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Telephone +44 (0)1444 450 919 www.worldwiderisksolutions.com
Welcome to our Monthly Newsletter – June 2008

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.

Since Our Last Newsletter

The quarterly conference season is coming to a close and it is back to the grindstone for many travelling executives. This is certainly not a chance to take it easy, away from the seminars and workshops because there are new ideas to try out, other visits and meetings to arrange and take part in and more as the objectives for the first half of the year loom on the horizon.

It is refreshing to read in some of the international publications that there are warnings about globalisation and international business. Putting it a little bluntly, the message is that once you can spell these words, it does not mean that everyone really understands the realities of different business and social cultures, the dangers of spiked drinks, kidnappings, the small print in foreign language policies, unforeseen interpretations of seemingly innocuous clauses and the importance of first impressions in many people’s eyes. Yet it is true that the global village is expanding and if you would like to discuss your international strategies with us, please contact us.

This month we return to our on-going series of Spotlight articles and we are pleased to be able to share with you a good insider’s view of the insurance market in Cambodia.

Insurance Spotlight on Cambodia

Not only did very few people know what was really happening in Vietnam during the past 40 years but even fewer knew about the neighbouring countries. As we now see and hear from the aftermath of the tragedy in Burma, not much good has been going on there for quite a while but in Cambodia a dogged spirit of determination has been pulling people together and confidence is growing. It seems like one of the oldest countries in the world has become young again.

To read the complete report online please click here.

To read the complete Insurance Spotlight on Cambodia, please click here.

In preparing this Spotlight article we have received invaluable assistance from Forte Insurance (Cambodia) Plc, Phnom Penh (www.forteinsurance.com) for which we are grateful.

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

In our next e-newsletter we will feature a Spotlight on Sri Lanka. For many years a popular alternative location for intrepid travellers, it has more to its insurance market than meets the eye. In our next edition of WoRdS we will look at a bit of history and what is going on there today.

For more information about any of the items discussed in the current or previous issues of WoRdS, please see our Contact Details

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

Talk Around the Bazaar

  • The U.K. healthcare giant BUPA is looking to enter the Indian market. They are already in 190 countries with bases in three continents and with the right partner, they have a lot of experience to offer the increasingly wealthy middle classes. This move follows a similar one in China and will provide a signal for those who still have not decided to do so, the IC part of BRIC is fertile ground for growth
  • As we mentioned last month, Indian banks are widening their approach to the insurance market. Now, the largest bank in the country, the State Bank of India (SBI) is preparing to move into the general insurance sector by the end of the year; they have signed an agreement with the Australian IAG.  On the life side, they have already moved into bancassurance and their huge nationwide network could be a challenge to most of the other players straight away
  • Hero, India and the world’s largest motor cycle manufacturer has signed up with Ergo from Germany to form a life insurance joint venture
  • The Isle of Man has proposed legislation to allow the formation of Incorporated Cell Companies (ICC) which will compete with the Channel Islands
  • In an attempt to enable all capital markets to operate by one set of standards by 2013, the major trading countries are talking about “a plan to speed up the convergence” of national and international accounting rules. Will seven years be enough?
  • Coincidentally, European and American bodies are calling for a forum to handle insurance and reinsurance issues – or rather blockages in the smooth operation of Solvency II and the U.S. rules for overseas companies operating in each other’s territory
  • China is considering making fire insurance compulsory for certain businesses with high fire risks. Not part of Lloyd’s plans, however, as they seek to expand its reinsurance coverage of natural disasters
  • AIRMIC is to launch a benchmarking service in the U.K. This will help track trends in the market and provide peer group comparisons. Several insurance carriers have reacted positively but no brokers appear to have commented
  • Within weeks of each other, two “world’s largest Retakaful companies” have been launched in the U.A.E.  Obviously they are relatively small but the potential is breathtaking
  • Iran and Tajikistan have signed an agreement on insurance cooperation. They will help each other develop insurance services and training
  • Good news for Americans living in flood plains – the National Flood Insurance Program is most likely to be renewed. The bad news is that the NFIP will probably not be extended to include wind damage
  • Jordan is putting regulations in place to supervise the development of bancassurance and in doing so, will facilitate improved cooperation between the banking and insurance sectors
  • Swiss Re is the latest reinsurer to be granted admitted status in Brazil

  • The Pakistan government is planning to introduce tax incentives for those who buy life insurance – an outwardly attractive proposition but more products are needed
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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:

  • Cambodia
  • Canada
  • Dominican Republic
  • France
  • Germany
  • India
  • Ireland
  • Italy
  • Netherlands
  • Poland
  • Romania
  • Sri Lanka
  • United Kingdom
  • U.S.A.
  • Vietnam
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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

    “They say knowledge is king and it really helps. We have a good partner in Worldwide Risk Solutions”

    “ Worldwide Risk Solutions has many useful contacts which have helped us with our business development”

     

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    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 June have about international developments. Call +44 (0)1444 450 919 or send us an e-mail and we will respond immediately.

    CONTACT US

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

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

    BY E-MAIL
    info@worldwiderisksolutions.com

    BY SKYPE
    Skype Name: georgeworsley

    Disclaimer
    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.