Signs are emerging that history is repeating itself in New Orleans, still healing from Katrina: People have forgotten what happened after Hurricane Betsy caused catastrophic flooding four decades ago and again believe the federal government is constructing a levee system …
The rise in world food prices carries implications for both rich and poor countries – the latter will more fully feel the impact, as well as the insurance industry. The recent conference in Rome, organized by the UN’s Food and …
The U.S. housing crisis has caused huge loan losses at big lenders but also spawned a slew of class-action lawsuits against them, many alleging noncompliance with consumer disclosure rules. “The compliance issue is a ticking time bomb for some lenders,” …
ACE Limited announced that its subsidiary, ACE INA Holdings Inc., has agreed to sell $450 million of 5.60 percent Senior Notes due May 2015. The notes will be guaranteed by ACE Limited. Ace said it would use the net proceeds …
Catastrophe risk modeling firm AIR Worldwide has issued an estimate that total losses to insured and uninsured property from the M7.9 earthquake that struck near Chengdu, China will likely exceed RMB 140 billion ($20 billion). AIR estimated that insured losses …
Cyclone Nargis, which made landfall in the Irrawaddy delta region in Myanmar (Burma) on Saturday, is likely to become the third most deadly event so far in the 21st century (after the 2004 tsunami and – so far – the …
The European Union must be firm in World Trade Organization trade talks despite the global rise in food prices, a German official was quoted as saying on Sunday. “Due to the food crisis, we could face new demands,” Bernd Pfaffenbach, …
A federal appeals court Friday upheld a lower court ruling dismissing a civil lawsuit against major U.S. chemical companies brought by Vietnamese plaintiffs over the use of dioxin, or “agent orange,” during the Vietnam War. The decision was handed down …
Marsh announced from its London office that David Batchelor will succeed Alex Moczarski as CEO of Marsh’s operations in Europe, the Middle East and Africa (EMEA). He currently heads the Asia Pacific region for Marsh, responsible for operations in China, …
Swiss Re announced that it has entered into an agreement to acquire a 25 percent stake in Vietnam’s leading reinsurance provider, Vietnam National Reinsurance Corporation (VinaRe), for VND1.3 trillion (approximately US$79 million), making Swiss Re “the company’s sole foreign strategic …
