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What does the future hold for the insurance industry?
The 121 insurance CEOs surveyed for PwC’s annual global survey cite the current economic uncertainty as the greatest threat to growth in the short term
Category: International Insurance
Insurers win $9 billion judgment against Hezbollah in lawsuit over Sept. 11 attacks
Judge George B. Daniels ruled that Hezbollah, an Islamic militia group and political party that is designated as a terrorist group by the U.S. State Department, must pay damages to insurers that sought to subrogate claims paid out following the 2001 attacks
With insured losses at $116 billion, 2011 was second-costliest year for insurers
Economic losses were highest in history in 2011; insured losses second-costliest on record, says Swiss Re
Lloyd’s announces $800 million loss for 2011
Make no mistake, 2011 was a difficult year for the insurance industry. Given the scale of the claims, a loss is unsurprising but it reflects what we’re here to do – help communities and businesses rebuild after disaster,” said Lloyd’s Chief Executive Richard Ward
Four Lloyd’s syndicates launch terrorism insurance consortium
By ILSTV Staff on Mar 28, 2012 in International Insurance
Xin terrorism insurance policy covers against the perils of terrorism, strikes, riots and civil commotion and offers protection up to a maximum of US $110 million capacity for a single risk
U.S. Supreme Court begins hearings into Obama’s health care legislation
Annual health-care spending in the U.S. totals US$2.6 trillion, about 18 per cent of the annual gross domestic product, or $8,402 per person. Canada spends just under $5,000 per person, a figure that would shave billions from America’s national debt if the U.S. spent at a similar level
Magnitude 7.1 earthquake strikes Central Chile
The quake was felt widely throughout central Chile, including regions that were affected by the magnitude 8.8 earthquake in 2010
NY Senate passes auto insurance fraud measures
Bills passed include measures to retroactively cancel policies taken out by fraudsters, establishing a new felony-level crime of staging an accident and making runners illegal
The Hartford leaving annuity business to focus on property and casualty business
By ILSTV Staff on Mar 22, 2012 in International Insurance
The company said the P&C, group benefits and mutual funds businesses each has a competitive market position, strong capital generating ability and lower sensitivity to capital markets
Sales of earthquake insurance in Japan rose over 17% following 2011 disaster
Between March 2011 and January 2012, consumers took out a total of around 5.5 million earthquake insurance policies
Aon shareholders approve moving company headquarters to London
Ninety-eight percent of Aon Corporation stockholders voted in favour of moving the company’s headquarters from Chicago to London, England in a vote on March 16
Arthur J. Gallagher & Co. acquires Calgary-based BenefitLink Resource Group, Inc.
“BenefitLink Resource Group is our first employee benefits acquisition in Canada, and we are particularly excited to be expanding there with an organization that’s highly regarded for their expertise and client service,” said J. Patrick Gallagher, Jr. Chairman, President and CEO
Labor union wants to require Berkshire Hathaway to identify Warren Buffett’s successor as CEO
A group of Berkshire Hathaway investors from the AFL-CIO wants to require the company to reveal Warren Buffett’s successor
Younger consumers nearly twice as likely to switch auto and homeowner insurance carriers
Deloitte survey finds capturing market share among 18 to 34 year olds is crucial to organic growth for mature insurers
Zurich Financial proposes new Chairman
Current Chairman Manfred Gentz announced his retirement earlier this year; Zurich proposes Josef Ackermann as new Chairman
Former bailout watchdogs condemn tax break for AIG as a ‘stealth bailout’
By The Canadian Press on Mar 13, 2012 in International Insurance
Former members of a congressional panel that oversaw bailouts during the financial crisis blasted the U.S. Treasury Department on Monday for quietly granting a tax break worth billions to insurance giant American International Group
Probability of magnitude 7.0 quake in Tokyo region has risen significantly: Munich Re
“The probability of a medium-sized earthquake with a magnitude of 7 and epicentre in the greater Tokyo region has risen significantly for the coming years. In view of the concentration of values in this area, our assessment must also have consequences for underwriting,” said Munich Re’s Ludger Arnoldussen
HSBC sells Asian, Latin America businesses to AXA and QBE
HBSC and its subsidiary Hang Seng Bank are selling its general insurance businesses in Hong Kong, Singapore, Argentina and Mexico for a total of $914 million
Tornado outbreak in U.S. could cost insurers up to $2 billion
Tornadoes on February 28 and 29 produced 36 confirmed tornados with the most devastating tornado (EF4) destroying over 200 homes and businesses in Harrisburg, Illinois (population 9,000), said EQECAT
