December 2014

AN ESTABLISHED AND SUCCESSFUL FORCE in International Insurance

WORDSTM is the e-newsletter of Worldwide Risk SolutionsTM, a UK 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 – December 2014

Comment of the MonthThe UK broker scene has been awash with take-overs, mergers and acquisitions. Regrettably the actions of one of the largest intermediaries have led the public to fear that it may no longer be able to continue as a going concern. Most of the owners are probably millionaires. Some major players in the broking market have issued instructions to their business units to cease doing business with this company: Towergate.

Elsewhere in this newsletter, we touch upon regulation and supervision in the insurance industry. It looks like the horse is bolting as the door closes…

This is the last edition of WORDS this year and so we wish our friends and colleagues around the world a happy festive season and extend our best wishes for 2015.

Talks around the BazaarWhat is going on in Palestine’s insurance market? What is the latest useful publication from Insurance Europe? What is Egypt considering which is good sense and good news for the insurance and reinsurance markets? Want to know more about what is going on in Myanmar? 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.”

In 1990, 36% of the world’s population were living on less than US$1.25 a day. In 2010, that figure reduced to 18% and by 2030, it will be 3%. Who worked this out and who manages this? The World Bank. To achieve this milestone, one million people a week will have to lift themselves out of poverty, according to the President, Jim Yong Kim.

In its annual report for 2014 which has just been published, he said that “two years ago, the World Bank Group began down a path of renewal and change to prepare our organisation to take on its toughest challenge yet – to end extreme poverty in a single generation. At the 2013 Spring Meetings, we adopted two ambitious goals: to end extreme poverty by 2040 and to boost shared prosperity for the poorest 40% in developing countries.”

Laudable goals – but achievable. The strategy to achieve these goals has been thrashed out and agreed by the four major players who will implement it. An example of how progress has already been made is Armenia where 95% of all citizens have access to qualified family practices for basic healthcare services.

As all insurance and risk managers know, healthcare and social security arrangements are different in every country in the world and in developing countries and emerging markets, the range of products available to fill the gap is rarely adequate. The results of the efforts of the World Bank make it easier, however, for the commercial organisations to identify opportunities and dovetail their offerings accordingly. We recommend our readers study this Annual Report (http://www.worldbank.org/en/about/annual-report) so you can see for yourselves what has been and what needs to be done.

Any questions or comments can be addressed to the General Enquiries section which can be found at http://www.worldbank.org/en/about/contacts

The Presse Internationale des Assurances – “PIA”

Our popular Romanian PIA member, XPrimm, has some very welcome news for clients in Turkey: the country has its first Lloyd’s broker. You can read the article at http://www.xprimm.com/TURKEY-Local-broker-approved-to-operate-in-Lloyd-s-market-articol-2,143,11-5847.htm The next piece of news we would like to see would be that Lloyd’s underwriters be licensed to write insurance in or from Turkey.

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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 AS WELL AS ASSIST INSURANCE ORGANISATIONS IN:

  • · Australia
  • · Canada
  • · Czech Republic
  • · France
  • · Hungary
  • · Mexico
  • · Moldova
  • · Netherlands
  • · Portugal
  • · Turkey
  • · United Kingdom
  • · USA
  • · Uzbekistan

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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As part of the on-going service of assistance to our friends around the globe, Worldwide Risk Solutions is ideally placed to help unlock the mysteries of the Lloyd’s and London insurance market. With new products and market entrants, there is always something new going on. In many cases the solution to your problem is around the corner. Send us an e-mail and we can start the process of finding that elusive solution

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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.

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