2011 News

Earnings Reports: ACE Limited

                                                             Q4 2011         Q4   2010           Gross premiums written                  $4.864bn         $4.865 bn Full year  -  2011         2010                 $20.831 bn $19.511 bn Net premiums earned  —-             $3.831 bn      $3.572 bn   Full year – 2011           2010               $15.387 bn  $13.504 bn       Net …

S&P: Excess Capital, Strong ERM Give Reinsurers 2011 Cat Loss Cushion

Standard & Poor’s Ratings Services announced that it is “maintaining its stable outlook on the global reinsurance sector despite the near-record level of catastrophe losses in 2011,” as it doesn’t expect “a bias in the direction of any rating actions …

2011 Piracy Attacks Totaled 439; 275 off Somalia: ICC/IMB Report

According to the International Chamber of Commerce (ICC) International Maritime Bureau’s (IMB) global piracy report attacks in East and West Africa accounted for the majority of world attacks in 2011, signaling a rising trend.  Of the 439 attacks reported to …

AXIS Estimates Thai Flood Losses at $48 Million; Updates 2011 Loss Estimates

Bermuda-based AXIS Capital Holdings Limited announced that the net financial impact of the severe flooding in Thailand on the Company’s fourth quarter results is expected to be $48 million – net of reinsurance, taxes and reinstatement premiums. AXIS also updated …

Aon Benfield 2011 Catastrophe Study: $107 Bn Insured Losses; $435 Bn Economic

Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corp, has issued its  “Annual Global Climate and Catastrophe Report,” which aggregates and analyses the natural disaster perils that occurred worldwide during 2011, which concludes that the impact of …

Insurers Worry 2012 Will Top 2011 for Record Weather Disasters

From floods that crippled countries, to mega cyclones, huge blizzards, killer tornadoes to famine-inducing droughts, 2011 has been another record-breaker for bad weather. While it is too early to predict what 2012 will be like, insurers and weather prediction agencies …

Swiss Re Estimates 2011 Economic Cat Loss at $350 Bn; Insured Loss $108 Bn

Swiss Re describes 2011 as the “year with the highest catastrophe-related economic losses in history, at $350 billion.” It could have been the most costly year ever for the insurance industry, if Japan had been more fully insured. The figures …

11/11/11: What’s In a Number?

November 11, 2011 might hold special significance for some, since the date can also be written 11/11/11. When the calendar and its numbers align, some people try to ascribe mystical significance, according to a Wake Forest University professor. Eric Carlson, …

Lloyd’s Reports Billion Dollar First Half Loss Due to Catastrophes

As had been more or less predicted, Lloyd’s posted a £697 million [$1.094 billion] pre-tax loss for the first six months of 2011, compared to an overall profit of £628 million [$985.6 million] as of June 30, 2010. The report …

Swiss Re Report Estimates 2011 First 6 Months Cat Losses at $70 Billion

Preliminary estimates from Swiss Re’s newly released sigma report indicate that “total insured losses for the global insurance industry from natural catastrophes and man-made disasters reached an estimated $70 billion in the first half year of 2011.” The report also …