Europe’s insurers are likely to get a reprieve of up to two years to fully implement a planned overhaul of rules governing the capital buffers, which need to stay in business during times of stress, according to the sector’s top regulator in the region. The currently envisaged January 1,...
The economic toll from the vast storm Sandy on the US East Coast is expected to be massive, with billions of dollars in damages. Eceqat predicted that the toll could hit USD 20 billion, with perhaps half of that amount covered by insurance. Sandy spawned widespread flooding and wind damage...
German insurance group Allianz SE says its net income bounced back strongly in the third quarter to €1.4 billion (USD 1.8 billion). The result is much better than the €258 billion earned in the same quarter a year ago, when the company had to write off losses on Greek government...
Hartford Financial Services Group Inc. agreed to sell its life-insurance unit to Prudential Financial Inc. as chief executive officer Liam McGee divests units to narrow his company’s focus. Prudential, the second-largest U.S. life insurer will make USD 615 million cash payment as part of the agreement, which is structured...
The Office of Fair Trading (OFT) has referred the UK private motor insurance market to the Competition Commission for further investigation over fears that drivers are treated unfairly by insurers. The motor market now faces a wait of up to two years before the Competition Commission takes its final...
The insurance policy for Michael Jackson was dropped just days after e-mails were received which revealed that the concert promoter AEG had doubts about Jackson’s health at the time they were applying for the insurance. AEG lawyer Marvin Putnam said the move has been in the works for...
Fitch Ratings says that the Italian insurance sector’s rating outlook remains ‘A-’ negative, indicating that most Italian life insurer ratings could be downgraded over the next 12-24 months. Fitch’s outlook factors in the expectation that the euro zone debt crisis, despite showing signs of stabilization, will continue to exert negative...
Lemma Europe Insurance Company Ltd. has been placed into provisional liquidation in Gibraltar. The Supreme Court of Gibraltar heard a petition for the appointment of a provisional liquidator and appointed Frederick David John White of Grant Thornton as provisional liquidator with immediate effect. A statement by the...
LV Broker has revamped its commercial SME product range with an enhanced offering available for the residential and commercial property owners sectors. The commercial property owners policy now includes increased cover for capital additions, fly tipping, theft, damage to the external fabric of the building, bee and wasp nest...
Implementation of Solvency II could be delayed after the European parliament’s vote on the crucial proposed Omnibus II amendments was pushed back to the 20th of November. Janine Hawes, KPMG’s insurance director said that the delay was not a big surprise given the trialogue between the European commission, the...
