Insurance Journal » International News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 27 Mar 2015 18:21:58 +0000 en-US hourly 1 http://wordpress.org/?v=4.1.1 Lufthansa Liability May be Unlimited; Insurance in Play http://www.insurancejournal.com/news/international/2015/03/27/362344.htm Fri, 27 Mar 2015 14:11:21 +0000 http://www.insurancejournal.com/?p=362344 Deutsche Lufthansa AG may face unlimited liability for payments to families of victims of the Germanwings jet crashed by its suicidal co-pilot, according to lawyers. “The liability for the victims would be uncapped,” said George Leloudas, a lecturer at Swansea …

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Heavy Rains Cause Flooding in Usually Bone-Dry Chile Desert http://www.insurancejournal.com/news/international/2015/03/27/362336.htm Fri, 27 Mar 2015 11:41:11 +0000 http://www.insurancejournal.com/?p=362336 Flooding caused by abnormally heavy rains cut roads, knocked out electricity and threatened several communities in the usually bone-dry Atacama Desert region early Thursday. Local media quoted police as saying two people had been killed in the coastal town of …

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Guernsey’s Heritage Insurance Accorded Lloyd’s Registered Broker Status http://www.insurancejournal.com/news/international/2015/03/27/362334.htm Fri, 27 Mar 2015 10:58:29 +0000 http://www.insurancejournal.com/?p=362334 Guernsey-based Heritage Insurance announced that it has been accorded Lloyd’s registered broker status. “This allows Heritage Insurance Solutions, the FCA-regulated arm of the Guernsey-headquartered Heritage Group, to place business directly with Lloyd’s underwriters,” the announcement said. Heritage Insurance Solutions managing …

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Catlin Joins London Natural History Museum’s Major Coral Reef Exhibition http://www.insurancejournal.com/news/international/2015/03/27/362331.htm Fri, 27 Mar 2015 10:46:32 +0000 http://www.insurancejournal.com/?p=362331 Catlin Group Limited announced that it has joined forces with the Natural History Museum in London to present a major exhibition, which opens today, exploring the importance and beauty of the world’s coral reefs. “The exhibition, ‘Coral Reefs: Secret Cities …

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Analysts Say Low Interest Rates to Drag on Insurer Profits, Dividends Long-Term http://www.insurancejournal.com/news/international/2015/03/27/362325.htm Fri, 27 Mar 2015 09:18:45 +0000 http://www.insurancejournal.com/?p=362325 Rock-bottom interest rates could erode insurers’ earnings power and financial strength for years to come, putting an end to a string of stronger-than-expected rises in dividends, analysts said in reports published on Thursday. Credit rating agency Moody’s said it expected …

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Earth’s Surface Rising in North America, Europe: After-Effect of Ice Age http://www.insurancejournal.com/news/international/2015/03/27/362321.htm Fri, 27 Mar 2015 09:06:05 +0000 http://www.insurancejournal.com/?p=362321 In the U.S., this past year has had more than enough reminders of how weather can affect our lives. California is heading into its fourth year of drought because it didn’t get enough snow. Boston is just emerging from a …

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Meltdown at RSA’s Irish Unit Laid Bare at Dublin Employment Tribunal http://www.insurancejournal.com/news/international/2015/03/27/362316.htm Fri, 27 Mar 2015 08:11:08 +0000 http://www.insurancejournal.com/?p=362316 Philip Smith’s son thought the worst when friends texted him on an evening in early November 2013, saying “sorry to hear about your father.” “He assumed I was dead,” Smith, 47, told an employment tribunal in Dublin this month that …

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Yemen Conflict Could Disrupt Major Oil Shipping Route; Insurers Pull Back http://www.insurancejournal.com/news/international/2015/03/27/362314.htm Fri, 27 Mar 2015 07:41:14 +0000 http://www.insurancejournal.com/?p=362314 Conflict in Yemen risks spilling out into the busy sea lanes that pass it and potentially disrupt the narrow Bab el-Mandeb passage through which nearly 4 million barrels of oil are shipped daily to Europe, the United States and Asia. …

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Germanwings Crash Shows Need for Protections Against Suicidal Crew Members http://www.insurancejournal.com/news/international/2015/03/26/362242.htm Thu, 26 Mar 2015 19:45:27 +0000 http://www.insurancejournal.com/?p=362242 The suspected intentional destruction of a Germanwings jet by a pilot shows the need for new protections against suicidal crew members, a threat emerging as one of the worst in modern aviation, accident investigators say. With French prosecutors saying the …

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Miller Appoints Milner to Help Build Cyber & Technology Book http://www.insurancejournal.com/news/international/2015/03/26/362162.htm Thu, 26 Mar 2015 13:42:14 +0000 http://www.insurancejournal.com/?p=362162 Miller, the London-based specialist insurance and reinsurance broker, has hired Simon Milner, in a production and broking role in the cyber and technology area. In a press release, Miller said the appointment underlines its plans to build on the growth …

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Shipping Losses Down in 2014 But New Threats Loom: Allianz http://www.insurancejournal.com/news/international/2015/03/26/362150.htm Thu, 26 Mar 2015 12:52:23 +0000 http://www.insurancejournal.com/?p=362150 Shipping losses declined to 75 during 2014, a 32 percent drop from the previous year and well below the 10-year loss average of 127, according to Allianz Global Corporate & Specialty SE’s (AGCS) third annual Safety and Shipping Review 2015. …

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Regulators Concerned About Risks in $75 Trillion Shadow Banking Sector http://www.insurancejournal.com/news/international/2015/03/26/362139.htm Thu, 26 Mar 2015 10:34:33 +0000 http://www.insurancejournal.com/?p=362139 Authorities are nowhere near to fully understanding “shadow banking” as the $75 trillion sector morphs and grows under the influence of new technology and regulation, a top markets supervisor said on Wednesday. Shadow banking refers to the supply of credit …

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EU, US Insurers Lost $400 Billion from Continued Low Interest Rates: Swiss Re http://www.insurancejournal.com/news/international/2015/03/26/362134.htm Thu, 26 Mar 2015 10:26:58 +0000 http://www.insurancejournal.com/?p=362134 A study, – “Financial repression: The unintended consequences -” released by Swiss Re, notes that “seven years after the financial crisis, central banks are still keeping interest rates at historically low levels.” They keep them low as the policy helps …

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Lloyd’s Reports US$4.9 Billion (£3.2 Billion) Profit for 2014, Level With 2013 http://www.insurancejournal.com/news/international/2015/03/26/362132.htm Thu, 26 Mar 2015 10:13:11 +0000 http://www.insurancejournal.com/?p=362132 Lloyd’s announced a pre-tax profit of US$4.9 billion (£3.2 billion) for 2014, which is unchanged from the profit figure reported in 2013. The 2014 profit was driven by a relatively benign year for major natural catastrophes, favorable prior year development, and …

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Co-Pilot Likely Crashed Germanwings A320 Deliberately: French Prosecutor http://www.insurancejournal.com/news/international/2015/03/26/362128.htm Thu, 26 Mar 2015 09:07:06 +0000 http://www.insurancejournal.com/?p=362128 The co-pilot of the Germanwings airliner that crashed in the French Alps killing all 150 people aboard appears to have brought the A320 Airbus down deliberately, the Marseille prosecutor said on Thursday. German Andreas Lubitz, 28, left in sole control …

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IAIS’ International Capital Standards Have Ambitious Timeline: A.M. Best http://www.insurancejournal.com/news/international/2015/03/25/362039.htm Wed, 25 Mar 2015 12:07:23 +0000 http://www.insurancejournal.com/?p=362039 Given the potential wide-reaching impacts on pricing, products, investment strategies and the cost of capital, A.M. Best doubts that the ambitious timeline can be met to develop and implement international capital standards by the International Association of Insurance Supervisors (IAIS). …

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Giordano to Retire as Executive Chairman of Canopius US http://www.insurancejournal.com/news/international/2015/03/25/362035.htm Wed, 25 Mar 2015 10:57:05 +0000 http://www.insurancejournal.com/?p=362035 Canopius Group Limited, the global specialty (re)insurance platform of Sompo Holdings, announced that James (Jim) Giordano, Executive Chairman of Canopius US Holdings, will retire from the Group on June 30, 2015. The announcement noted that Giordano “was a member of …

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2014 Insured Cat Losses below Average at $35 Bn: Swiss Re Sigma Report http://www.insurancejournal.com/news/international/2015/03/25/362032.htm Wed, 25 Mar 2015 10:47:43 +0000 http://www.insurancejournal.com/?p=362032 Swiss Re has just released its sigma report on catastrophe losses for 2014, which confirms that total global economic losses from natural catastrophes and man-made disasters were around $110 billion, compared to global insured losses of about $35 billion, which …

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ACE Promotes Gandon, Etherington in Global Accounts for UK & Ireland http://www.insurancejournal.com/news/international/2015/03/25/362030.htm Wed, 25 Mar 2015 10:34:00 +0000 http://www.insurancejournal.com/?p=362030 ACE Group has made two appointments within its Global Accounts segment: Ed Gandon, casualty manager, UK & Ireland, and Gary Etherington, property manager, UK & Ireland, as it continues to invest in servicing larger UK-based companies with turnovers of over …

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China Faces Severe Threats From Climate Change: Beijing-Based Meteorologist http://www.insurancejournal.com/news/international/2015/03/25/362028.htm Wed, 25 Mar 2015 10:06:57 +0000 http://www.insurancejournal.com/?p=362028 Chinese officials don’t usually go into detail on the challenges that climate change poses for the world’s most populous and largest carbon-emitting country. But in a speech on March 23, a top meteorologist warned of the severe risks facing China, …

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Allianz Is Lead Underwriter for Crashed Germanwings Airbus A320 http://www.insurancejournal.com/news/international/2015/03/25/362024.htm Wed, 25 Mar 2015 09:41:58 +0000 http://www.insurancejournal.com/?p=362024 German insurer Allianz confirmed it was the lead insurance underwriter for the Airbus A320 plane which crashed in the French Alps on Tuesday. All 150 people on board the plane, operated by Lufthansa’s Germanwings budget airline, were feared dead. “We …

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Germanwings Airbus A320 Crashes in France; Survivors Unlikely http://www.insurancejournal.com/news/international/2015/03/24/361840.htm Tue, 24 Mar 2015 13:28:42 +0000 http://www.insurancejournal.com/?p=361840 An Airbus A320 crash in southern France may have claimed the lives of all 150 people on board, in what would be the worst air accident on French soil in decades. Germanwings Flight 9525 operated by the low-cost subsidiary of …

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UK Regulator to Review Insurers’ Use of Big Data and Dark Pool Risks http://www.insurancejournal.com/news/international/2015/03/24/361828.htm Tue, 24 Mar 2015 09:13:13 +0000 http://www.insurancejournal.com/?p=361828 Conflicts of interest in dark pools and how insurers use big data are two of the main areas the U.K. Financial Conduct Authority will look into over the next year, the regulator said in its annual business plan. The FCA …

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Arctic Melt Creates Weakest Gulf Stream in 1,000 Years, Weather Shifts Expected http://www.insurancejournal.com/news/international/2015/03/24/361826.htm Tue, 24 Mar 2015 08:59:31 +0000 http://www.insurancejournal.com/?p=361826 Gulf Stream water currents in the Atlantic Ocean have slowed to the weakest in as long as 1,000 years, threatening shifts in U.S. and European weather, as well as coastal sea levels including in New York and Boston. The currents …

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UK Report Highlights Role of Insurance in Managing, Mitigating Cyber Risk http://www.insurancejournal.com/news/international/2015/03/24/361821.htm Tue, 24 Mar 2015 08:47:03 +0000 http://www.insurancejournal.com/?p=361821 Last year 81 percent of large UK businesses and 60 percent of small companies suffered a cyber security breach. In response to this increasing threat, a report published by the UK government and Marsh, one of the UK’s leading insurance …

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A.M. Best: India Law to Raise Foreign Investment Interest in Insurance Sector http://www.insurancejournal.com/news/international/2015/03/24/361819.htm Tue, 24 Mar 2015 07:32:37 +0000 http://www.insurancejournal.com/?p=361819 There will be heavy interest from foreign investors in India’s insurance sector now that global insurers are permitted to increase their stakes in Indian companies, according to a new briefing from A.M. Best. The Best’s briefing, titled “India’s New Legislation Will Draw …

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IRB Brasil RE Seeks to More Aggressive Growth in Latam, Africa; Weighs IPO http://www.insurancejournal.com/news/international/2015/03/24/361817.htm Tue, 24 Mar 2015 07:07:39 +0000 http://www.insurancejournal.com/?p=361817 IRB Brasil RE plans to grow more aggressively in Latin America and Africa as part of an expansion that may require Brazil’s largest reinsurer to seek an initial public offering or tap an outside partner before 2018, Chief Executive Officer …

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ACE Launches Enhanced Clinical Trials Liability Cover for UK Companies http://www.insurancejournal.com/news/international/2015/03/23/361672.htm Mon, 23 Mar 2015 12:10:52 +0000 http://www.insurancejournal.com/?p=361672 ACE Group has launched an enhanced clinical trials liability proposition for UK companies, which provides life science companies with specialist insurance for clinical trials programs conducted anywhere in the world. With the need for clinical trials to be initiated and …

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CN Railway’s Safety Record Deteriorated in 2014 Due to Poor Track Conditions http://www.insurancejournal.com/news/international/2015/03/23/361670.htm Mon, 23 Mar 2015 11:44:15 +0000 http://www.insurancejournal.com/?p=361670 Canadian National Railway’s safety record deteriorated sharply in 2014, reversing years of improvements, as accidents in Canada blamed on poor track conditions hit their highest level in more than five years, a Reuters analysis has found. Canada’s Transportation Safety Board …

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Guy Carpenter Report Reveals Greatest Tsunami Risk Lies in Taiwan http://www.insurancejournal.com/news/international/2015/03/23/361666.htm Mon, 23 Mar 2015 11:27:16 +0000 http://www.insurancejournal.com/?p=361666 Guy Carpenter’s new scenario risk report for the Asia-Pacific region predicts the greatest tsunami risk in the area lies in Taiwan. The report, titled “Tsunami Risk from Magnitude 9.4 Earthquake in Manila Trench,” provides an in-depth study of the tsunami …

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