Societe Insurance Brokerage (SIB) has increased its paid-up capital from EGP1m ($63,700) to EGP11m, ahead of the enactment of a new insurance law which would require insurance brokers to have a higher minimum capital.
Almost half (47%) of insurance brokers in Australia placed client's business directly with insurers, according to data collected by APRA for the half-year to 30 June 2020.
The insurance broking industry in Australia, similar to the rest of the financial services sector, has been experiencing increasing scrutiny of its business model by regulators, policymakers and the general public.
The revenue of insurance brokers in the UAE is expected to be dented by a new commission payment structure which took effect from 15 October.
Businesses and individuals have spent KES35.73bn ($329m) on non-existent insurance covers after brokers failed to remit premiums to insurers, exposing the customers to risks and heavy losses that the clients thought they had been insured against.
Specialist insurer Beazley has launched a cyber & breach response portal containing an all-encompassing set of resources designed to help broker partners and coverholders stay informed and educated on the constantly evolving cyber risk landscape.
While court cases regarding the denial of pandemic-related business interruption claims by insurers continue globally, insurance brokers can expect to be sued if their clients' claims are denied.
The Financial Supervisory Commission (FSC) will soon announce some draft amendments to the "Insurance Broker Management Rules" and "Insurance Agency Management Rules", according to a statement from the Insurance Bureau of the commission.
GiNET Vietnam Joint Stock Company and GiNET Vietnam Insurance Broker Joint Stock Company, an insurance broker and agency in Vietnam has been renamed to bolttech Vietnam Digital Solution Joint Stock Company and bolttech Insurance Broker Vietnam Joint Stock Company ("bolttech Insurance Broker") with a full rebranding taking place in the coming months.
Chedid Capital Holding has acquired an 80% stake in ASCOMA's (Ascoma Assureurs Conseils) insurance brokerage business in Africa-a network of 21 subsidiaries across 21 African countries, with an office for international affairs in Paris.