Insurance Journal » International News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Mon, 28 Jul 2014 10:36:37 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.1 Best Affirms Lloyd’s, Lloyd’s (China) Ratings; Outlook Positive http://www.insurancejournal.com/news/international/2014/07/28/335889.htm Mon, 28 Jul 2014 10:19:46 +0000 http://www.insurancejournal.com/?p=335889 A.M. Best has affirmed the financial strength rating of ‘A’ (Excellent) and the issuer credit ratings (ICR) of “a+” of Lloyd’s and Lloyd’s Insurance Company (China) Limited (LICCL) (China). Best also affirmed the ICR of “a” of Society of Lloyd’s …

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State Bank of India Mulls Share Sales in Insurance, Asset-Management Units http://www.insurancejournal.com/news/international/2014/07/28/335887.htm Mon, 28 Jul 2014 10:13:58 +0000 http://www.insurancejournal.com/?p=335887 State Bank of India, the country’s largest lender, is considering share sales in its insurance and asset-management units to meet tighter capital requirements. “We are in talks with our joint-venture partners regarding the listing of the insurance units,” Chairman Arundhati …

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Aon Plunges Most Since 2012 on Reinsurance Revenue Decline http://www.insurancejournal.com/news/international/2014/07/28/335885.htm Mon, 28 Jul 2014 10:09:49 +0000 http://www.insurancejournal.com/?p=335885 Aon Plc, the world’s second-largest insurance broker by market value, fell the most since 2012 after revenue missed estimates as reinsurance sales declined. Aon slipped $4.65, or 5.1 percent, to $86.32 at 4:03 p.m. in New York, the biggest decline …

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COMMENT: Time to be Afraid – Preparing for the Next Big Solar Storm: Kemp http://www.insurancejournal.com/news/international/2014/07/28/335882.htm Mon, 28 Jul 2014 10:02:18 +0000 http://www.insurancejournal.com/?p=335882 The probability of a solar storm striking Earth in the next decade with enough force to do serious damage to electricity networks could be as high as 12 percent, according to solar scientists. One such storm erupted from the surface …

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UK MGAA Membership Hits $5.6 Billion Premium Mark http://www.insurancejournal.com/news/international/2014/07/25/335780.htm Fri, 25 Jul 2014 10:21:56 +0000 http://www.insurancejournal.com/?p=335780 MGA membership in the UK’s Managing General Agents’ Association (MGAA) now represents over £3.3 billion [$5.6 billion] of Gross Written Premium (GWP). Jonathan Evans MP, chairman of The All Party Parliamentary Group on Insurance and Financial Services, made the announcement at …

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UPDATE: Bad Weather Likely Cause of Air Algerie Crash – French Officials http://www.insurancejournal.com/news/international/2014/07/25/335778.htm Fri, 25 Jul 2014 10:16:01 +0000 http://www.insurancejournal.com/?p=335778 Poor weather was the most likely cause of the crash of an Air Algerie flight over the West African state of Mali with 116 people on board, French officials said on Friday. Investigators at the scene of the crash had …

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Canada Transport Board Welcomes U.S. Oil-by-Rail Ideas; Warns Dangers Remain http://www.insurancejournal.com/news/international/2014/07/25/335776.htm Fri, 25 Jul 2014 10:12:20 +0000 http://www.insurancejournal.com/?p=335776 The Transportation Safety Board of Canada on Thursday welcomed proposed U.S. regulations for oil-by-rail tankers, but cautioned of the persistent danger until tank cars built before 2011 stop carrying oil and other flammable liquids. The independent federal agency, which investigates …

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Air Crashes Set 2014 on Course to Be Deadliest Since 2005 http://www.insurancejournal.com/news/international/2014/07/25/335774.htm Fri, 25 Jul 2014 10:07:12 +0000 http://www.insurancejournal.com/?p=335774 Three fatal airline crashes in a week mean 2014 is shaping up to become the worst year in almost a decade for passenger fatalities. The crash of a McDonnell Douglas MD-83 aircraft on the fringes of the Sahara desert yesterday …

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AIA First-Half New Business Value Rises 23%, Led by China http://www.insurancejournal.com/news/international/2014/07/25/335772.htm Fri, 25 Jul 2014 10:00:27 +0000 http://www.insurancejournal.com/?p=335772 AIA Group Ltd., the second-largest Asia-based insurer, posted a 23 percent increase in new business value in the first half, beating analyst estimates and exceeding the full-year figure for 2010 when it went public. The gauge of projected profitability of …

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El Nino Seen Weak or Delayed for Several Months by Forecasters http://www.insurancejournal.com/news/international/2014/07/25/335770.htm Fri, 25 Jul 2014 09:54:59 +0000 http://www.insurancejournal.com/?p=335770 El Nino will probably develop as a weak event in late summer or early fall in the Northern Hemisphere, according to MDA Weather Services, while Commodity Weather Group LLC said it may be delayed for several months as the warming …

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Validus Reports $153.4 Million Q2 Net Income; $315.8 Million 1st Six Months http://www.insurancejournal.com/news/international/2014/07/25/335768.htm Fri, 25 Jul 2014 09:49:40 +0000 http://www.insurancejournal.com/?p=335768 Bermuda-based Validus Holdings, Ltd. reported net income available to Validus of $153.4 million, or $1.61 per diluted common share, for the three months ended June 30, 2014, compared to $30.7 million, or $0.28 per diluted common share, for the three …

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Air Algerie-operated Plane with 116 People Aboard Disappears en Route to Algiers http://www.insurancejournal.com/news/international/2014/07/24/335690.htm Thu, 24 Jul 2014 12:48:03 +0000 http://www.insurancejournal.com/?p=335690 An Air Algerie-operated MD-83 carrying 116 passengers and crew disappeared en route from Burkina Faso in Africa to Algiers, the aircraft´s owner said. The plane, which took off in the West African country shortly after midnight, was supposed to land …

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AIG Identified As Lead Insurer in Taiwan Plane Crash http://www.insurancejournal.com/news/international/2014/07/24/335685.htm Thu, 24 Jul 2014 12:37:03 +0000 http://www.insurancejournal.com/?p=335685 American International Group Inc. is the lead insurer of the TransAsia Airways Corp. passenger plane that crashed near Taiwan’s Magong airport, according to Aon Plc, a broker that tracks the market for aviation coverage. The ATR-72 plane is valued at …

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Everest Re Posts $290.2 Million Q2 Net Income; $584.1 Million Half Year http://www.insurancejournal.com/news/international/2014/07/24/335683.htm Thu, 24 Jul 2014 12:28:00 +0000 http://www.insurancejournal.com/?p=335683 Everest Re Group reported second quarter 2014 net income of $290.2 million, or $6.26 per diluted common share, compared to net income of $275.6 million, or $5.56 per diluted common share, for the second quarter of 2013. After-tax operating income, …

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Airline War Risk Insurance Expected to Rise Due to Global Conflicts http://www.insurancejournal.com/news/international/2014/07/24/335680.htm Thu, 24 Jul 2014 10:45:36 +0000 http://www.insurancejournal.com/?p=335680 Insurers are expected to hike war risk premiums for airlines following losses due to global conflicts, including the downing of a Malaysia airplane over Ukraine, insurance rating agency A.M. Best Company said on Wednesday. The insurance settlement of the Malaysian …

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Allied World Reports $151.9 Million Q2 Net Income http://www.insurancejournal.com/news/international/2014/07/24/335677.htm Thu, 24 Jul 2014 10:38:24 +0000 http://www.insurancejournal.com/?p=335677 Allied World Assurance Company Holdings, AG reported net income of $151.9 million, or $1.52 per diluted share, for the second quarter of 2014 compared to a net loss of $1.9 million, or $0.02 per diluted share, for the second quarter …

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Best Comments on Insurance Implications of Malaysia Airlines Flight MH-17 Crash http://www.insurancejournal.com/news/international/2014/07/24/335672.htm Thu, 24 Jul 2014 10:27:34 +0000 http://www.insurancejournal.com/?p=335672 A.M. Best has released a preliminary report, which indicates that the “total insurance loss of Malaysia Airlines Flight MH-17, which crashed over the Ukraine-Russia border on July 17, 2014, is not expected to result in any ratings actions.” Best’s Briefing entitled, “The …

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Typhoon Matmo Spares Taiwan from Major Damage; Moves to China: AIR Analysis http://www.insurancejournal.com/news/international/2014/07/24/335668.htm Thu, 24 Jul 2014 10:15:16 +0000 http://www.insurancejournal.com/?p=335668 According to catastrophe modeling firm AIR Worldwide, Typhoon Matmo, the third typhoon in the western Pacific Basin in less than three weeks, “made landfall in Taiwan around midnight, local time, Tuesday night with winds over 160 km/h [100 mph] and …

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TransAsia Air Crash off Taiwan Leaves 48 Dead, 10 Injured http://www.insurancejournal.com/news/international/2014/07/24/335666.htm Thu, 24 Jul 2014 10:05:59 +0000 http://www.insurancejournal.com/?p=335666 Forty-eight people are dead and 10 injured after a TransAsia Airways Corp. passenger plane crashed as it prepared to land on Taiwan’s outlying Penghu Islands. Flight GE222, a twin-engine ATR-72 turboprop, was making a second approach to Magong Airport when …

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Insured Global Disaster Losses in First Half Reached $22B: Aon Benfield http://www.insurancejournal.com/news/international/2014/07/23/335564.htm Wed, 23 Jul 2014 14:33:22 +0000 http://www.insurancejournal.com/?p=335564 Insured losses from global natural disasters during the six-month period ending June 30, 2014 reached $22 billion. That compares to $27 billion in the first half of 2013 and is approximately 19 percent below the 10-year average of $27 billion, …

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Typhoon Matmo Targets Taiwan, Southeastern China: AIR Analysis http://www.insurancejournal.com/news/international/2014/07/23/335532.htm Wed, 23 Jul 2014 10:49:35 +0000 http://www.insurancejournal.com/?p=335532 According to catastrophe modeling firm AIR Worldwide, Typhoon Matmo (called Henry in the Philippines) formed in the Philippines Sea and became a tropical storm on July 17. It is the third typhoon to form in the northwest Pacific basin in …

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Aon Launches ‘Technology-based Enhancement’ for WorldAware Solutions http://www.insurancejournal.com/news/international/2014/07/23/335528.htm Wed, 23 Jul 2014 10:38:59 +0000 http://www.insurancejournal.com/?p=335528 Aon Risk Solutions, the global risk management business of Aon plc, announced the unveiling of its “WorldAware Global Gateway,” which the bulletin described as a “technology-based enhancement to WorldAware Solutions, Aon’s award-winning travel risk management platform.” Aon said the “Gateway …

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Smith to Head Guy Carpenter’s EMEA and Int’l. P&I Business http://www.insurancejournal.com/news/international/2014/07/23/335521.htm Wed, 23 Jul 2014 10:25:00 +0000 http://www.insurancejournal.com/?p=335521 Guy Carpenter & Company, LLC, the global risk and reinsurance specialist and member of Marsh & McLennan Companies, announced the appointment of Simon Smith as Head of EMEA & International P&I Business, effective September 1st. He will be responsible for …

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Singapore Tells Airlines to Review Conflict Zone’s Risk Assessments http://www.insurancejournal.com/news/international/2014/07/23/335519.htm Wed, 23 Jul 2014 10:20:22 +0000 http://www.insurancejournal.com/?p=335519 Singapore’s civil aviation authority has asked airlines based in the city-state to review their risk assessment of conflict zones following the shooting down of a Malaysia Airlines jetliner over Ukraine last week. The deaths of nearly 300 passengers and crew …

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Chairman Says Vietnam Insurer PVI Holdings 1st Half Profit to Beat Forecast http://www.insurancejournal.com/news/international/2014/07/23/335517.htm Wed, 23 Jul 2014 10:13:02 +0000 http://www.insurancejournal.com/?p=335517 PVI Holdings, Vietnam’s second- largest listed insurer, forecast first-half earnings will beat its target by 19 percent, buoyed by an increase in non-life- insurance revenue. After-tax profit for the first six months may be 95.5 billion dong ($4.5 million), while …

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ACE Limited Posts $779 Million Q2 Net Income; $1.513 Billion 1st Half http://www.insurancejournal.com/news/international/2014/07/23/335514.htm Wed, 23 Jul 2014 10:08:40 +0000 http://www.insurancejournal.com/?p=335514 ACE Limited reported net income of $779 million for the first quarter of 2012, compared to $891 million in Q2 2013. For the first six months of 2014 ACE had net income of$1.513 billion, compared to $1.844 billion in the …

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XL Group Launches Cyber Liability Coverage in Brazil http://www.insurancejournal.com/news/international/2014/07/22/335403.htm Tue, 22 Jul 2014 10:36:57 +0000 http://www.insurancejournal.com/?p=335403 After last month’s launch of its cyber liability including professional indemnity coverage for technology companies, XL Group has announced “the launch of a second, more general cyber risks insurance solution serving mid- and large-sized companies across a broad range of …

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NHC Tracking Tropical Depression Two http://www.insurancejournal.com/news/international/2014/07/22/335401.htm Tue, 22 Jul 2014 10:31:43 +0000 http://www.insurancejournal.com/?p=335401 The National Hurricane Center in Miami is tracking a low intensity disturbance in the Atlantic, topical depression two. It is currently about 1025 miles (1645 km) east of the Lesser Antilles with maximum sustained winds of 35 mph (55 km/h), …

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Airlines Shocked by Jet Attack; Ask Why No-Fly Zones Are So Rare http://www.insurancejournal.com/news/international/2014/07/22/335396.htm Tue, 22 Jul 2014 10:28:20 +0000 http://www.insurancejournal.com/?p=335396 A universal no-fly area declared in eastern Ukraine after the downing of Malaysian Air Flight 17 is a rare restriction currently shared only with North Korea, prompting airlines including Deutsche Lufthansa AG to question whether rules for flights over war …

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Gen Re Announces Senior Appointments in Asia Pacific http://www.insurancejournal.com/news/international/2014/07/22/335392.htm Tue, 22 Jul 2014 10:20:35 +0000 http://www.insurancejournal.com/?p=335392 Berkshire Hathaway’s General Re has announced a number of senior appointments in the Asia Pacific region, as follows: Pietro Toffanello will assume the role of Property/Casualty Regional Manager for Asia Pacific, in addition to his role of Managing Director of General …

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