News archive
Earl weakens, skirts east coast
September 06, 2010
DAMAGES along the US Atlantic coast were less than feared over the weekend as hurricane Earl weakened, its core stayed offshore and the storm veered to the northeast before hitting Nova Scotia. The...
US east coast braces for weakened Earl
September 03, 2010
The US Atlantic coast from North Carolina northward are bracing for a weakened but still powerful hurricane Earl, which was expected to strafe Cape Hatteras, North Carolina early Friday. The eye of...
Business as usual
September 03, 2010
IF there is anything that unites the world of litigation, it is the need for certainty regarding settlements and in particular cost offers, warns Jeff Zindani of Forum law Solicitors. Insurers are...
Venezuela – a change in the state of play
September 03, 2010
ON August 5, the Venezuelan National Assembly passed a law which paves the way for enhanced state regulation of insurance/reinsurance activity, report Robin Lince and Gary Walkling of Reynolds Porter ...
New US Federal Insurance Office
September 03, 2010
ON July 21, 2010, US President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act to provide financial regulatory reform, protect consumers and investors, enhance...
Arbitrators discretion explained
September 03, 2010
“HONOURABLE engagement” clauses have been used in contracts for many centuries. The purpose of an “honourable engagement” or “equity” clause is to free arbitrators from having to resolve a dispute by ...
Risks facing directors and officers in Hong Kong and China
September 03, 2010
IN Hong Kong the Securities and Futures Ordinance (SFO) was introduced in March 2003 and powers of investigation were given to the Securities and Futures Commission (SFC). While initially ...
Oil set to face Mariner Energy claims
September 02, 2010
ENERGY industry mutual Oil Insurance Ltd (Oil) will face claims if any arise from an explosion onboard a Mariner Energy platform in the Gulf of Mexico. Mariner Energy is a member of both Bermuda’s Oil...
Kompasu hits South Korea
September 02, 2010
Typhoon Kompasu struck northern South Korea early today local time, killing at least two and causing severe disruption to power and transport networks. All flights into Gimpo International Airport...
NC coastline evacuated as Earl approaches
September 02, 2010
EVACUATIONS began along the North Carolina coast Wednesday as a powerful hurricane Earl continued to approach the region. Hurricane warnings were in effect from Bogue Inlet, North Carolina...
Arguments close in Stanford/Lloyd’s case
August 31, 2010
LAWYERS for accused US fraudster Allen Stanford and two of his investment firm’s former accounting executives at the weekend attempted to separate their clients from the alleged money laundering that ...
Watkins provides Steelers’ hair cover
August 31, 2010
THE summer may be almost over but there’s still time to squeeze in one last insurance-related publicity stunt before the hard work of the run-in to January 1 renewals begins. Munich Re-backed Watkins ...
Baseball insurers under fire for leaks
August 27, 2010
MAJOR League Baseball (MLB) has launched an investigation into several unidentified liability insurers for leaking financial information about six US professional baseball teams to the Associated...
WTC Captive extends settlement opt-in deadline
August 26, 2010
“UNEXPECTED logistical delays” have prompted the body responsible for compensating rescue workers injured in the World Trade Center clean-up to extend the deadline for signing up to a settlement ...
Motor insurers warned pricing is unsustainable
August 26, 2010
UK MOTOR insurers have been warned they will remain unprofitable until they price in factors such as claims inflation and reserve adequately. David Vine, business development manager at Allianz Legal ...
UK motor dampens IAG profits
August 26, 2010
A LOSS of A$355m (US$315m) in the UK more than counterbalanced strong improvements for Insurance Australia Group (IAG) for financial year 2009/10 to June 30, causing the bottom line to fall to A$493m,...
Airline had questioned Lindu airport safety
August 26, 2010
CONCERN at the safety of Lindu Airport in China grew yesterday after it was revealed that China Southern Airlines decided in 2009 to avoid nighttime landings at Lindu Airport, where a Henan Airlines...
Chartis will pay Manila hijack victims
August 26, 2010
AIG’s Chartis p/c affiliate is to pay HK$1m (US$128,600) to each of four families of victims of the recent hijacking of a bus in Manila carrying tourists from Hong Kong, local business newspaper The...
Annual cost of crash injuries in US is $99bn
August 25, 2010
THE ANNUAL cost of medical care and lost productivity as a result of motor vehicle crashes in the US is more than $99bn, according to a study by the Centre for Disease Control and Prevention (CDC)....
Brewers World - The art of insurance
August 25, 2010
FINE art is one of the gems of the insurance market. Underwriters like the class, which has always been a jewel in the crown of any portfolio, says Hugh Champion, managing director of wholesale and...
Aspo Oyj benefits from E300,000 insurance payout
August 24, 2010
FINNISH conglomerate Aspo Oyj’s interim results were bolstered by a €300,000 insurance indemnity following damage sustained to one of the vessels owned by its ESL Shipping subsidiary. Bulk carrier ...
Amlin leads on Henan Airlines crash
August 24, 2010
CHINESE life insurers are expected to pay out Yuan14.9m in claims stemming from the Henan Airlines crash in northeast China this week. Forty-two people died when the Embraer E-190 apparently overshot...
Lousiana Citizens settles claims
August 24, 2010
LOUISIANA Citizens Property Insurance Corp, the state’s property insurer of last resort, has agreed to pay $23m to settle thousands of policyholders’ complaints that they were not adequately...
BP seeks to bar dual compensation seeking: report
August 23, 2010
GULF oil spill victims seeking compensation from BP’s $20bn compensation fund may be barred from filing legal action against other defendants in the Deepwater Horizon disaster, the New York Times ...
Farmers sued for not paying claims
August 23, 2010
THE Farmers Insurance unit of Zurich Financial Services has been sued by more than 1,100 California policyholders for its alleged failure to pay claims connected with last year’s Station fire in Los...