News

The insurance industry was the second most fraud-prone industry sector behind communications according to a global economic crime survey released by PricewaterhouseCoopers.

Willis Group Holdings Limited and family shareholders of French insurance broker Gras Savoye & Cie, said they have an agreement for Astorg Partners to take a third interest in Gras Savoye.

XL Capital Ltd said it has received approval from the China Insurance Regulatory Commission (CIRC) to start preparation work to set up a property and casualty insurance company in China.

The National Association of Insurance Commissioners has won significant changes to legislation creating a Federal Insurance Office, giving state regulators more say in its operations.

A federal court ruling holding the Army Corps of Engineers, and the U.S. government by extension, liable for damage in New Orleans caused by Hurricane Katrina is unlikely to have much effect on the P&C industry, an I.I.I. representative said.

The Society of Actuaries said it is participating in an effort to make its Chartered Enterprise Risk Analyst designation a global risk management designation.