Regionally focused German insurers may incur underwriting losses for the year from an accumulation of natural catastrophes, a report from AM Best has stated. As well as the windstorm, Germany was also affected by hailstorms in July and August resulting tin estimated losses of EUR2.7 billion. Yvette Essen, industry research...
Broker Aon plc’s group profit rose by 25 percent, helped by a five percent increase in organic revenues at its Aon Benfield reinsurance broking arm, according to a press release. New York-listed Aon reported net income of USD256 million for the third quarter, up from USD204 million in the same...
Ireland’s central bank is investigating a potential regulatory issue after RSA Insurance suspended the chief executive and two other senior managers of its Irish business, according to a Reuters report. The insurer has suspended the Irish unit’s Chief Executive Philip Smith, chief financial officer Rory O’Connor and claims director...
US President Barack Obama apologised recently to Americans who are losing their healthcare insurance policies, saying that he regrets the unclear nature of the reforms of his landmark healthcare restructuring. Obama’s expression of regret was aimed at citizens whose insurance plans are being canceled in spite of his oft-repeated pledge...
Willis Group has reported a loss of USD27 million for the third quarter of 2013 compared to a USD26 million profit in the same period of 2012. The loss reduced the broking company’s profits for the first nine months of the year to USD297 million, also down on the same...
US employers are planning to cut worker hours to reclassify some full-time workers as part- time. In response to President Barack Obama’s health reforms called Affordable Care Act (ACA), many companies are trying to avoid a mandate under the legislation requiring companies with 50 or more employees to offer those...
Storms which struck Mexico’s Gulf and Pacific coasts simultaneously two weeks ago, have killed at least 145 people and damaged bridges, roads and crops across the country. Recaredo Arias, chief executive of the Mexican Association of Insurance Institutions said the 75 billion peso figure was based on government estimates and...
The European Insurance and Occupational Pensions Authority (EIOPA) issued final guidelines on the ‘phasing-in’ of Solvency II. Following EIOPA’s recommendations, National Competent Authorities will decide how best to adopt the guidelines into their regulatory framework. The European authority has led a consultation into the adoption of Solvency II and has...
According to Marsh’s latest Global Insurance Market Quarterly Briefing, insurance rates in most major regions declined modestly in the second quarter of 2013, while rates in the US rose moderately. Outside the US, rates typically fell between one and three percent, resulting in a decline in the Marsh Risk Management...
A woman who submitted GBP 50,000 in bogus travel and home insurance claims has pleaded guilty to fraud at the Old Bailey. Anita Debnath reported robberies to three different police forces in London, Leeds and Dublin before filing 12 identical claims to 11 insurers for cash and personal items she...
