February 2012

Talk Around the Bazaar

The renowned Geneva Association provides a meeting and discussion ground for the world’s top 90 insurance CEOs where important issues and challenges facing the insurance industry can be addressed. Many of our readers fall just outside that category and we are, therefore, very pleased to assist them with access to the Secretary General’s outlook for 2012: http://www.genevaassociation.org/PDF/General_Information/GA2012-PR-1-12.pdf

A credible addition to the debate on the recent past and 2012 can be found in Risk Frontiers Survey produced by Commercial Risk Europe and we highly recommend readers take the time to study this at http://www.commercialriskeurope.com/uploads/files/special-reports/Risk-Frontiers-Survey-2011.pdf

Yet another insightful study is the Global Risks Report on 2012 published by the World Economic Forum. In tandem with other surveys carried out recently, it highlights the exposure to cyber-attack as one of the main risks the world faces. This report is also worth the read at http://www.weforum.org/issues/global-risks

The cyber threat is a growing risk echoes Reinsurance Magazine in a well-written article at http://reinsurancemagazine.com/articles/cyber-threat-growing-risk-managers-fear

According to the Insurance Information Institute, leaders of the world’s insurance industry believe that the worst of the financial crisis is behind us (!) and the industry is now in the early stages of a hard market. Make your own mind up after reading their survey at http://www.iii.org/press_releases/insurance-industry-leaders-believe-worst-of-financial-crisis-behind-us-industry-now-in-early-stages-of-hard-market-survey-finds.html

Even if the worst of the financial crisis is behind us, the think tank Chatham House believes that the global economy could only endure disaster for a week should the likes of a massive event occur. The attached is a summary of why it has come to this conclusion: http://www.chathamhouse.org/sites/default/files/public/Research/Energy,%20Environment%20and%20Development/r0112_highimpact_es.pdf

With all the turmoil across the Eurozone and the jostling for position, Insurance Insight has an interesting view as you will find at http://www.insuranceinsight.eu/insurance-insight/analysis/2135805/bancassurance-bright-future

XL is the latest global player to move into the Brazilian market. With uncertainty as to the direction the IRB will take relating to international reinsurance, it is better to be in there, on the ground, as explained at http://www.xlinsurance.com/xli/share/PressRelease_Detail.jsp?id=1464&lobbyname=news

Not to be outdone, Alterra has also been given approval to establish a local reinsurance company: http://www.alterracap.com/PressReleaseText.asp?compid=129868&releaseID=1649166 This is Alterra’s second move in Brazil. It already has a Lloyd’s operation there

In insurance terminology, the answer to “mine’s bigger than yours” can be answered easily by iNavigator with “what are you actually comparing?” and for more details, please see http://www.inavigator.com.au/members/blogArticle.asp?id=531

Along with Macquarie Relationship Banking, iNavigator has access to the Australian Insurance Broking Benchmarking Report. Here is a taster of what it can tell you http://www.inavigator.com.au/ftproot/common/insurance%20market/market%20forum/Macquarie%20Insurance%20Broking%20Benchmarking%20Reports/2011%20MRB%20Insurance%20Broking%20Benchmarking%20Report%20%28abridged%29.pdf

Guernsey remains home to more non-UK entities listed on the London Stock Exchange (LSE, http://www.londonstockexchange.com/home/homepage.htm)    than any other jurisdiction globally. See further at http://www.guernseyfinance.com/news_room/lse-data-guernsey-remains-leader-non-uk-listings

The popular French insurer in the UK, Groupama, is to be sold. Insurance Age has the story at http://www.insuranceage.co.uk/insurance-age/news/2137149/groupama-uk-sale

Ace is to open an office in Ukraine as it expands into more emerging markets. There is more detail at http://news.acegroup.com/news/acegroup/20120119005759/en/ACE-Opens-Office-Ukraine

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

  • The word Fez is Turkish for hat
  • In English, the word four is the only digit which has the same number of letters as its value