Insurance Journal » International News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Sat, 25 Oct 2014 15:09:40 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 Allianz Realigns Industrial Management, Launches Mid-Corporate Line http://www.insurancejournal.com/news/international/2014/10/24/344696.htm Fri, 24 Oct 2014 14:05:37 +0000 http://www.insurancejournal.com/?p=344696 Allianz Global Corporate & Specialty SE (AGCS), the global industrial insurer of the Allianz Group, is expanding its Board of Management with new regional responsibilities. The company is also introducing a new line of business to serve mid-size companies under …

The article Allianz Realigns Industrial Management, Launches Mid-Corporate Line appeared first on Insurance Journal.

]]>
U.S., EU Urge More Policy Guidance, Specifics in UN Climate Report http://www.insurancejournal.com/news/international/2014/10/24/344687.htm Fri, 24 Oct 2014 12:10:43 +0000 http://www.insurancejournal.com/?p=344687 The U.S. and European Union are pushing for a stronger explanation about the dangers of climate change and the consequences of failing to stem fossil-fuel emissions in the UN’s most extensive report on global warming. The appeals are detailed in …

The article U.S., EU Urge More Policy Guidance, Specifics in UN Climate Report appeared first on Insurance Journal.

]]>
Hacala Appointed Financial Institutions Practice Leader, Willis Canada http://www.insurancejournal.com/news/international/2014/10/24/344684.htm Fri, 24 Oct 2014 09:25:08 +0000 http://www.insurancejournal.com/?p=344684 Willis North America, a unit of Willis Group Holdings, has appointed of Roger Hacala as senior vice president and financial institutions practice leader, Willis Canada. In this new role, Hacala will oversee the financial institutions practice within Willis’s Canada region, …

The article Hacala Appointed Financial Institutions Practice Leader, Willis Canada appeared first on Insurance Journal.

]]>
Weak El Nino May Form in Warmer-Than-Normal Pacific http://www.insurancejournal.com/news/international/2014/10/24/344679.htm Fri, 24 Oct 2014 08:54:59 +0000 http://www.insurancejournal.com/?p=344679 A weak El Nino will probably develop by the year-end, according to MDA Weather Services. While sea-surface temperatures are warmer than normal across most areas in the tropical Pacific ocean, it still doesn’t qualify as an El Nino, Kyle Tapley, …

The article Weak El Nino May Form in Warmer-Than-Normal Pacific appeared first on Insurance Journal.

]]>
AXA CFO Says Euro’s Decline Against Dollar to Help Earnings http://www.insurancejournal.com/news/international/2014/10/24/344677.htm Fri, 24 Oct 2014 08:43:57 +0000 http://www.insurancejournal.com/?p=344677 AXA SA’s Chief Financial Officer Gerald Harlin said the euro’s decline against the dollar should help earnings in coming quarters as France’s largest insurer posted nine-month sales that were little changed. Sales during first nine months of the year were 69.6 billion …

The article AXA CFO Says Euro’s Decline Against Dollar to Help Earnings appeared first on Insurance Journal.

]]>
LexisNexis and Jing You Plan China Joint Venture for Auto Carriers http://www.insurancejournal.com/news/international/2014/10/23/344598.htm Thu, 23 Oct 2014 17:06:58 +0000 http://www.insurancejournal.com/?p=344598 LexisNexis Risk Solutions, a division of Reed Elsevier, plans to create a joint venture with Jing You, a private supplier of data, software and services to the insurance industry in the People’s Republic of China. The joint venture will supply …

The article LexisNexis and Jing You Plan China Joint Venture for Auto Carriers appeared first on Insurance Journal.

]]>
Ebola ‘Tipping Point’ Could Come By Late January, Reports RMS http://www.insurancejournal.com/news/international/2014/10/23/344542.htm Thu, 23 Oct 2014 13:16:54 +0000 http://www.insurancejournal.com/?p=344542 The Ebola virus disease outbreak in West Africa has the potential to be the most deadly infectious disease event since the 1918 flu pandemic, according to a new report by catastrophic risk modeling firm RMS. RMS said the current outbreak …

The article Ebola ‘Tipping Point’ Could Come By Late January, Reports RMS appeared first on Insurance Journal.

]]>
Early Insured Loss Estimates on Hurricane Gonzalo Up to $400M http://www.insurancejournal.com/news/international/2014/10/23/344544.htm Thu, 23 Oct 2014 13:02:43 +0000 http://www.insurancejournal.com/?p=344544 Early estimates by catastrophe modeling firms indicate insured losses from Hurricane Gonzalo in Bermuda will come in between $200 and $400 million. EQECAT estimates $300 million in insured losses, about the scale caused by Hurricane Fabian in 2003. Both storms …

The article Early Insured Loss Estimates on Hurricane Gonzalo Up to $400M appeared first on Insurance Journal.

]]>
Russia Air Safety Record Near Bottom of Global League http://www.insurancejournal.com/news/international/2014/10/23/344529.htm Thu, 23 Oct 2014 11:03:16 +0000 http://www.insurancejournal.com/?p=344529 Regardless of who is to blame for the death of Total’s boss at the Moscow airport favored by President Vladimir Putin, it reinforces an indisputable fact: Russia’s air-safety record is dreadful and the wave of crashes is not abating. Numerous official investigations and a …

The article Russia Air Safety Record Near Bottom of Global League appeared first on Insurance Journal.

]]>
Kempthorne Named Chair of Global Federation of Insurance Associations http://www.insurancejournal.com/news/international/2014/10/23/344523.htm Thu, 23 Oct 2014 10:43:49 +0000 http://www.insurancejournal.com/?p=344523 The Global Federation of Insurance Associations (GFIA) has announced the appointment of Governor Dirk Kempthorne as its new chair, for a two-year term. Kempthorne, who is president and CEO of the American Council of Life Insurers, replaces Frank Swedlove, the …

The article Kempthorne Named Chair of Global Federation of Insurance Associations appeared first on Insurance Journal.

]]>
Nissan Expands Global Recall by 260,000 Vehicles http://www.insurancejournal.com/news/international/2014/10/23/344519.htm Thu, 23 Oct 2014 10:33:28 +0000 http://www.insurancejournal.com/?p=344519 Nissan Motor Co. expanded a global recall of cars using Takata Corp.-made air bags, which have been linked to four deaths in Honda Motor Co. cars. Nissan will call back 260,000 vehicles worldwide, including 104,905 units in Japan, Yuriko Masuda, …

The article Nissan Expands Global Recall by 260,000 Vehicles appeared first on Insurance Journal.

]]>
Hopper Appointed Head of Energy for ANV Syndicate 1861 http://www.insurancejournal.com/news/international/2014/10/22/344453.htm Wed, 22 Oct 2014 16:50:11 +0000 http://www.insurancejournal.com/?p=344453 ANV Holdings BV, the Dutch headquartered specialty insurance business, has appointed John Hopper as head of energy to lead its energy underwriting team within ANV Syndicate 1861. Hopper comes to ANV after being a leading member of the offshore energy division …

The article Hopper Appointed Head of Energy for ANV Syndicate 1861 appeared first on Insurance Journal.

]]>
Towers Watson Predicts Moderate Global Growth, Downside Risks http://www.insurancejournal.com/news/international/2014/10/22/344420.htm Wed, 22 Oct 2014 16:22:37 +0000 http://www.insurancejournal.com/?p=344420 Towers Watson says that overall global growth in the next three to five years will be moderate and divergent on a country basis, and risks to global growth are skewed to the downside in its report entitled “Secular Outlook 2014: …

The article Towers Watson Predicts Moderate Global Growth, Downside Risks appeared first on Insurance Journal.

]]>
India’s Cyclone Hudhud May Have $400 Million Price Tag http://www.insurancejournal.com/news/international/2014/10/22/344367.htm Wed, 22 Oct 2014 08:45:27 +0000 http://www.insurancejournal.com/?p=344367 Cyclone Hudhud, which hit India’s east coast last week, probably cost insurers $100 million to $400 million, modeling firm AIR Worldwide said. The storm damaged transportation infrastructure, power supply systems and more than 40,000 homes, the Boston-based modeler said today …

The article India’s Cyclone Hudhud May Have $400 Million Price Tag appeared first on Insurance Journal.

]]>
Eight P&C Insurers Get Top Marks for Climate Change Risk Management http://www.insurancejournal.com/news/international/2014/10/22/344365.htm Wed, 22 Oct 2014 08:35:19 +0000 http://www.insurancejournal.com/?p=344365 Munich Re and ACE Ltd. are among insurers that are best prepared to manage risks related to climate change, a lobbying group said. The nine insurers that were found to be integrating climate change into underwriting and investments also included …

The article Eight P&C Insurers Get Top Marks for Climate Change Risk Management appeared first on Insurance Journal.

]]>
Remnants of Hurricane Gonzalo Bring Rain, Wind to Europe http://www.insurancejournal.com/news/international/2014/10/21/344298.htm Tue, 21 Oct 2014 17:07:06 +0000 http://www.insurancejournal.com/?p=344298 The remnants of Hurricane Gonzalo battered Ireland and the United Kingdom with locally damaging winds and downpours on Monday night and Tuesday. Widespread wind gusts of 65 to 90 kph (40 to 55 mph) were reported across Ireland and the …

The article Remnants of Hurricane Gonzalo Bring Rain, Wind to Europe appeared first on Insurance Journal.

]]>
Record Aviation Claims Driving Up Premiums http://www.insurancejournal.com/news/international/2014/10/21/344276.htm Tue, 21 Oct 2014 16:41:46 +0000 http://www.insurancejournal.com/?p=344276 Insurers worldwide are going to have to pay up to a record $800 million to cover the damage done by attacks on airplanes this year, driving prices up and drawing rivals into the market. The hefty bill dwarfs the $60-$90 …

The article Record Aviation Claims Driving Up Premiums appeared first on Insurance Journal.

]]>
Aon Benfield Launches Arabian Earthquake Model http://www.insurancejournal.com/news/international/2014/10/21/344256.htm Tue, 21 Oct 2014 16:13:47 +0000 http://www.insurancejournal.com/?p=344256 Impact Forecasting, Aon Benfield’s catastrophe model development unit, launched a catastrophe model to estimate the financial impact of earthquakes in the Arabian Peninsula. The demand for catastrophe modeling in the countries of Gulf Cooperation Council (GCC) is increasing as a …

The article Aon Benfield Launches Arabian Earthquake Model appeared first on Insurance Journal.

]]>
Hardy Promotes Wright in Asia; Hires Bond and Osorio in London http://www.insurancejournal.com/news/international/2014/10/21/344192.htm Tue, 21 Oct 2014 11:46:12 +0000 http://www.insurancejournal.com/?p=344192 Hardy Underwriting Asia Pte Ltd (Hardy Asia), a subsidiary of CNA Financial Corporation, has promoted Chris Wright as director and principal officer for Hardy Asia. (Hardy is a specialist underwriting business operating within Lloyd’s of London.) In this role, Chris will …

The article Hardy Promotes Wright in Asia; Hires Bond and Osorio in London appeared first on Insurance Journal.

]]>
Guidance on EU Rules Created for Audit, Risk Committees http://www.insurancejournal.com/news/international/2014/10/21/344188.htm Tue, 21 Oct 2014 11:11:44 +0000 http://www.insurancejournal.com/?p=344188 The Federation of European Risk Management Associations (FERMA) and the European Confederation of Institutes of Internal Auditing (ECIIA) have responded to increased EU requirements for more corporate transparency with a new joint guidance document on the 8th Company Law Directive. Audit …

The article Guidance on EU Rules Created for Audit, Risk Committees appeared first on Insurance Journal.

]]>
Hannover Re Sees Storm Losses Stabilizing Reinsurance Prices in Germany http://www.insurancejournal.com/news/international/2014/10/21/344068.htm Tue, 21 Oct 2014 10:30:41 +0000 http://www.insurancejournal.com/?p=344068 Hannover Re, the world’s third- largest reinsurer, expects more than 5 billion euros ($6.4 billion) in losses from two storms to sustain prices for coverage in Germany. “Heavy loss expenditures, especially in connection with the June storm Ela as well …

The article Hannover Re Sees Storm Losses Stabilizing Reinsurance Prices in Germany appeared first on Insurance Journal.

]]>
Litmus: More Bearish Ratings Expected for Reinsurance Sector http://www.insurancejournal.com/news/international/2014/10/21/344180.htm Tue, 21 Oct 2014 10:22:22 +0000 http://www.insurancejournal.com/?p=344180 Since January the rating agencies have become increasingly negative on their outlook for ratings in the  reinsurance sector overall, while in practice affirming or even increasing individual reinsurer* ratings. Standard and Poor’s move to take Lloyd’s rating outlook down from …

The article Litmus: More Bearish Ratings Expected for Reinsurance Sector appeared first on Insurance Journal.

]]>
S&P: Global Multiline Insurers’ Credit Quality to Stay Strong in 2015 http://www.insurancejournal.com/news/international/2014/10/21/344173.htm Tue, 21 Oct 2014 09:17:58 +0000 http://www.insurancejournal.com/?p=344173 Global multiline insurers (GMI) continue to show strong credit quality, according to Standard & Poor’s Ratings Services. S&P provided an overview of the GMI sector in an article titled “Global Multiline Insurers’ Diversity and Capitalization Will Remain Key Rating Strengths …

The article S&P: Global Multiline Insurers’ Credit Quality to Stay Strong in 2015 appeared first on Insurance Journal.

]]>
Swiss Re Says Industry Won’t Repeat Past Mistakes http://www.insurancejournal.com/news/international/2014/10/20/344066.htm Mon, 20 Oct 2014 14:00:21 +0000 http://www.insurancejournal.com/?p=344066 Swiss Re Ltd., the world’s second- largest reinsurer, said better models and oversight will prevent substantial losses as the industry struggles with a price slump. “Earnings in the reinsurance industry are under pressure and that won’t change unless we see …

The article Swiss Re Says Industry Won’t Repeat Past Mistakes appeared first on Insurance Journal.

]]>
Brokers Willis Group, Miller Talk Merger of Wholesale Brands http://www.insurancejournal.com/news/international/2014/10/20/344062.htm Mon, 20 Oct 2014 13:51:46 +0000 http://www.insurancejournal.com/?p=344062 Willis Group Holdings and Miller Insurance Services LLP are engaged in talks to merge their wholesale insurance businesses. The resulting wholesale brokerage firm would trade under the Miller brand, governed and regulated as a standalone legal entity and separate Lloyd’s …

The article Brokers Willis Group, Miller Talk Merger of Wholesale Brands appeared first on Insurance Journal.

]]>
Management of Top Risks Unsatisfactory, Say Risk Managers in FERMA Survey http://www.insurancejournal.com/news/international/2014/10/20/344060.htm Mon, 20 Oct 2014 12:46:46 +0000 http://www.insurancejournal.com/?p=344060 Risk managers are not satisfied with the level of mitigation for six of the top 10 risks “that keep their CEO awake at night,” which is one of the key findings of the 2014 Risk Management Benchmarking Survey conducted by …

The article Management of Top Risks Unsatisfactory, Say Risk Managers in FERMA Survey appeared first on Insurance Journal.

]]>
Swiss Re Offers Food, Drink Protection for UK, Ireland, Italy http://www.insurancejournal.com/news/international/2014/10/20/343716.htm Mon, 20 Oct 2014 12:00:42 +0000 http://www.insurancejournal.com/?p=343716 Swiss Re Corporate Solutions has partnered with UK-based crisis management consultancy The RQA Group to launch comprehensive Contaminated Products Insurance for the food and drink industry in the United Kingdom, Ireland and Italy. The cover offers protection in both the …

The article Swiss Re Offers Food, Drink Protection for UK, Ireland, Italy appeared first on Insurance Journal.

]]>
ACE Nordics Promotes Engdahl, Adds Christensen in Financial Lines http://www.insurancejournal.com/news/international/2014/10/20/343918.htm Mon, 20 Oct 2014 12:00:30 +0000 http://www.insurancejournal.com/?p=343918 ACE Group announced a promotion and a new appointment in its Nordic financial lines insurance team. Kristina Engdahl has been promoted to the role of financial lines manager, Nordics. Engdahl will be responsible for the performance of ACE’s financial lines portfolio …

The article ACE Nordics Promotes Engdahl, Adds Christensen in Financial Lines appeared first on Insurance Journal.

]]>
Bermuda Recovering from Hurricane Gonzalo Property Damage, Power Outages http://www.insurancejournal.com/news/international/2014/10/19/344048.htm Sun, 19 Oct 2014 23:11:51 +0000 http://www.insurancejournal.com/?p=344048 Hurricane Gonzalo scored a direct hit on Bermuda Friday night into Saturday morning, pummeling the tiny island chain with rain and howling winds that downed trees and knocked out power but spared it catastrophic damage or death. Much of the …

The article Bermuda Recovering from Hurricane Gonzalo Property Damage, Power Outages appeared first on Insurance Journal.

]]>
RSA Insurance Selling Italian Business to ITAS Mutua http://www.insurancejournal.com/news/international/2014/10/17/343955.htm Fri, 17 Oct 2014 14:08:28 +0000 http://www.insurancejournal.com/?p=343955 RSA Insurance Group Plc agreed to sell its Italian business to ITAS Mutua, the country’s oldest customer-owned insurer. RSA will transfer 434 million pounds ($698 million) of liabilities to ITAS and receive a payment of 19 million pounds, the London-based …

The article RSA Insurance Selling Italian Business to ITAS Mutua appeared first on Insurance Journal.

]]>