Risk & Insurance Online

CATASTROPHE RATES RISE FOR JAPAN QUAKE RISKS

Japanese reinsurance contracts up for renewal April 1 had "relatively orderly price movements," but if reinsurers are tested again this year with one more major event, the global market is more likely to change, according to reinsurance broker Willis Re.

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The reinsurance broking arm of London-based Willis Group Holdings P.L.C. estimated that insurers suffered $60 billion in losses globally during the 13-month period ending March 2011, and passed $35 billion to $42 billion of those losses on to their reinsurers. Many of the losses reinsurers suffered have "largely exhausted" their annual catastrophe loss budgets, Willis Re said in a report.

GYMNASTICS BODY TO WEIGH MOVING WORLDS

The International Gymnastics Federation will consider moving the world championships from Tokyo because of concern over Japan's nuclear crisis. IGF said March 30 it will decide by the end of May whether to go ahead with the Oct. 7-16 championships at the Tokyo Metropolitan Gymnasium. The event is the main qualifier for the 2012 London Olympics.

A decision could be taken when the IGF executive committee meets May 18-20 in San Jose, Calif.

BROKERS BATTLE FOR HEALTH COMMISSIONS

Insurance brokers are trying to undo a regulation that, they say, has already led to deep cuts in the commissions they earn from selling healthcare policies.

Connecticut's new insurance commissioner, Thomas B. Leonardi, is among those resisting federal legislation to make sure agents' fees are protected under the health reform law.

Brokers say their services are more vital than ever. But consumer groups say brokers are just trying to protect their profits as their role becomes diminished, or even obsolete, in a new era of more consumer-friendly healthcare.

FORMER OSHA INSPECTOR CHARGED BY FEDS

A former OSHA inspector from Wichita has been charged in federal court for submitting fake reports, U.S. Attorney Barry Grissom said.

Douglas W. McComb, 64, is charged with three counts of making false inspection reports while he was working for the Occupational Safety and Health Administration. The crimes are alleged to have occurred in September 2009, October 2009 and March 2010.

AIG REORGANIZES

American International Group Inc. March 30 announced the reorganization of Chartis, its global property casualty business.

The company also announced a new management team, including new Chief Executive Officer Peter D. Hancock. Hancock succeeds Kristian P. Moor, who has been named vice chairman of Chartis. Moor reports to Hancock.

John Q. Doyle will run the global commercial business, and Jeffrey L. Hayman, Chartis' chief administrative officer, will lead the global consumer business. Doyle and Hayman report to Hancock, the company said.

--Compiled by staff from news and wire reports.

May 1, 2011

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