Industry: change tax law to solve competitive woes

Fewer than a quarter of insurance industry professionals polled in mid-October by BestWeek believe US insurers and reinsurers can compete with firms based in low-tax domiciles, and more than half endorsed tax law changes to address the situation. In an online survey gauging industry opinion on a top...

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Veröffentlicht in:Best's Review 2008-12, Vol.109 (8), p.76
1. Verfasser: Lehmann, R. J
Format: Magazinearticle
Sprache:eng
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Zusammenfassung:Fewer than a quarter of insurance industry professionals polled in mid-October by BestWeek believe US insurers and reinsurers can compete with firms based in low-tax domiciles, and more than half endorsed tax law changes to address the situation. In an online survey gauging industry opinion on a topic that was discussed during the 2008 presidential campaign, just 24.2% of respondents said US firms could still compete with domiciles like Bermuda, while 21.5% said that although primary insurance was still competitive, the reinsurance market was not. Should new tax restrictions be placed on cessions to offshore affiliates, just over half of respondents said they would expect a small reduction in capacity and increase in cost of coverage in the US market.
ISSN:1527-5914
2161-282X