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December 2010/3

  • The fledgling microinsurance market could be worth $40bn when it grows to maturity, according to research from Swiss Re
  • Lloyd's claims head Chaplin moves to Asia Pacific; The Hartford offloads TPA for $280mn; Alterra passes on management of Names syndicates; RFIB sets up in Kazakhstan...
  • US insurance giant Travelers has been ordered by a judge to pay $445mn to settle an asbestos claim with a trail of litigation leading back as far as 1986.
  • QBE Underwriting/Lloyd's O'Farrell Syndicate 1036 has been named as one of eight firms in a civil lawsuit filed by the US government against BP over the Deepwater Horizon oil spill.
  • Insurers' consistent profitability through the financial crisis means the industry is now paying more corporation tax than the banking sector, according to UK tax experts.
  • Insurers will not be affected by draconian new EU legislation that restricts the cash element of bankers' bonuses to 30 percent of their salary, according to the Financial Services Authority (FSA)'s new remuneration code.
  • The Brazilian insurance regulator, SUSEP, has published two new resolutions altering the landscape of the Brazilian reinsurance market.
  • Lloyd's has reworked its risk governance structure to address concerns that it would not stand up to the scrutiny of regulators under Solvency II.
  • American International Group (AIG) has confirmed that its directors' and officers' (D&O) insurers, including lead Great American, have agreed to pay $150mn to help settle shareholder claims against the company.
  • More than nine months after the earthquake that struck Chile, reinsurance broker Aon Benfield has estimated an ultimate industry insured loss figure of $8.5bn.
  • The Bermudian excess casualty market looks set for another significant loss from an oil pipeline rupture following a blast at Mexico's state-owned operator Petroleos Mexicanos (Pemex).
  • For the second year in a row, direct and facultative (D&F) underwriters have been spared a substantial loss from a major US hurricane, despite an above average level of tropical storm activity.
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