More and more mid-market companies across Europe are expanding overseas in one form or another. This might be a company that has a sales office in the US, or manufacturing in China, or simply a company looking to export more. It can be a company with just one location abroad, or five or six locations, or more. It is a…
Alternative capital (AC) will continue to grow and curb the volatility of the overall reinsurance underwriting cycle, according to a new report from Swiss Re Institute. In its Economic Insights: Alternative capital set to grow for peak risks study, Swiss Re notes that AC proved to be a reliable source of capacity during the active 2017 natural catastrophe season, but…
Rising claims inflation and increasing competition mean that profit margins are under pressure for the global property and casualty (P&C) insurance sector, according to Moody’s Investors Service, However, the ratings agency said the outlook for the global P&C sector is stable, reflecting insurers’ disciplined underwriting standards and strong capital levels. Moody’s said profitability is supported by sustained underwriting discipline and…
The International Association of Insurance Supervisors (IAIS) has announced a number of changes designed to ensure representation from the major insurance markets, and the views of non-supervisory members of the IAIS. The recent annual general meeting of the IAIS approved certain bylaw changes recommended by the executive committee, including the introduction of voting members of the executive committee that represent…
Spain is introducing a new tax for environmental policies, according to insurance premium tax specialists Impendulo. The new tax, representing 8% of the premiums of the policies, is applicable from 1 November 2018. The first declaration is on 20 December 2018. According to Impendulo, this will need to be reported to the Consorcio de Compensación de Seguros with the following…
Major digital and data developments in the global employee benefits industry will deliver tangible cost savings and improve engagement, according to MAXIS Global Benefits Network (GBN). These developments include employee benefits management platforms, data analytics dashboards and healthcare and insurance technology. In a new report, MAXIS GBN Global Perspectives – Data and Digital Innovation and The Future of Global Employee…
A new terrorism risk evaluation service aimed at multinational companies and large middle-market businesses has been launched by Chubb. The service combines the insurer’s terrorism and political violence underwriting, risk engineering, global security, catastrophe modelling and digital expertise. According to Chubb, its Terrorism Risk Evaluation Services product was developed after feedback from corporate customers that wanted to evaluate and better…
Ireland has brought in the Insurance (Amendment) Act 2018, which will bring in a new motor insurance compensation fund and 2% levy on motor insurance policies. According to insurance premium tax specialists Impendulo, the new Act has been signed into law and will come into force from 1 December 2018. From that date, an additional 2% levy will apply on…
As we look ahead to 2019, Owen Williams, head of the captive centre of excellence at XL Catlin, now part of AXA XL, a division of AXA Group, considers what risk managers can expect for their international insurance programmes and captive insurance vehicles. What are the trends in the insurance market that might affect risk managers with international programmes in…
Barbados has revealed a number of legislative measures, partly in response to the Organisation for Economic Co-operation and Development’s (OECD) inclusive framework on base erosion and profit shifting (BEPS), including tax changes affecting captives. This will mean captives in the domicile are to be zero taxed, and pay a licence fee. The Government of Barbados announced the measures as part…