Brexit should have minimal impact on insurance buyers says Airmic

Brexit should have minimal impact on insurance buyers says Airmic

Brexit should have minimal impact on insurance buyers says Airmic

As the UK triggers the process of leaving the EU, its insurance and risk management association Airmic has said there should be only a minimal impact on insurance buyers. The UK fired the starting gun on the Brexit process this week, triggering Article 50 of the Lisbon Treaty by notifying the EU of its intent to leave. While not catastrophic,…

BIBA calls for barrier-free, tariff-free access to the EU market

BIBA calls for barrier-free, tariff-free access to the EU market

BIBA calls for barrier-free, tariff-free access to the EU market

The British Insurance Brokers’ Association (BIBA) has warned that the UK’s leading position in the European insurance market is under serious threat if there is no clear agreement in place for the right to carry out cross-border trade with the EU. With Article 50 having now been invoked, BIBA chief executive Steve White called on Theresa May “to deliver what…

Myanmar courts foreign insurers via Thilawa SEZ

Myanmar courts foreign insurers via Thilawa SEZ

Myanmar courts foreign insurers via Thilawa SEZ

Myanmar has stepped up its economic liberalisation efforts by opening up its special economic zone (SEZ) in Thilawa to international insurers. Myanmar’s only SEZ, a joint venture between Japan and Mynamar established in September 2015, has previously only been available to Japanese insurers – Sompo Japan Nipponkoa, Tokio Marine & Nichido Fire Insurance, and Mitsui Sumitomo Insurance all received licences…

Lloyd’s set to announce Brussels or Luxembourg as new EU subsidiary Wednesday

Lloyd’s set to announce Brussels or Luxembourg as new EU subsidiary Wednesday

Lloyd’s set to announce Brussels or Luxembourg as new EU subsidiary Wednesday

Lloyd’s is set to choose between Brussels and Luxembourg for its new EU subsidiary and will announce its decision tomorrow, according to Reuters. A Lloyd’s spokesperson told Reuters that the market will make its decision public on Wednesday, after its council meets. This is the same day that the UK will trigger Article 50 of the Lisbon Treaty, which will…

Ogden rate change could triple personal injury claims: Marsh

Ogden rate change could triple personal injury claims: Marsh

Ogden rate change could triple personal injury claims: Marsh

Companies that face increased costs following the new discount rate for personal injury claims introduced by the UK government last week must take steps to quantify and mitigate their risks with claims potentially set to triple, according to a new client guide from Marsh. The new Ogden rate of 0.75%, down from 2.5%, is likely to raise lump-sum compensation for…

Insurers entering less legal disputes with policyholders: survey

Insurers entering less legal disputes with policyholders: survey

Insurers entering less legal disputes with policyholders: survey

New research has found that insurers are less willing to raise disputes or get into conflict with policyholders as they enact new strategies focused on client retention in the current competitive climate. The report by consulting firm Gracechurch notes that this attitude is also due to the need for insurers to reduce the costs of raising disputes, given low investment…

Corporate whistleblowers call for protection and compensation

Corporate whistleblowers call for protection and compensation

Corporate whistleblowers call for protection and compensation

Protection for corporate whistleblowers is on the increase. For example, China and India have recently followed the US lead in enacting legislation. Despite enhanced rewards and protections, whistleblowing laws also pose significant risks and corporates, their risk managers and their insurers will need to be aware of the changing legal landscape in all of the territories where they operate. In…

Greek authority clarifies IPT exemptions

Greek authority clarifies IPT exemptions

Greek authority clarifies IPT exemptions

The Greek Independent Authority of Public Revenue has provided clarification on Insurance Premium Tax (IPT) exemptions and the treatment of cancelled insurance contracts in Greece, according to TMF Group. According to the provisions of the decision, issued in the circular POL. 1028/22.2.2017, the following insurance premiums are exempted from IPT: – Insurance contracts for ships and aircrafts of Article 3…

Europe’s new regime on insurance distribution: Germany adopts controversial approach to implementation

Europe’s new regime on insurance distribution: Germany adopts controversial approach to implementation

Europe’s new regime on insurance distribution: Germany adopts controversial approach to implementation

Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (recast) (IDD) sets a new European legal framework for insurance distribution. The IDD has to be implemented in the member states by 23 February 2018, and first steps are being taken in this direction. On 21 November 2016, the German Federal Ministry…

IAIS issues plan to improve stakeholder engagement

IAIS issues plan to improve stakeholder engagement

IAIS issues plan to improve stakeholder engagement

The International Association of Insurance Supervisors (IAIS) has issued its Stakeholder Engagement Plan, which it calls a “comprehensive plan to build upon its open and transparent stakeholder engagement process”. The plan recommends a number of new engagement commitments, including holding stakeholder sessions with consumer representatives, including sessions specific to consumer issues and concerns. These sessions could be at IAIS events…

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