Brazil has been hitting the headlines recently, not least because it will host the next Olympic Games as well as the next World Cup. The fact that its economy moved into sixth place globally in terms of GDP, ahead of the UK, has also generated column inches.
The focus on legal, regulatory and tax requirements for doing insurance business abroad is increasing all the time. In particular, tax requirements in many countries around the globe seem to be enforced in a much stricter way than maybe a decade ago.
Swiss risk managers are unhappy about a total revision of their Insurance Contract Law and hope that certain changes will not come into force after all. “The introduction of the direct legal claim in liability insurance can become a real problem for risk managers and insurance buyers,” Kurt Schiesser, Head of Insurance Management at retailing company Migros told Commercial Risk Europe during the Swiss Association of Insurance and Risk Managers (Sirm) annual meeting.
Over 150 risk managers, brokers and insurers gathered at Sirm’s annual meeting in November discussed how to deal with everyday risks as well as unexpected threats and black swans.
Polish risk managers are worried about the economic crisis and the financial risks involved for their companies as credit risk grows, leading lights told Commercial Risk Europe at Polrisk’s annual meeting last month. According to Lukasz Góralczyk, Risk Manager at the Polish affiliate of British building material distributor SIG: “The main causes of concern are cash flow and sluggish payment by our customers.”