The new regulation will become effective per 31st of March 2025 and companies registered in Italy, including Italian branches of foreign entities, must secure Property coverages for natural disasters as of 31th of March 2025. Who is subjected to take out the new insurance obligation: All Italian companies as well as Multinational Companies with [...]
Major Update on the Liberalization of India's Insurance Sector: FDI Cap Raised to 100% We are pleased to share an important development in the Indian insurance sector following the Honourable Finance Minister's announcement on February 1, 2025. The Foreign Direct Investment (FDI) cap has been increased from 74% to 100%, marking a significant step [...]
On January 21, 2025, an increase of 1% in employer contributions to mandatory social insurance took effect in Bahrain, bringing the total employer contribution to 17%. Employee contributions will remain unchanged at 8%, with 7% allocated to social insurance and 1% to unemployment coverage. Voluntary insurance contributions will also rise by 1%, reaching a [...]
As of January 15, 2025, contractors and planners in Hungary will be legally required to take out liability insurance in order to carry out their activities. Please ensure that you make the necessary arrangements in time. The basis for calculating the premium for liability insurance for contractors and planners is the net turnover from [...]
We would like to inform you about significant developments in the pricing of Property and Business Interruption Insurance policies in the Indian market, effective for policies incepting from January 1, 2025, or later. While the announcement of “de-tariffing” from April 1, 2024, initially brought temporary price reductions, it has become evident that these pricing [...]
Starting on January 1, 2025, Finland will implement the Finnish Environmental Damage Fund, ensuring compensation for environmental damage caused by specific high-risk activities. This initiative aims to shift the financial burden of such damages away from taxpayers and onto the businesses responsible, promoting accountability and sustainability. The fund will be financed through environmental damage [...]
From January 1, 2025, Greek law 5116/2024 will require companies with a certain annual turnover to take out insurance against natural disasters. This law, designed to safeguard business continuity, aims to ensure that natural disaster-related financial losses are borne by insurance providers rather than businesses or the government. Key requirements Insurance Coverage: Businesses must [...]
Argentina recently introduced the Incentive Regime for Large Investments (RIGI), an ambitious federal initiative designed to attract substantial investments across multiple sectors, including forestry, tourism, infrastructure, mining, technology, steel, energy, and oil and gas. Launched by Law 27.742 and effective from August 2024, RIGI offers powerful incentives for both local and international investors and [...]
Zurich Insurance Group is making a significant move into the Indian insurance market by acquiring a 51% stake in Kotak Mahindra General Insurance for ₹4,051 crore (approximately $500 million). This investment is part of Zurich's broader strategy to expand its presence in high-growth markets and will be executed through a combination of fresh capital [...]
In France, the Natural Catastrophe Compensation Scheme, commonly known as NATCAT, has been a cornerstone of disaster management since its establishment in the 1980s. This scheme guarantees compensation for material damage caused by natural phenomena such as floods, droughts, and more. French law mandates that all insurance policies covering property in France—whether for motor [...]