What’s new: In brief (October 12, 2004)

RBC Insurance is extending the capabilities of its sales force to banking products. The company says in a statement, it can now allow its “career sales force” to offer clients “enhanced access” to RBC Royal Bank personal banking and lending products. This includes such things as Visa credit card, mortgage, loan and line of credit services. “This enhancement will allow representatives to be able to strengthen their client relationships by offering a broader RB product portfolio and providing an integrated, seamless experience,” says RBC Life Insurance Co. senior vice president Ernie Murdoch.

U.S. insurers’ hopes of seeing the Terrorism Risk Insurance Act (TRIA) extended during this legislative session have died. The House failed to pass legislation to extend the government backstop for terrorism risks and any vote would now have to wait until after the November 4 election in the U.S. Insurers are urging the House to pick up the bill quickly after the election, but insurers will also have to push for movement from the Senate. This seems unlikely given calls for further hearings on the issue by the Senate Banking Committee.

Japan continues to suffer the vagaries of one of the worst typhoon seasons on record, with the landfall this past weekend of the season’s eighth storm Super Typhoon Ma-On. The storm hit Saturday north of Taiwan, packing winds of 100 mph or more, and causing at least six deaths. The storm also brought torrential rains, wiped out power to hundreds of thousands and caused flooding and landslides. In the U.S., Louisiana was once again hit by severe weather, with the arrival of Tropical Storm Matthew on Sunday. Matthew brought more than 10 inches of rain, and caused flooding in coastal areas. Among the storm’s effects was further disruption of offshore oil platforms in the Gulf of Mexico.