Thai floods: One year later

Thailand Floods 2011

Lloyd’s of London analysts examine impact of Thai floods Just over a year ago, severe flooding in Thailand caused by a powerful and unforgiving monsoon season caused havoc in Bangkok and other cities throughout the country. Analysts from Lloyd’s of London have come together to examine the effects that the Thai floods had on the insurance industry and the country. The floods produced some $45.7 billion in damages, $12 billion of which was shouldered by insurance and reinsurance companies that operate in the country. Lloyd’s of London itself accounted for…

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Lloyd’s of London advises higher insurance rates

International Insurance fund news

Lloyd’s of London responds to troubling signs in insurance industry Lloyd’s of London, one of the world’s largest insurance organizations, has been seeing troubling signs in the casualty and aviation sectors. The insurer, which provides coverage for just about everything, believes that premiums in these sectors are too low for insurance companies to be considered stable. Lloyd’s CEO Richard Ward recently appeared on Bloomberg Television, wherein he spoke about the premium problems and how they can be solved through the increase of insurance rates. Insurer advises higher rates for companies…

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Insurance news is good for Lloyd’s of London

insurance industry report

The market will now be returning to profit once more. Lloyds of London has released their most recent insurance news, and it sounds very positive after experiencing no major natural disasters in the first half of the year, allowing the market to return to half-year profitability. The pre-tax profit that the insurance market has estimated for the first half of 2012 is £1.53 billion. When compared to the first half of 2011, in which the claims from the March tsunami in Japan were coming in, Lloyd’s of London had experienced…

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Insurance-linked securities showing strong results

insurance industry report

Aon reports insurance-linked securities performing well despite economic turmoil Aon Benfield Securities, the investment banking division of the global reinsurance organization, has launched the latest edition of its annual report on insurance-linked securities. Insurance-linked securities are financial instruments whose value is determined by insurance loss events. In its latest report, titled “Evolving Strength 2012,” Aon highlights a number of key trends it has observed over the past year. These trends range from the frequency and severity of natural disasters to the issuance of catastrophe bonds. Catastrophe bond issuance on the…

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Insurance news from TD Bank shows that USI will acquire U.S. subsidiary

insurance industry report

The brokerage and financial service firm has announced some of the details of the agreement. The latest insurance news from the financial service and brokerage firm, USI Insurance Services, from Briarcliff Manor, New York, is that it has entered into an agreement with TD Bank, N.A., in order to purchase the latter’s wholly owned TD Insurance Inc. U.S. subsidiary. As of yet, the deal’s specific terms have yet to be released. According to USI, the company anticipates that this new acquisition will bring in an additional $58.2 million in revenues…

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FDIC files lawsuit against large banks responsible for small bank closures

Financial Lyme Disease Insurance News

Large banks accused of causing the failure of Illinois banks The Federal Deposit Insurance Corp. (FDIC) has filed lawsuits against several large banks this week after seizing control of two smaller banks in Illinois. These banks failed in May of 2009, but the FDIC only recently filed civil suits against the banks once its investigation into the matter came to a conclusion. The lawsuit names Citigroup, JPMorgan Chase, Bank of America, Credit Suisse, Deutche Bank, Royal Bank of Scotland, UBS and HSBC as defendant in the case. FDIC aims to recover…

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Zurich Insurance posts first quarter profits after decline in natural disaster claims

Catastrophe Bonds Insurance News

Insurer sees profits in the wake of 2011 catastrophes Zurich Insurance Group, Switzerland’s largest insurance company, has released information concerning its first quarter profits for this year. The company posted high profits this year after overcoming the challenges presented by the past two consecutive years of natural disasters. Last year’s catastrophes broke record losses throughout the world, leaving many insurance companies in a vulnerable position. Large insurers, like Zurich, have been able to recover from the disasters and have even shown promising growth in the first quarter of 2012. Zurich…

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