According to statistics from the Chinese National Financial Regulatory Administration, in the first 10 months of the year 2023, the direct insurance premium income of the property insurance industry increased by 7.16% from 2022. This rate is lower than the 9.94% growth in 2022/21. Despite being lower, it is still considered a high growth [...]
From the 1st of January, 2024 a new Government Decree on the detailed rules of environmental insurance related to waste management entered into force in Hungary - under the number of 681/2023. (XII. 29.) -, which establishes an obligation for both waste managing and waste producing companies to obtain a proper environmental liability insurance [...]
South Africa, a country with a multi-faceted history and diverse social challenges, has taken significant legislative steps in recent decades to ensure the safety and protection of its citizens. 2024 is an election year in South Africa, so an increased risk level of volatility is to be expected. In particular, the state insurer SASRIA [...]
About the Involuntary Loss of Employment Scheme Enacted through Federal Decree Law No. 13 of 2022 on the Involuntary Loss of Employment (ILOE), this distinctive Scheme ensures financial protection for individuals who experience job loss unrelated to disciplinary measures or voluntary resignation until they secure new employment. Eligible individuals stand to receive a monthly [...]
As of December 19, 2023, the recently implemented tax on reinsurance remains at a fixed rate of 25% on premiums ceded to overseas reinsurers. However, it is important to note that this percentage exhibits variability among carriers and risks, particularly when compared to the gross premium stated in the policy. The fluctuation is attributed [...]
In recent years, Turkey has witnessed several revisions to its compulsory earthquake tariff, reflecting the dynamic nature of the insurance landscape. These changes are a response to factors such as high inflation, currency fluctuations, and the profound impact of the devastating earthquake in February, which significantly influenced the Turkish insurance market. This article aims [...]
In a recent member poll, Trust Risk Control received valuable feedback from its partners, shedding light on the successful 25-year journey and areas for further improvement. The responses, provided anonymously, reflect the diverse perspectives of many participants who shared their experiences and insights. We extend our sincere thanks to all participants who generously shared [...]
We are pleased to announce that the following partners have joined the TRC network since the end of 2022 and in 2023. We sincerely welcome all new partners and look forwards to a successful joint future and cooperation. ARMS Founded in 2018 Employees: 8 Country: China Profile: Asian Risks Management Services Limited [...]
We are pleased to share noteworthy news regarding Romero Insurance Brokers. Today, Romero Insurance Brokers Ltd has completed its acquisition by AssuredPartners Inc. This strategic move positions them for a new phase of growth, providing an enhanced platform to better serve their clients and partners. AssuredPartners Inc., a U.S.-based broker operating independently of any [...]
After acquiring a 51% stake in Kotak Mahindra General Insurance, Zurich Insurance Company will no longer operate as a subsidiary of Kotak Mahindra Bank. The confirmed transaction values Kotak General Insurance at approximately Rs 7,943 crore in a post-money valuation, pending customary closing adjustments. Kotak Mahindra Bank formally announced a definitive agreement to [...]