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Welcome to our Monthly Newsletter – October 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 – With the end of the northern hemisphere summer, school holidays, annual vacations and so on, it is now time to settle down to work at the conferences and seminars which herald the beginning of the networking season. Some have already been and gone and others have yet to commence and there is always a discussion about whether such events are worth attending. Those who want to squeeze a penny out of every minute of the day will always ask what is the real value of these gatherings. Don’t send them if that is their mindset! The value of these conferences lies in the sharing of ideas, evaluation of experience and expertise, discussion of market trends and what influences them, talking to friends and competitors in a non-threatening atmosphere, and finding out how best to respond to dynamic market and shape your own future. That delivers more figures in front of the decimal point than after it. And if the surroundings, lunches, etc, are plush – so what? Fewer insurance people fly first class than in many other professions.

Talks around the Bazaar - What is going on out there? Who has bought whom? What is that new piece of legislation in Indo-China? 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 Russia. Of all of the old Eastern Bloc countries Russia seems to show less integration with the western countries than what the other countries have achieved. Why is Russia different? Size, a very wide range of natural resources, complexity of the economy, a political system very slow to change, a deeper entrenched wariness of the western world, and other reasons. Most people who think of insurance in Russia think of one word: Ingosstrakh – for many years the driving force behind the invisible economy. In September they held a seminar in London to answer some of the questions on why is Russia different and to show what is happening there, what are the trends and to offer an inside view of the overall market. 

 

Ingosstrakh has very kindly allowed us to reproduce the information presented during the seminar and we would like to thank them for this opportunity. For more information on the company, please see their website, http://www.ingos.ru/en  or for further detail on the presentation, please e-mail Mr Sergey Churilov at sergey.churilov@ingos.ru


Spotlight – Insurance in Russia

To download the PowerPoint presentation, 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

  • The Police and Insurers in Oman have formed a common data pool allowing underwriters access to information on drivers applying for motor insurance. Those with good driving records will receive favourable treatment. For visiting foreigners the best way is to check the Royal Oman Police website
  • Foreign insurers in China are facing tougher competition from the domestic players than they anticipated a year ago. It is not only stricter regulations which hamper an all-out drive for growth but the local companies have better capabilities in market exploration as well as a firm footing in the market which make the difference. For a quick low-down on the industry in China, go to http://www.chinadaily.com.cn/bizchina/2009-09/28/content_8746479.htm  
  • According to the CNIP (China Nuclear Insurance Pool), the country is now the third largest nuclear insurance underwriter. The CNIP is made up of major domestic insurance and reinsurance carriers plus Swiss Re and Lloyd's had been involved with 310 nuclear reactors around the world as compared with just ten inside China. The China Daily has the news again, http://www.chinadaily.com.cn/bizchina/2009-09/02/content_8644589.htm
  • Following (but not as a result of) an article in last month's WoRdS Thailand, Vietnam, Laos and Cambodia have signed a Memorandum of Understanding to set up an insurance centre for motorists so they van arrange cross-border insurance before they leave their home country. Previously, of you got to the border and a statutory number of insurances had already been issued, you had to wait until the next day. Full details of the MoU can be found at http://enews.mcot.net/view.php?id=11978
  • The New York State Insurance Department has revised its Export List. See more at http://www.businessinsurance.com/
    article/20090903/NEWS/909039985
    where Business Insurance set out the news succinctly
  • That same New York department is also to revise the broker compensation rules. ISN has the article under http://www.isn-inc.com/news
    /news.aspx?nid=1696&cid=1
    which also includes a link to the proposed legislation
  • In New Zealand, Australia, Finland and Israel there have ben increases in VAT/insurance tax/fire service levies and stamp duties. Almost too much to digest. For more information on developments lie this, go to the website of TMF where they haven had time to acquire Clifford Chance in the U.K. http://www.tmf-group.com/en/Algemeen/about-us.html
  • Lloyd's has restructured it operation in Japan to resemble the platforms in China and Singapore more closely – and write more business. Once again Business Insurance has the news here.
  • In order to deal with such issues as regulation and taxation, eleven major reinsurers have formed the Global Reinsurance Forum (GRF). For the full story, see http://www.marketwire.com/press-release
    /Scor-NYSE-SCO-1040632.html
    where the only question not answered is when, in the Autumn, will they meet?          
  • Japan has more than 40,000 people who are 100 years old or more
  • Japan cannot beat China as having the oldest civilisation, however, where archaeological evidence goes back 5,000 years, making it the oldest continuous civilisation on the planet. It is 60 years ago on the 1st October 2009 that the Peoples' Republic of China was established. For a full story of China, please go to http://www.isn-inc.com/news/
    news.aspx?nid=1696&cid=1
         
  • This has not stopped Taiwan and the mainland preparing to sign a MoU on financial services before the end of the year. Bloomberg has an excellent article.
  • Following the announcement of its partnership in Indonesia earlier this year the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and Saudi Arabia's Institute of Banking (IOB) have agreed that the ANZIIF will deliver insurance broking and loss adjusting education programmes to the Saudi Arabian insurance industry. Read a concise article at http://www.insurancenews.com.au/
    corporate/anziif-in-saudi-arabian-education-initiative
  • * * * * * * * * * *

    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:

  • Afghanistan
  • Australia
  • Canada
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Italy
  • Kurdistan
  • Netherlands
  • Norway
  • Poland
  • Sweden
  • United Kingdom
  • U.S.A.
  • * * * * * * * * * *

    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”

    * * * * * * * * * *

    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.