Events, developments, and opportunities in the international marketplace.
We occupy a unique position in the international risk management and employee benefits marketplace, and have the ability and resources to help you globally. We provide our clients exclusive access to a dedicated, in-sourced international department, effectively on their payroll and fully integrated within their operations, acting as an extension of their team. Our network provides access to more experience, technical resources, and innovative industry expertise. We are able to provide direct local involvement worldwide and strengthen insurer relations, providing regional knowledge and expertise as well as regulatory compliance.
Please contact us at 1-800-661-1518 if you have any questions or concerns regarding international insurance.
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The bushfires in Australia are now said to likely be the costliest insurance and reinsurance market loss, with latest data showing losses to have reached A$1.65 billion (US$1.13bn). This exceeds the Black Saturday bushfires from February 2009. Claims lodged now exceed 20,000 with some 7,000 properties and structures destroyed by the fires. Reported to have caused 31 deaths, the fires have burned an enormous 18.6 million hectares (46 million acres) of land. Worst affected is New South Wales with more than 80% of current claims. The recent severe hailstorm event, already thought to have caused a market loss of over A$514m and rising, will only serve to make matters worse resulting in further possible erosion to aggregate reinsurance layers. While the overall impact to reinsurance markets may not be all that significant in terms of dollar value, the combined impacts of these ongoing and recent catastrophes could pressure Australian insurers and provide further impetus for carriers to better protect themselves, as well as helping to sustain rates in the region.
Indonesia is allowing foreign investors to own more than 80% of shares in locally listed insurance companies, following the signing of a presidential regulation on January 16th, provided they can raise their capital through an initial public offering in Indonesia. Foreign investors have long lobbied for change, arguing they had not been able to inject new capital to carry out expansion plans. Their local partners, more often than not, did not have enough money to keep their ownership from being diluted. The new rule also drops the requirement for a local partner, which, according to the old rule, had to be a locally based entity wholly controlled by Indonesian citizens.
The Niger Delta is the focal point of West African maritime crime. The presence of global oil in the region serves to exacerbate social tensions between communities and private companies, often giving rise to militancy, illicit bunkering, and fuel theft. Beyond Nigerian waters, West African piracy has seen a number of notable incidents and trends -13 attacks occurring within the waters of Togo and Benin and 11 within the waters off Cameroon. The latter represents an 83% increase in incidents from 2018 and has led to Cameroonian waters becoming the fourth most affected by maritime crime after Nigeria, Indonesia, and Malaysia. While Nigeria has shown signs of effectiveness in dealing with its problems as evidenced by the downturn in incidents, this may have a squeezing effect on neighboring states, forcing piracy increasingly into more permissible areas, where a steady increase in incidents is anticipated.
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