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EU (re)insurers raise concerns about protectionist measures in key markets

Insurance Europe has published updated country fact sheets for Argentina, Brazil, India and Indonesia, which highlight a number of protectionist measures in these jurisdictions.

For example, in Argentina, European (re)insurers continue to face significant barriers when placing business. While a number of positive measures related to the reopening of the Argentinian market were introduced in 2017, the scope of these provisions does not foresee the full opening of the market at the end of the planned implementation timeline.

While the recent changes in Indian reinsurance regulations have introduced some positive developments, the European (re)insurance industry remains concerned about discriminatory measures applied to foreign reinsurance players.

In Indonesia, Insurance Europe has strong concerns over mandatory cession requirements — in particular in light of the establishment of Indonesia Re — and a worrying life insurance tax issue. The ongoing negotiations of a free-trade agreement with the EU therefore represent an appropriate platform for the EU authorities to raise the industry’s concerns with the Indonesian authorities.

Published 27 March 2019