What’s new: In brief (October 13, 2004)

Munich Re is predicting insured losses from this year’s Atlantic hurricane and Pacific typhoon seasons combined could be US$20-$50 billion. The world’s largest reinsurer says its own losses should be about EUR500 million, a figure which will make its yearend target of EUR2 billion after tax profit “difficult to achieve”. Munich Re also expects pricing in upcoming treaty renewals to remain stable.

The four largest accounting firms in Canada received a “thumbs up” from the Canadian Public Accountability Board. In its report, the CPAB says it sees no “systemic problems” in Deloitte & Touche, Ernst & Young, KPMG and Pricewaterhouse Coopers, and notes, “their partners and staff are dedicated professionals who generally do a difficult job very well”. Some “room for improvement” is highlighted, and recommendations for such improvements are expected to be addressed within 180 days of the firms receiving their individual report from the CPAB, with the board revisiting firms in early 2005 to determine progress.

The speaker line-up for next year’s Risk & Insurance Management Society Conference is already filling up. RIMS has announced speakers including: Joe Plumeri, CEO of Willis Group; Susan Rivera, CEO of ACE USA; and Stephen Wilder, vice president of risk management for The Walt Disney Co. The event is schedule for April 17-21, 2005 in Philadelphia, with details at www.rims.org.