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Welcome to our Monthly Newsletter – September 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 – Those of you who followed the World Cup Athletics will recognise some of the developments: certainties happen and certainties do not happen; leading personalities deliver and leading personalities do not deliver. Those who prepare best are less likely to be confronted with unpleasant surprises. Preparation in sport is like risk management in insurance: you try and work out what you are best at and aim to be better than the rest and you identify where things could go wrong and fix them in advance. And the most coveted rewards do not come easily: at the top level, hard work helps more than just raw talent. Over the years, most of the motivational talks to insurance professionals we have attended, encouraging us to go the extra mile (oh, dear…), come from successful sportsmen. Maybe that is why professional organisations, dedicated to promoting improved standards in the industry are never satisfied with current achievements: they want insurance people to perform faster, higher, stronger (citius, altius, fortius, in Olympic terminology).

Talks around the Bazaar - Every month there is an acquisition, a market entry, a new joint venture, fresh legislation, an eye-opener somewhere in the insurance world. 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 Afghanistan. We read daily reports of the sickening violence, hatred, courage and despair of those involved in some of the worst areas of the world for people to live.

It can be no-one’s dream to travel to areas in the country where death is so close around the corner. In other parts of the country, there is a different picture: people go out unarmed, take a bus to the supermarket, cycle to work or confidently take their children to school. We have an article on insurance and the market in this stricken country, where our hearts go out in grief for all victims of the war and hatred and we proudly regard those who do their best to improve the prospects of life and peace there. Should anyone wish to communicate with the writer of this article, we can arrange for contact to be made.


Spotlight – Afghanistan

After decades of conflict, Afghanistan is stabilising albeit slowly and albeit with some sporadic incidents of political violence, terrorism and abduction and in particular a spate of those surrounding the recent general elections. At the time of writing (final week of August 2009) the elections had just taken place with some 10% of validated votes now in and a slender lead - more slender than anticipated - for Hamid Karzai, the incumbent, over his main challenger Abdullah Abdullah. It is too close to call and it is certainly to soon to call so it is expected that several more weeks will pass before a final winner can be declared.

To read the complete report, 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

  • If you are the 151st vehicle wishing to cross the border from Vietnam to Cambodia you will have to wait until the next day. That is because cross border insurance is one which insurers are shying away from: the risk of foreign vehicles being driven in their country is perceived as unprofitable. That is why the number of vehicles crossing the border each day is limited. Cambodia is to create a motor insurance pool to alleviate this problem. Tourism is the country's greatest attraction but neighbours cannot just pop over the border. You can understand their frustration when you see http://www.tourismcambodia.com/
    tripplanner/events_in_cambodia/?PID=legendangkor
  • The Atlantic hurricane season has been underway since June and there already have been a couple of tropical threats. As usual, it is interesting to look at the website of the National Hurricane Center in Miami, http://www.nhc.noaa.gov/ 
  • The CIRC of China and the New York State Insurance Department have signed a Memorandum of Understanding. There will be cooperation on supervisory and regulatory responsibilities. The website http://www.ins.state.ny.us/mou/mou_index.htm will tell you about other MOU's and direct you to this most recent one
  • The Indonesian PT Asuransi Kesehatan state insurance company has set aside US$2 million to cover medical treatment of top government officials and their families. That wouldn't go far in the United States! The World Bank has a comprehensive programme for the patient reader here
  • With effect from October this year, elderly farm workers in China will enjoy the same guaranteed incomes as urban workers under a new pension plan. For a few stunning facts and figures, go to http://www.globalaging.org/
    elderrights/world/2009/loomingproblem.htm
     
  • Also in October the new ISO Standard for Risk Management will become available. Business Insurance was one of the first to report this on http://www.businessinsurance.com/
    article/20090803/NEWS/908039994
  • October really is the go to month because that is when residents in Victoria will have to pay some of Australia's highest Fire Insurance Levies. For a "hot" exchange between politicians, please read here
  • Lloyd's has published a very clear overview of Solvency II read more here
  • Also, Lloyd's has come up with another first: the first live message has been passed across the Lloyd's Exchange. This is intended to facilitate the contact between market players and make doing business with Lloyd's even easier. For more detail, visit this link.
  • SASRIA, the South African government backed insurer which underwrites strike and riot damage (amongst other things) is offering increased limits (R500 million increased to R1.5 billion) and extending standing charges only to full business interruption cover from January 2010. Full details are available at http://www.sasria.org.za/ContentFiles/
    CIRCULAR%20450-NEW%20PRODUCT.pdf
  • Extremus AG, the German terrorism insurance pool has been advised that the government will renew its remit for another two years. As usual, Business Insurance has a good report with http://www.businessinsurance.com/article/
    20090820/NEWS/908209992
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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:

  • Afghanistan
  • Australia
  • Canada
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • India
  • Italy
  • Kurdistan
  • Netherlands
  • Norway
  • Poland
  • Sri Lanka
  • Sweden
  • 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 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.