April 2010

Talk Around the Bazaar

AIG has sold its foreign life insurance unit to MetLife. Alico sells life, accident & health, retirement and wealth management products in more than 50 countries.  Their respective websites are: www.metlife.com and www.alico.com

Singapore has announced the requirement for property agents at the Singapore Accredited Estate Agencies must have professional indemnity cover. For more on this association, go to www.saea.org.sg

After buying most of Sveland Sãkförsäkring in Sweden a couple of months ago, RSA’s Danish subsidiary, Codan, has acquired the renewal rights to TrygVesta’s marine portfolio. For more information, please see www.isn-inc.com/news/news.aspx?nid=2047&cid=4 and www.trygvesta.com

A recent review of captive domiciles has placed Guernsey high in the European and worldwide ratings. For an informative report, go to http://www.guernseyfinance.com/news_room/guernsey-retains-world-leader-status-captive-insurance

In Indonesia insurance premiums total less than 1% of GDP. The Jakarta Post has a good article at http://www.thejakartapost.com/news/2010/03/22/analysis-indonesia-an-expanding-market-insurance-companies.html

With effect from the 1st April a revised Block Exemption Regulation goes into force in the E.U. To the relief of most, there are not too many changes. As usual Business insurance reports it well at www.businessinsurance.com/article/20100324/NEWS/100329973

Bangladesh has passed new laws aimed at strengthening the regulatory framework and revving up the insurance industry. The Acts of 2010 replace that of 1938 and alter the categories of companies, paid up capital and abolishes the Department of Insurance, replacing it with a new regulatory body. This and more are explained at www.theindependent-bd.com/details.php?nid=156506

For those of you who are looking for facts and figures, the Insurance Information Institute has lots of them at http://www2.iii.org/international/overview/

We all know the Taxman is never satisfied and his latest trick is to get you when you are above the clouds. TMG Group has an informative article in www.tmf-group.com/en/Latest-News/eu-vat-threat-to-inflight-catering.html