Marine insurance brokers have joined the outcry about a Norwegian budget proposal to impose a 5% payroll tax on finance-sector employees.
The tax will have an even bigger impact on brokers than underwriters, as the outgoings of the former are mostly employment costs.
The Nordic Association of Marine Insurers (Cefor) and the Gard protection-and-indemnity (P&I) mutual — which owns a large hull and energy insurance operation — last week lobbied the finance committee of the Norwegian parliament, the Storting, to argue that where more than 70% of premium income is earned overseas there should be an export exemption from the tax.
The
