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GLOBEX UNDERWRITING SERVICES
GLOBEX UPDATE

 

Events, developments, and opportunities in the international marketplace
Volume 5 Visit us at: www.globexintl.com   May 2018

 

Brazil- Strikes and Theft Disrupt Supply Chain & Drive Up Insurance Rates

Brazil is facing one of the worst strikes in its history, caused by the pressure of truckers. Unions against the rising cost of fuel,  which has doubled in cost. Because of Brazil’s heavy reliance  on road transportation, this strike has had a major impact  on the entire country´s logistics infrastructure and several key highways have been blocked for days, resulting in a virtual  halt to deliveries of fuel, food, medicine and other vital supplies. While the government has announced its acceptance of some of the thuckers´ demands, it has not been enough to and the strike. Products are spoiling and companies are concerned about business interruptions and security of their cargo on the road and at their facilities. In addition, a crime wave in Brazil is reshaping the country’s nascent e-commerce industry. Last year 22.000 cargo robberies were reported in two stalke alone. São Paulo and Rio de Janeiro, the country’s  two largest cities. Authorities blame criminal gangs preying on shipments. Losses are estimated at hundreds of millions of dollars annually. All manners of business are targets , but authorities say bandies favor consumer goods that are easy to fence. Security costs are squeezing profit margins and forcing retailers and logistics firms to adjust their strategies to succeed in Latin America’s  largest economy.

 

Saudi Arabia Joins the UAE Regarding Retroactive  VAT

A 5% VAT has been implemented by the Saudi Arabian government since January.

1 this year, insurance companies are asking policyholders to pay value added tax (VAT) as of January 1. Insurers in the UAE which have aldo imposed the 5% VAT since 1 of January face the some problems regarding VAT on insurance policies sold last year that continued to have effect this year. The VAT recovery issue has arisen because  several insurers heavily involved in retail lines had failed to stipulate in the insurance policies  issued last year that they  would make a retroactive VAT claim. Some lack direct access so their customers, as policies were sold through brokers. The inconsistent VAT treatment by different brokers are forcing insurance companies to have different  systems to deal with  different brokers. Not at parties involved are VAT registered , thus creating further operational hurdies.

 

Turkey Government – Mandatory Liability Insurance For Marine Pollution

The Undersecretariat of the Treasury has anncuriced coverage accounts for compulsory financial liability insurance for marine pollution by coastal facilities. The required coverage amounts are published in the Official Gazette and have hence entered into force. Entities required to comply with  the regulations include refineries ports, filling stations, power plants, terminals and shipyards, According so the rules, coverage for property damage will vary between TRY 1 million (US$247.000) and TRY 8 million depending on annual production, processing of load handling capacity or the plant or other relevant measures. The insurance premiums for the coverage will the determined independently by insurers, depending on various factors such as activity at the insured facility, annual operating volume, production of load handling capacity, security measures, risk assessment and emergency response plans.

 

Globex International Group – Globex Underwriting Services Tel: + 1 203-256-1475

Email: globex@globexintl.com- Address: 100 Beard Sawmill Road, Shelton, CT 06484, USA

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