Insurance Europe has underlined the importance of removing market access barriers between European re/insurers and the countries Argentina, Brazil, Canada, India and Indonesia.
The governing body believes this action is needed to help reduce protection gaps and avoid dangerous concentrations of risk in these jurisdictions.
Furthermore, avoiding a build-up of climate-related risks in any one jurisdiction and facilitating the sharing of natural catastrophe risk across markets is described as more important than ever.
In Argentina, foreign re/insurers are said to face several barriers, including restrictions on cross-border reinsurance, compulsory investment constraints and foreign exchange restrictions on reinsurance payments.
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