News

Swiss Re said worldwide natural catastrophes and man-made disasters, which killed 15,000 people last year, cost insurers $26 billion, $26.5 billion less than the firm reported for 2008.

American International Group said employees have paid back close to $45 million in bonus payments that the taxpayer-supported company has asked to be returned.

Legislation proposed by Sen. Chris Dodd, D-Conn., would give specific authority to federal banking regulators to oversee insurance companies, especially if they pose a potential threat to the financial system.

Although this year's tornado season has begun slowly, weather experts suggest that winters comparable to 2009-2010 have typically produced an above average number of tornadoes the following spring, an industry group warned.

Lloyd's underwriters and Arch Specialty Insurance must pay legal defense costs for accused Texas Ponzi scheme operator R. Allen Stanford, a federal appeals court has ruled.

While some insurers are taking action to cope with climate change, there is a public perception that the industry is an obstacle to dealing with the issue, insurance professionals said.