What’s new: In brief (February 02, 2005)

Lloyd’s of London has estimated its losses from the South Asian tsunami at GBP100 million, net of reinsurance. “A significant proportion of these losses will be within businesses’ planning assumptions for expected catastrophe loss costs,” notes a Lloyd’s statement.

While the U.S. Federal Reserve Bank was true to course in rising the target funds rates by 25 basis points to 2.5%, the Bank of Canada will not likely follow suit until later in 2005, says Swiss Re chief economist Kurt Karl. “Slowing growth in Canada will prompt the Bank of Canada to be on hold for a few months before raising rates later this year,” he says. Karl predicts the U.S. Fed will raise rates by 25 basis points at each of its next six meetings, to reach 4%, or 2% above core inflation.

Registrations are being accepted for the Risk & Insurance Management Society’s Risk Fellow workshop, “Disaster Planning/Business Continuity Planning and Management”. The workshop is set for March 21-22 at the University Club of Toronto, and will be facilitated by Michael Keating, senior manager for Protiviti. For details, visit http://www.rims.org/displantor.