Munich Re's chief executive has warned that the industry will not be able to live forever with low interest rates which limit insurers' abilities to make money on capital investments while having to pay out guaranteed returns to customers.

Canceling the London Olympics due, for example, to a security threat would result in damages of more than $4.9 billion, Andrew Duxbury, underwriting manager at Munich Re, told a German newspaper.

Property and casualty insurer Cincinnati Financial Corp estimated a significantly lower impact due to catastrophe losses during the second quarter and said it expects to continue to benefit from favorable pricing trends.

Strict new capital rules for European Union insurers could be delayed after talks aimed at ironing out disagreements over the final shape of the so-called Solvency II regime ended fruitlessly, Britain's insurance industry lobby said.

The U.S. insurer W.R. Berkley is planning a 40-story skyscraper in London's main financial district, underlining the importance of the industry to an area once dominated by banking.

The Chubb Corp expects to report $200 million to $240 million in catastrophe losses for the second quarter, before taxes, due to severe hail and wind storms in the U.S., the insurer said on Tuesday.

The risk of flooding for many English homes and businesses could increase fourfold by 2035 if more action to deal with the impact of climate change is not taken, government advisers said on Wednesday.

Japanese insurers are expanding their maritime coverage to allow more domestic tankers to transport Iranian crude, as Tokyo looks to keep oil flowing despite tough Western sanctions, industry sources said on Wednesday.