At the 2015 European Insurance Forum, spoke with Mervyn Skeet, Global Head of Tax at XL Catlin, about the changes he sees in the global tax environment, and the impact on insurers and reinsurers.

Mr. Skeet sees two major trends in taxation. First governments are looking to collect tax revenue where economic activity is happening, and from multinationals. He also sees the public focusing on taxation more than in the past. “The public is very concerned about companies and individuals paying what they perceive to be a fair amount of tax.”

Mr. Skeet believes the action plan on Base Erosion Profit Sharing (BEPS) being pursued by the Organization for Economic Cooperation and Development (OECD) will affect all industries. He says it is important that the insurance industry be able to differentiate itself from the other industries and articulate these differences to the OECD and G-20.   The OECD has published a paper on risk and capital, but Mr. Skeet believes the insurance industry needs to explain how any changes to how risk and capital are handled will impact the insurance industry.

For more World Risk and Insurance News from the 2015 European Insurance Forum (EIF) Conference in Dublin, visit the dedicated EIF 2015 Channel in the On Demand Library.

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