News

American International Group Inc. (AIG) said it expects to record a $4.1 billion charge in the fourth quarter to bolster loss reserves for its Chartis property and casualty unit.

Legislation has been introduced in Congress that would phase out the National Flood Insurance Program by the end of 2013.

Jan. 2011 figures now tallied, MarketScouts monthly barometer has been stuck at minus-5 percent for three straight months.

If the Dodd-Frank Act had been in place years ago, regulators probably still would not have intervened to stop problems at American International Group’s Financial Products unit, three former U.S. financial regulators said earlier this month.

Market psyche change, not cat event, needed to turn the market, Marsh CEO Duperreault says, predicting one will come sooner rather than later.

Recent flooding in Queensland, Australia, has resulted in about $2 billion in insured losses according to The Insurance Council of Australia.