One of the top non-life firms in the Philippines has urged the Philippine Insurance Commission to take a closer look at the way foreign reinsurance brokers are doing business in the country. Lawyer Jose Bernas, who represented one of UK’s non-life insurance companies, made the call after it was reported that the UK-based financial regulatory body Financial Conduct Authority is probing five global reinsurance brokers for alleged sharing of sensitive information. These are Aon, Jardine Lloyd Thompson, Willis Towers Watson, UIB and Marsh. Bernas claimed Marsh disclosed highly confidential and proprietary aviation insurance information to the chief executive of a local airline, which indicated a malicious breach of trust. Brokers will effectively be underwriting risk and doing insurance business without a licence by divulging restricted information and poaching insurance clients, Bernas added.
The Philippines government has been urged to probe its reinsurance industry after a lawyer claimed that one of the nation's airlines had been linked to allegations being investigated by the UK's Financial Conduct Authority (FCA). Lawyer Jose Bernas, who represented one of the UK’s non-life insurance companies, said foreign reinsurers operating in the southeast Asian archipelago should be investigated. It follows the FCA's announcement that it would question reinsurers Aon, Jardine Lloyd Thompson, Willis Towers Watson, UIB and Marsh in relation to allegations about sharing classified information.