More than 300,000 people died in natural and man-made catastrophes in 2004 – the tsunami in the Indian Ocean alone left 280,000 dead or missing. According to the latest study by Swiss Re, catastrophes caused insured losses totalling $49 billion …
About 11,000 people would die and Japan as a whole would suffer about $1.06 trillion in economic damage if a major earthquake were to strike Tokyo, a government disaster prevention panel said. The panel made its estimates based on the …
Standard & Poor’s Ratings Services announced that it has raised its long-term counterparty credit and financial strength ratings on Nisshin Fire & Marine Insurance Co. Ltd. to “BBB+” from “BBB”, after Tokio Marine & Nichido Fire Insurance Co. Ltd. (AA-/Stable/–) …
European January reinsurance renewals confirm A.M. Best Co.’s expectations that underwriting discipline is being maintained, despite wide capacity availability. The rating agency noted that overall premium rates have decreased moderately, with some expected increases in U.S. property lines exposed to …
The “Kyoto Protocol” or Treaty, a global agreement aimed at reducing greenhouse gasses, has come into force seven years after it was established. So far 141 countries, accounting for 55 percent of greenhouse gas emissions, have ratified the treaty, which …
Munich Re announced 2004 net earnings of 1.8 billion euros ($2.34 billion), confirming its earlier revised estimates of between $2.22 billion and $2.48 billion (See IJ Web site Jan.23). The move back to profitability – the world’s largest reinsurer lost …
Insurance can provide unique and important benefits to a society, but those benefits cannot be realized unless markets are liberalized, said David Snyder, vice president and assistant general counsel for the American Insurance Association (AIA), Thursday at the World Trade …
Swiss Re’s chief economist Kurt Karl endorsed the 25 basis point (bp) Federal Reserve increase in the target fed funds rate to 2.5 percent. “Slow and steady wins the race,” he noted. “We still believe that the Fed’s most likely …
MetLife, Inc. and Citigroup Inc. today announced an agreement for the sale of Citigroup’s Travelers Life & Annuity, and substantially all of Citigroup’s international insurance businesses, to MetLife for $11.5 billion, subject to closing adjustments. Combining Travelers Life & Annuity …
France’s AXA Group reported from Paris that its consolidated revenues were 72.2 billion euros ($94.4 billion) for full year 2004. “On a comparable basis, revenues grew by 2 percent compared to full year 2003,” said the bulletin. But “on a …
