Welcome to the second of our global bulletins keeping you up to
speed with corporate insurance developments and market news from
around the globe.
Entering new insurance markets
The map of the insurance world is changing rapidly, with
re/insurance businesses looking further afield for opportunities -
whether that means investing in emerging markets, or looking for
new opportunities in the mature economies.
As a result, we have compiled a brief introduction –
outlining the essential information around regulatory
authorisation, capital requirements and the ability to do business
– for various markets in Asia, Europe, Latin America,
Middle East, North America and Russia.
To request a copy of the full report, please
Global M&A report
Following on from our
2009-2011 report we will be launching our new 2012 Global
M&A Report at the Rendez-vous de Septembre in Monte Carlo. The
report is based on data supplied for completed transactions between
June 2011 and June 2012 by Thomson Reuters. Our corporate insurance
specialists around the world have put together a review of key
trends and activity in their regions.
Insurance transfers in Europe
Clyde & Co has produced a new book looking at some of the
procedures available for transferring insurance portfolios across
Europe. The book, edited by Geraldine Quirk in our London office,
contains contributions from lawyers in a host of jurisdictions
including: Belgium, Denmark, France, Germany, Ireland, Italy, The
Netherlands, Portugal, Spain, Sweden, and the UK.
To obtain a free copy of the book, please
click here to download an order form.
Solvency II Implementation – Hurry up and wait
A sense of frustration over the anticipated implementation of
Solvency II has been growing within the UK insurance market. Having
spent considerable amounts of time and money preparing for the new
regime, the insurance industry can easily be forgiven for this, not
least due to the uncertainty regarding the key questions around
exactly when and how the implementation will happen.
Article by James O'Shea, partner and Allison Beirne,
associate, in our Dubai office on the "three year solvency
reprieve" for UAE insurance companies carrying on composite
business (life and non-life) within the same corporate entity.
The Saudi Arabian Cooperative Insurance Market: The Premier
League of Islamic Insurance?
Article by Peter Hodgins and Matthew Owen in our Middle East
offices looking at the Saudi Arabian cooperative insurance market.
At the time this article was originally written, the English
football Premier League was nearing the end of the 2011/2012
season... In one of the most exciting seasons of recent years there
remains everything to play for going into the final games; the
league champion is still to be determined, as are the teams
qualifying for the European tournaments and the teams to be
relegated. The season has also seen controversy, with growing
scrutiny of referees' decisions and calls for the introduction
of goal line technology. The 2011/12 "season" for the
Saudi Arabian cooperative insurance market has been equally
eventful. Much like Premier League's status in the football
world, it is at the forefront of global Islamic insurance.
Throughout the season there has continued to be a focus on the role
of the "referee", the insurance regulator (the Saudi
Arabian Monetary Agency), the changing "rules of the
game" as new regulations are introduced and the financial
health of the players in the market.
Asia Insurance Review Takaful Conference 9-10 May 2012
Takaful represents a largely untapped opportunity, especially in
South-East Asia. Malaysia has long been at the forefront of the
developments in the industry and is providing a model for
development elsewhere in the region. However, there are fundamental
issues that the takaful industry needs to address if it is to
become both profitable and sustainable. In particular, the number
of operators and consequent lack of economies of scale to push down
the price of takaful products has impeded development in many
Asia Insurance Review 8th Asia Conference on Healthcare and
William Tsang and Kendall Evans discuss the opportunities in the
healthcare insurance industry in Asia which were emphasised
throughout the Conference including changing regulation, innovation
and fraud concerns.
The underlying principles of a "knock for knock" scheme are well established.
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