What’s new: In brief (July 06, 2004)

Swiss Re has been granted a branch license from the Ministry of Finance in Taiwan, making it the first international reinsurer to set up a branch on the island. The branch will be located in Taipei, and provide both p&c and life & health reinsurance.

The U.S. “market barometer” produced by MarketScout.com suggests rate increases in June 2004 held steady at 7% for p&c lines. This is drop from 11% in January, followed by 9% from February to April. July’s numbers should prove even more significant as they represent a heavy month for treaty renewals. Nonetheless, MarketScout.com figures suggest rate increases have been on a steady decline since March 2003, and actually peaked in July, 2002 at 33%.

Imperial Oil Ltd. and ExxonMobil Canada have launched a new corporate initiative banning the use of cellphones while driving on company business. The program started on June 1. “The evidence has shown us that the use of cellular phones negatively affects the ability to drive safely, increasing the risk of a vehicle crash,” says Bob Kerr, manager, safety, health & environment, ExxonMobil Canada East. “The studies also demonstrated that the use of cell phones, whether hand held or hands free, slows reaction times more than someone under the influence of alcohol, diverts driver attention and awareness of potential hazards, reduces the ability to maintain lane position and significantly increases the probability of being involved in an accident.”