AN ESTABLISHED AND SUCCESSFUL FORCE in International Insurance
WORDSTM is the e-newsletter of Worldwide Risk SolutionsTM, 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, please go to www.worldwiderisksolutions.com
WORDSTM – May 2012
Comment of the Month – It is amazing how many professional people swoop on their daily newspaper and head straight for … the sports pages! Why not? There is a lot of emotion and pleasure in following the fortunes of one’s favourite sports teams. Like in business when the results go really well, or really badly, the top guys, the people who direct the teams or the companies, leave and join the competition. There is nothing wrong with that and no-one complains.
It is not quite the same, though, if a national coach who has done his or her best to get the top players in the country to represent the nation in the sporting arena decides to go and coach a team who could play against, and defeat his/her own country’s national team in the same sport. Some argue that top coaches are professionals who seek the best deal for themselves and other argue that, at national level, loyalty to the flag should override loyalty to the wallet.
Increasingly, the sporting calendar is becoming international and the drive for success is becoming more demanding and candidates for jobs whereby success could entail defeat of one’s own country have to look deep into their conscience. We cannot answer their questions but we are glad that in business we can scour the globe and get the best people to run our companies wherever they come from – as long as they do a good job.
Talks around the Bazaar – Where is the Myanma Insurance Company located? How do sanctions apply to insurance in Iraq? What is EIOPA? We keep you abreast of the latest 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.”
The Channel Islands between England and France are British Crown Dependencies and, as such, are not part of the United Kingdom. Nor are they part of the European Union. Channel Islanders are, however, British citizens but there are restrictions for some of them about free movement within the EU. All this means that the islands need to look at UK and EU legislation and decide how they need to adapt their own financial and fiscal behaviour but not follow blindly what goes on around them.
In the second of our Spotlight articles Fiona Le Poidevin explains why Guernsey has decided not to seek equivalence with the EU’s proposed regulatory regime for insurers and reinsurers, Solvency II.
These articles have been created especially for us and we are very grateful indeed to Guernsey Finance for contributing them. Any comments should be directed to Fiona at f.lepoidevin@guernseyfinance.com
The Presse Internationale des Assurances – “PIA”
Later this month the PIA will be holding its General Assembly in Romania. Our fellow member, Media XPRIMM, will again be hosting this event which is timed to coincide with the International Insurance-Reinsurance Forum (FIAR, www.fiar.ro/en). One of the excellent handful of publications edited by our American member, Insurance Services Network, is Global Briefs which provides risk managers, brokers, underwriters and professional service firms with a tool to help understand local insurance requirements. These are free and available at http://www.isn-inc.com/signup.aspx?e=your@email.com
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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
- · Australia
- · Canada
- · France
- · Germany
- · Hong Kong
- · Netherlands
- · New Zealand
- · Romania
- · South Africa
- · Spain
- · 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.
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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, Editor
WORDSTM a member of www.piassurance.eu
Telephone +44 (0)1444 450 919
E-mail words@worldwiderisksolutions.com
Website www.worldwiderisksolutions.com
Disclaimer
Information appearing in WORDSTM is checked for technical accuracy but is not intended to provide a basis of knowledge upon which advice can be given. Worldwide Risk SolutionsTM 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.