All Strategic Risk Global articles in September 2009 StrategicRISK – Page 4
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Analysis
Summer clouds, silver linings
Mike Osborne discusses some of the lessons learnt from inclement summer weather and the threat of swine flu
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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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FeaturesWhen to call in the experts
Caroline Woolley and Martin Caddick say that claims experts, such as forensic accountants, can help plug the information gap and put companies’ claims policies in the context of business continuity
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AIRMIC Portfolio
Annual lecture
AIRMIC's annual lecture will take place on 23 September at the Willis Building
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Features
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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Features
Not all they seem
Tony Dowding looks at how companies can prevent and deal with false and exaggerated claims
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FeaturesThe way ahead
With the theme of this year’s FERMA forum being the future of risk management, Lee Coppack looks at how the risk manager’s role is evolving in Europe
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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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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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FeaturesRefreshing the parts…
Nathan Skinner visits the giant Heineken brewery in Amsterdam and talks to Eric Bloem, the firm’s head of insurance
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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 ...
