January 2015

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 – January 2015

Comment of the Month2014 has not been a good year for foreign affairs: invasions, terrorism, epidemics, aeroplane crashes, typhoons and flooding have all ensured that.  We have seen a lot of dithering on behalf of the West’s leadership and broken promises have too often been rewarded instead of being punished. In many cases the perpetrators are feared although we are told that they are loved. That is no way to run a country successfully in the long term; freedom of expression and the press are paramount and the rule of law should be fair and applied to one and all.

2014 has been a good year for the insurance, reinsurance and risk management industry in most countries. Myanmar is opening up to foreign insurance companies. India is on the verge of increasing the levels of foreign ownership of locally register carriers. Lloyd’s licences in key countries and regions are being issued. Emerging markets in Africa and Latin America are being developed. Traditional markets such as London are finding ways to continue innovation with the MGA scene gathering momentum.

As we usher in the New Year, we hope that these events continue and the world of foreign affairs settles down.

Talks around the BazaarHow many Free Trade Zones does China have? How is Solvency II progressing in Bermuda? Who is the latest arrival in the DIFC? 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 furtherance of our tradition of nominating a WORDSTM Personality of the Year, we have looked at many leading figures who have made a difference during the past twelve months and the list is long. There are many gifted, innovative and successful professionals whose names are familiar to most people in our industry. Last year we deviated from a single personality to nominate an organisation for this accolade and this year and this year we have reverted to an individual – but with a difference.

Before unveiling the name of this special person (and I guess some of you will already scroll down the page…), we need to set the scene slightly and talk about one of the most prestigious insurance and reinsurance markets in the world. Lloyd’s is not unique because there are other marketplaces such as the VNAB in the Netherlands to name just one. What does make Lloyd’s unique is the mystique which surrounds its reputation and the difficulty – in the eyes of many – in understanding and accessing the keys to getting in. Lloyd’s is a market where business is placed by brokers. How many brokers there are around the world is a matter of guesswork but, at the time of writing, there are only 217 brokers who are accredited to do business at Lloyd’s. Until fairly recently, nearly all such brokers were based in the United Kingdom and many of them are wholesale brokers operating on behalf of brokers overseas. Recognising the fact that the market needs more dynamism than ever more, brokers outside the UK are being told that there are no obstacles to them becoming accredited. Although this is not really new, only a few brokers from outside the UK place business at Lloyd’s – it has been very difficult for such candidates to navigate themselves through the system.

Our WORDSTM Personality of the Year has figured this out. He is not the first to do so, but what is special is the clarity of purpose, attention to detail, ability to cut through red-tape and the skill in explaining to the client overseas how the process works, what stage has been arrived at, what needs to be done next and then following it all up quickly and within budget. Martin Cantor of Cantor Atkin (http://www.cantoratkin.co.uk/) has taken the frustrations out of the backroom and provided access to the Underwriting Room successfully on numerous occasions and that is why he is the WORDSTM Personality of the Year 2014.

The Presse Internationale des Assurances – “PIA”

Our illustrious PIA member, Insurance Services Network – ISN, has a new website. Be sure to bookmark this: http://www.irletter.com/

* * * * * * * * * *

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
  • · Guernsey
  • · Italy
  • · Kurdistan
  • · Netherlands
  • · Turkey
  • · United Kingdom
  • · USA

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.

* * * * * * * * * *

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

* * * * * * * * * *

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.

Post a Comment

Your email is never shared. Required fields are marked *

*
*