Claims News Service, Jan.11, 2:02 p.m. EST — Barriers to trade must be removed to permit foreign reinsurers to lend more support in the event of another mega-disaster such as Hurricane Katrina, Lloyd's chairman Lord Levene today told New York business leaders.

Speaking to the Downtown Association and Insurance Brokers Association of New York, Lord Levene said that insurers faced a "big agenda" in 2006 following last year's record hurricane season, setting out a number of key challenges for the sector.

Emphasizing the increasingly globalized nature of the insurance industry, Lord Levene said it was imperative for the US to reform its "credit for reinsurance" rules that force foreign reinsurers to post collateral equal to 100 percent of their gross liabilities to US companies.

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.