Asia Pacific – Page 72
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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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FeaturesDanger in the chain!
Companies continue to be brought down by the demise of a key supplier. Neil Hodge provides some guidelines on avoiding the pitfalls
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Global analysis
Regulatory approaches to insurance vary throughout the world, even among countries that are in the same region. Nathan Skinner summaries some of the differences
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Taxing issues
In Europe, the Kvaerner ruling set a legal precedent that companies must allocate premium to where the risk is located. Praveen Sharma examines the challenges and offers some helpful suggestions
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AnalysisReputation
Top companies in emerging economies enjoy better customers relations and reputations
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AnalysisResource wars and mass migration
Too few companies are making the effort to mitigate climate change risks
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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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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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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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AnalysisFood security
A growing population is putting more pressure on global food resources which is increasing the risks of political and economic instability
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Human rights violations pose business risk
Pakistan, Bangladesh, India, Russia, Iran and China all ranked extreme risk
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Private companies increase investments
Optimism amongst CEOs signals a turn in the economy
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AnalysisClimate commitments
Companies and investors need to do more to deal with the risks arising from global warming
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Online onlyFlu vaccine available next month
The WHO estimates that a vaccine will be available by September
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Online onlyE-espionage is growing threat
Corporations are increasingly vulnerable to illegal hacking warns a new report
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AnalysisNegotiating emissions cuts
Anthony Skinner reviews the progress made on climate change commitments around the world
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FeaturesThe cost of corruption
Nathan Skinner reviews anti bribery and corruption measures – and discusses just how effective they are
