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Telephone +44 (0)1444 450 919 www.worldwiderisksolutions.com

Welcome to our Monthly Newsletter – June 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?

Compared with the turmoil in the financial services industry during the past months, we are now experiencing relative calm. There are still important developments and every day the media reminds of many of these. We also read stories of rates going up and rates coming down. There is light at the end of the tunnel but is it daylight or a train coming towards you?

As we say every month, there is an acquisition, a market entry, a new joint venture, something new locally, somewhere in the insurance world. We keep you abreast of these developments through our Talks Around the Bazaar.

In the Spotlight series below we will help you understand how different aspects of the insurance industry around the world operate, so that those of you who do business there can feel more “at home abroad.” Different does not need to mean difficult but knowledge of the needs and characteristics of specific geographic markets is an advantage to those who are active in the global economy. This helps avoid misunderstandings and unfulfilled expectations.  We continue to receive very positive feedback on the articles we publish and if you would like copies, please let us know. If you would like to discuss your international strategies with us, please contact us. Details are below.


Spotlight – GOING DUTCH

We recently came across an article in the New York Times which is a good attempt to understand a different country and aspects of its culture. Is it a glimpse into the competition between the old world and the new? Does it answer the question: who is the real foreigner when you move to another country? Are there fresh insights into murky areas of stealth taxes? The article looked like it would be worth reading – and it was. It is a good example of the outsider looking in.

To read the complete report, Please Click Here.

In introducing this SPOTLIGHT article, not only are we grateful to the New York Times but also to Insurance Services Network (www.isn-inc.com) who brought this to our attention.

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

  • On the 1st May India's pension system, the NPS offered by the Pension Fund Regulatory and Development Authority, was extended to all citizens. KPMG has a good explanation of the system and its history: link to PDF
  • Following the recent success of the Congress Party in the Indian elections, hopes are again rising that Foreign Direct investment will be increased from 26% to 49%. If this happens, watch this space for vigorous market entrances. A Bill had already been introduced last year and this is now likely to be re-activated, see this link
  • Meanwhile Pakistan had already announced the privatisation of 21 state owned enterprises. The next step could be an element of foreign ownership as well http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/Politics/18-Feb-2009/New-privatisation-policy-approved
  • Did you know that in Australia, insurance is taxed as a sin tax  along with gambling and alcohol? The National Insurance Brokers Association discusses this at http://www.niba.com.au/tax/
    resource/Tax_Discussion_Paper_May09.pdf
  • Lloyd's has received a licence to write business in Portugal. On their website here there is more information about this
  • As many of our readers will know, Aviva has pretty well completed the re-branding in the U.K. where the name Norwich Union is being phased out. No such need in China where the group now operates in ten provinces. For the latest developments relating to their new office in Hubei province, see this link
  • Re-branding has been all the rage as Royal & SunAlliance have shown. Look at their website http://www.rsagroup.com/rsa/pages/aboutus/ourbrand for the latest with RSA
  • Beazley has produced an online risk map for Africa and the Middle East which assesses current political violence and political risk threat levels in each country and a wealth more useful information here
  • An independent company has been established in Zurich which will aggregate and provide industry wide European catastrophe data as a subscription service. For more details, see their website http://www.perils.org/
  • Whilst much attention is paid to the woes of some major international carriers, Austria's Wiener Städtische Versicherung also known as Vienna Insurance Group continues to make inroads in Central and Eastern Europe as you see on their website http://www.wienerstaedtische.com/en/
    group/unternehmen/
  • Generali has obtained a licence to open an office in the U.A.E. and besides life assurance they will probably develop Takaful products as well. For more, see this link
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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
    • Canada
    • Denmark
    • France
    • Germany
    • Italy
    • Netherlands
    • Poland
    • Portugal
    • Romania
    • Singapore
    • Switzerland
    • 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 understand our needs”

    “They have been a great help with planning our network activities”

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    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.