Insurance Journal » economic crisis

UK Prime Minister Cameron Promises Britons Straight Choice on EU Exit

Wed, 23 Jan 2013 13:15:26 +0000

Prime Minister David Cameron promised on Wednesday to give Britons a referendum choice on whether to stay in the European Union or leave if he wins an election in 2015, placing a question mark over Britain’s membership for years. Cameron …

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Zurich’s European Survey Confirms Insurance Isn’t a Luxury in Economic Crisis

Tue, 15 Jan 2013 11:13:19 +0000

A survey conducted by GfK on behalf of Zurich Insurance Group analyzed how the people in seven different European countries are dealing with their insurance needs in the light of the ongoing economic crisis. Insurance coverage was one of those …

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IMF Urges Permanent Fix to U.S. ‘Fiscal Cliff’

Fri, 09 Nov 2012 11:37:54 +0000

The International Monetary Fund on Thursday urged the United States to quickly reach an agreement on a permanent fix to avoid automatic tax hikes and spending cuts early next year, saying a stop-gap solution could be harmful to the global …

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Best Reports Italy’s Non-Life Insurance Sector Faces Shifting Landscape

Thu, 11 Oct 2012 10:46:36 +0000

The Italian non-life insurance market faces changes as the sector is subject to new legislation and industry consolidation, while the country’s ongoing economic challenges constrain demand for coverage, according to a new report from A.M. Best Co. Best explained that …

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Best’s Report on Spanish Non-Life Sector Finds Profits, Future Challenges

Wed, 10 Oct 2012 10:17:33 +0000

“The Spanish non-life insurance sector remained profitable in 2011, but growth remains challenging, as it continues to face one of the bleakest economic environments since the 1930s,” according to a new report from A.M. Best Co. Best explained that non-life …

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Best Affirms AXIS Specialty and Subs ‘A’ Ratings; Outlook Positive

Mon, 24 Sep 2012 10:46:53 +0000

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a+” of AXIS Specialty Limited and its operating affiliates, as well as the ICR of “bbb+” and all existing debt ratings …

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Europe Drawn Back to its First Problem – Greece

Mon, 27 Aug 2012 10:42:44 +0000

The euro zone debt crisis was born in Greece. Nearly three years and two bailouts on Europe must decide whether to give the country yet more help or cut it loose. For all its complexities, Greece’s problems essentially come down …

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Swiss Re Reports Italian Insurance Market at ‘Crossroads’ of Change

Mon, 27 Aug 2012 10:05:13 +0000

According to Swiss Re’s latest study - The Italian insurance market: opportunities in the land of the Renaissance – “Italy stands at the crossroads of economic and social change, and therefore offers interesting opportunities for the insurance industry.” The report …

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Best Sees No Change in MAPFRE USA Group Ratings

Wed, 27 Jun 2012 15:22:51 +0000

A.M. Best Co. has commented that the financial strength ratings (FSR) of ‘A’ (Excellent) and issuer credit ratings of “a” of the members of MAPFRE USA Group are unchanged following the recent market volatility surrounding Spain’s economic conditions, derived from …

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G20 Backs Europe’s Plans for Euro Zone Overhaul to Fight Crisis

Wed, 20 Jun 2012 10:30:45 +0000

Europe won support from world leaders on Tuesday for an ambitious, but slow-moving, overhaul of the euro zone, even as pressure built in financial markets for quicker solutions to its debt crisis that threatens the world economy. European countries showed …

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Greek Pro-bailout Parties Look to Forge Coalition

Mon, 18 Jun 2012 10:57:33 +0000

Political parties supporting Greece’s international bailout begin forging a government on Monday after an election victory over radical leftists staved off the prospect of the debt-laden country leaving the euro and brought relief to global markets. Conservative New Democracy leader …

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Economic Crisis Challenges Harmonization of U.S. Regulations, EU’s Solvency II

Charles E. Boyle — Mon, 18 Jun 2012 10:50:41 +0000

The EU’s Solvency II regulations get most of the headlines, but there are other regulatory bodies, which are trying to modernize and harmonize the regulations for global insurance companies. Their task has been made even more difficult by the prolonged …

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German Chancellor Merkel Rejects ‘Miracle Solutions;’ Spain’s Debt Costs Soar

Thu, 14 Jun 2012 10:16:18 +0000

Chancellor Angela Merkel rebuffed pressure on Thursday for Germany, Europe’s most powerful economy, to underwrite debt or guarantee bank deposits in the euro zone, as Spain’s soaring borrowing costs raised new alarm. Spain’s 10-year bond yield hit a euro lifetime …

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Will There Ever Be a United States of Europe?

Charles E. Boyle — Wed, 06 Jun 2012 09:54:36 +0000

From recent news you will have learned that the euro zone crisis continues to be the 700 pound gorilla in the room of the global economy. It’s become increasingly clear that, whatever happens in Greece on June 17, the euro …

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EU Trade Credit Insurers Considering Restrictions on Greek Coverage

Tue, 22 May 2012 10:17:59 +0000

Euler Hermes, the world’s No. 1 trade credit insurer, said it might restrict the cover it provides to exporters doing business with Greece, citing fears the debt-laden nation could be forced out of the euro. “Euler Hermes will most probably …

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Spanish Economy in ‘Huge Crisis’ after Sovereign Debt Downgrade

Fri, 27 Apr 2012 10:20:31 +0000

Spain’s sickly economy faces a “crisis of huge proportions”, a minister said on Friday, as unemployment hit its highest level in two decades and Standard and Poor’s weighed in with a two-notch downgrade of the government’s debt. Spain’s unemployment rate …

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Civil Unrest Leads Aon to Downgrade 37 Countries on Political Risk Map

Wed, 25 Apr 2012 09:46:53 +0000

Aon Risk Solutions, the global risk management business of Aon plc, has just issued its latest political risk map, which gauges the level of risk for international business in more than 200 countries. Aon said “37 countries were downgraded in …

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IMF Head Sees Global Economy on Recovery Path, but Risks Remain

Mon, 19 Mar 2012 10:58:44 +0000

The global economy has stepped back from the brink of danger and signs of stabilization are emerging from the euro zone and the United States, but high debt levels in developed markets and rising oil prices are key risks ahead, …

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Best Affirms Aviva’s Ratings; Places them on Review/Negative

Fri, 16 Dec 2011 13:17:54 +0000

Following its announcements, made earlier this week, A.M. Best Europe – Rating Services Limited is continuing to take rating actions on a number of European (re)insurers, as a result of the continued negative developments regarding the euro zone sovereign debt …

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World Economy Counts the Cost of Euro Zone Dithering

Wed, 23 Nov 2011 18:02:58 +0000

From credit bottlenecks in Eastern Europe to slower growth in China, delays in tackling the euro zone’s debt crisis are causing ever-greater economic and financial damage well beyond the borders of the 17-nation bloc. As politicians dither over how to …

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Best Performs Added Stress Testing Due to Europe’s Economic Uncertainty

Tue, 22 Nov 2011 17:29:29 +0000

A.M. Best Co. announced that it has performed additional stress tests of the balance sheets of insurers’ exposure to euro zone debt as economic conditions within the region continue to worsen. Best has published the results of the findings in …

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Breaking up the Euro? Try Unscrambling an Omelet – an Analysis

Thu, 17 Nov 2011 11:49:17 +0000

Can you unscramble an omelet? That, in essence, is what euro zone leaders and the global monetary policy elite will have to do if the euro zone is to be reshaped in any semblance of an orderly manner, be it …

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IMF Head Warns World Economy Risks a ‘Lost Decade’

Wed, 09 Nov 2011 10:53:45 +0000

The head of the International Monetary Fund warned on Wednesday that Europe’s debt crisis risked plunging the global economy into a “lost decade” and said it was up to rich nations to shoulder the burden of restoring growth and confidence. …

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Greek Referendum Plan Threatens New Euro Zone Crisis

Tue, 01 Nov 2011 11:52:53 +0000

Prime Minister George Papandreou’s shock announcement that he will put Greece’s bailout to a referendum threatened to intensify the euro zone crisis, and brought complaints in Germany that Athens is trying to wriggle out of the deal. Euro zone leaders …

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Fairfax’s Watsa Sees More Turmoil; Maintains Hedges

Fri, 28 Oct 2011 15:51:08 +0000

Fairfax Financial Holdings is maintaining its market hedges due to concerns about the global economic outlook and in spite of the recent turnaround in stock and bond prices, the insurer’s founder and chief executive said Friday. Prem Watsa, who made …

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Markets Cheer Euro Deal But Questions Remain

Thu, 27 Oct 2011 12:16:28 +0000

The euro and stocks rallied on Thursday after European leaders struck a deal to provide debt relief for Greece, but analysts warned the plan would fail to halt the euro zone’s two-year-old debt crisis unless crucial details were resolved soon. …

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Munich Re: ‘Uncertainty,’ Economic Crisis, Challenge Re/insurers

Tue, 25 Oct 2011 10:55:56 +0000

A bulletin from Munich Re names the “sovereign debt crisis in Europe and the USA, a sustained phase of low interest rates and heavy natural catastrophe burdens,” as well as general uncertainty in the re/insurance markets as posing “significant challenges …

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Weak Markets to Hobble Canadian Insurer Results

Mon, 24 Oct 2011 10:20:52 +0000

Canadian insurers are looking at a bleak quarter of financial results due to a sharp drop in stock markets and bond yields, and analysts are staying cautious on the stocks even at rock-bottom valuations. Sun Life Financial , Canada’s No. …

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Swiss Re Analyzes Effects of Economic Crisis on Nordic Insurance Market

Tue, 30 Aug 2011 10:00:28 +0000

Swiss Re, as host of its Nordic Risk & Insurance Summit (NORIS™) conference, warned that the “economic environment in the wake of the financial crisis is still very challenging and turbulent.” Swiss Re described the insurance industry as “moving from …

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Sarkozy & Merkel Face ‘Stark Choice’ in Euro Zone Talks

Tue, 16 Aug 2011 09:57:04 +0000

The leaders of France and Germany face a stark choice in talks on Tuesday over whether to begin steering the embattled euro zone towards closer fiscal union or risk watching the bloc unravel. French President Nicolas Sarkozy and German Chancellor …

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