Multinational companies are aiming to significantly increase the corporate control and oversight of their employee benefit programmes worldwide in an effort to counter rising costs and financial risks, according to an Aon Hewitt study.
A global survey of multinational CFOs conducted by tax adviser Taxand has shown that multinational companies in Europe are increasingly concerned that their company’s reputation could be affected by tax planning exposure.
Tony Dowding, Editor of IPN, interviewed Philippe Gouraud, Head of Client Management Group and Global Risk Solutions, Chartis Europe about the fast rising demand for information from risk managers in the field of international insurance programmes and how the market is beginning to deliver results for customers.
UK’s HMRC issues draft CFC exemption regulations, Thailand introduces catastrophe insurance fund, New Zealand clarifies Goods and Services Tax and non-resident insurers, Global transfer pricing tax authority survey from Ernst and Young, Hungary to introduce insurance premium tax, Irish Insurance Compensation Fund levy may be extended, Compulsory insurance requirements for hazardous facilities in Russia, Panama sees premium payments requirements in new insurance law, NAIC adopts FSB cross-border regulatory tracking tool, Four more jurisdictions sign IAIS Multilateral Memorandum of Understanding, French parliament approves CFC amendment, Guernsey’s revised corporate tax regime approved by EU and the Isle of Man signs tax and information agreements with Singapore and Turkey.
Peru’s insurance market continues to see growth, Call to reduce regulatory barriers in US and EU, Brazil’s insurance market sees strong growth, Myanmar plans to allow foreign insurers in 2015, Moody’s gives Italian insurance market negative outlook, Natural catastrophe warning for emerging markets, Legislative developments in European casualty insurance markets and Acquisition only way in for insurers in Thailand.
Eastern Europe payment default survey from Atradius, OECD reports slowing down of merchandise trade in second quarter and World growth to slow in 2012 but recover in 2013.
India represents a huge opportunity for European and international companies that seek growth potential in the slumbering global economy. But local experts warn risk managers to do their legal, regulatory and fiscal homework before adding Indian risks to their international programmes and above all be patient.
Efficiency in the deployment of an international programme, sharp and quick reporting and effective claims management are key attributes that insurers and brokers need to offer to help risk managers manage their cross-border exposures and coverages according to Hervé Borel, Insurance Director at French energy giant Alstom.
Leading German risk and insurance managers, their brokers and insurers interviewed for the recent annual DVS symposium agree that rising levels of protectionism, political instability, ever-tighter regulation and fiscal rules sparked by the global financial and economic crisis are causing headaches for buyers of cross-border insurance coverage. The risk and insurance managers cannot ignore these challenges and they need to be tackled from the ground up in partnership with well-connected and expert advisers. But are the risk managers themselves and their insurers and brokers up to the task? Adrian Ladbury reports from DVS symposium in Munich.
In recent years a far sharper focus has been placed upon how companies arrange their insurance and reinsurance coverage for cross-border exposures by local regulators and fiscal authorities, coupled with the rise of ‘new’ exposures in increasingly important markets.