Industry News
Headlines
Insurance Day - 11 March 2010 - Brit sets up in Australia
BRIT INSURANCE has become the latest company to reinforce its presence in Australia, opening its own office in Sydney’s financial district.
The company’s previous presence in Australia had been managed via an agreement with Australian Reinsurance Underwriting Services (Arus), which has acted...
Business Insurance - 11 March 2010 - Insurers oppose debt guarantee of state catastrophe cover
WASHINGTON—Insurer and reinsurer groups reiterated their opposition Wednesday to a bill that would have the federal government guarantee debt issued by eligible state catastrophe insurance programs that cover homeowners insurance.
Global Reinsurance - 11 March 2010 - Insurers reject Ceiops’ rules
Proposed changes to the EU’s Solvency II directive contain macro-economic risks, European insurers have warned in a heavyweight new report
Hurricanes And Tropical Storms
Insurance Day - 11 March 2010 - North west Pacific set for average ’10 activity
THE NORTH-WEST Pacific can expect typhoon activity close to the long-term average during 2010, according to the latest forecast from Tropical Storm Risk (TSR), writes Scott Vincent.
TSR said it expects around 24 named storms, 15 typhoons and eight intense typhoons during the course of...
Legislation
Insurance Day - 11 March 2010 - US industry bodies lash out at proposed HR 2555
INSURANCE experts have savaged a bill seeking to ensure the availability and affordability of US homeowners’ insurance coverage for catastrophic events.
The American Insurance Association (AIA) and the Association of Bermuda Insurers and Reinsurers (ABIR) have written to legislators claiming...
Insurance Journal - 11 March 2010 - CatCoverage.com Offers Alternative to Federal Flood Insurance
The Natural Catastrophe Insurance Program (NCIP), available at
Litigation
Insurance Journal - 11 March 2010 - Lawsuits Over Lost Vehicle Value Could Cost Toyota $3 Billion
Toyota owners claiming that massive safety recalls are causing the value of their vehicles to plummet have filed at least 89 class-action lawsuits that could cost the Japanese auto giant $3 billion
Natural Catastrophes
Business Insurance - 11 March 2010 - Swiss Re estimates earthquake, windstorm losses
ZURICH—Swiss Reinsurance Co. Ltd. said Wednesday it expects $600 million in losses from the earthquake that hit Chile and windstorm that battered parts of Europe.
UK
Global Reinsurance - 11 March 2010 - Winter cost insurers £650m
The Association of British Insurers (ABI) says insurers paid out £650m in 335,000 claims for damage to homes, businesses and vehicles following the coldest winter in 30 years.
USA
Dow Jones Natural Disasters and Weather - 11 March 2010 - UPDATE: Proposed Insurance Backstop Draws Mixed Reaction
(Updated with details from hearing, starting in fifth paragraph.) By Judith Burns Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--House lawmakers heard...
Ratings
Business Insurance - 11 March 2010 - Connecticut sues S&P, Moody’s, claims ‘tainted ratings’
HARTFORD, Conn.—Connecticut Attorney General Richard Blumenthal on Wednesday filed a state lawsuit against ratings agencies Moody’s Investors Service and Standard & Poor’s Corp.
And Finally
Lloyd's News and Features - 11 March 2010 - Falling from grace: the high price of fame
Disgraced sports personalities like Tiger Woods can prove a costly burden for their backers. Since the story broke of indiscretions in his personal life in December, it is estimated that shareholders ...
Property
Business Insurance - 11 March 2010 - Bill would allow risk retention groups to write property coverage
WASHINGTON—A bipartisan group of congressmen introduced legislation Wednesday that would allow risk retention groups to write commercial property coverage.
Market Conditions
Insurance Journal - 11 March 2010 - Reinsurers Say $4 to $7 Billion Chile Quake Loss 'Unlikely' to Raise Rates
Last month's huge earthquake in Chile might cost the insurance industry up to $7 billion in damage claims, the world's top two reinsurers said, but it looks unlikely to raise reinsurance prices.
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