Government News

China’s Ping An Considers Legal Action vs. NY Times after Family Wealth Exposé

China’s second-biggest insurance company has threatened to take legal action against the New York Times for reports that Premier Wen Jiabao’s relatives had accumulated massive wealth, largely through holdings in the firm. In a written statement on Monday, Ping An …

Willis Intelligence Specialist Warns of Continued Somali Pirate Threat

Tim Holt, Head of Intelligence at Special Contingency Risks (SCR), part of the Willis Group, has warned that the piracy threat in Somalia is unlikely to abate for the following reasons:  • “Piracy is the second largest generator of income in …

Florida Governor Opens Disaster Fund

Florida Gov. Rick Scott has announced that the state is activating Florida’s disaster fund to help residents who suffered property losses from Hurricane Isaac and Tropical Storm Debbie. Earlier this week, Hurricane Isaac made its way through the Florida Keys …

What to Know About the New Flood Insurance Program

If it were a dam or a levee, it would have been replaced ages ago. Yet the National Flood Insurance Program (NFIP) has stayed afloat despite a regular leaking of funds since its inception in 1968. The much-needed, often-maligned program …

Citizens New President Gilway: Changes Coming, but Progress Will Be Slow

The new chief of Florida’s policyholder-backed property insurer Citizens Property Insurance offered no magic bullet to depopulate the insurer, but promised the insurer will charge higher rates for less coverage in order to encourage customers to buy elsewhere. Newly-appointed Citizens …

Greek Pro-bailout Parties Look to Forge Coalition

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 …

Administration Ready to Respond on Healthcare Reform Ruling

U.S. Health and Human Services Secretary Kathleen Sebelius said on Thursday the administration will be ready to respond if the Supreme Court strikes down all or part of the healthcare reform law in a landmark ruling expected this month. Speaking …

Fitch Analyzes Uncertainty over Extension of UK Flood Insurance Plan

The end in June of the UK government’s agreement with the country’s insurance industry, the Statement of Principles (SoP) agreement, which provides insurance in high flood risk areas, “may prove positive for the UK insurance industry,” according to a report …

UK Terrorism Reinsurer Pool Re Has over $7 Billion for Olympic Games Coverage

Pool Re, the state-backed British reinsurer that covers terror attack-related commercial property losses, has £4.5 billion ($7.327 billion) of assets to cover the Olympic Games and is not jacking up premiums for the event. Bombings or other incidents costing more …

Starr’s Greenberg: China ‘Eager to Begin Talks’ on Free Trade Pact with U.S.

China is eager to begin talks on a free trade pact with the United States and key leaders seem willing to step away from the state capitalism Beijing has been pursuing, a senior U.S executive with access to China’s leadership …