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Welcome to our Monthly Newsletter – May 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? The last few months have seen some dramatic developments in the financial services industry with insurance companies having to take a good look at they way they are run, how they are regulated, how they direct more focus on underwriting for profit and shoring up technical reserves. Some broking firms have had to alter certain financial arrangements as well. The potential of Solvency II in clearing out the chaff from the corn, the E.U. Commission’s hints that some of the old, well-tried and tested rules for competing on level playing fields may be allowed to continue with minimum adjustments and other developments around the globe, all give rise to optimism – albeit cautious. Then we read that in the United States, property/casualty profits fell by 96.2% last year. Furthermore, insurer growth worldwide is expected to slow down for the next few years. The insurance world is going through a period of change and this is good for a healthy and responsive market. In various regions, such as the Middle East, we are seeing notable developments like the continued growth in the number of takaful operators and the size of their portfolios. China and India are tightening their belts. Bermuda and London are raising their profile (even higher) and New York’s insurance regulator is to exchange information on regulatory activities with one of China’s two special administrative regions: Macau. Exciting stuff. As we say every month, there is an acquisition, a market entry, a new joint venture, something new locally, somewhere in the insurance world. We keep you abreast of these developments through our Talks Around the Bazaar.We continue our Spotlight series and thank not only those readers who have been in touch with suggestions and recommendations; we also thank the article writers who kindly devote their time to bringing their expertise and market knowledge into our arena. In the Spotlight series we will help you understand how different aspects of the insurance industry 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 received very positive feedback on articles such as International Business Behaviour, Valuation 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. Details are below. Spotlight – MALTA Malta, the George Cross island, is a growing financial services centre with a flourishing captive insurance market. As part of the European Union, Malta has a huge market at its backdoor. To read the complete report on Malta, Please Click Here (PDF Report).
In preparing this SPOTLIGHT article we have received invaluable assistance from the Malta Financial Services Authority in Attard (MFSA, www.mfsa.com.mt), e-mail communicationsl@mfsa.com.mt) for which we are extremely 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. 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 |
Talk Around the Bazaar International/solvency/index.shtml and the Press Room at FERMA gives its cautious welcome in www.ferma.eu consultationpapers/CP38/CEIOPS-CP-38-09-Budapest-protocol.pdf pressoffice/2009/pr20090421.html and it was opened late in April and reported in www.sourceuk.net/article/13/13122/ flood_forecasting_centre.html * * * * * * * * * * 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 “We are very happy that they are part of our team” “Worldwide Risk Solutions continue too provide valuable contacts to serve our needs” * * * * * * * * * * CONTACT US BY POST BY TELEPHONE BY E-MAIL BY SKYPE Disclaimer |
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