Europe’s largest insurer, Germany’s Allianz SE, posed the following question: “How does climate change affect the business model of a large insurance company?” In order to find the answers Allianz announced that it’s now part of a “unique consortium including …
The Insurance Council of Australia has declared widespread areas of New South Wales and Victoria a formal catastrophe zone. The ICA said the declaration covers the NSW Riverina, NSW Central West and northern Victoria, where a number of communities have …
The latest report from the Geneva Association , No. 5 in the current series – Extreme events and insurance: 2011 annus horribilis -, describes the global impact of the major 2011 natural catastrophes, and analyzes the role and mechanisms of …
The Bermuda-based Armour Group announced the formation of a new ILS [Insurance Linked Strategies- more commonly ‘securities’] focused asset manager to “target unique opportunities for uncorrelated returns in a low-yield environment.” Armour said its new unit, ILS Investment Management Limited, …
In a rapidly changing world, new innovations that keep global companies competitive are an extremely important resource – none more so than in the UK’s insurance sector. The Rt. Hon. David Willetts, the UK’s Universities and Science Minister, demonstrated just …
Insurance Australia Group Limited (IAG) announced that it is restructuring its “operating model” for its Australia Intermediated business, CGU. The changes are aimed at generating “annual cost savings of around $65 million pre-tax by the end of the 2015 financial …
A survey from London-based Finaccord found that in ten emerging economies, surging car sales have doubled the value of their automotive finance and leasing markets in five years, to reach $182 billion Finaccord said: “The future of the global automotive …
Joe Plumeri, Willis Group Holdings Chairman and CEO, told attendees at the Willis Asia Pacific Aviation Insurance Conference in Hong Kong that air travel in Asia Pacific is set to significantly surpass that of North America and Europe in the …
Both A.M. Best and Standard & Poor’s issued bulletins following the announcement that Ariel Re was selling off its Bermuda-based reinsurance business to Arrow, a unit of investment Bank Goldman Sachs, and its trade credit and surety (C&S) operations, which …
Catastrophe claims and write downs on investments in sovereign bonds and banks were behind the profit fall revealed by Allianz, Europe’s biggest insurance group. On Thursday it reported net income of €2.804 billion [$$3.777 billion], missing estimates by almost half …
