Premium prices could fall as a result of Eliot Spitzer's investigation into Marsh & McLennan (MMC), the company's chief executive Michael Cherkasky said.
Cherkasky said the Spitzer investigation into bid rigging in the US could push down premiums worldwide.
The issue at the centre of the probe, contingent commissions, is reported to have earned MMC $843m in revenue last year. The practice was abandoned at MMC when Spitzer's investigation was announced.
Cherkasky said the $843m would be kept within the market, “it follows that either rates fall or insurance companies have gotten a windfall,' he said.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
