International Marketplace Insights | December 2019 Edition

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.

Recent Successes:

  • Placed local Property & Business Interruption coverage in Taiwan for a large manufacturer of specialized fitness equipment.
  • Managed & coordinated the issue of local Property & General Liability policies as part of a controlled program for a private school risk with a presence in Austria & China.
  • Placed General Liability coverage for a privately owned island in the Bahamas as part of larger project to develop and restore a neighboring island.

You can depend on us to assist you with all your International Insurance requirements

As your trusted resource for International Insurance Compliance and Risk Management, you can count on us to find the right solutions for all insurance challenges outside of Canada.

or call 1-800-661-1518


China

The Regulatory Commission in China (CBIRC) is preparing a classification system for insurance intermediaries that is expected to be introduced in 2020. The system will grade intermediaries according to one of four categories: A, B, C, or D – A being the best and D the worst. The CBIRC will then fine-tune its supervision in line with their rating. The criteria to be used include corporate governance, compliance management, business quality, operating scale, number of years in operation, registered capital, frequency in changes of shareholders, and any disciplinary actions imposed. Intermediaries are important because they contribute over 80% of the insurance industry’s premiums. Statistics show that at the end of 2018, there were 2,647 insurance professional intermediaries in the Chinese market, including five insurance intermediary groups, 240 national-level insurance agencies, 1,550 regional-level insurance agencies, and 499 insurance brokerage companies. In addition, there are 32,000 indirect insurance agencies that operate a principal business and sell related insurance on the side.

Morocco

A $275m Disaster Risk Management Development Policy Loan for Morocco has been approved by the World Bank. Containing a Deferred Drawdown Option for Catastrophe Risks (Cat DDO), it helps the country strengthen its capacity to manage the financial impact of natural disasters, and to upgrade its institutional framework for disaster risk management. With reforms to strengthen the financial, governance, and operational framework of the Solidarity Fund against Catastrophic Events (FSEC), it complements private insurance by providing compensation to the uninsured. Making use of sophisticated risk financing instruments to cover losses caused by extreme flooding and earthquakes, the reforms include a parafiscal charge on insurance policies to create a sustained source of financing for the FSEC, as well as measures to bolster the private insurance sector in case of a catastrophe.

Hong Kong

Continued turmoil is undermining perceptions of Hong Kong as a stable international business hub, as well as the effectiveness of its governance. A recent survey shows that foreign firms particularly value the territory’s rule of law, independent judiciary, and its political stability and security – assumptions that may be questioned if political uncertainty continues. The passage of the Hong Kong Human Rights and Democracy Act in the US, while largely symbolic, highlights that changing international perceptions of Hong Kong could have economic spillovers in the form of revision to its separate customs treatment from the mainland. It also underscores that the territory’s unique and advantageous relations with the global community are not static.


Contact Us

The world is a complex place and you have a lot to worry about. It is critical that you have the confidence that the insurance broker you choose has the ability and resources to help you globally. We are an authorized Globex International Group Broker Partner in 130 countries around the world.

For more information or to speak with one of our associates, call 1-800-661-1518 or fill out the contact form below:

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