All Archive articles – Page 9
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Photo GalleryAIRMIC 2010
StrategicRISK brings you photos from the stands and floor of the 2010 AIRMIC conference in Manchester
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AIRMIC Portfolio
Not so dusty
Airmic’s travel special interest group has created an Eyjafjallajökull ash cloud resource for members, which is available on the Airmic website (www.airmic.com). It is collating relevant information from association partners and other sources, and offers an opportunity for members to exchange information.
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AIRMIC Portfolio
Between a rock and a hard place
Navigating the global casualty insurance market is not for the faint-hearted and has been the subject of an Airmic benchmarking survey and additional research by the insurer Chartis. They found that careful insurer selection is essential to satisfy three key areas of concern among risk managers in the current market ...
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AIRMIC Portfolio
Risk architecture: FIRM foundations
The way companies structure their risk governance and reporting varies materially, depending on the type of business and level of regulation. Yet, even in public companies that must follow formal corporate governance codes, soft skills such as good communication and persuasiveness remain essential to the risk management process.This is the ...
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AIRMIC Portfolio
Airmic academy gets to the board
Directors’ and officers’ cover is one aspect of insurance close to the hearts of board members. Between now and mid-September, Airmic Academy is offering three half-day education sessions on the subject that could help members take advantage of that opening to top management. The three sessions are ‘D&O –Explaining it ...
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AnalysisWhere are they now?
Congratulations to some of the award winners of StrategicRISK’s European Risk Management Awards on the progress they’ve made
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FeaturesThe events that rocked our world
Terrorism, war, natural disasters and financial ruin - the past decade saw it all. Nathan Skinner takes a look at these incidences and how the risk management world has changed as a result. For better or for worse, we'll never be the same again
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White Papers
Control Risks: RiskMap 2010
2010 will be a year of uncertain transition for business. The causes of the global recession are now well understood. The contours of the economic recovery, by contrast, are far from clear, and are likely to vary widely by country and region in developed and emerging markets alike.
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Indonesia
Non-admitted insurance: Prohibited. A person found responsible for transacting non-admitted insurance may be subject to a fine and imprisonment.Regulator: The Ministry of Finance.Overview: In Indonesia, a buyer may be exposed to taxation on any compensation paid by an overseas insurer which is treated as unearned income. Overall risk rating: high
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China
Non-admitted insurance: Prohibited. Insurance can only be placed with a company licensed to conduct business in China.Premium tax paid by insured: None known. But insurers pay a 5% business tax to the government based on net income. There are also local taxes that vary by region/city ranging from 0% to ...
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New Zealand
Non-admitted insurance: Permitted. Premium tax paid by insured: 12.5% on premium plus Goods and Services Tax.Regulator: The New Zealand insurance industry is overseen by the Insurance and Superannuation Unit of the Ministry of Economic Development.Overview: New Zealand has undergone massive reforms over the past two decades. Compared with its larger ...
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United States
Non-admitted insurance: Foreign companies are only permitted to sell insurance if they are registered in the US. Premium tax paid by insured: Varies from state by state, but the rate currently ranges from 0.5% to 4.265%.Regulator: Insurance regulation in the US is decentralised and handled on a state-by-state basis. Overview: ...
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Spain
Non-admitted insurance: Permitted under the terms of the EU’s Freedom of Services Directive; otherwise, non-admitted insurance is generally prohibited. Premium tax paid by insured: As from 1 January 1997, 4%.Regulator: The insurance industry is regulated by the Director General of Insurance, an agency of the Ministry of Economy and Finance. ...
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Russia
Non-admitted insurance: Prohibited. The share of foreign capital in a Russian insurance company cannot exceed 49%.Premium tax paid by insured: UnknownRegulator: The insurance industry is regulated by the Federal Service for Insurance Supervision, under the Ministry of Finance.Overview: Russia has been hit very hard by the financial crisis; the government ...
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Nigeria
Non-admitted Insurance: Prohibited unless individually sanctioned by the local regulator. Regulator: The National Insurance Commission (NAICOM) is the regulator for the Nigerian insurance industry.Overview: Historically, weaknesses in the local insurance market meant most large insurance business was written by foreign companies. Today, the rapidly developing oil and gas sector demands ...
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New Zealand
Non-admitted insurance: Permitted. Premium tax paid by insured: 12.5% on premium plus Goods and Services Tax.Regulator: The New Zealand insurance industry is overseen by the Insurance and Superannuation Unit of the Ministry of Economic Development.Overview: New Zealand has undergone massive reforms over the past two decades. Compared with its larger ...
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Mexico
Non-admitted insurance: Prohibited, except by special permission from the Ministry of Finance.Premium tax paid by insured: 15% VAT plus small policy issuance fees. Regulator: The industry is regulated by the Comision Nacional de Seguros y Fianzas (CNSF), which translates as the National Commission for Insurance and Surety.Overview: Mexico has made ...
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United Kingdom
Non-admitted insurance: Permitted, except for third party motor liability and employer’s liability. Premium tax paid by insured: 5% all non-life lines. Regulator: The Financial Services Authority (FSA).Overview: The UK is widely seen as a major centre for international insurance and reinsurance expertise and is home to the London Market, a ...
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Japan
Non-admitted insurance: Prohibited, unless permission is granted by the Financial Supervisory Agency for coverage not available in the market.Premium tax paid by insured: A stamp duty of around US$2 is levied on all policies. There is a 0.2% fire brigade charge on fire premiums and a Road Safety Fund charge ...
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Italy
Non-admitted insurance: Strictly prohibited except as provided by EU legislation. Premium taxes paid by insured: Fire: 22.25%; automobile: 11.5%; personal accident: 2.5%; marine: 12.5%; liability: 22.25%.Regulator: The insurance market is regulated by the Insurance Supervisory Divisions of the Institute for Control or Private Insurance Companies (ISVAP).Overall risk rating: low
