WebsiteGear Logo Log In
New User? Sign Up
About | Contact | FAQ
  Home News Website Related Online Marketing Wednesday, September 19, 2018 
Add Press Release News | News Feeds Feeds | Email This News Email

Reinsurance Trade Barriers Stable; Significant Obstacles Remain in Place: Global Reinsurance Forum
Wednesday, September 12, 2018

MONTE CARLO, Monaco, September 12, 2018 /PRNewswire/ --

The Global Reinsurance Forum (GRF) announced today that no new major trade barriers have been added to the latest edition of its Reinsurance Trade Barriers and Market Access Issues Worldwide list [ ] . Despite this encouraging development, the GRF remains concerned that significant barriers still are in place worldwide.

(Logo: )

Kevin J. O'Donnell, Chairman of the GRF and President and CEO of RenaissanceRe, said: "Trade barriers undermine the efficiency of reinsurance markets and reduce competition, leading to reduced customer choice, higher reinsurance costs and less capacity over the long-term horizon.  Growing protectionism is an unfortunate trend at a time when, as research shows, there remains a huge and persistent gap between the levels of economic losses experienced and insured levels worldwide."

The GRF reinsurance barriers list can be found on the website [ ] and is updated twice per year. In its updated list, the GRF highlights the following issues affecting the reinsurance industry:

        - Restrictions on the ability of reinsurers to freely conduct business on a
          cross-border basis, thus limiting the capacity of reinsurers to spread risk globally
          and to  prevent domestic concentrations of risk.
        - Requirements for reinsurers operating on a cross-border basis to collateralise or
          localise assets, preventing the global reinsurance market from transferring and
          spreading  risk  on  the  basis  of  a  competitive level playing field across
        - Restrictions on foreign ownership of subsidiaries and other barriers to the
          establishment of branches, subsidiaries and operations.
        - The use of discriminatory and anti-competitive mechanisms such as compulsory cessions
          to domestic entities, systems of 'right of first refusal', and compulsory, subsidized
          or  monopolistic governmental mechanisms limiting the competitive capacity  of global
          reinsurers to operate on a level playing field.

The GRF members are the CEOs of thirteen leading global reinsurers which represent 65 per cent of total market gross premiums. Its main objective is to promote a stable, innovative, and competitive reinsurance market worldwide. The GRF helps to define industry positions and works to advance understanding of the value of reinsurance to the economy, encouraging an open and fair international framework for the development of reinsurance markets. The GRF is an independent organisation whose secretariat is supported by The Geneva Association [ ].


SOURCE Global Reinsurance Forum

Email This News Email | Submit To Slashdot Slashdot | Submit To Digg | Submit To | News Feeds Feeds

Nav Designed for the Experts and the Hobbyists Alike: Snoppa ATOM -- The World's Smallest Gimbal | Sep 19, 2018
Nav Global Cosmeceuticals Market Outlook 2018-2022 - Growing Mergers and Acquisitions in the $72 Billion Industry | Sep 19, 2018
Nav China Synthetic Rubber Market Opportunities and Driving Forces 2018-2022 | Sep 19, 2018
Nav From Ancient Capital to High-Tech Hub: Xi'an to Host Tech-World Leaders for the Global Programmer's Festival 2018. | Sep 19, 2018
Nav Gremlin Social Acquires VidVerify, Insight CRM to Expand Social Media Marketing Solution | Sep 19, 2018
Nav The Newest Indoor Plant System Is Now Live on Kickstarter | Sep 19, 2018
Nav Sunshine Coast Features Post on Calgary Drug Rehab and Alcohol Treatment Stigma and Options | Sep 19, 2018
Nav Online Service Raises $17 Million in Investments | Sep 19, 2018
Nav Global Automated Endoscope Reprocessors Market, 2018-2026 by Product Type, Modality, End-User & Geography | Sep 19, 2018
Nav Global Neuromodulation Market 2018-2025 | Sep 19, 2018

Submit News | View More News View More News