January 2012

Talk Around the Bazaar

Japan is planning to establish a large-scale insurance system encompassing the Asia-Pacific region to cover developing countries hit by devastating earthquakes, typhoons and other disasters. Readers can find more information at http://www.insuranceinsight.eu/insurance-insight/news/2130163/japan-set-asian-nat-cat-insurance-plan

In the United States, the National Flood Insurance Program has been extended again. Business Insurance reports this welcome development at http://www.businessinsurance.com/article/20111208/NEWS04/111209912?tags=58|81|76|73

As the world’s major economies struggle to avoid recession, companies large and small have to tighten their belt. A familiar temptation is to cut down on training staff. However, most firms say that staff is their most important asset! Our good friend at Searchlight Solutions has a good answer for us at http://www.searchlightsolutions.co.uk/articles_library.asp?articleid=233

The legal barrier on buying property in Turkey as a foreign individual on reciprocity grounds is expected to be lifted in 2012. Good news for ex-pats! Here is a positive article from the Prime Ministry http://www.invest.gov.tr/en-US/infocenter/news/Pages/151111-turkey-to-lift-reciprocity-for-property-buyers.aspx

Maybe Turkey will top the list of insurers looking to open up in new territories if Grant Thornton’s article is anything to go by. They have a good article at http://www.grant-thornton.co.uk/pdf/Insurance%20Jurisdiction.pdf

Lloyd’s is looking at the future of the Euro and alternatives for investors as you can read at http://www.lloyds.com/News-and-Insight/News-and-Features/Market-news/Industry-News-2011/In-gold-we-trust

For those who wish to see if there are any hurricanes on the way in the Atlantic, you can check with the National Oceanic and Atmospheric Administration’s National Weather Service. An example of what you can expect is http://www.nws.noaa.gov/view/national.php?prodtype=tropical

As our readers will know, in the European Union it is no longer permitted for motor insurance companies to differentiate between male and female drivers on premiums and benefits. The CEA has a concise article at http://www.nws.noaa.gov/view/national.php?prodtype=tropical

The Insurance Information Institute has produced a review of the Trends, Challenges and Opportunities for 2012 and Beyond in the Personal Lines PC market. This can be viewed at http://www.iii.org/presentations/personal-lines-p-c-insurance-markets-trends-challenges-and-opportunities-for-2012-and-beyond.html

Guernsey has signed a TIEA with India and will have 34 Tax Information Exchange Agreements by the beginning of 2012. For further detail please go to http://www.guernseyfinance.com/news_room/guernsey-signs-tiea-with-india

Cyprus has approximately $129 billion worth of natural gas which will satisfy its electricity production needs for 210 years. There is more detail at Rigzone’s website at http://www.rigzone.com/news/article.asp?a_id=113763&rss=true

Europe is moving closer to a single patent system. Herbert Smith discusses this at http://www.herbertsmith.com/NR/rdonlyres/CD4EE520-311D-4921-826C-28249E9B0172/0/ONESTEPCLOSERTOASINGLEEUROPEANPATENTSYSTEM.html For ideas on the way the insurance markets are responding, please contact Samian at http://www.samian-underwriting.com/index.html

Chinese real estate developers are looking abroad. The article by World Finance could precede insurance referrals from mainland China into those countries which welcome Chinese cash. Read more at http://www.worldfinance.com/news/worldnews/china/2360-chinese-property-developers-look-abroad/

The International Underwriting Association has set up a London Market Americas Group in response to the growing importance of the region and to combat restrictive legislation. The news is worth reading at http://www.worldfinance.com/news/worldnews/china/2360-chinese-property-developers-look-abroad/

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

  • There are more than 100 chemicals in one cup of coffee
  • Alma Mater means bountiful mother