Monthly Archives: <span>September 2011</span>

Panel Reports Climate Change to Cost Canada Many Billions

Climate change will cause damage in Canada equivalent to around 1 percent of GDP in 2050 as rising temperatures kill off forests, flood low-lying areas and cause more illnesses, an official panel said Thursday. The National Round Table on the …

UPDATE: Fire Surges at Shell’s Singapore Refinery

There has been a surge in the fire at Shell’s Singapore refinery, the Singapore Civil Defence Force (SCDF) said in a statement on Thursday. “The fire fighting operations are still ongoing,” the statement added. “There has been a surge in …

Typhoon Nesat Hits China after Pummeling Hong Kong

Typhoon Nesat hit Hainan Island in south China on Thursday after it swept past Hong Kong, closing financial markets, schools and most businesses in one of Asia’s largest financial centers. China recalled ships and suspended flights and ferry services in …

Report: Allianz, AXA among Likely Bidders for HSBC Unit Sale

European insurers Allianz and AXA SA are among the potential bidders for HSBC Holdings Plc’s sale of its general insurance business, which could fetch more than $1 billion, sources familiar with the matter told Reuters. HSBC , Europe’s biggest bank, …

Xchanging Gains Full Control of Brokerage Services Subsidiary from Aon

Xchanging, the London-based business process and technology services provider and integrator, announced that it has “gained full control of Xchanging Broking Services Limited, the Enterprise Partnership it formed with Aon Limited.” The consolidation follows Aon’s decision to exercise “the put …

Aon Benfield: Reinsurers Expected to Pay 2/3 of Australia, NZ Cat Losses

Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corp, has issued a bulletin indicating that Australian and New Zealand insurers, who were hit with “catastrophic events” in 2010 and 2011, had “nearly two-thirds of the losses reinsured.” …

Safety Group Says Conn. Blast Shows Need for ‘Gas Blow’ Rule

A national safety group is urging states and regulators to adopt new standards that would ban a pipe-cleaning practice blamed for a 2010 Connecticut power plant explosion that killed six workers. The National Fire Protection Association’s new standard, published a …

N.Y. Official Says Alleged Insurance Scam Artist Caught

New York Attorney General Eric Schneiderman announced the arrest of an alleged scam artist, Arthur Bogoraz, who officials contend devised a massive scheme to defraud insurance companies out of millions of dollars. Bogoraz has allegedly defrauded no-fault insurance providers by …

Chubb Reports Q3 Disaster Losses Up to $475 Million

Property insurer Chubb Corp. Wednesday warned it would report up to $475 million in pretax catastrophe losses in the third quarter, most of it coming from late August’s Hurricane Irene. Chubb said $300 million to $375 million of the $400 …

Penn. State Workers’ Insurance Fund Provides Relief to Policyholders

The Pennsylvania Department of Labor & Industry announced relief measures for State Workers’ Insurance Fund (SWIF) policyholders affected by flooding caused by Tropical Storm Lee. “Helping employers rebuild is an important part of the state’s economic recovery,” Department Secretary Julia …