Insurance -
Emerging markets need better regulations - 05/03/2008
|
A global body has recommended that UK insurers should lobby the government to call for better regulation in emerging markets. The Geneva association, which has members from some of the world’s largest insurance companies, has said that countries such as China, India, Russia, Brazil and Mexico could, in the future offer challenges and damage the profits of UK insurers looking to start up.
These emerging markets were responsible for 5.1% of global non-life insurance premiums in 2006, this figure has more than doubled over the last ten years. International trade and services policy adviser, Julian Arkell said: “Against this backdrop the Brazil, China, India, Mexico and Russia markets are on the radar screen of virtually all major international insurance companies.”
At the moment there are barriers stopping UK insurance companies accessing these markets, such as caps on foreign ownership, restriction on cross-border reinsurance and bands on direct branching.
Arkell continued: “Insurers can certainly play a role, mainly through their trade associations, in moving regulation forward in markets abroad, either by advocacy with their own governments and the European Commission, or directly with the governments of those markets and their counterpart associations.”
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 19/06/2008 - PMI's new pricing AVP. PMI Mortgage Insurance, a subsidiary of The PMI Group, has promoted John Hanken to...
13/06/2008 - Joint names insurance beneficial. Joint names insurance, where both the employer and contractor are insured parties under one...
10/06/2008 - No rush to adopt EU laws. New European Union rules that shake up how insurance companies offset risk and protect...
|
|
|
|
|
|
|