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QBE Insurance Group Ltd. plans to raise about $750 million in a share placement and sell assets including part of its lenders mortgage insurance business in Australia after reporting an 18% drop in earnings.

Insurance Australia Group Ltd (IAG) is set to become Australia's biggest insurer by market share after it agreed to buy the insurance underwriting businesses of Wesfarmers Ltd for $1.66 billion.

Now that 2011 is coming to a close, PC360 updates and revisits its list of top natural catastrophes of 2011.

Australian consumer watchdog group Choice has named several insurance companies in its annual Shonky Awards, which recognize products and services that the group judges to be dodgy or of highly questionable value.

As part of an ongoing effort to streamline the insurance standards development process, ACORD announced a redesign of its ACORD standards committee. ACORD's committees are made up of members who guide the standards development process as well as resolve issues, establish subgroups, and work to support implementation initiatives.

Losses from a magnitude 6.3 earthquake that struck Christchurch, New Zealand Feb. 21 (Feb. 22 local time) could total as much as $12 billion, according to one estimate cited in a note to clients from a JP Morgan Chase & Co. analyst.

The latest New Zealand earthquake is “absolutely not” the type of event to harden the reinsurance market, said the global head of business intelligence for Guy Carpenter.

Moody’s Investor Services said it will take no immediate action on New Zealand and Australia issuers as a result of the Christchurch earthquake on Feb. 21 but that losses could hinge on whether this quake is considered a new event.