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September 2010
Hurricane Earl weakened slightly to a Category 3 storm on Thursday as it approached the North Carolina Coast, reports Reuters.
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Typhoon Kompasu hit South Korea on Thursday morning, killing three people, reports CNN,
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As Hurricane Earl approaches the east coast of the US, AIR Worldwide has estimated that already insured losses from Hurricane Earl’s passage near the northern Leeward Islands earlier this week are between $50m and $150m.
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August 2010
Globalisation has opened up a dazzling amount of opportunity for the business world. But it has also produced an unprecedented level of risk for the insurance industry to deal with.
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Hurricane Earl is moving up the eastern US seaboard. If its course follows the western most forecasts, Earl could make contact with the US coast this weekend, according to catastrophe modelling firm AIR Worldwide.
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The sixth, seventh, and eighth named storms of the northwest Pacific season are approaching the Asian mainland bringing high winds and expected heavy rains, according to catastrophe risk modelling firm AIR Worldwide.
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Tropical Storm Earl became a hurricane over the weekend and is likely to become a category three hurricane later today, before heading north towards the US East Coast, reports the RMS/Reactions catastrophe centre.
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Hurricane Danielle has reached major hurricane status, becoming the most intense storm of the 2010 season, while Tropical Storm Earl is likely to intensify to a hurricane in the next few days, according catastrophe modelling firm Risk Management Solutions.
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The insurance brokerage industry remains financially solid despite the weak US economy and soft commercial property/causality insurance market, according to the Moody's Investors Service Industry Scorecard report.
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A federal appeals court has decided to partly restore part of a nationwide class-action lawsuit that accused a large group of insurers and brokers of bid-rigging.
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Climate change could increase the risk of hurricanes and storms in the Caribbean and threaten future development in the region, according to a new study released by the Caribbean Catastrophe Risk Insurance Facility
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The remnants of Tropical Depression Five have reorganised after losing strength last week and the system has a 60% change of becoming a tropical cyclone in the next 48 hours, according to catastrophe risk modelling firm AIR Worldwide.
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Tropical storm Dianmu is approaching the north of Japan, according to the Japan Meteorological Agency, Bloomberg reports.
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Tower Group has reported net income of $28.3m in the second quarter of 2010 as compared with $30.6m in the second quarter of 2009.
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Net income doubled in 2009 over 2008 for a composite of 195 US captive insurers followed by rating agency AM Best, driven by the recovery of the industry’s investments.
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The National Oceanic and Atmospheric Administration has cut its forecast for hurricane activity in the Atlantic Basin this hurricane season, but is still expected to be very active.
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Risk officers are a busy lot, what with having to cope with complying with new solvency regulation, cross border risk management and complex internal models.
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July 2010
Global insurance broker Aon Corporation has reported results net income for the second quarter of 2010 of $153m, compared with $149m for the same quarter last year.
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US insurance broker Arthur J Gallagher has acquired the remaining 60% equity interest in Specialised Broking Associates (SBA), headquartered in Perth, Western Australia.
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A study by the Government Accountability Office into state regulation of risk retention groups has been welcomed by the National Risk Retention Association.
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Global reinsurer Swiss Re has announced a first-of-its-kind agreement with the Alabama State Insurance Fund, to provide a three-year parametric insurance cover for the state's primary catastrophic hurricane exposure.
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Insurance broker Aon Corporation has announced it will start receiving contingent commissions again. Rims is not happy with the decision.
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Willis Group Holdings, the global insurance broker, has responded to the announcement by Aon Corporation that it would resume accepting contingent commissions “where appropriate and legally permissible”.
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The Aon/Hewitt transaction announced last week is the latest in a long run of acquisitions in the insurance brokerage market. This trend looks set to continue, according to rating agency Moody’s.
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RMS has updated its US Terrorism Risk Model to include places of worship, and the cities of Dallas in Texas and Jersey City in New Jersey have been upgraded in their threat. Overall, the expected annual insured loss in the US for 2010 was cut by 12%.
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The US House Ways and Means Select Revenue Measures Subcommittee has held a hearing on the taxation of reinsurance between affiliated entities.
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Underwriters face a big challenge assessing the risk to a film project that uses celebrities that have got into trouble.
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Standard & Poor’s has announced it will add the property/casualty insurer to its S&P 500 stock index after close of trading on July 14, reports Reuters.
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US corporate risk managers are reporting a serious and growing detachment between themselves and their insurance brokers and carriers, according to strategy management research firm Greenwich Associates.