to our Monthly Newsletter – October 2006
Talk Around the Bazaar
U.S. catastrophe rates went up by 76% this year – and
the hurricanes have stayed away. Touch wood!
With the success of Bermuda in attracting new investment, the Cayman Islands are
to rev up ways to copy these developments. What will be the Asian answer?
In the meantime, Lloyd’s is still admitting new syndicates,
Sportscover and CV Starr being amongst the latest
With a lot of interest in China still leading to joint ventures
(ING, Sumitomo and Manulife have found partners), it is not surprising that the
authorities are not changing the rules. On the non-life side foreign carriers already have
18% of the market in Shanghai and Guangzhou
Lloyd’s first six months figures are almost the same as a year ago – but
premiums are up as is underwriting profit
Syria is entering the takaful insurance market and AIG does the same in Bahrain
Allianz and RAS are planning to merge and the new entity will not be an A.G. or an S.p.A.
but an S.E. A Societas Europaea, subject to Community law in all EU member states.
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We are currently discussing projects in the following markets:
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What Clients Say
“These people are easy to work with”.
“Worldwide Risk Solutions makes their clients aware of international issues”.
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Worldwide Risk Solutions LLP
20 Blunts Wood Road
RH16 1NB, England
Telephone: +44 (0)1444 450 919
Mobile: +44 (0)7968 191 511
A New Force in International Insurance
Worldwide Risk Solutions is a U.K. based commercial organisation 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 formation eight months ago we have advised some of the world’s largest networks
and independent brokers in four continents.
factors relating to geographic representation
Having good geographic representation is a key issue facing a network because some networks
have a lot of flags on the map but not much more than that. In fact many networks are not
as strategically well placed as they would like to be. It is not only where but who the members
are which needs to be looked at. We work in partnership with clients to identify:
Countries in which clients require local service – now or
Sophisticated markets with high levels of knowledge and expertise
Key financial centres where leading personalities mingle frequently
Who can imagine a network without members in France, Germany, Holland, Italy, U.K., U.S.A.
to name just a few?
Understands the network’s goals and objectives
Has an excellent reputation and unquestioned ethics
Is in the right credibility league along with competitors
Regards membership as an investment
Has something to offer the network
Can prospect and introduce business to the network (if this sort of business
is in their territory)
how to keep members happy
Put simply, give them what they want. Actually, this may indeed be too simple because everyone
would like to join a network and then sit back and enjoy all the new business referrals coming
in. Life is not like that and so members all need to buy into the aspirations of a network
and these, as we have said before, need to reasonable and achievable. Therefore, members
need to be told what is available and then, be given that. Here are some pointers and we
are happy to advise on more:
Make it clear what sort of services are available
Be transparent about the cost of service but put the client first
Make communications easy and effective
Don’t overcharge the members
Make members proud to be part of the network
If you have questions about global developments or if you wish to discuss your own international
strategic plans, just give us a call (+44 (0)1444 450 919) or send us an e-mail
and we will be happy to look at some of these questions and to start providing answers.
Can a network ever have the wrong
If there are members who complain, who do not respond either
quickly enough or not at all; if some people leave running the network activities to others
or do nothing at conferences apart from asking “when does the tour start?” or
if there are people who are generally not happy with the network’s performance, then
there should be some understanding.
Is their English good enough? Are they too shy to stand
up in a conference full of confident native English speakers? Are there service guidelines
outlining response times – maybe people should pick up the phone rather than sending
an angry e-mail. Networks are made up of different cultures and members should not always
expect others to do things their way. Therefore, it could be that the network is not
right for them and with a bit of diplomacy and sorting out compliance with network criteria
that can be fixed.
We will look at your organisation and help you conclude:
A) do you have
the right members in the right places, and
B) is the network right for the members?
In our next e-newsletter we will look at Structure of a Network.
| See our Contact Details
George Worsley, Director
Worldwide Risk Solutions
Telephone +44 (0)1444 450 919
|© Worldwide Risk
Solutions LLP 2006