08 May 2012
In the last 18 months Australia and New Zealand have suffered the worst tally of catastrophe losses in their respective histories. In Australia, a succession of floods, cyclones, windstorms and hailstorms have cost insurers an estimated USD 5bn, while in New Zealand, the loss estimate for the Christchurch earthquakes is around USD 25bn. ...
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08 May 2012
For hundreds of years the Lutine Bell at Lloyd’s was rung once for bad news. Although it is now only used for ceremonial purposes, there would have been plenty of opportunity for it to be rung in 2011 as the year was second only to 2005 in terms of insured catastrophe losses....
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08 May 2012
Gabon has set up a national reinsurer, with the aim of preventing money being “drained” from the country when insurers pay reinsurance premiums. Gabon has chosen to follow the examples of Senegal, Morocco and Tunisia. ...
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08 May 2012
Axco Regulatory Alerts deliver monthly email updates on recent and proposed developments in regulation, legislation, supervision and premium taxation in over 170 territories across the globe. Written and verified by Axco’s specialist consultant writers and in-house team of research analysts, the alerts draw on the most recent Insurance Market Report republications and updates, summarising changes and proposed changes in areas of compliance....
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08 May 2012
Russia
From 1 July 2012 Russian pensioners will be able to receive pension payments from both the State Pension Fund and non-state pension funds. Accumulated funds of 5% or less of their old-age pension will be paid as a lump sum. Pensions can also be received as an immediate pension benefit. The payment period of such a pension benefit is set by the individual, but must be for at least 10 years. An important feature of the immediate pension benefit is that if the individual dies during the payment period, their legal successor has the right to receive the unpaid funds.
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