Global reinsurance rates continued to decline at the January 1, 2011 renewals, falling on average between 5% and 10%, according to figures from the leading reinsurance brokers.
Insured losses from global catastrophes totaled $36bn in 2010, up from $27bn in 2009, according to Guy Carpenter & Company.
The UK’s Environment, Food and Rural Affairs Committee has called for urgent action from its government to help protect over five million properties from flooding amid fears that the cut in flood defence spend will leave a shortfall in funds.
Austerity drives will weigh on growth momentum across the eurozone in 2011 but the upswing witnessed in recent quarters will continue to prevail, according to Allianz Chief Economist, Michael Heise.
The European Commission (EC) has published the first comprehensive overview of the problem of shipping emissions as debate around regulatory intervention hots up.
China’s 2010 floods will have a limited impact on the insurance industry due to the low insurance penetration levels in the country, according to a Guy Carpenter report.
Much of the European insurance sector pitched in last week at a public hearing on a proposed European Commission revision of the Insurance Mediation Directive (IMD) to argue that there were no real problems to be addressed. However, speaking for insurance buyers, Peter den Dekker, president of FERMA, said that the suggestion that everyone was happy with the current regulation of intermediaries was nonsense.
The US Justice Department yesterday filed a suit against oil giant BP, and eight other companies, including Lloyd’s of London insurer QBE as it attempts to recover billions of dollars under the Oil Pollution and Clean Water Acts following the Deepwater Horizon Gulf oil spill.
Mid-sized corporations in the UK believe that they are exposed to more risks than five years ago and that those risks are more ‘real’, according to research from Chartis.
Despite good underwriting results in the Protection and Indemnity (P&I) market, record claims levels and a continuing gap in the performance of individual P&I Clubs could present challenges for the market in 2011, according to Willis.