Europe

Global Briefs – February 2020

Image

AngolaCompulsory Marine Cargo Insurance

The attached presidential decree has recently been enshrined in Angolan law to make the purchase of marine cargo insurance compulsory in Angola. We expect that it will come into force during H1 2020. As you will see in the attached decree (apologies – it’s in Portuguese!), not only is it compulsory to buy marine cargo insurance, it also has to be bought locally using a local insurer. AIBA is well positioned to help place this insurance.

Ukraineinsurance supervision department set up within National Bank

The National Bank of Ukraine created two new departments - on methodology for regulating activities of non-banking financial institutions and on insurance market supervision, Forinsurer reports with reference to Interfax-Ukraine. Between now and until July 1, 2020, both departments will develop proposals for effective transfer of their functions from the National Commission for financial services market to the National Bank. Starting July this year, the insurance market supervision department will be responsible with the implementation of prudential supervision of insurance companies, specialized reinsurers and insurance intermediaries. The functions of regulation of non-banking financial services markets will be transferred from the National Commission for financial services market to the National Bank as well, starting July 1, 2020.

Trending
Share this Post:

Advertisement

Ad

Related articles

Aon launches Alternative Distribution platform in London

Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, today announced the launch of Alternative Distribution – a London...

Combined Insurance Launches New Online Accident Product

Leading supplemental insurance carrier expands consumer access to affordable accident coverage CHICAGO, Oct. 19, 2020 /PRNewswire/ -- Combined Insurance, a Chubb company, announced today the...

Zurich offers new risk management app to help improve safety, quality and insights at construction job sites

Schaumburg, Ill., Oct. 19, 2020 – Zurich North America Insurance is offering a new construction app through Zurich Services Corporation designed to help its construction customers manage their risks and...

Cyber-related ransomware and business interruption top concerns of risk managers

Tenth year of Zurich’s Advisen Cyber Survey reveals a more sophisticated cyber insurance buyer:  percentage of respondents with cyber coverage increased from 34 to 80 percent since 2011 Schaumburg,...

AIR Worldwide Estimates Insured Losses for Hurricane Delta Will be Between USD 1 Billion and USD 3 Billion

BOSTON, Oct. 14, 2020 — Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses to onshore property resulting from Hurricane Delta’s winds and storm surge will range from USD...

Katherine Keefe Joins Marsh to Lead US Cyber Incident Management

Marsh, the world’s leading insurance broker and risk advisor, today announced the appointment of Katherine Keefe, a globally recognized leader in cyber incident response, as US Cyber Incident Management...