small businesses will no longer pay national insurance contributions 2014

UK small business insurance - small businesses will no longer pay national insurance contributions 2014 : Up to 450,000 small businesses will no longer pay national insurance contributions from next year, the chancellor claimed on Wednesday in what he described as "the largest tax cut in the budget".

But even as George Osborne set out measures intended to boost cash-strapped small businesses, he faced criticism for not holding off on planned increase in business rates.

He introduced an employment allowance which removes the first �2,000 off the employers' national insurance contributions, which he said was taking a "tax off jobs".

The allowance will cost almost �6bn over five years, and means that a third of all employers in the country are paying "no jobs tax at all", said the chancellor.

"For the person who's set up their own business, and is thinking about taking on their first employee � a huge barrier will be removed. They can hire someone on �22,000, or four people on the minimum wage, and pay no jobs tax," he said.

But the tax change is not expected to come into effect until next year, and the cut to corporation tax for big business to 20% by 2015 brings the rate into line with the one small business are charged for the first time since 1973.

Roy Maugham, tax partner, at accountants UHY Hacker Young, warned that the unification of the corporation tax rate could have implications for small businesses. "The concern is that small businesses will be tripped up by what is not explicit in the budget. Currently, companies on the main rate will pay corporation tax in quarterly instalments, while smaller companies will pay once a year. Unifying the rates implies that small companies will now be expected to pay corporation tax every quarter," Maugham said.

While the Forum of Private Business welcomed the change, the lobby group's head of policy Alex Jackman said: "Our only disappointment with this is that it's 12 months away, and that's a mighty long way off".

Jackman had hoped for a reduction in business rates � which will have risen 13% in three years after April's planned 2.6% rise. Retailers reckon this could cost �175m a year.

"Ask any small businesses what they wanted to see from this budget and many will have said: 'action on business rates'," added Jackman.

The British Retail Consortium, which represents high-street stores, had also hoped for action on business rates: "Pressing on with a third-successive substantial business rates rise is very disappointing. Freezing rates would have made a real difference to our troubled high streets and the communities that rely on them."

With lending to small businesses down 25% in real terms since its peak in 2009, and almost 10% lower than in 2006, small businesses were also eager for information about the business bank that has been advocated by the business secretary, Vince Cable.

More details are due to be unveiled on Thursday when it is expected that the government will concede that the state-backed bank will not become a fully-functioning entity until autumn 2014 while it waits for state aid approval from Europe.

Until then, it will operate from Cable's department for schemes that do not need state aid approval and is likely to reiterate that no additional funding on top of the �1bn allocated to the business bank will be made. But details of how the funding will be allocated is expected to include �75m of venture capital and �25m to extend the existing enterprise capital fund programme.

Cable, who has also been pressing for changes to the existing funding for lending scheme intended to reduce the cost of borrowing for small businesses, regards the business bank as the central plank of his industrial strategy.

Little detail was provided about how the funding for lending scheme, operated by the Bank of England, might be tweaked to have more of an impact on encouraging lending to small businesses.

Osborne also pressed ahead with his plan to create a John Lewis-style employee share ownership by allowing workers to surrender employment rights in return for shares worth up to �50,000 in their companies. Even as the plan was defeated in the House of Lords by 232 votes to 178, Osborne indicated that he did not want to abandon a proposal despite warnings that the move could lead to tax avoidance.

He plans to introduce an additional incentive to enable employers to hand over �2,000 of shares exempt from income tax and national insurance contributions.

This incentive will cost the public purse �200m over the next five years.

Janet Williamson of the TUC said, "�200m spent on bribing hard working families to give up their hard won employment rights."

Osborne also promised capital gains tax relief for owners of businesses although some tax experts were concerned about the impact that a change in the inheritance tax regime would have on small business owners. David Kilshaw, tax partner at KPMG, said that businesses were normally exempt from inheritance tax but the owners' homes � often used as security for business loans � were subject to inheritance tax. In the past, owners with such borrowings were able to use their debt to avoid inheritance tax bill but that will no longer be the case.

"This is a nasty shock for business owners. They will now have to budget for unexpected inheritance tax bills and they may be faced with a horrible choice � do their heirs sell the family home or does the business pay the tax?" said Kilshaw.

The chancellor said he wanted to "increase five fold" the value of government procurement contracts available to small businesses. ( source http://www.guardian.co.uk/ )

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Insurance Awareness levels of Indonesian society

Insurance Awareness levels of Indonesian society : Despite the relatively high economic growth rate, which according to predictions of 6.5 percent in 2013, however, the public interest to invest through insurance, it is very minimal. lack of investment from the public is more due to the tendency of people do not understand insurance.

Indonesian society tends to think that insurance just throw money, if there is no claim, fact, the need for insurance for the community is important, particularly when income per capita increases.

According to IMF data as of October 2010, the GDP per capita of Indonesia has reached 3000 U.S. dollars. In this condition Indonesia can no longer be called a developing country or emerging market. With a per capita income is growing public awareness of insurance should have increased.

Each individual should have insurance to protect themselves. Moreover, with the increasing growth segment sizeable middle class in Indonesia is expected capabilities Indonesia also increased public spending, including insurance shopping, the Indonesian people often do not understand the importance of insurance. Indonesian society tends to think that insurance just throw money, if there is no claim until the time limit specified. In fact, now many personal line insurance suitable and affordable for the public.

World Bank insurance program in disaster prone Haiti

World Bank insurance program in disaster prone Haiti : an arm of the World Bank next week will unveil a $1.96 million project that aims to help thousands of low-income entrepreneurs in Haiti protect their livelihoods against natural disasters.

The International Finance Corporation says the program is much-needed. Only 0.3 per cent of Haiti's 10 million people have some form of insurance, one of the world's lowest rates.

Small entrepreneurs are particularly vulnerable to uninsured losses, and can default on debts and be disqualified from future loans when they need money to recover.

The insurance will be distributed through the Haitian microfinance institution Fonkoze, and is supposed to help up to 70,000 people over the next three years. The IFC made the announcement Friday. Details will be released next week.

Health Insurance Innovations ipo stock prices

Best Insurance stock - Health Insurance Innovations ipo stock prices : Health Insurance Innovations Inc. said it expects to raise up to $72.9 million in an initial public offering. The company plans to sell about 5.4 million shares, at between $14 and $16 a share, according to its most recent filing with the U.S. Securities and Exchange Commission. The shares include 700,000 that underwriters would have an option to purchase to cover over-allotments.

The firm would use $3.5 million of the net proceeds to repay outstanding debt under a term loan and up to $25 million to expand its commission structure, with the rest used for general corporate purposes.

Health Insurance, a Tampa company that develops and administers affordable, Web-based health insurance plans and ancillary products, filed for an IPO in late December.

The company has applied to list its common stock on the NASDAQ Global Market under the symbol �HIIQ.� An expected sale date for the shares was not announced.

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Details of IRB Re-Insurance Co Privatization

Best Insurance stock - Details of IRB Re-Insurance Co Privatization  : The Brazilian government's National Development Bank, or BNDES, on Wednesday released details of its planned privatization of re-insurance company IRB-Brasil Re, based on an initial public offering of shares.

The privatization process will take place via an increase in IRB's capital. The BNDES set the price of each new share at 2,577 Brazilian reais ($1,263). The government authorized a capital increase of between 2% and 15% for IRB.

Brazil's largest banks, including state-run banks Banco do Brasil SA (BBAS3.BR) and Caixa Economica Federal, and private-sector peers Banco Bradesco SA (BBD) and Banco Itau Unibanco SA (ITUB), will almost certainly gain day-to-day control of IRB after the privatization, according to analysts. IRB has a 40% market share in the re-insurance industry in Brazil.

The federal government, meanwhile, will hold a golden share in IRB. With the golden share, the government will keep a veto power over all key decisions, such as any eventual sale of control.

Currently, the government has a stake of 50% in IRB, while Bradesco has a 21% stake, Itau Unibanco holds a 15% stake and other small insurance companies a 14% stake.

The government said that it won't participate in the capital increase, paving the way for banks to increase their stake in IRB. IRB employees will be allowed to participate in the capital increase, along with the major banks.

"The process will provide IRB better conditions to compete in the re-insurance market, considering the new regulatory environment in which the IRB no longer enjoys exclusive rights over re-insurance," the BNDES said in its statement.

IRB, created in 1939, operated as Brazil's sole re-insurer until 2008, when the government opened the local re-insurance market to private competitors.

Under the rules, the government said IRB will have a period of five years in which to list the company's shares. If the shares aren't listed by the end of that period, then the company's controllers will be obliged to buy back any and all shares acquired by employees. Employees can reserve IRB shares from Feb. 4 to Feb. 14.

Effective and Efficient Insurance Group Supervision in the U.S

best insurance stock  - Effective and Efficient Insurance Group Supervision in the U.S : The Property Casualty Insurers Association of America issued the following news release: The Property Casualty Insurers Association of America (PCI) today released a white paper entitled, "Effective and Efficient Insurance Group Supervision in the U.S.: What More, if Anything is Needed?" The document outlines PCI's group supervision principles and group supervision implementation recommendations.

This white paper is a product of PCI's broader efforts to have a positive influence on global regulatory convergence issues. It outlines PCI's principles and recommendations that should be taken into account by policymakers in any discussions relating to changing U.S. insurance group supervision. This paper will help will assure that the U.S. insurance regulatory system is not undermined and that any group supervision changes promote efficiency and do not simply impose an additional layer of regulation that ultimately harms consumers and the large economy.

"Group supervision issues arise out of many international work streams, including IAIS ComFrame and US-EU Dialogue," said Robert Gordon, PCI's senior vice president policy research and development. "The fact is that current US insurance regulation functions quite well and in our view, adequately accounts for necessary supervision of groups. This is borne out by the excellence performance of the industry despite the financial crisis, natural catastrophes, and years of recession."  Read full PCI release

Genworth would separate its mortgage insurance business

Best Insurance stock - Genworth would separate its mortgage insurance business  : Genworth Financial Inc said it would separate its mortgage insurance business into a new company, as the company looks to insulate itself from its troubled mortgage insurance unit, sending its shares up 4 percent before the bell.

Mortgage insurers have been struggling to recoup their losses after the housing bubble burst and foreclosures soared, leaving them with large claims on unpaid home loans.

Genworth on Wednesday said the restructuring will help protect the company from insolvency events related to its U.S. mortgage insurance subsidiaries and will not lead to a default under the indenture governing Genworth's senior notes.

Bond rating firm Moody's in September said it would likely downgrade Genworth unless the company could insulate itself from continuing losses from its mortgage insurance unit.

Genworth, which was spun off from industrial conglomerate General Electric, said the new plan along with an improving U.S. housing market is expected to result in breakeven or modest profitability for its mortgage insurance units during one or two quarters in 2013.

Genworth named Thomas McInerney as chief executive in December, replacing long-time CEO Michael Frazier who resigned after the insurer pushed back plans to sell a minority stake in its Australian mortgage insurance business through an initial public offering.

The reorganization, which is expected to be completed by the second quarter of 2013, comes days after the company appointed Michael Derstine as chief risk officer.

The company said it will continue to hold the outstanding senior and subordinated notes, which will be guaranteed by the new company. Genworth also plans to contribute $100 million to the new company.

Shares of Genworth, which have risen about 37 percent since reporting a third-quarter profit in October, were up 4 percent at $8.45 before the bell.

Mt. Logan Re insurance vehicle

Best insurance stock - Mt. Logan Re, Ltd insurance vehicle : Another reinsurer is taking its first step into the third-party capital asset management arena by launching a vehicle dedicated to attracting investors capital to put it to use underwriting collateralized reinsurance business. Bermuda based Everest Re Group Ltd. announced the formation and launch of Bermuda domiciled special purpose reinsurer Mt. Logan Re, Ltd.  with $250m of raised capital at the end last week.

Everest Re has itself provided $50m of capital to help get Mt. Logan Re off the ground and have attracted around another $200m of third-party capital from investors reaching their initial target capitalisation of $250m. Mt. Logan Re will underwrite worldwide property catastrophe reinsurance business on a fully collateralized basis.

Joseph Taranto, Chairman and Chief Executive Officer, commented on the launch; �We are pleased to have Rick Pagnani join us as the Chief Executive Officer of this new venture. Rick brings a wealth of experience and is well-known within the Bermuda reinsurance community. Having successfully led prior reinsurance ventures, we are fortunate to have an executive of his caliber join us to launch this new operation.�

Pagnani has a strong track record in the reinsurance market and also capital markets convergence, making him an apt choice for the role. Most recently Pagnani was a Partner with TigerRisk, a broker focusing on catastrophe risk and active in the industry loss warranty (ILW) market. Prior to that he was CEO of Bermuda reinsurance startup Ascendant Reinsurance where the firm focused on catastrophe derivatives, before that he was with Quanta Reinsurance and even earlier major reinsurers Swiss Re and Zurich Re.

Mr. Taranto added; �For Everest, this vehicle adds yet another tool to our underwriting arsenal that allows us to meet the dynamic demands of the reinsurance marketplace and enhance the returns of our investors.�

Everest Re are the latest in a growing list of reinsurers who have shown interest in leveraging capital from third-party investors for writing collateralized reinsurance business. Whether in fund or sidecar form launches of these vehicles have always been a feature of the convergence market but 2013 looks like it could see more launches than a typical underwriting year as reinsurers take advantage of investor appetite for profiting from the returns that can be made from participating in reinsurance and catastrophe risk businesses.

AlphaCat 2013 Ltd

AlphaCat 2013 Ltd; Bermuda based insurance and reinsurance group Validus Holdings has announced the successful raising of $404.4m of capital, largely from third-party investor sources, by its investment and asset management subsidiary AlphaCat Managers Ltd. The third-party capital injection is to be put to be invested in collateralized reinsurance and insurance-linked securities (ILS) by capitalising a new sidecar and adding capacity to its ILS funds.

The news underscores Validus� commitment to the third-party asset management strategy as a source of underwriting capital. Its CEO Ed Noonan said back in July that with over $1 billion under management Validus felt as though it was just scratching the surface in this segment of their business.

The new sidecar from Validus is AlphaCat 2013 Ltd., the latest in the AlphaCat series, a special purpose vehicle formed to invest in collateralized property catastrophe reinsurance and retrocession on a worldwide basis. AlphaCat 2013 launches with $230m of capital, with third-party investors having contributed $185m and Validus providing the balance.

Validus has also raised $219.4m of third-party capital as subscriptions for its ILS funds. The AlphaCat ILS funds invest in instruments which provide returns across the property catastrophe reinsurance, retrocession, catastrophe bond and ILS market.

Ed Noonan, Chairman and Chief Executive Officer of Validus said; �AlphaCat 2013 and the third party investment in the AlphaCat ILS funds reflect the continued importance of Validus� franchise in the global property catastrophe reinsurance market. We are pleased with the significant level of investor support which reflects on the scale of Validus� operations, the skill of our underwriting team and the AlphaCat infrastructure we have developed to manage third-party capital.�

Validus has put significant time and efforts into its AlphaCat arm, which enables it to underwrite collateralized reinsurance business largely using external investors capital, and it clearly see it as a growing portion of its overall operations. As more focus is placed on this growing area of the reinsurance market Validus, as one of the largest reinsurance groups, is sure to continue to grow the contribution third-party capital makes to its underwriting and profits.

Insurance Claims fires in australia Rise

Best Insurance stock ; Insurance Claims  fires in australia Rise,  fires in Tasmania, New South Wales and Victoria, Australian Insurance Claims summer 2013 : The Australian summer had been made more agonizing by the bushfires. The country's continued rising temperatures had been the crux of insurance companies as incidence claims have now surged by more than $42 million and yet more still likely to come in as the blazes unexpectedly occur with the dry weather.

The figure, according to ABC News, was culled from claims filed by residents from Tasmania, where wildfires destroyed more than 100 homes over the weekend. As of press time Tuesday, firefighters are still trying to contain some 40 blazes across the southern island state.

As of 9:00am (AEDT) on Tuesday, more than 410 policy holders had filed claims before insurance companies in the state's south.

The ongoing fires in Tasmania, plus those in New South Wales and Victoria, are expected to inflate the calculation of property damage.

"We do stress though this is early days - we would expect many more claims to be lodged in the coming week as property owners return to their communities and get better ideas of the damage," Campbell Fuller from the Insurance Council of Australia told ABC News.

We would stress though that people who are affected by the bushfires should contact their insurer as soon as they can and get that claims process rolling."

However, he told policy holders to be patient as assessors will only be able to enter fire affected areas once they have been declared safe.

"We hope that the actions of firefighters will help protect lives and properties, but experience shows us that bushfires and grass fires are unpredictable and cause widespread damage," Rob Whelan, council's chief executive, said in a statement.

Tune Insurance IPO launch expected february 2013

Tune Insurance IPO launch expected february 2013, Tune Insurance IPO shares prices : The founders of Malaysia's AirAsia Bhd (AIRA.KL) are expected to launch a $65 million initial public offering (IPO) of Tune Insurance Bhd by the end of February, two sources close to the deal told Reuters.

The flotation would be the first of three IPOs due to raise a combined $500 million that Tony Fernandes and Kamarudin Meranun, founders of Asia's largest budget carrier, are planning this year.

"An investor road show will begin towards the end of this month," one of the sources said, declining to be named as the matter is still private. Tune Insurance officials were not immediately available to comment.

A source with direct knowledge of the deal told Reuters in October that Tune Insurance, a unit of financial services-to-discount hotel conglomerate Tune Group owned by Fernandes and Kamarudin, is looking at a market capitalization of $260 million upon listing.

The IPO, comprising 210 million shares, will help to fund Tune Insurance's expansion plans in the underinsured Southeast Asia region, Fernandes, who is due to take on the hire-or-fire role of would-be employer in an Asian adaptation of "The Apprentice" TV show, told reporters last September.

RHB Investment Bank RHBCR.UL is the principal adviser for the IPO. CIMB Group Holdings Bhd (CIMB.KL), CLSA, ECM Libra Financial Group Bhd (ECMA.KL) and RHB are the joint book runners.

indonesia sharia insurance industry forecast 2013

best insurance stock - indonesia sharia insurance market forecast 2013 : Respect of the law will disahkannya about sharia insurance, six months after being all sharia units available in conventional master should spin off. According to sharia economic practitioner of the Shariah Economic Society (MES), Muhammad Syakir Sula. According Syakir Sula, in the year 2013 will be a lot of spin-off insurance sharia or break away from the conventional parent.

"If the Law on insurance verified, draftnya, among others, say six months after confirmation of Law sharia insurance then all units should be in the spin-off," he said, after filling Sharia Insurance Seminar event in Hall Student Center, Wednesday (12/12 / 2012) ago.

If there is no sharia insurance capital to stand on its own, then said Syakir, it should be merged with other syariah insurance. "If the insurance company does not have capital sharia then he should merge, merge with others," he said. It also reveals, from 43 sharia insurance industry, only one or two insurance sharia will not spin off. "But from the 43 sharia insurance industry, most of which only two may not be a spin-off, others I think will spin off its capital for 50 billion is not great," he said.

more Prospective

Syakir too optimistic, development and growth of insurance, capital markets, will be far more prospective pawnshop forward.

"I think now this, in Indonesia is only 22 percent of non-bank industry so the rest of the bank's policy direction forward I think that 22 percent would like to raise this to about 25 percent of the means towards the development and growth of insurance, capital markets, pawnshop will prospective far ahead, I think the regulator will forward this very attention to the balance between the growth of banking insurance growth, "he explained. *

Total insurance claims from hurricane sandy 2012

Best Insurance stock - Total insurance claims from hurricane sandy 2012, insurance claims in 2012,; A leading insurance company says natural disasters cost the industry $65 billion last year and that Superstorm Sandy accounted for nearly two-fifths of the total. However, Munich Re AG said Thursday total insured losses from natural catastrophes were down from a record $119 billion in 2011, when devastating earthquakes in Japan and New Zealand cost the industry dear.

The company said total economic costs in 2012 from natural disasters - including uninsured losses - amounted to $160 billion, compared with the previous year's $400 billion. Sandy was blamed for at least 120 deaths when it battered eastern coastline areas at the end of October. New York, New Jersey and Connecticut were the hardest-hit states. Munich Re estimated insured losses from Sandy at $25 billion and total losses at $50 billion.

Here is the number of insurance claims released by various insurance companies sand storm due 2012, which we took from various reputable news sites

Insured Losses From Hurricane Sandy $7-$15 Billion: AIR Worldwide

Catastrophe modeling firm AIR Worldwide estimated Tuesday evening that insured losses from Hurricane Sandy to onshore properties in the U.S. would be in the range of $7 billion to $15 billion. AIR�s insured loss estimate includes wind and storm surge damage to onshore residential, commercial and industrial properties and their contents, automobiles, and time element coverage (additional living expenses for residential properties and business interruption for commercial properties). Read More..

AXA Art InsuranceLosses from Hurricane Sandy May Reach $500 Million

Two months after Hurricane Sandy caused severe flooding in many Chelsea galleries, the bill for the art world�s recovery is shaping up to be hefty. By mid-November, AXA Art Insurance, one of the largest art insurers, estimated that it would be paying out $40 million, and a Reuters report last week quoted industry estimates suggesting that insurance losses for flooded galleries and ruined art may come to as much as $500 million � or the rough equivalent of what the art insurance business takes in each year. That would amount to the largest loss the art world and its insurers have ever sustained.Read More..

Swiss Re Sees $900 Million Insured Hurricane Sandy Losses
Swiss Re Ltd. (SREN), the world�s second- biggest reinsurer, said it estimates its claims burden from Hurricane Sandy to be about $900 million. Total market losses could be as much as $25 billion, Swiss Re dropped as much as 0.8 percent in Zurich. It fell 0.6 percent to 66.30 francs at 9:31 a.m., valuing the company at 24.6 billion Swiss francs ($26.5 billion). Munich Re, the world�s biggest reinsurer, declined 0.2 percent to 129.6 euros. Hannover Re (HNR1) lost 0.3 percent to 56.98 euros. Read more..

Selective Insurance Group Announces Hurricane Sandy Storm Losses
Insurance Group, Inc. (SIGI) today announced a preliminary pre-tax gross Hurricane Sandy loss of between $100 to $120 million and a pre-tax net loss of approximately $52 million, including reinstatement premiums and reinsurance recoveries. About two-thirds of the claims are in personal lines with the remaining in commercial lines.  One area of uncertainty remains business interruption claims, which are included in the estimates but are still developing as some businesses are not back to full operation.

Selective is the sixth largest writer for the National Flood Insurance Program and expects record claim activity this quarter that will generate estimated, pre-tax, claim service revenue of $12 million, which will partially offset the $52 million loss.  Together, these items will impact the fourth quarter statutory combined ratio by approximately 10 points and add an anticipated 2 points to our previous 2012 full-year guidance for the statutory and GAAP combined ratios. Read More..

AIR increases hurricane Sandy insured loss estimate by over 70%
Risk modeller AIR Worldwide has published an update to their estimate of insured losses resulting from hurricane Sandy today and the numbers have jumped considerably. AIR�s first estimate was published on the 30th October and in that update they gave a range of $7 billion to $15 billion of losses but said they expected it to rise. In today�s update AIR have given a tighter, but much higher estimated range of between $16 billion and $22 billion of losses to the insurance industry from Sandy. That�s a pretty significant jump, with the low-end estimate increasing by 128% from $7B-$16B, the mid-point estimate increasing by 72% from $11B-$19B and the high-end estimate increasing by 46% from $15B to $22B. AIR puts the increase down to the following: Read More..

Hurricane Sandy claims may exceed insurance program funds: FEMA
The federal government's flood insurance program may not have access to enough funds to cover anticipated claims from Hurricane Sandy victims, a top official at the Federal Emergency Management Agency said on Thursday. Edward Connor, FEMA's deputy associate administrator for federal insurance, told an insurance advisory panel on Thursday that his agency is projecting a flurry of flood-related claims in the neighborhood of $6 billion to $12 billion. read more..

to complete the total data sandy storm damage insurance claims in 2012, we are in need of data on the number of insurance claims from your insurance company, please post in the comments below

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