London market insurers outline Brexit priorities

London market insurers outline Brexit priorities

London market insurers outline Brexit priorities

Companies in the London insurance market have identified four detailed priorities from Brexit negotiations, according to the International Underwriting Association (IUA) with the aim of maintaining London’s position as the largest global centre for commercial and specialty risk. Members of the association’s Legal and Regulatory Committee believe it is vital to maintain existing freedoms for insurance services, and any trade…

Malta captives focusing on bespoke policies and emerging risks

Malta captives focusing on bespoke policies and emerging risks

Malta captives focusing on bespoke policies and emerging risks

Owners of captives and cells in Malta are increasingly focused upon bespoke policies and emerging risks such as cyber, according to Karl DeGiovanni, deputy general manager at Aon Risk Solutions in Malta. He said that Aon Malta manages a wide range of insurance entities – pure captives, protected cell companies (PCC) and protected cells (PC) – through White Rock, an…

Refine Solvency II, not replace it, say UK insurers

Refine Solvency II, not replace it, say UK insurers

Refine Solvency II, not replace it, say UK insurers

UK insurers are calling for regulators to refine Solvency II to make it more appropriate for the UK market, rather than replace it entirely when the UK leaves the EU. In response to the Treasury Select Committee inquiry into Solvency II, the Association of British Insurers (ABI) noted Solvency II is broadly fit-for-purpose for the UK market and there is…

Call for EC to put VAT modernisation back on agenda

Call for EC to put VAT modernisation back on agenda

Call for EC to put VAT modernisation back on agenda

Insurance Europe has called for the modernisation of Value Added Tax (VAT) rules for financial services to be put back on the European Commission’s agenda. It pointed out that the VAT liability of financial services transactions continues to be governed by a VAT Directive that was implemented in 1977 and written even earlier. Insurance Europe said it believes that this…

Generali to exit less profitable markets

Generali to exit less profitable markets

Generali to exit less profitable markets

In an update on its strategic plan, Generali has said that it will focus on markets where it is technically strong, efficient and profitable, and exit from less profitable markets. In order to continue to be competitive, it planned to “accelerate the execution of the strategy” through a number of strategic initiatives aimed at improving the operating performance and creating…

FiscalReps launches premium tax database and software

FiscalReps launches premium tax database and software

FiscalReps launches premium tax database and software

FiscalReps has launched TAXBOX2, a global premium tax database and software aimed at multinational insurance companies and anyone working with international insurance programmes. TAXBOX2 simplifies the preparation of premium tax and parafiscal returns by allowing users to investigate and calculate premium tax liabilities, prepare and generate tax returns and make payments, said FiscalReps, and users are alerted to changes to…

Moody’s on overseas acquisitions by Japanese and Chinese insurers

Moody’s on overseas acquisitions by Japanese and Chinese insurers

Moody’s on overseas acquisitions by Japanese and Chinese insurers

The surge in overseas acquisitions by Japanese and Chinese insurers reflects the respective dynamics of these two markets, and is raising diverging credit risk, according to Moody’s Investors Service. The rating agency said that Japanese insurers seek growth abroad amid stagnant operating conditions and a lack of investment opportunities at home, with non-life insurers focusing on franchise expansion. “Japanese insurers…

Xmas wish list and New Year predictions

Xmas wish list and New Year predictions

Xmas wish list and New Year predictions

Just a few days to go until the holiday season (who thought it was a good idea to have the renewal season and the holiday season at the same time?). Each year since 2012, International Programme News has provided a Xmas wish list for risk managers to give to Santa. This year, it seems appropriate after so many shocks and surprises in 2016, to review those lists and predictions.