International Insurance

International Insurance Newsletter | January 2019 Edition

International Insurance Newsletter | January 2019 Edition

International Insurance Newsletter | January 2019 Edition Recent Successes: Placed a Combined General and Employers’ Liability policy as part of a controlled program for a construction project management company establishing an office in the UK. Placed US Workers’ Compensation and quoted an extensive set of Liability coverages for the exposures of a foreign owned networking club for business women opening up in the USA. Bound international Premises and Pollution Liability policies for a leading manufacturer of Specialty Chemicals. Global Cross-border supply chains are shifting as manufacturers turn away from Chinese suppliers with the ongoing US-China trade war. The sourcing of new suppliers is creating stiff competition as firms seek to find new production facilities in neighboring Asian countries. This is driven by the risk of greater US tariffs on China and fears that territories such as Vietnam and Thailand can only…read more →

Global Economic Outlook – December 2018

Global Economic Outlook – December 2018

The bright outlook presented in May has proven true but clouds are quickly gathering on the horizon. In an increasingly uncertain environment, there is no room for policy mistakes. Following a robust expansion in 2017, global economic momentum has been more or less maintained in 2018 but is set to increasingly lose steam through 2019. Risks to the outlook continue to mount, especially stemming from the unfolding US-China trade war. In a more challenging global environment, it is increasingly clear that the room for policy mistakes is limited. Poor policymaking has already translated to crises in several emerging economies and potential for policy missteps such as trade policy in the US and populist policies in Italy could have global ramifications. Global GDP growth is forecast to slightly accelerate to 3.1% in 2018 from 3.0% in 2017. In 2019, the world…read more →

International Insurance Newsletter | December 2018 Edition

International Insurance Newsletter | December 2018 Edition

International Insurance Newsletter | December Edition Recent Successes: Bound Property and Liability policies as part of Controlled Master Programs for a high-end clothing retail store with multiple outlets in Korea. Placed a full suite of local coverages for an agribusiness fish farming operation in Jamaica. Bound local Property policies in Macedonia and Mexico as part of a Controlled Master Program for a multinational specializing in inflator technology for automotive airbag applications. Somaliland An Islamic insurer has been established in Hargeisa, the capital of Somaliland, backed by some of the largest players in Africa’s insurance industry. The new company, called Horn of Africa Insurance, offers automobile, property, medical and marine insurance along Shariah rules. The insurer will operate in a region where most vehicles are uninsured, and most cargo coming into the country is uninsured. Nevertheless, a compelling need for insurance…read more →

International Insurance Newsletter | November 2018 Edition

International Insurance Newsletter | November 2018 Edition

International Insurance Newsletter | November Edition   Recent Successes: Placed local Package & Umbrella policies in Canada on behalf of a manufacturer of ready to assemble furniture products. Placed a standalone Employers’ Liability policy for an Italian restaurant chain opening up in the UK. Bound local policies in Australia and the UK as part of a Controlled Master Program for a leading provider of household consumer chemical products and restoration services. New Zealand There has been a very large increase in cyber incidents reported to CERT NZ, New Zealand’s government authority on cyber security. According to CERT NZ’s Q2 2018 report, cyber incident reporting by organisations has increased 145% since Q1 2018 – up from 506 to 736 incidents reported by organisations. Direct financial losses from all cyber incidents for the period totalled NZ$2.2m, or US$1.42m). However, this only reflects…read more →

International Insurance Newsletter – October 2018 Edition

International Insurance Newsletter – October 2018 Edition

International Insurance Newsletter | October Edition   Recent Successes: Placed local admitted Property & General Liability policies in China as part of a controlled master program for an investment consultancy with a healthcare industry focus. Placed broad form Management Liability coverage in Australia for a multinational behavior change media and technology company. Global Terrorism More than half of all terrorism attacks in the world in 2017 took place in four countries: Iraq (23%), Afghanistan (13%), India (9%), and Pakistan (7%), according to the Global Terrorism Database. More than half of all deaths took place in three countries: Iraq (24%), Afghanistan (23%), and Syria (8%). In 2017, there were 10,900 terrorist attacks around the world, which killed more than 26,400 people, including 8,075 perpetrators and 18,488 victims. 2017, though, marks the third consecutive year of declining numbers of terrorist attacks and…read more →

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