Driven in part by increased demands from regulatory and rating agencies, enterprise risk management (ERM) has become integral to insurers’ business processes around the world. Sixty percent of survey respondents explicitly factor risk management considerations into their decision-making, according to …
The United States and Japan have agreed on guidelines designed to improve the safety of consumer products in the two countries, the U.S. Consumer Product Safety Commission said. Under the agreement, the two countries will share information on product safety, …
UnionBanc Insurance Services Inc., Fullerton, Calif., is expanding its focus to the Pacific Rim with the addition of Ted Ikuta, who joins the company’s Fullerton office as senior vice president. Ikuta has more than two decades of specialized insurance and …
Santa Ana, Calif.-based Advanced Medical Optics Inc. is recalling U.S. batches of its Complete MoisturePlus multipurpose contact lens solution and Active Packs after finding bacterial contamination in three lots made at the same plant in China and distributed in Japan. …
Global insurance broker Willis Group Holdings announced that it has been named as the lead broker for the World Expo 2010 in Shanghai. “It is the first time this event will be held in China and is also the first …
Investors who bet against the odds of another devastating Atlantic hurricane season now stand to cash in big-time on “catastrophe bonds.” Contrary to expert predictions, the season turned out to be the mildest in years. Insurance companies sell the bonds, …
A bulletin on the Lloyd’s Website (www.lloyds.com) examines the growth of the insurance market in Singapore, and concludes that the city-state, which is already home to a number of foreign insurers, is poised to take on an even larger role …
The National Weather Service lifted a tsunami advisory hours before powerful waves damaged docks and tore boats from their moorings in Northern California. Forecasters said they were wary of causing chaos along the coast. “The waves were just small enough …
A strong undersea earthquake south of the Kuril Islands off Japan’s northwest coast, which measured up to 8.1 on the Richter Scale, failed to produce any significant tsunami’s Following the quake, warnings went out across the Pacific, from the Japan …
Dr. Thomas Loster, a geographer who advises the Munich Re Foundation, told those attending the current United Nations Environment Program (UNEP) Conference in Nairobi that, “Most insurance and re-insurance companies have no doubt that the rising tide of losses from …
