.S. life insurer, is challenging a U.S. finding that it poses a potential risk to the financial system if it...
Geithner Expected to Testify on AIG Bailout Rate
Federal regulators cut a “loan sharky” interest rate on an $85 billion bailout loan to American International Group Inc. because it contributed to a...
Allianz Names Baete CEO to Succeed Diekmann amid Upheaval at Pimco
Allianz SE named board member Oliver Baete to succeed Michael Diekmann as chief executive officer as Europe’s biggest insurer grapples with upheaval at Pacific...
Aon Benfield Launches Private Charter Aviation Product
Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, announced the launch of a new insurance product, developed by Aon Benfield’s...
China’s Fosun to Invest in European, Japanese Insurers
Fosun International Ltd., the investment arm of China’s biggest closely held conglomerate, is considering making more bets on insurers outside its home country, Chief...
Greenberg’s Lawyer Says U.S. Demonized, Extorted AIG Shareholders in Bailout
The U.S. extorted American International Group Inc. shareholders when it extended a $182 billion taxpayer bailout at the height of the 2008 financial crisis,...
Allianz CEO’s Contract Likely to Be Extended
Allianz is set to extend the contract of its Chief Executive Michael Diekmann by two years as the German insurer seeks to soothe the...
Top 30 Private Auto Insurers: SNL
CSAA Insurance Exchange, which sells private auto insurance to AAA members in about 25 states, experienced double-digit year-over-year growth in personal auto business, far...
Lloyd’s Posts First-Half Profits of $2.72 Billion
Lloyd’s reported a profit of £1.67 billion {$2.7218 billion] for the first six months of 2014, marking a 21 percent increase on the corresponding...
U.K. Regulators Ban Insurer Deals on Price Comparison Websites
U.K. regulators banned car insurers from making agreements with price comparison websites, saying it limits competition and increases premiums. The agreements stop insurers from making...
Swiss Re’s Chief Economist Analyzes a Difficult Reinsurance Market
Over the past 13 years Swiss Re’s Chief Economist, Kurt Karl has been through a succession of reinsurance market ups and downs, but the...
New CEO Hancock Puts Stamp on AIG Management in Shake-Up
American International Group Inc. named Kevin Hogan to lead its main life insurance business, putting him in charge of offerings for individuals, as new...
Administration Says 7.3 Milion People Paid for Obamacare Coverage
About 7.3 million people have paid for their Obamacare coverage and remain enrolled in health insurance plans sold through new government-run markets, a top...
Allianz to Assume Fireman’s Fund Commercial Lines; Future of Personal Lines Uncertain
German insurance giant Allianz said it will absorb the commercial lines business of its U.S. subsidiary Fireman’s Fund Insurance Co. into one of its...
Swiss Re, Munich Re Wade Into Dutch Flood Insurance
The world’s biggest reinsurers, pushed by rising competition in existing markets, are preparing to insure against Dutch floods, a peril that centuries of experience...
Self-driving Cars Could Require Overhaul of Insurance Regulation
What is an autonomous vehicle? As demonstrated in a Sept. 15 California Department of Insurance informational hearing, that’s a misleadingly simple question. Regulators’ attempt to...
The Mood in Monte Carlo
For a financial sector posting a double-digit rise in earnings and boasting large cash piles, reinsurers sure see a lot of storm clouds on...
Demand for Liability Insurance to Rise Again: Swiss Re
Claims severity and demand for liability insurance will increase as economic growth accelerates and because of technological, social and regulatory changes, according to a...
Reinsurance Alternative Capital Now 20% of Cat Market: Aon Benfield ILS Report
Aon Benfield Securities, the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield, has issued its annual report on the insurance-linked...
S&P to Publish Annual Global Reinsurance Highlights’ Report
Standard & Poor’s Ratings Services will publish its annual “Global Reinsurance Highlights” publication to coincide with the 2014 Reinsurance Rendezvous in September. It will...
Storm Clouds on the Reinsurance Horizon despite Record Capital
As the reinsurance industry prepares for its annual get together in Monte Carlo next week, a number of analytical reports have appeared, which show...
Aon Benfield Study: Global Reinsurer Capital at New Peak – $570 Billion
The latest edition of the Aon Benfield Aggregate (ABA) report, which analyzes the financial results of the world’s leading reinsurers in the first half of...
U.S. Economic Losses Due to Napa Quake, August Floods Top $4 Billion: Aon
As far as natural perils go, August was mostly about earthquakes, along with a few tropical storms and typhoons around the world to add...
MetLife Strongly Disagrees’ with Systemically Risky Designation
MetLife Inc., the biggest U.S. life insurer, was tentatively categorized as a systemically important financial institution (SIFI) by a panel of regulators, which would subject...
Marsh Canada Acquires Montreal-based Kocisko Insurance Brokers
Marsh Canada announced the acquisition of Kocisko Insurance Brokers Inc., a full-service commercial insurance brokerage based in Montreal, Quebec. Terms of the transaction were...
S&P Report Warns Reinsurers Not to Ignore Global Impact of Climate Change
Standard & Poor’s Ratings Services has announced the publication of its annual “Global Reinsurance Highlights” to coincide with the 2014 Reinsurance Rendezvous in September. S&P...
EU Insurers Say New Rules Hurt $11.2 Trillion Investment Role
Insurers in Europe, which manage about €8.5 trillion ($11.2 trillion) of client money, say their role as long-term investors may be hurt by new...
Cyber Attacks on Banks Color Terrorism Insurance Renewal Debate
Bankers and U.S. officials have warned that cyber-terrorists will try to wreck the financial system’s computer networks. What they aren’t saying publicly is that...
How Insurance Can (or Can’t) Help You – a True Story
When it comes to personal lines insurance there are really only two attachment points – acquiring the policy and making a claim. The first...
Aon Benfield Secures Reinsurance Capacity for AEGIS Cyber Offering
Aon Benfield announced that it has secured “the reinsurance capacity for a unique cyber product developed by the Lloyd’s syndicate of mutual energy insurer...
Report: Russian Hackers Attack 5 Big Banks, Steal Customer Data
Russian hackers attacked JPMorgan Chase & Co. and at least four other banks this month in a coordinated assault that resulted in the loss...
U.S. Loses Bid to Dismiss $25B Lawsuit Over AIG Bailout
A federal judge has rejected the United States’ bid to dismiss a more than $25 billion lawsuit filed by Maurice “Hank” Greenberg, the former...
Swiss Re sigma Report Estimates 1st Half 2014 Insured Losses at $21 Billion
According to preliminary estimates in a sigma report from Swiss Re, total economic losses from natural catastrophes and man-made disasters reached $44 billion in the first...
Hurricane Forecasters Keeping Eye on Storm Building in Atlantic
A potential tropical system became a bit ragged with poor definition late yesterday as it neared the Leeward Islands at the eastern edge of...
Allied World to Acquire RSA’s Hong Kong, Singapore Operations
Allied World Assurance Company Holdings, AG announced that one of its operating units, Allied World Assurance Company, Ltd. has reached definitive agreements to acquire...
RSA Returns to Profit in First Half, Plans to Restart Dividend
The UK’s RSA Insurance Group Plc swung to a profit in the first half and plans to resume shareholder payouts in the full year...
Allianz Specialty Reports on Billion Dollar Challenge’ from Panama Canal Expansion
The Panama Canal is preparing to celebrate its 100th anniversary, accompanied by warnings from insurers are warning of the increased risks that will arise...
AIG Reports 12.5% Rise in Profit in Benmosche’s Last Quarter As CEO
Insurer American International Group Inc. reported a better-than-expected 12.5 percent rise in quarterly profit, helped by strong performance across its major businesses and the...
Direct Line in Talks to Sell Italy, Germany Units; Shares Surge
Direct Line Insurance Group Plc, the U.K.’s biggest home and motor insurer, said it was in talks to sell its units in Germany and...
Allstate Q2 Profit Up 49%
Allstate Corp. reported its second quarter profit rose 49 percent due to higher premiums and despite higher catastrophe losses. Net income rose to $645...
Generali Expects to Reach Targets Earlier as Operating Net Rises
Assicurazioni Generali SpA expects to reach 2015 targets ahead of schedule and improve its dividend policy, as first-half operating profit of Italy’s biggest insurer...
AIG Ex-CEO Greenberg Faces January Trial in Loss Reserving Lawsuit
Maurice “Hank” Greenberg, the former chairman of American International Group Inc., will go on trial in January after more than nine years of legal...
Willis Reports Non-Operating’ Items Reduce Q2 Net Income to $47 Million
Willis Group Holdings reported net income of $47 million, or $0.26 per diluted share, in the second quarter of 2014 compared to $105 million,...
Marsh Revenue Grew 7% in Q2
Marsh & McLennan Companies Inc., the global insurance and professional services provider, reported revenue growth of 7 percent in the second quarter. “This was our...
Aon Plunges Most Since 2012 on Reinsurance Revenue Decline
Aon Plc, the world’s second-largest insurance broker by market value, fell the most since 2012 after revenue missed estimates as reinsurance sales declined. Aon slipped...
Chubb Q2 Profit Declines 14%
Chubb Corp. reported that net income in the second quarter of 2014 fell to $499 million from $579 million in the second quarter of...
Insurers Overemphasizing Digital Service Risk Alienating Customers: Bain
Global top performers in the high-churn personal insurance industry win over customers with consistent outreach that relies on multiple channels for customers to connect...
Everest Re Posts $290.2 Million Q2 Net Income; $584.1 Million Half Year
Everest Re Group reported second quarter 2014 net income of $290.2 million, or $6.26 per diluted common share, compared to net income of $275.6...
ACE Limited Posts $779 Million Q2 Net Income; $1.513 Billion 1st Half
ACE Limited reported net income of $779 million for the first quarter of 2012, compared to $891 million in Q2 2013. For the first...
MetLife Designation as Systemically Important Expected Soon
A U.S. council of regulators is poised to label MetLife Inc. a potential threat to the financial system, subjecting the insurer to oversight by...
Insured Global Disaster Losses in First Half Reached $22B: Aon Benfield
Insured losses from global natural disasters during the six-month period ending June 30, 2014 reached $22 billion. That compares to $27 billion in the...
Airlines Shocked by Jet Attack; Ask Why No-Fly Zones Are So Rare
By Richard Weiss and Alan Levin A universal no-fly area declared in eastern Ukraine after the downing of Malaysian Air Flight 17 is a rare...
Best Affirms Allianz Global Risks US Insurance Co. & Subs Ratings
A.M. Best has affirmed the financial strength rating of ‘A+’ (Superior) and the issuer credit ratings of “aa-” of Allianz Global Risk US Insurance...
S&P Scores Global P/C Reinsurance Sector Risk As Intermediate’
Standard & Poor’s Ratings Services has issued an intermediate insurance industry and country risk assessment (IICRA) score on the global property and casualty reinsurance...
16 States Face High Risk of Earthquakes
Sixteen states are at high risk of damaging earthquakes over the next 50 years and certain areas of the United States face a higher...
Insured Losses From Hurricane Arthur Below $250 Million: RMS
Insured losses from Hurricane Arthur will not exceed $250 million from wind and coastal flooding, catastrophe risk modeling from RMS said. According to RMS, the...
Aon Completes Acquisition of National Flood Services
Aon Affinity, the consumer, association and program business of Aon Risk Solutions, has completed its acquisition of StoneRiver National Flood Services, Inc. and related...
AIG Settles for $650M from BofA in Mortgage Securities Fraud Case
Bank of America agreed to pay American International Group Inc. $650 million to settle long-running legal disputes over defective mortgage-backed securities sold in the...
Hancock to Get $11.8 Million as Next AIG CEO
American International Group Inc.’s Peter Hancock will get a compensation package of $11.8 million a year as the insurer’s new chief executive officer. The short-term...
Judge Allows $1B Malpractice Claim Against PwC Over MF Global Collapse
A federal judge on Wednesday rejected PricewaterhouseCoopers’ request to dismiss a $1 billion lawsuit accusing the auditor of providing bad accounting advice that contributed...
Cat Bonds Totaling $4.5 Billion Issued in Q2 2014: Aon Benfield ILS Study
Aon Benfield Securities, the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield in its latest report on the insurance-linked securities...
Willis Sees Catastrophe Bonds Setting Record This Year After Busy Q2
The largest ever volume of non-life catastrophe bonds was issued during the second quarter of 2014 (Q2), according to a report by Willis Capital...