The Week in a Minute, June 25

News

  • Q1 P/C industry results were tepid. Profit fell to $7.8B from $8.9B a year earlier. Combined ratio jumped to 103.3 from 101.1 a year earlier, which includes $4.5B (about four points) of favorable development on prior years. And this quarter has been no peach, with $15B in cat losses, more than double the $6.4B posted in Q2 last year. Details here, here and here.
  • Aon put the worldwide cat tab at $60B so far this year.
  • The Supreme Court turned away a lawsuit that could have left insurers holding the tab for global warming costs.
  • The Court also refused to certify a million-person discrimination class action against Wal-Mart, an action that could have sent shock waves through EPLI insurers.
  • A lot of wavering about Solvency II’s looming deadline. Financial Times reported that regulators were likely to postpone the 1/1/2013 implementation. Then the European uber-regulator said no way. Then a key Euro-governing body said yes, way. And the UK regulator said it would chill regarding deadlines.

Viral

More brilliant British goalkeeping:

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