SOFT MARKET ACCELERATES
The first quarter of 2008 saw the largest quarterly drop in commercial-lines insurance premiums since 2005, according to the RIMS Benchmark Survey, produced by Advisen. It found D&O premium fell the most in the first quarter, 19 percent. Workers' comp premiums fell 11 percent, general liability fell 2 percent and property fell 6 percen--the largest quarterly decrease since Hurricane Katrina.
IRM CERTIFICATE LAUNCHED
London-based industry education organization, the Institute of Risk Management, has launched its new international certificate in risk management as of April 1. Thework for the new designation was designed to be widely accessible, and the IRM has said that, with no entry requirements, the certificate will allow students a way to obtain IRM membership through the completion of the work.
AIG has renamed its Domestic General Insurance operations the AIG Property Casualty Group, as part of a reorganization. The group will include the AIG Domestic Brokerage Group companies, which will now be known as AIG Commercial Insurance Group, as well as the AIG Domestic Personal Lines companies, United Guaranty Corp., and The Hartford Steam Boiler Inspection and Insurance Co.
BRAZIL OPENS UP
XL Re, the reinsurance unit of Bermuda-based XL Capital Ltd., has announced plans to serve the Brazil market as both a local and admitted reinsurer. Subject to regulatory approval, XL Re's operations will be based in Rio de Janeiro with an additional office in Sao Paulo. Carlos A. Caputo will manage the new reinsurance operations.
ERM REACHES INDIA
Indian firms are in the very early stages of enterprise risk management, according to research from The Conference Board Governance Center. The New York-based Conference Board, which operates an office in New Delhi, examined risk management integration in Indian companies in "Assessing the Climate for Enterprise Risk Management in India."
HULL CLAIMS COSTS UP
The average cost of hull claims has risen 86 percent in the last five years to $386,000 in 2007, and a marine insurance association is urging insurers to address the implementation of risk management tools with shipowners. Large claims in particular have skyrocketed due to grounds and collisions at sea, according to the Oslo-based Central Union of Marine Underwriters.
RIMS BACKS OFC
RIMS, a long-time supporter of an optional federal charter for insurers, has renewed OFC backing in the wake of the U.S. Treasury Department's call for financial services reform.
--Compiled by staff from news and wire reports.
May 1, 2008
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