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IRL Preview – February 2020

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Highlights Angola: Currency Devaluation and VAT Introduced The IMF has consistently expressed reservations about opening the capital accounts of countries that do not have the architecture or banking systems of more well-developed financial markets. It is therefore highly probable that the IMF supports Angolan policymakers’ stance in this regard. As a result, we are optimistic that Angola is likely to unlock the additional USD 4 billion in IMF loans in order to help support its economic restructuring. Our hope (fingers crossed!) is that the current devaluation is necessary for the long-term survival, stabilization and strengthening of both the Angolan economy and its currency. Angola is heavily reliant on imports for its economic survival. Learn more about the devaluation as well the new VAT that will be included at 14 percent on all insurance invoices on page 12 Kenya: President Signs New Insurance Bill President Kenyatta signed a new Insurance Bill into law. The Insurance (Amendment) Act 2019 introduces provisions for the protection of policyholders where an insurer is in distress and the assets are put in statutory management. The new law empowers the Insurance regulatory Authority to prescribe the manner of submission of various kinds of returns, and provides for a penalty for late submission, which shall be payable into the Policyholders’ Compensation Fund. Learn more on page 12 The Future of Underwriting in Commercial P&C Insurance in Latin America Read this interview with two heavyweights in the Latin American insurance world on page 13. Learn how they answer these three questions: What steps should be taken to improve underwriting decisions and process?; Which risks in terms of impact are increasing on 2020?; and How to avoid the potential risk that the technology disruption may bring? Insurance Trends to Watch in 2020 As promised last month, here’s a look at what can be expected in 2020 written by two prominent insurance attorneys. “With a new year comes a new set of trends for CEOs, CFOs, general counsels, risk management professionals, and brokers to watch when thinking about the insurance market. This article highlights the following five of those key trends: coverage for liabilities arising out of statutory privacy regimes; new insurance arbitration rules; repeat appointments in insurance disputes; the impact of increases in securities suit filings and event-driven litigation on the D&O market, and; an increase in employment practices liability claims.” Page 14 St. John’s University Names School of Risk Management, Insurance and Actuarial Science in Honor of Maurice R. Greenberg Read a tribute to one of the industry’s greatest leaders and innovators on page 16 Gibraltar: The Future for MGAs? While around 27 percent of the UK motor risks are underwritten by Gibraltar insurers, the MGA market has not seen much growth in recent years. With the recent proposed legislative changes of the intermediated market in Gibraltar being announced, could a new dawn be rising which will be exciting for the Gibraltar insurance market and in particular the MGA market? Learn more on page 17 Never plain sailing for the marine insurance sector Learn about the current changes and challenges – but also the opportunities – facing the marine sector can broadly be split into three themes: the cyclical state of our business, the structural changes affecting the sector and the impact the external world is having. Page 18

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Posted by Alex Hodges
Alex has 40+ years of experience in the industry with a specific interest in the international P&C business. Alex began his career with Rollins Burdick Hunter Co in Chicago; moved to New York with the firm; then back to Chicago HQ after the acquisition of RBH by Aon. As part of Aon’s global acquisition team, he moved to The Netherlands to help with the integration of Hudig-Langeveldt and Frank B. Hall in Europe, Scandinavia, United Kingdom and the Middle East. Alex has expertise managing large multinational insurance programs. His last position with Aon was managing the Aon-owned Strategic Underwriters International MGA for Kidnap, Ransom & Extortion, Workplace Violence and Political Risk. Alex is the founder of Insurance Services Network Corporation and Editor-in-Chief of the IRL – Insurance Research Letter.

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