Business Services Industry
World Updates; Rate cuts take hold in Australia.(International)(Dane Douetil appointed at Lloyd's Market Association)(profits of Zurich Financial Services)
Business Insurance, May, 2005
Rate reductions of 5% to 20% are being seen for property and liability insurance for large corporate risks and other commercial insurance lines in Australia, according to Standard & Poor's Corp. But despite market softening, S&P said the Australian nonlife insurance market was expected to remain profitable in 2005.
In a statement, Kate Thompson, a credit analyst at S&P in Melbourne, said "many insurers show continued signs of lower claims frequency across lines of business and, in particular, liability lines.'' U.K. doctors, insurers agree on fee increases The British Medical Assn. and the Assn. of British Insurers have agreed on "above inflation'' increases in fees for doctors' reports and medical examinations for life insurance and income protection...
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