June 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 – June 2015

Comment of the MonthThe energy insurance market is one of the fastest growing and complicated of the many financial solutions and risk management practices in the world of insurance. Exposures associated with energy and energy-related businesses are complex and diverse, high hazard and high risk. Critically important to the global economy and utilised to power our modern way of life, the extraction, manufacture, refinement, sale and distribution of energy is vital.

At the highest level, expertise in one area is different from all others. Examples range from: offshore and onshore operations; drilling, well servicing and support services; refining and petrochemicals; oil terminals, LNG plants and gas processing plants; power generation and utilities; renewable energy.

Products for upstream (exploration and production – E&P), midstream (transportation by pipeline, rail, barge, oil tanker or truck, storage, and wholesale marketing) and downstream (refining of petroleum crude oil and the processing and purifying of raw natural gas as well as marketing and distribution of products derived from crude oil and natural gas) vary considerably. A specialist underwriter or broker in Control of Well insurances would defer to someone else should a question on Refining Contractors and Chemical Blenders arise. Certainly, the general classes of property, liability, transportation would figure in the portfolio but these would be so fine-tuned to the respective risks and exposures that there would barely be a comparison with an aviation products liability policy.

World wars have been waged over the access to oil and still today the “pretty girl who the boys squabble about” is very often control over oil and gas supply and reserves. Little wonder, then that in the energy insurance world, political risks, kidnap and ransom and war risks are forms of insurance all of the energy firms will purchase.

There are people out there whose reaction to insurance is distaste for foot-in-the-door life insurance salesman. Little do they know what really is out there and it is a sad fact that, generally speaking, the insurance industry is not regarded as glamorous. The glitzy image of sports-car manufacturers is not what the industry needs but a bit of creative PR would be welcome.

Talks around the BazaarWhat is the problem with UberX and insurance? Where does an Aussie architect go for a P&I policy? What does the Atlantic hurricane season hold in store? 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.”

Ten years ago, Hurricane Katrina scythed through New Orleans causing massive damage and taking many lives. 80% of the residents were evacuated before the storm struck; 80% of the city was flooded. There were major implications for the population, economy and politics. New Orleans was a – if not – the place to go for a successful conference and for those who ever attended RIMS (the annual conference of the North American Risk Management Society), very few of the other venues were as popular as New Orleans. Stories of what happened in the French Quarter abound – and they are never exaggerated. It is not difficult to believe, therefore, the many loyal RIMS-goers having to cope with the thought that they would no longer be able to experience and celebrate insurance and risk management fortunes in New Orleans.

Well, after a lot of sweat and tears, the once-deemed impossible has happened again and almost everybody went. Leading the many who wished to see how NOLA (as the city warmly calls itself now), managed to rise out of the mud and destruction, our illustrious and adventurous PIA colleague took a long look. Alexander Hodges, founder of ISN, the Insurance Services Network produces a gem of a newsletter, The Lettertm and he has produced a special issue of the Letter – RIMS 2015, see here.

While the emphasis of the editorial and some of the articles relate to NOLA and RIMS, readers will have a chance to see why ISN has chiselled a unique and elite reputation in the world of insurance media. Any questions or comments should be directed to Alex Hodges at info@irletter.com

The Presse Internationale des Assurances – “PIA”

After a period when the website was offline,  PIA can again be reviewed and admired online at http://insurancepress.eu/

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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:

  • · Argentina
  • · Australia
  • · Canada
  • · China
  • · Denmark
  • · France
  • · Guernsey
  • · India
  • · Netherlands
  • · Portugal
  • · Spain
  • · United Kingdom
  • · USA
  • · Wales

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 

http://insurancepress.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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