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Welcome to our Monthly Newsletter – November 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 a renowned English newspaper this week, there was a discussion and review of What is IQ? Several widely respected individuals were quoted and whilst there was general agreement that IQ is related to what goes on in your brain, there is a divergence of opinion about gathering, retaining and using knowledge, thinking and reacting quickly to new situations, thinking outside the box and filling in answers on a form. Being able to spot the odd one out from a square, a rectangle and a circle may not be what it needs to speak with confidence and persuasion after a heavy dinner. And so we must agree that there are different sorts of IQs for what different situations require. In the insurance industry there are a lot of bright people and professionals possess, acquire and fine tune many skills and it is the ability to get the job done, quickly, well and to everyone’s satisfaction which will see many “smart” people making it to the top. It is the English banking world rather than insurance where top dogs award themselves “obscene” bonuses which is attracting the attention of law makers – some of whom, themselves, have been under investigation for expense fiddles. Financial services are an intangible product and the English insurance industry is one of the top invisible exporters in the world. The qualities people look for and respect are not so much IQ but ethics and integrity. Combine these qualities with the ability to understand issues quickly and clearly and our profession will have a good future.

Talks around the Bazaar - What is going on out there? What is the latest news relating to Tsunamis and insurance protection? We keep you abreast of these 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 looks at Burkina Faso. It is a small country, land locked in western Africa between Cote d’Ivoire, Mali, Niger, Benin, Togo and Ghana. The country was previously known as Upper Volta and achieved independence from France in 1960. There are 15.5 million inhabitants and the eleventh highest population growth rate in the world. Locals are called Burkinabe and the largest ethnic groups are the Mossi, Gurunsi, Senufo and Lobi. The official language is French but 90% of the people also speak native languages of the Sudanic family.  

We have been extremely lucky to have had some contact with people in Burkina Faso and they have been very kind in sending us the attached article. For more information on the company, please see the Gras Savoye website, www.grassavoye.com or for a local contact, please e-mail Mr Mamadou Ndao at mamadou.ndao@bf.grassavoye.com


Spotlight – Insurance in Burkina Faso

To download the 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

  • In the United States a Bill has been drafted which proposes the creation of a new Federal Insurance Office within the Treasury. This office would monitor all aspects of the insurance industry and assist in administering the Federal Terrorism Insurance Program. The only thing the link does not tell you is how the individual states will resist federal interference 
  • An example of how the federal government and the states cooperate is the National Flood Insurance Program which complements private industry and state programmes. For more about this, there is an excellent website, http://www.fema.gov/business/nfip/
  • FM Global has become the latest Admitted Reinsurer to receive approval from the SUSEP (superintendence of private insurance). A good overview of the reinsurance market appeared earlier this year.   
  • The SUSEP has its own website to provide more information about the Brazilian insurance market: http://www.susep.gov.br/menuingles/about_bim.asp
  • In Australia, Aviva has sold its life and pensions business to National Australia Bank. For more information, go to their respective websites www.aviva.com and http://www.nab.com.au/  Also, the activities of the largest U.K. insurer extended with its listing on the New York Stock Exchange, see http://www.aviva.com/media/us-listing/
  • Aviva has at last decided to give its Dutch subsidiary more leash to decide and follow its own course. News about this changes daily and here is where you can find the latest titbit.
  • Another Dutch insurer, ING, part of the Bancassurer which is about to split in two when launching a rights issue, will come under the scrutiny of the discerning media as they will seek to underline the security and awareness of a global brand. There is amore about them in http://www.ing.com/group/showdoc.jsp?
    docid=168724_EN&menopt=abo|bra
  • Following the recent tragedies in the Pacific Ocean, several countries are looking at their Tsunami Warning Systems. Australia is working to improve theirs, http://www.bom.gov.au/tsunami/about_atws.shtml while India has had one in place for a while, see http://www.bom.gov.au/tsunami/about_atws.shtml  Furthermore the U.S. system looks at several other vulnerable areas as well at http://www.prh.noaa.gov/ptwc/
  • The Philippines are also working on disaster preparedness and are to put in place a weather-based insurance programme for agriculture. This is explained in http://www.mb.com.ph/articles/226271/
    rp-eyes-asean-disaster-program
  • Australia and Guernsey have signed an information tax agreement (TIEA) to combat offshore tax evasion. For more on this widening review of international tax issues see http://www.ato.gov.au/corporate/
    content.asp?doc=/content/00161158.htm
      
  • Another blow for those who find tax a burden is the recent decision of the European Court of Justice that VAT is now liable on the sale of reinsurance contracts. For more, see http://www.taxationweb.co.uk/tax-news/vat/vat-blow-for-reinsurance-industry.html
  • Our readers will have been following reports on the growth of Takaful and Retakaful in the Islamic world. The upcoming Rendezvous in Kuala Lumpur in November is attracting a strong line up of speakers as can be seen at http://www.takafulrendezvous.com/
  • A lot is said and written about the Middle East and most people think about the U.A.E., Saudi Arabia, Bahrain and Qatar. Iraq is usually mentioned by name but we have noticed that Jordan increasingly gets singled out for a mention. A glance at the website of the Jordan Insurance Commission is interesting at http://www.irc.gov.jo/home.asp and annual growth of 7% is pretty good
  • The Bermuda Monetary Authority has launched an automated e-filing and e-approval system to enhance the process of company incorporations. 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
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Kurdistan
  • Netherlands
  • Norway
  • Sweden
  • 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

    “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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    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.