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CRE Insurance
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…
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CRE Insurance
RIMS advises businesses on cyber insurance needs
A company’s assessment of its cyber insurance needs should begin with an assessment of the sources of risk and perils and whether they are covered by traditional policies or are…
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Africa
Congo enjoys rating stability as new oil fields come on stream
Oil is a major influencer for the state of the economy in Congo but optimism surrounds the possibility of new fields coming on stream, according to S&P Global Ratings, which…
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Africa
US and South Africans to lead risk management initiative in Lagos
Risk management professionals from the US and South Africa are to lead a four-day event in Lagos, aimed at improving risk management in the west Africa region. Anthonia Beri, programme…
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Africa
Nigerian government settles Naicom, PenCom feud over annuities
The Nigerian government has settled the lingering feud between the National Insurance Commission (Naicom) and National Pension Commission (PenCom) on the administration of annuity assets in the country. Both agencies…
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CRE Insurance
The words on everyone’s lips
Cyber risk/cyber security is the most-used word or phrase encountered by insurers in 2016 according to a report from AM Best. About one-third of insurers surveyed cited cyber as the…
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Analysis & Opinion
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…
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CRE Legal Regulation
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…
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CRE Insurance
Tokio Marine HCC unit to acquire International Ag MGA
Producers Ag Insurance Group, Inc, part of the Tokio Marine HCC group of companies, has signed a purchase agreement to acquire crop managing general agent (MGA) International Ag Insurance Solutions,…
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CRE Insurance
AmWINS’ Unicorn MGA hires haulage underwriter
US-based global broker AmWINS Group, Inc has appointed Perry Lyons as motor fleet underwriter in its London-based managing general agent Unicorn Underwriting. Mr Lyons joins from XL Catlin where his…
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Asia
Japan insurers’ global expansion justified by operating results: AM Best
The decision by Japan’s leading non-life insurers to significantly expand their international operations through high profile acquisitions in the past couple of years, has helped them to offset higher levels…
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Aviation
Commercial drone use to soar in the US, FAA predicts
The US commercial, non-hobbyist drone (or Unmanned Aircraft Systems) fleet is forecast to grow from 42,000 at the end of 2016 to about 442,000 aircraft by 2021, with the possibility…
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Africa
Allianz named International Corporation of the Year in Africa
Insurer Allianz has received the ‘International Corporation of the Year’ award at the 5th annual Africa CEO Forum, held in Geneva. Coenraad Vrolijk, regional CEO Africa at Allianz, said: “We…
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Asia
‘Balanced Book’ strategy pays dividends for HDI Global in soft market
HDI Global SE, the industrial insurance arm of German group Talanx, has reported a significant improvement in underwriting results, combined ratio and profits for 2016 despite continued soft markets and…
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CRE Risk Management
Third-party risks costing firms, survey finds
A quarter of businesses said exposure to third-party risks has cost them more than $10m in losses during the past 18 months, according to a global survey on third-party risk…
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Asia
EU and Japan target speedy conclusion of trade negotiations as protectionism rises
As risk managers try to work out the implications of growing protectionism in key global markets, the European Union and Japan have decided to seek a speedy conclusion to their…
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Asia
Insurance is too cheap, says Parima chairman
Franck Baron, chairman of the Pan-Asia Risk and Insurance Management Association (Parima), has taken the unusual step of suggesting that insurance rates are too low. Speaking to Commercial Risk Asia,…
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Asia
Hong Kong FDSC calls for government support to promote captives business
The Hong Kong Financial Services Development Council (FSDC) has revealed plans to fight back against progress made by Singapore in recent times, and to use tax breaks to attract reinsurance, marine…
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Asia
Seize the day – Parima interview
The current era of uncertainty is a great opportunity for Parima and its members to seize the initiative and demonstrate the worth of risk managers. 2017 has begun at a…
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Asia
New solvency regime forcing consolidation in Philippine insurance sector
Recently installed commissioner for the Philippines Insurance Commission Dennis Funa has revealed that the national insurance market is undergoing a process of consolidation as its new capital and solvency rules…