A $1 trillion global emergency rescue package to stabilize the euro reversed the slide in world financial markets on Monday but left longer-term questions about whether Europe’s weakest economies can manage their debt. The plan, hammered out by European Union …
Heightened eruptions from Iceland’s Eyjafjallajokull volcano caused periodic closures of a number of European airports, as flights were cancelled, delayed or rerouted. Transatlantic air traffic between Europe and the U.S. was also affected by the clouds of ash, which swept …
German Chancellor Angela Merkel and the head of the IMF warned of financial contagion on Wednesday unless a euro zone debt crisis is stopped in Greece, while investors fled to the safe havens of the dollar and gold. Greek public …
London-based Amlin plc, one of Lloyd’s and the UK’s best known insurers, has announced plans to establish a reinsurance company in Switzerland to serve European clients. Amlin said it believes that the company “will provide the European insurance market with …
European finance ministers triggered a record €110 billion ($147 billion) bailout for debt-stricken Greece on Sunday, May 2, when Athens committed itself to years of painful austerity. After weeks of tough talk and procrastination due to fierce public opposition to …
A major eruption of Italy’s Mount Vesuvius could result in 8,000 fatalities, 13,000 serious injuries and total economic losses of more than $24 billion, says a new study. According to the Willis Research Network (WRN), Vesuvius now ranks at the …
French reinsurer SCOR Group announced that based on preliminary estimates, it expects its related costs from the earthquake in Chile and Windstorm Xynthia to be approximately €95 million ($130 million) net pre-tax, which “represents approximately 3 percent of the projected …
A chip for Spot? In a country where guns are tightly controlled and even carrying a kitchen knife can bring prison time, some thugs use dogs to menace their victims. Now the British government is proposing that dog owners be …
Last month’s huge earthquake in Chile might cost the insurance industry up to $7 billion in damage claims, the world’s top two reinsurers said, but it looks unlikely to raise reinsurance prices. World leader Munich Re said it expected the …
