Marine insurers must rethink business model. The way the marine insurance market operates has changed and underwriters must respond by reconfiguring their out-of-date business model to better reflect how the sector now works. Ole Wikborg, the …
Thai commissioner says cat fund will be up and running in weeks. Thailand’s insurance regulator has revealed its proposed Baht50bn ($1.61bn) catastrophe fund should be up-and-running within weeks as the government continues to try and secure …
Aviation insurers make profit in 2011. THE aviation market saw major insurance claims drop by about two-thirds last year, compared with 2010, helping the aviation sector to its first profit for five years, according to global broker Aon’s first …
Transocean wins one indemnification battle. BP has been told by US District Judge Carl Barbier that it must cover Switzerland-based Transocean for compensation-related loss to third parties as a result of oil spilled below the ocean surface. …
Watchdog to examine IAG claims banks offer sufficient competition post AMI. New Zealand’s merger and acquisition watchdog is investigating Insurance Australia Group’s (IAG) claim banks will offer sufficient competition in the domestic insurance …
New Zealand government in chair for any further losses from Feb quake. New Zealand’s government expects total insured losses from the Canterbury earthquakes to be in excess of NZ$30bn ($24.6bn), as it revealed the cost of last February’s quake …
Further delay would ‘damage Solvency II credibility’ – McGovern. Lloyd’s general counsel, Sean McGovern, has warned delaying Solvency II until 2015 would “damage the credibility” of the capital regime but insisted there is still time for …
BMS ceo’s New York move signals strategic focus on US growth. BMS chief executive, Carl Beardmore, has given the clearest signal possible that his company sees its major growth coming from the US by moving to the firm’s newly opened New York …
French insurance sector contracts 9% in 2011. The French insurance sector suffered a 9% contraction in 2011, caused by a 14% drop in life insurance inflows to €141.6bn ($186.49bn) and despite an increase in property/casualty (p/c) premium income. …
Solvency II faces delay until 2015. Solvency II, the European Union’s far-reaching reform of insurance supervision and capital rules, is facing a considerable delay and is unlikely to be introduced before 2015, German insurance sources said. The EU …
