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Welcome to our Monthly Newsletter – July 2008
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. Since Our Last Newsletter The first half of the year has passed and it has pretty much been business as usual. The gradual reduction in rates in most markets has been just as predicted; there have been some mergers announced and the mega-brokers continue to swap staff. What has been interesting to note has been an increase in broker performance surveys, especially in India and the United States. Brokers have been under the microscope for quite a while as the discussion on transparency continues and in the U.K. the FSA has been formally requested to make broker remuneration full and automatic. Supervision of the Spanish financial markets will also concentrate on transparency. The outcome of a survey of large American companies has highlighted one surprising score: of all the factors relating to brokers’ performance, international capabilities came out as the lowest rated. When you consider that more than half of the United States’ large corporations have overseas operations, one would think that if a broker did not have international capabilities it would not even be considered as a serious candidate. With the overseas part of many, nay, most U.S. corporations growing quicker than the parent’s domestic operations, international is a very important part of a corporation’s activities and the board cannot ignore the need for a broker to guide and advise them on foreign issues in the same way as for domestic issues. For some people, doing business internationally can cause concern because of the many difference in cultures and customs. In our SPOTLIGHT series we will help you understand the way different markets 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 have done articles on Takaful, Taxation, Cambodia and more; if you would like copies, please let us know. If you would like to discuss your international strategies with us, please contact us. SRI LANKA INSURANCE MARKET Prior to Nationalisation the Insurance sector comprised largely of several Foreign Companies: Sun Life Insurance Office Ltd, Royal Assurance, New India Assurance Co Ltd, and the Ocean Accident and Guarantee Corporation Ltd, were few of the many with Edward Lumley underwriting business for Lloyd’s of London. The primary entrants to Insurance business in Sri Lanka were the Agency Houses which managed the plantations and were acting as Agents of Overseas Insurers handling mainly their in-house plantation business. In the early part of the 20th century, Life Insurance companies too were established. To read the complete report on the Sri Lanka Insurance Market,
please click here. In preparing this Spotlight article we have received invaluable assistance from Delmege Insurance Brokers (Pvt), Ltd, Colombo (www.delmege.com) for which we are grateful. If you would like Worldwide Risk Solutions to conduct an economic, business and insurance survey of any international markets please contact us – Details below. In our next e-newsletter we will feature a Spotlight article on the Dominican Republic. With a lot of attention being focussed on its neighbours, this small country has developed virtually unnoticed. What has happened there will make interesting reading. In our next edition of WoRdS we will look at a bit of the history and what is going on there today. For more information about any of the items discussed in the current or previous issues of WoRdS, please see our Contact Details George Worsley, Director |
Talk Around the Bazaar * * * * * * * * * * 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: * * * * * * * * * * 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 “The speed of response from far flung countries has helped us meet our deadlines” “We can always rely on Worldwide Risk Solutions to find the right person in the countries under review”
* * * * * * * * * * 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. CONTACT US BY POST BY TELEPHONE BY E-MAIL BY SKYPE Disclaimer |
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