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
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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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
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
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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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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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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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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South Africa
Non-admitted insurance: Prohibited unless coverage/capacity is not locally available, and then only with permission of the authorities.Premium tax paid by insured: There are no premium taxes payable by the insured, although insurance premiums are subject to value added tax at the rate of 14%.Regulator: The Financial Services Board (FSB) regulates ...
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Australia
Non-admitted insurance: Not prohibited, except for compulsory coverage. Under the Insurance Act of 1973, the insured must pay a punitive tax if it places business with a unauthorised foreign insurer. Premium tax paid by insured: Australia remains the highest insurance premium tax country in the world. Fees and taxes vary ...
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Brazil
Non-admitted insurance: Prohibited, but exceptions may be made on application to the regulator. Premium tax paid by insured: Generally 7%. Regulator: Brazil's insurance regulator is the Superintendency of Private Insurance (SUSEP).Overview: In a recent report, SUSEP maintained its projection for the insurance market of around 4.9% premium growth in 2009, ...
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Canada
Non-admitted insurance: Non-admitted insurance is permitted in Canada. However, under the Excise Tax Act, all Canadian corporations that place insurance with a non-licensed insurer or through a broker outside Canada must pay a federal tax.Premium tax paid by insured: The Federal Excise Tax requires an insured to pay a 10% ...
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France
Non-admitted insurance: Prohibited; however, non-admitted insurance is allowed for any EU insurer. Premium taxes paid by insured: Property and fire:7%; other perils: 9%; general, public, product liability: 9%; marine: 19%; D&O: 9%.Regulator: Established in 2003, l’Autorité de Contrôle des Assurances et des Mutuelles (ACAM), the French insurance and mutual control ...
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Germany
Non-admitted insurance: Permitted, in accordance with EU regulations except for compulsory insurances.Premium taxes paid by insured: From 1 January 2007, most classes 19%. Except fire and fire business interruption (14%), combined buildings (17.75%), marine hull (3%).Regulator: The German insurance sector is regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin).Overview: While the ...
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Hong Kong
Non-admitted insurance: Permitted, except for compulsory insurances.Premium tax paid by insured: None, except a 3% charge that applies to motor policies. From 1 July 2007, there is a 11.3% levy on employees’ compensation applied to gross premiums and paid directly to the Occupational Safety and Health Council. Regulator: The main ...
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India
Non-admitted insurance: Prohibited, except when coverage is not available locally and authority is given by The Reserve Bank of India.Premium tax paid by insured: 10% service tax. For marine cargo and hull, stamp duties are charged. Regulator: The Insurance Regulatory and Development Authority (IRDA).Overview: The Indian election at the beginning ...
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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
