Author: Farkas Laura

Dutch insurer Aegon adjusted its 2010 target for value of new business, a way of valuing income from the sale of insurance premiums, to 1.25 billion euros, up 14 percent from its original target. The insurer said that it expects to make “better-than-expected” progress toward the new target and revised it original 1.1 billion euros… Continue reading Dutch Carrier Aegon Increases Premium Target for 2010

Swiss Re, the world’s largest reinsurer by premiums, last week announced a 1.2 billion Swiss Franc loss, and now finds itself under scrutiny by the Swiss Federal Office for Private Insurance. Monica Maechler, chief executive of the supervisory authority that monitors the business operations of private insurance companies, is looking carefully at the indirect engagements,… Continue reading Insurance Office Looking into Swiss Re’s Investments

With so many people planning to visit family and friends over Thanksgiving, there are likely to be long lines at rental car companies across the country. Properly insuring a rental car can be tricky. Unfortunately, many consumers don’t even think about car rental insurance until they get to the counter, which can result in costly… Continue reading Consumers Confused Over Car Rental Insurance

The London arm of Arthur J. Gallagher & Co., Gallagher London, has followed Will Group Holdings Ltd. an Marsh Inc. in approaching insurance companies and clients over is plans to charge insurers an additional 1.5% commission for placing London market business.    A spokesman for the brokerage said that its London office sent out a… Continue reading Gallagher Follows Marsh, Willis Group in Seeking Additional Commissions in London Market

The Organisation for Economic Co-operation and Development (OECD) in a report released today states that overall losses caused by the U.S. mortgage market crisis could feasibly hit $300 billion, and the broader credit crunch could yet inflict greater damage on equity markets. “Thus far, equity investors seem to have shrugged off the negative sentiment that… Continue reading OECD Reports US Mortgage Crisis Could Result $300B in Related Losses Globally

AIG shareholder Doris Staehr of Calinfornia filed a a lawsuit on Tuesday against several of the company’s officials over the insurer’s exposure to the subprime mortgage crisis. According to the complaint filed in U.S. District Court in Manhattan, Ms. Staehr alleges that AIG, under the direction of its officials, including Chief Executive Martin Sullivan and… Continue reading Subprime Lawsuit Hits AIG as Shareholder Files

The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) last week announced a final rule on employer-paid personal protective equipment (PPE). Under the rule, all PPE, with a few exceptions, will be provided at no cost to the employee. OSHA anticipates that this rule will have substantial safety benefits that will result in… Continue reading OSHA Announces Employer-paid Personal Protective Equipment Final Rule

The American Insurance Association (AIA) today submitted a detailed letter urging Treasury Secretary Paulson to consider an Optional Federal Charter (OFC) for insurance regulation as part of the Department’s review of the regulatory structure for insurers, in conjunction with their preparation of a blueprint for an improved U.S. financial regulatory structure. Treasury first announced its… Continue reading AIA Urges Treasury to Include OFC in Modernization of Insurance Regulation

Chief Financial Officer Elke Koenig of Hannover Re said on Tuesday that Swiss Re’s problems in its credit insurance business are unlikely to be repeated at other reinsurers. “This issue at Swiss Re is probably not the tip of the iceberg for reinsurers but rather is an individual case,” Elke Koenig told reporters on the… Continue reading Hannover Re: Credit Problems at Swiss Re Not Representative of All Reinsurers