Until the end of November, the International Accounting Standards Board will be seeking comment from insurers on its proposals to recommend changes in the way insurance contracts are written. Gail Tucker, a partner in the London office of consultants PricewaterhouseCoopers LLP, said the IASB proposals represent “a big change, particularly for life insurers.” The new [...]

Chairman Towns, Mr. Issa, Members of the Committee: Thank you very much for the opportunity to appear before you today. The adoption of United Nations Security Council Resolution (UNSCR) 1929 on June 9, 2010 expanded significantly the breadth and depth of international sanctions in place against the Islamic Republic of Iran, establishing a strong, targeted, [...]

Asia was hit by severe floods in July, causing widespread property and economic losses in countries including China, Pakistan and India, where insurance coverage is relatively low. “The flooding across Asia has displaced millions of people and destroyed many millions of hectares of farmland,” said Steve Jakubowski, president of impact forecasting at Aon Benfield, in [...]

Big changes in management are afoot at PartnerRe Ltd., but the transition has been in the works for years, said the company’s retiring top officer. Four of the company’s top leaders have left or announced plans to leave since January 2009. “It’s not reflective of any dissension or disharmony. This is a normal evolution, a [...]

Some 150,000 of the 540,000 motorcycle owners in New South Wales (NSW) will after 1 July 2010 incur third-party insurance premium increases of 85% or more. This applies to those using 250cc machines or scooters, although the 600cc-engined bikes also available to learner riders will be 30% less expensive to insure. The NSW Motorcycle Council [...]

Calliden Group and QBE Insurance Australia are expected to replace Vero as Western Australia’s largest home indemnity insurance providers when Vero withdraws from the market in June 2010. The Master Builders Association had warned that the state’s construction sector could be thrown into chaos if the Government failed to find a replacement for Vero, which [...]