Insurance Journal » International News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Tue, 21 Oct 2014 17:39:58 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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AIA Group’s New Business Growth Up 23% http://www.insurancejournal.com/news/international/2014/10/17/343933.htm Fri, 17 Oct 2014 11:12:27 +0000 http://www.insurancejournal.com/?p=343933 AIA Group Ltd., the second-largest insurer by market value based in Asia, posted a higher-than- expected value of new business growth of 23 percent in the third quarter, aided by expansion in its largest markets. The measure of projected future …

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Hurricane Gonzalo Threatens Bermuda With Flooding, Storm Surge http://www.insurancejournal.com/news/international/2014/10/17/343928.htm Fri, 17 Oct 2014 10:55:00 +0000 http://www.insurancejournal.com/?p=343928 Gonzalo, classified as a major hurricane and bearing down on Bermuda with tree-snapping winds, is forecast to bring flooding and a life-threatening storm surge as it’s projected to be the worst storm to hit the territory since Fabian in 2003. …

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Cunningham to Become CEO of IAT Reinsurance http://www.insurancejournal.com/news/international/2014/10/17/343923.htm Fri, 17 Oct 2014 10:34:38 +0000 http://www.insurancejournal.com/?p=343923 IAT Reinsurance Company Ltd., the privately owned Bermuda insurer, announced that Peter R. Kellogg is retiring as chief executive officer, a position he has held since the company’s founding in the early 1980s. William Cunningham will assume the role of …

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ACE Strengthens Nordic Financial Lines Team http://www.insurancejournal.com/news/international/2014/10/17/343919.htm Fri, 17 Oct 2014 10:21:29 +0000 http://www.insurancejournal.com/?p=343919 ACE Group today announced a promotion and a new appointment in its Nordic financial lines insurance team as it continues its investment in further strengthening its presence across the region. Kristina Engdahl has been promoted to the role of financial …

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Hurricane Gonzalo Bears Down on Bermuda http://www.insurancejournal.com/news/international/2014/10/16/343798.htm Thu, 16 Oct 2014 11:13:38 +0000 http://www.insurancejournal.com/?p=343798 The last major hurricane to strike land anywhere in the Atlantic basin was Sandy in 2012. That may change tomorrow as Hurricane Gonzalo bears down on Bermuda. Gonzalo again became a Category 4 storm today, the first since 2011, the …

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German and French Insurance Markets Show Resilience http://www.insurancejournal.com/news/international/2014/10/16/343751.htm Thu, 16 Oct 2014 10:30:28 +0000 http://www.insurancejournal.com/?p=343751 Despite varying internal pressures, the German and French insurance markets have shown resilience in their respective ways, according to two separate reports issued by A.M. Best. While Germany’s economy is among the strongest in Europe, its insurance market will continue …

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South African Insurers Urge Mandatory Auto Insurance http://www.insurancejournal.com/news/international/2014/10/16/343336.htm Thu, 16 Oct 2014 10:00:20 +0000 http://www.insurancejournal.com/?p=343336 South African insurers have called on the government to start compulsory motor cover to reduce the cost to motorists and companies from the country’s millions of drivers taking to the roads without protection. In South Africa “up to 60 percent …

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Toyota Recalls 1.75 Million Vehicles Worldwide for Fuel, Brake Flaws http://www.insurancejournal.com/news/international/2014/10/15/343502.htm Wed, 15 Oct 2014 08:05:12 +0000 http://www.insurancejournal.com/?p=343502 Toyota Motor Corp., the automaker under supervision in the U.S. by an independent safety monitor, recalled 1.75 million vehicles worldwide to fix flaws in the braking and fuel systems. The Lexus IS, GS and LS luxury sedans and Toyota Auris …

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PwC: Climate Change Is Risk and Business Opportunity http://www.insurancejournal.com/news/international/2014/10/15/343498.htm Wed, 15 Oct 2014 07:18:54 +0000 http://www.insurancejournal.com/?p=343498 Competition and regulation push companies to take action to protect themselves from the effects of climate change, not climate science, Jon Williams, partner at global consultancy firm PwC told the Reuters Global Climate Change Summit. Williams, who leads the finance …

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A.M. Best: Prospects Improve for Insurers in ASEAN Market http://www.insurancejournal.com/news/international/2014/10/15/343495.htm Wed, 15 Oct 2014 06:54:36 +0000 http://www.insurancejournal.com/?p=343495 While integration of insurance markets among the 10 member states of the Association of Southeast Asian Nations (ASEAN) has a long way to go, the prospects for closer connectivity in a region with vibrant growth give insurers and regulators incentive to …

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Integrity of ‘Green Bond’ Market Could Be at Risk http://www.insurancejournal.com/news/international/2014/10/15/343488.htm Wed, 15 Oct 2014 06:36:40 +0000 http://www.insurancejournal.com/?p=343488 The integrity of the fast-growing “green bond” market is at risk unless a clear definition of what passes for green can be agreed, Zurich Insurance’s investment chief told the Reuters Global Climate Change Summit. The supply of green bonds, a …

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W. Africa Ebola Cases May Rise to 10,000 a Week by December http://www.insurancejournal.com/news/international/2014/10/14/343428.htm Tue, 14 Oct 2014 14:21:47 +0000 http://www.insurancejournal.com/?p=343428 The number of Ebola cases in three West African nations may jump to between 5,000 and 10,000 a week by Dec. 1 as the deadly viral infection spreads, the World Health Organization said. The outbreak is still expanding geographically in …

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RBC Facing $76 Million in Shareholder Claim Over Merger http://www.insurancejournal.com/news/international/2014/10/14/343338.htm Tue, 14 Oct 2014 11:10:56 +0000 http://www.insurancejournal.com/?p=343338 A Delaware judge said Royal Bank of Canada must pay $75.8 million in damages to former shareholders of Rural/Metro because it failed to disclose conflicts of interest that tainted the $438 million buyout of the ambulance operator. The ruling is …

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Best Report: Spain’s Insurance Market Remains Profitable http://www.insurancejournal.com/news/international/2014/10/14/343406.htm Tue, 14 Oct 2014 09:43:26 +0000 http://www.insurancejournal.com/?p=343406 As Spain’s economy shows signs of improvement, there are indications that the decline in the country’s non-life insurance market has slowed in 2014, aided by growth in the health insurance sector, according to a new A.M. Best special report. This …

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A.M. Best: UK Non-Life Insurers’ Profits Under Pressure http://www.insurancejournal.com/news/international/2014/10/14/343401.htm Tue, 14 Oct 2014 09:21:03 +0000 http://www.insurancejournal.com/?p=343401 Profit margins in the U.K. non-life insurance sector are under pressure this year as companies fight to maintain pricing discipline in an extremely competitive market, according to a new A.M. Best special report. Premium rates are falling in personal lines …

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