Best maintains negative outlook on India’s non-life insurance market

Best maintains negative outlook on India’s non-life insurance market

Best maintains negative outlook on India’s non-life insurance market

India’s non-life insurance market is characterised by continued reliance on realised and unrealised investments gains to offset technical losses, potential short-term disruption from regulatory enhancements, and persistently competitive and underperforming core business lines of motor and agriculture, according to AM Best. As a result, the ratings agency is maintaining a negative segment outlook on the market. According to Best, India’s…

Only 14% of D&Os understand cover

Only 14% of D&Os understand cover

Only 14% of D&Os understand cover

Risk managers should help directors and officers better understand their D&O insurance cover, according to a report from Airmic and AIG. The results of Airmic’s annual survey suggest that further work is needed to ensure directors and officers are aware of the evolving threats they face and insurance they have in place. Only 14% of Airmic members were confident that…

Judgments needed as interpretation of Insurance Act proves tricky

Judgments needed as interpretation of Insurance Act proves tricky

Judgments needed as interpretation of Insurance Act proves tricky

Key aspects of the Insurance Act and damages for late payment are proving difficult to interpret and will need to be tested by the courts, according to legal experts. When the Insurance Act 2015 came into force on 12 August 2016, it was the most significant change to UK insurance contract law since the Marine Insurance Act 1906. It restricted…

Airmic captive group to focus on reinsurance and cyber as BEPS proves less of a concern

Airmic captive group to focus on reinsurance and cyber as BEPS proves less of a concern

Airmic captive group to focus on reinsurance and cyber as BEPS proves less of a concern

Reinsurance, cyber and employee benefits are the top three priorities for captive owners in the post-BEPS world, according to a poll of Airmic’s captive group. Recent years have seen captives come under increased scrutiny by regulators and tax authorities. This started with the implementation of capital and risk management requirements under Solvency II and more recently with the OECD’s base…

Risk managers call for more time to manage expectations in ‘harsh’ market conditions

Risk managers call for more time to manage expectations in ‘harsh’ market conditions

Risk managers call for more time to manage expectations in ‘harsh’ market conditions

Insurers are being urged to give risk managers plenty of time to prepare for tougher renewal negotiations and help them manage internal expectations as reports rise of a “harsher” market in certain commercial insurance lines. Risk and insurance managers should use the opportunity offered by the harder-nosed approach from most leading corporate insurers to show their real value, according to…

China pushes ahead with market reforms

China pushes ahead with market reforms

China pushes ahead with market reforms

China’s promise to further liberalise its domestic capital market and open up to foreign investors, in spite of the ongoing trade dispute with the US and structural reforms at home, is good news for global insurers. According to a note from Swiss Re’s economics department, renminbi (RMB) internationalisation is set to continue in spite of US-China trade tensions, as well…

Airmic launches captive guide for iNEDs

Airmic launches captive guide for iNEDs

Airmic launches captive guide for iNEDs

A guide to help independent non-executive directors (iNEDs) appointed to the boards of captive insurance companies is now available from Airmic. Produced in partnership with Aon, the guide to captive governance is aimed at individuals currently serving as directors on captive boards, or considering an appointment in the future. A Practical Guide for Independent Non-Executive Directors on Captive Boards also…

Payment delays cloud Asia-Pacific outlook

Payment delays cloud Asia-Pacific outlook

Payment delays cloud Asia-Pacific outlook

Slowing trade growth in many Asia-Pacific countries is prompting businesses in the region to increase their use of trade credit in B2B transactions, according to credit insurer Atradius. Although the region is still the main growth engine for the global economy, and domestic demand remains robust, a number of negative risks are clouding the outlook, Atradius warns. An Atradius survey…

Hiscox launches new Lloyd’s cyber policy for large commercial buyers

Hiscox launches new Lloyd’s cyber policy for large commercial buyers

Hiscox launches new Lloyd’s cyber policy for large commercial buyers

Specialist insurer Hiscox has launched a new cyber product in the London market for large commercial buyers. Hiscox said the CyberClear365 policy is “unambiguous” and centres around three principles of cover, claims and additional cyber services. Launched on the Lloyd’s trading floor, Hiscox said the new policy covers first-party incident costs, including regulatory response and a reward fund. Business interruption…

Index identifies tax avoidance centres

Index identifies tax avoidance centres

Index identifies tax avoidance centres

Ten jurisdictions, many of which are important captive insurance company domiciles, are responsible for over half (52%) of the world’s corporate tax avoidance risks, according to the Corporate Tax Haven Index. The research, published by the Tax Justice Network, has identified the UK and a handful of OECD countries as the jurisdictions it says are most responsible for the breakdown…