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“What with the tax and the weather, I'm thinking of moving offshore, preferably to one them Shingles resorts in the Caribbean” |
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The upcoming renewal season is expected to be the most boring on record, thanks to the absence of expensive nat cats or the collapse of the global financial system, according to market observers.
In line with every other insurance trade magazine, RISKbitz decided to canvass opinion from some of the leading market players as to the boredom factor of this year's renewal.
Ian Luddite, chief executive of the Luddite Agency at Lloyd's: "Despite all this so-called labour saving new technology such as calculators and fax machines, the 2010 renewal will be badly late as usual." more...
Impromptu street parties broke out in the world's financial centres this week as insurance brokers heard that they will soon be allowed to reinstate contingent commissions. Bars serving Eliot Spritzer cocktails were packed with pinstriped intermediaries who partied into the night ,high on the prospect of a return to the revenue boosting kickbacks.
Regulators in the US and in Europe are believed to have been worn down by the constant bleating of broker bosses pleading poverty and begging for a level playing field that is carpeted in money. Wyoming attorney general Herman Critter said that brokers had lobbied strongly for a return to contingent commissions since 2005 when the practice was first banned. "Hot dang, ah can't stand it no more. Ah spend so much of mah time listening to these people cryin' like babies ah hardly got time fer fishin'," he told RISKbitz. "Hell, nobody seems to care anyways - least of all the in-surers or their clahnts. So whah should ah?"
more...
Should underwriters be given Viagra to harden the market?
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