What’s new: In brief (August 22, 2004)

A new study by the U.S. Insurance Research Council shows that of the highest-level auto accident cases, almost 75% of claimants who did not hire an attorney were satisfied with their payment, while less than half with an attorney were satisfied. One reason, the study speculates, may be the average 32% contingency fee being paid to attorneys. Another may be that of claimants filing with their own insurer, 62% of those who did not use an attorney saw their claim settled in less than three months, while just 29% of those using an attorney saw their case settled as quickly.

Standard & Poor’s has given a stable outlook to both the life and non-life segments of the Singapore insurance market. In the non-life market, S&P says continued underwriting discipline and overall improvement in the country’s economy are expected to keep operating performance at satisfactory levels. The segment has also demonstrated “solid capitalization and prudent reserving practices”, says the rater.

The passage of the first legislation in the U.S. to require asbestos claimants to actually show signs of illness before filing a lawsuit, passed recently in Ohio, is being challenged on two fronts. First, trial lawyers are putting together a petition which must be signed by almost 200,000 residents prior to the bill’s implementation in September. A court challenge of the constitutionality of the measure has also been launched in an Ohio court.