Sep 2010

Talk Around the Bazaar

La Baloise (www.baloise.com) has strengthened its position in the Belgian market with the purchase of Avéro Schadeverzekering Benelux NV which will operate alongside Baloise’s other Belgian carrier Mercator Verzekering NV, thereby making La Baloise the sixth largest non-Life insurer in the country. Avéro was once known as Royal & SunAlliance Schadeverzekering NV.  Last year La Baloise took over Fortis Luxembourg IARD and has secured a good platform in the Benelux countries 

Tokio Marine has announced a restructuring and a programme of international expansion. A classy player like this will be welcomed in the new markets they enter. For more, see http://ir.tokiomarinehd.com/en/Topics/Topics7808730831882081287.html

For those of you who are keen to know where the next hurricane will strike and with what ferocity, AIR has released a new version of their Hurricane Model for the United States. This is worth looking at under www.air-worldwide.com

If its typhoons in Asia you need to know about, Aon Benfield can help with their new catastrophe model highlighted at http://www.webwire.com/ViewPressRel.asp?aId=120086 

In the United Kingdom IPT and VAT are to increase on the 4th January 2011. IPT goes from 5% to 6% and VAT from 17.5% to 20%. What many people did not know is that there is a higher IPT rate and this goes from 17.5% to 20%. This is for special classes of insurance such as travel and used car and electronic goods warranties. For more information on this and the IPT and VAT situation elsewhere around the globe, go to http://www.tmf-group.com/en/Services/international-vat-and-ipt-services.html and http://www.tmf-vat.com/insurance-premium-tax/european-ipt-rates.html

For other news on developments in the European insurance scene, there are several options: CEA the European Insurance and Reinsurance Federation has a good website at www.cea.eu/index.php?page=key-issues while BIPAR at www.bipar.eu can give you the brokers’ viewpoint. Ferma will tell you what risk managers think www.ferma.eu/PressNews/PositionPapers/tabid/107/Default.aspx and for the Loss Adjusters’ position, www.fuedi.eu will help you. Interestingly insurance supervisors do not have a European association; they have gone global straight away with www.iaisweb.org and if you nose around their website, time will flash by. The same applies to pensions supervisors and you can find out at www.iopsweb.org  

To avoid anything getting missed with all of the above-mentioned associations, cooperative and mutual insurers have their own organisation and this can be viewed at www.icmif.org

Many of our readers will have come across the PIA – Presse Internationale des Assurances. This is an organisation founded in 1954 with the aim of exchanging information, articles and documents as well of relevant facts and figures of the insurance industries. To find the names of some of the most auspicious insurance publications in Europe, please go to www.piassurance.eu

In Guernsey, World Shariah Funds PCC Limited has been listed on the stock exchange. This takaful firm has very strict criteria for the companies whose shares are held within the funds. For more information, go to http://www.guernseyfinance.com/news_room/islamic-compliant-guernsey-pcc-launched  

In Australia, the State of Victoria has abolished the Fire Service Levy. This has attracted a flurry of news articles such as http://www.insurancenews.com.au/analysis/why-john-brumby-dumped-the-fsl

Did you know that last year the amount of insurance premiums per capita in the Netherlands was US$6,555? The highest in the world. This is but one of mind boggling set of facts and statistics provided by the Insurance Information Institute at http://www2.iii.org/international/overview/

This month the first of two of the most prestigious insurance gatherings takes place: the Rendez-Vous de Septembre in Monte Carlo www.rvs-monte-carlo.com/main.php?page=bienvenue

Next month will be the turn of Baden Baden, see www.badendirectoryonline.co.uk/asp09/index.asp