December 2011

Talk Around the Bazaar

Our readers will be aware of the new Brazilian regulations on market capacity which are causing some concern. FERMA is the latest international organisation to take this up with the local regulator, SUSEP and the recent press release set out a lucid argument at http://www.ferma.eu/2011/11/ferma-proposes-modifications-to-brazilian-reinsurance-regulations-in-the-interest-of-business-and-insurance-buyers/

Air Worldwide has recently issued an Inland Flood Model for Germany. This interesting eight page document can be found at http://www.air-worldwide.com/PublicationsItem.aspx?id=21219

iNavigator brings us a recent presentation by Lloyd’s looking at the impact of recent catastrophes in Australia and New Zealand and its view on future market conditions. This can be accessed at http://www.inavigator.com.au/ftproot/common/insurance%20market/market%20forum/Market%20Presentations/Global%20Insurance%20Market%20Trends%20and%20Their%20Impact%20on%20the%20Australian%20Insurance%20Landscape%20-%20Kent%20Chaplin%20Lloyds%20October%202011.pdf

Lloyd’s has secured another first in its long history: syndicate 2088, managed by Catlin, will be funded by China Re. This is the first time a Chinese company has invested directly in a syndicate at Lloyd’s, as reported by Insurance Insight in http://www.insuranceinsight.eu/insurance-insight/news/2126102/catlin-china-join-forces-create-special-purpose-syndicate

Financial services is a wide-ranging term and recently the Geneva Association (http://www.genevaassociation.org/) asked the G20 (http://www.g20.org) to recognise the fact that banking rules are not appropriate for insurers. The full text can be seen at http://www.genevaassociation.org/PDF/General_Information/GA2011-PR-13-11.pdf

With effect from the 13th September 2012 professional indemnity insurance will be mandatory for members of recognised professional bodies such as insurance brokers in Italy. For more detail, see http://www.insuranceinsight.eu/insurance-insight/news/2121776/pi-compulsory-professional-body-italy

Following the initiative taken by Zurich, FERMA, AIRMIC and the LIIBA are also looking at a single database for global insurance regulation and tax database. Commercial Risk Europe has a good report at http://www.commercialriskeurope.com/cre/1038/56/Ferma-makes-formal-approach-for-single-database-on-global-programmes/

In many countries around the world insurance taxes and levies are increasing. Follow these developments with TMF at http://www.tmf-vat.com/ipt-news.html

The state of New York is to allow insurers to issue policies without submitting rate filings. This will speed up policy issuance but there will still be paperwork as Business Insurance tells us, http://www.businessinsurance.com/article/20111121/NEWS06/111129982?tags=58|92|87|83|76|73|59

Once a quarter FM Global publishes a very informative magazine, Reason. This focuses on items and issues confronting insurance and risk management buyers such as “The Rising Tide: Flood” and “The Unforeseeable Future” and can be accessed online at http://www.fmglobal.com/assets/pdf/P07001_0911.pdf

iNavigator has a complete list of all underwriting agencies in Australia and New Zealand. Please go to http://www.inavigator.com.au/members/DocMng/st_Main.asp?ProjID=83& In fact, their Insurance Directory has a whole lot more than this

Staying Downunder, the year is not over yet but the Australian insurance law firm, Wotton + Kearney has already published its review of 2011. There are many thoughtfully written articles in this report which readers can access at http://www.wottonkearney.com.au/awms/Upload/File/IYIR.pdf

Not to be outdone, Hiscox looks at 2011 with an excellent DNA of an Entrepreneur Study which contains some interesting statistics and is well worth the read at http://www.hiscox.co.uk/shared-documents/The%202011%20Hiscox%20DNA%20of%20an%20entrepreneur%20study.pdf

Did you know that in South Africa, a provision of the Road Accident Fund (RAF) Act abolishes road accident victims’ common law right to claim compensation for losses not compensable under the act? A number of court cases are discussed by TNT News at http://www.tntnews.co.za/index.asp?page=Legislation/Legal%20notices#a Anybody travelling or intending to travel there should check the conditions of their travel insurance policies

Did you know? Here are some interesting facts which could come in handy to know…

  • There are five trillion trillion atoms in one pound of iron
  • Stars come in different colours – hot stars give off blue light and cooler ones give off red