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Welcome to our Monthly Newsletter – December 2009

An Established and Successful Force in International Insurance.

Worldwide Risk Solutions is a U.K. based commercial organisation which has the sole objective of facilitating global business strategies and business development in the international insurance industry. For more information about us, please go to www.worldwiderisksolutions.com.

What Is Going On Out There?

Comment of the Month – In the run up to Christmas there have not been too many surprises with renewal business and rating fluctuations. Rates are slightly up or slightly down depending on the class of business or the territory. The major carriers all appear to be doing well and those exposed to the Hurricanes in the West Atlantic have had a good year. As we pen this newsletter, the U.K. seems to be suffering a bit with storms and these will affect their fourth quarter results. What has struck us recently is the number of insurance people in the United States being acquitted of crimes and misdemeanours – judges must wish that all of the Attorneys involved did not waste so much public money.

As the Festive Season approaches, we would like to wish all our readers good cheer and a pleasant end to 2009. We even have a Christmas present for you: please click here.

Talks around the Bazaar – What is going on out there? Are there any further developments in Vietnam and neighbouring countries? Are the Aussies still looking at revising the Fire Services Levies? We keep you abreast of the latest developments with our comments and hyperlinks.

Spotlight – In international business, almost every market around the world does things in a different way. This often leads to misunderstandings and unfulfilled expectations. However, different does not need to mean difficult and knowledge of the needs and characteristics of specific geographic markets is an advantage to those who are active in the global economy. These articles help you understand different aspects of the insurance industry around the world, enabling those who do business there to feel more “at home, abroad.”

This month the Spotlight article features Costa Rica. Just north of Panama and south of Nicaragua, it is flanked by the Pacific Ocean and the Caribbean. It is a small country of 19,700 square miles. There 4.5 million people and for a country of only 0.1% of the world’s landmass, it possesses the greatest density of species on the planet. The main language is Spanish. The country has a constitutional democracy and declared its independence from Spain in 1821.

We are indebted to Global Seguros in San José (www.globalseguroscr.com) for preparing this article and any enquiries can be directed to Mr José Salgado at jose.salgado@riskconet.com

Spotlight – Insurance in Costa Rica

Costa Rica, a country in Central America, is bordered to the north by Nicaragua and to the southeast by Panama.  In the east the Caribbean Sea washes ashore and the Pacific Ocean in the west. Its capital, San Jose, is also the political and economic centre of the country. The official language of Costa Rica is Spanish.

Costa Rica has been one of the strongest democracies in the Americas, and has enjoyed political, economic and social stability for the past 25 years. Costa Rica became one of the first countries in the world to abolish its army. This occurred on the 1st December 1948 and was perpetuated in the Constitution of 1949. Costa Rica ranked fifth on the 2008 Environmental Performance Index (EPI). Amongst Latin American countries, Costa Rica is classified at the top of the Travel and Tourism Competitiveness Index (TTCI), and places at position 42 at the worldwide level. Its Human Development Index (HDI) is the fifth best in Latin America.

To download the full PDF article, Please Click Here.

If you would like Worldwide Risk Solutions to conduct an economic, business and insurance survey of any international markets please contact us – Details below.

Worldwide Risk Solutions has access to a wide client base of internationally oriented organisations. Why not utilise this knowledge and experience? We can conduct a swift appraisal of your global activities or answer any questions you may have about international developments. Call +44 (0)1444 450 919 or send us an e-mail and we will respond immediately. And should you be passing through London, please let us know.

George Worsley, Director
Worldwide Risk Solutions
Telephone +44 (0)1444 450 919
Mobile: +44 (0)7968 191 511
E-mail info@worldwiderisksolutions.com

Talk Around the Bazaar

  • One of the latest in a flurry of MoU activities is the one Australia has signed with the International Association of Insurance Advisers.  For more on the Australian signatory, please see http://www.apra.gov.au/ and for the IAIS itself, check http://www.iaisweb.org/
  • However, not much can beat the agreement signed between China and Taiwan whose MoU covers information exchange, information confidentiality, financial examination, continuous contact and crisis management. This includes insurance, banking and securities. A good move by any means, there are still restrictions and Market Watch has a good article.
  • Recent news from Brussels about the selection of a President heightens the confusion about who does what in this wonderful city – wasn't José Manuel Barroso already president? Well, like any bureaucratic organisation, you have various presidents and he is President of the European Commission (with appointed Commissioners and the EU's civil service. The Commission proposes EU legislation and checks that it is properly applied across the EU), whereas Herman van Rompuy is President of the European Council (a job for 21⁄2 years, replacing the six month rotating presidency and which represents national governments. This is where the National ministers meet to discuss and – together with the European Parliament – adopt EU laws). The first High Representative for Foreign Affairs and Security is Catherine Ashton. The link http://ec.europa.eu/news/eu_explained/091120_en.htm outlines these new jobs
  • Talking about presidents, Mr Obama is quoted as being gratified that the U.S. Senate is open for a debate on the Health Care Bill. This reform bill would expand coverage to millions of uninsured. The House of Representatives has passed its own version and differences will need to be reconciled before a Bill would be signed by the president. As usual, Business Insurance has a good report.
  • In February this year we published an article on Iraq by the only broker in the country, AAIB. Up until recently, they had one office: in Erbil in Iraqi Kurdistan. They have now opened an office in Baghdad under the name of Al Fajer Insurance and Reinsurance Brokers. For more information, see http://www.aai-insurance.net/News/AAIB.aspx
  • Kurdistan has long been the name of an area in Iraq, Iran, Syria and Turkey associated with movements for independence. To look at it from Turkey's eyes, visit this link. The Kurdistan Regional Government (in Iraq) has its own website at http://www.krg.org/ whereas Iranian Kurdistan can be studied at http://www.unpo.org/content/view/7882/115/ and the Kurdistan National Assembly of Syria has a website, http://www.kurdnas.com/en/
  • The Cambodia-Vietnam Insurance Company (CVI) has become the seventh licensed insurer in Cambodia. Last year the Laos-Viet Insurance Company (LVI) was set up. It is good to see that Vietnam has the confidence to help with the development of insurance in neighbouring countries. For more information about this region, see http://www.aegisrs.com/
  • The Society of Actuaries and thirteen international organisations have established the CERA (Chartered Enterprise Risk Actuary) designation as the globally recognised risk management credential for those seeking to expand actuaries' knowledge in order to advise on the effects of risk in corporate performance. For more, see http://www.ceranalyst.org/ 
  • The 25th East Asian Insurance Congress will be held in Jakarta in 2010. The EAIC was founded in 1962 and with the aim of furthering and developing international collaboration in the field of insurance, it has become one of the premier networking events in the region. Further details will soon be available on their website, http://www.eaic-network.org/
  • Next year RIMS will be held from the 25th-29th May in Boston, see this weblink.
  • Quite a few of our readers enjoy their holidays in Mauritius (www.mauritius.net) but who knows the size of its insurance market? This sort of interesting information can be found at the Insurance Information Institute, http://www2.iii.org/international/toc
  • But if you want the real inside story of some of the lesser visited countries like Azerbaijan, look at their Ministry of Finance's website at http://www.maliyye.gov.az/index_en.jsp?mod=empty
  • Although ING has sold off part of its Chilean operation, it remains the second largest pension provider in Latin America, as ISN tells us at http://www.isn-inc.com/news/news.aspx?nid=1853&cid=1
  • TMF Group has reached agreement with CPA Serbest Muhasebeci Mali Musavirlige AS in Turkey to join their network. For more, please download this pdf link.
  • For those of you who will raise a glass during the festive season, here is a list of some other ways to say "Cheers!" http://www.awa.dk/glossary/slainte.htm   
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    We are currently discussing projects in the following markets and are regularly being asked to attend the annual conferences and meetings of the major networks:

  • Australia
  • Brazil
  • Canada
  • Costa Rica
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Hungary
  • Kurdistan
  • Netherlands
  • Norway
  • Portugal
  • Spain
  • Sweden
  • United Kingdom
  • U.S.A.
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    We continue to work with a growing number of networks to improve and expand their international capabilities.  If you have not already spoken to us about expanding your international markets, now might be the right time for us to conduct a feasibility study. For more information, please see the contact details below.

    What Clients Say

    “Worldwide Risk Solutions has the building blocks we need”

    “At a time when we needed a quick introduction to a key person, they made the call straight away and we got moving”

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    Worldwide Risk Solutions LLP
    20 Blunts Wood Road
    Haywards Heath
    West Sussex
    RH16 1NB, England

    Telephone: +44 (0)1444 450 919
    Mobile: +44 (0)7968 191 511


    Skype Name: georgeworsley

    Information appearing in WoRdS is checked for technical accuracy but is not intended to provide a basis of knowledge upon which advice can be given. Worldwide Risk Solutions accepts no responsibility for any loss occasioned to any person acting or refraining from action as a result of the material included in this newsletter.