News

ACE Ltd. and American International Group Inc. have released preliminary estimates of losses due to severe weather resulting from Hurricane Sandy. Preliminary losses in the fourth quarter of 2012 for the Zurich-based ACE Group of companies are estimated at US$380…

A recent hack attack on the computer network used by Nationwide Insurance in the United States may have exposed personally identifiable information of approximately one million policyholders and non-policyholders, prompting the company to commission an external review and highlighting the…

Fitch Ratings released Thursday a report on the U.S. insurance brokerage industry, noting top-line revenue growth has “not changed significantly” this year but operating earnings for its index of five firms was up 15%. The average reported revenue growth for…

This year is “virtually certain” to be the warmest year on record for the United States, the National Oceanic and Atmospheric Administration has reported. “The January to November period was the warmest first 11 months of any year on record…

A California information technology vendor is offering auto insurance based on the distance driven, along with hardware and software that accesses and analyzes driving data. On Dec. 5, MetroMile launched the company itself plus its Metronome hardware, which users plug into their…

The academic and analysis arm of Willis Group, Willis Research Network (WRN) has won the Lloyd’s Science of Risk prize in the category of Natural Hazards for a research paper on flood modelling. The winning paper, “A simple inertial formulation…

Many “clean tech” companies may not be paying enough attention to managing the risks of sourcing components and sending goods and employees across borders, suggests a new study from the Chubb Group of Insurance Companies. More than a third (36%)…

XL Group plc’s reinsurance operations announced Thursday it had appointed Craig Wenzel senior vice president of capital markets. In this newly-created role, Wenzel will be responsible for managing and developing relationships with third party capital providers in support of XL’s…

The Financial Services Commission of Ontario (FSCO) is warning consumers that two people are not licensed to do insurance business in Ontario.   Lisa Rossi and Sam Soso claimed to sell auto insurance on behalf of Zenith Insurance Company, FSCO said in…

Phono Solar Technology Co. Ltd. of Nanjing, China announced this week it is offering insurance for Japanese customers buying solar photovoltaic modules. The insurance service, PhonoSolar says, would give parties who invest in solar power plants a “guarantee, should an…

Torrential rainfall in November has pushed 2012 into becoming the costliest flood year in the United Kingdom in five years, Aon Benfield’s global catastrophe recap for the month suggests. At least four people were killed and 1,100 homes damaged as…

A recent paper by two American scientists projects an increase in the intensity of tropical cyclones in the North Atlantic and suggests an increased probability of hurricanes in the future. The paper, dubbed Projected Increases in North Atlantic tropical cyclone…