Legislative

Australian govt pushes insurer partnerships and risk assessments in new roadmap

The Australian regulator is set to publish the findings of its insurance climate vulnerability assessment by mid-2025 as part of the government’s new sustainable finance roadmap.

Representative Issa plans to draft litigation finance disclosure bill

Following a House of Representatives judiciary subcommittee meeting this week, Representative Darrell Issa said he plans to introduce draft legislation on disclosure of litigation finance, with the APCIA calling for “sensible solutions” on the issue.

UK sanctions Russia’s Ingosstrakh in move against ‘shadow fleet’ cover

The UK has imposed wide-ranging sanctions on Russian insurer Ingosstrakh as part of a push to clamp down on cover provided to the shadow fleet and to restrict Moscow’s energy revenues.

TWIA considering changing funding statutes to reduce reinsurance need

The Texas Windstorm Insurance Association and its board are assessing options to adjust statutory funding or increase the size of the residual insurer’s catastrophe reserve trust fund in a bid to reduce the amount of reinsurance it has to buy.

HMT raises record £8.1bn in IPT revenue for 2023-24 tax year

HM Treasury raised another record sum from insurance premium tax in the 2023/24 tax year, with tax receipts data pegging the total haul at £8.1bn ($10.05bn).

Canada’s government commits to flood insurance program in 2024 budget

The Canadian government has outlined its commitment to deliver a flood reinsurance program and insurance subsidiary for households at high risk of flooding, a move welcomed by the Insurance Bureau of Canada as the “single most important step” in protecting homeowners from climate change’s effects.

Florida insurance market on the mend

Almost one year ago, on 31 May 2023, Florida Governor Ron DeSantis signed sweeping insurance reform legislation into law.

Louisiana insurance commissioner Temple urges legislators to pass insurance reform

Louisiana's Commissioner of Insurance Tim Temple has urged state officials to pass his proposed insurance reform legislation in a recent statement, emphasising that if the ongoing insurance crisis is not addressed, "it will get worse."

Australia proposes post-incident cyber review body

The Insurance Council of Australia has welcomed government proposals to form a cyber incident review board as a post-incident assessment mechanism, although it has called for greater clarity around the definition of “business critical data”.

Connecticut advances bill to make insurers of fossil fuel projects foot nat cat bills

The Connecticut General Assembly’s environment committee has voted to approve the governor’s climate resiliency bill with an amendment that proposes financing a fund through surcharges on insurance policies for fossil fuel projects.

McGovern: UK government lacks “natural” advocate for London market

London Market Group chair Sean McGovern has warned that the lack of a “natural advocate” for the sector within the UK government represents a “missing piece of the jigsaw” amid the ongoing drive to improve the market’s competitiveness.

Premier Burt: 15% CIT removes uncertainty and will benefit Bermuda long term

Bermuda Premier David Burt has said the move to introduce a 15 percent corporate income tax removes uncertainty as well as any association with being a “tax haven”, and will be beneficial to the island long term as a “compliant and cooperative” jurisdiction.

FL legislature passes E&S-related bills but industry rues missed opportunity on litigation statutes

The Florida legislature passed nine bills with insurance ramifications during this year’s session, including three that impact surplus lines, however hopes that there would be progress on clamping down on litigation loopholes were dashed.

Portugal’s insurers back proposed new state-backed quake reinsurer

The Portuguese Association of Insurers has doubled down on calls for a state-backed reinsurance pool for catastrophic earthquake events, urging policymakers to back proposals for cover to be mandated across the country.

Insurers bemoan “missed opportunity” in spring budget

Insurance industry representatives have described UK Chancellor Jeremy Hunt’s budget as a “missed opportunity” to tackle key industry issues such as insurance premium tax and the need to bolster flood defences, but welcomed fresh government efforts to boost investment opportunities.

Hong Kong commits to ILS build-out in latest budget

Hong Kong is stepping up efforts to establish itself as a leading centre for captives and ILS in Asia, as part of its wider goal to become a go-to jurisdiction for international risk management services.

Munich Re strengthens call for government backstops for systemic cyber risks

Munich Re CEO Joachim Wenning has called on policymakers in Germany and Europe as a whole to discuss the creation of government backstops for cyber risk.

Universal CEO: Florida reform impact “becoming clearer” with claims trends improving

The CEO of Universal Insurance Holdings has commented that the impact of the reforms passed in Florida in late 2022 is showing up in improved claims trends “across the board”, while also noting that the carrier’s first event 2024-2025 reinsurance tower is already 90 percent secured.

Industry ups call for reforms as IPT haul rises 10% to £6.5bn in 9M tax year

HM Treasury is set to raise yet another record sum from the controversial insurance premium tax as industry bodies continue to lobby policymakers for health carve-outs and cyber exemptions.

Biba calls for IPT cut and cyber insurance exemption ahead of Spring Budget

UK brokers have again called on the government to reduce insurance premium tax ahead of the Spring Budget next month, while also proposing an exemption for cyber insurance in order to encourage wider take-up among UK firms.

Region

Topics

Events & Conferences

Content Types