March 2012

Talk Around the Bazaar

It is not often that a nationwide award goes to the same firm three times in a row. It is, therefore, a scoop for Insure Direct in Dubai to achieve this milestone. For more details, please see http://www.me-newswire.net/news/4853/en where you may also see what is in store for the competition!

The healthcare sector in the Middle East continues to enjoy robust growth, it is reported. Incisive Media@ comments that a recent exhibition and congress will encourage more carriers to enter the insurance market. For more, please go to http://www.informa.com/Media-centre/Press-releases–news/Latest-News/Arab-Health-2012-Paving-the-way-for-a-healthy-Middle-East/

Did you know that a large part of the United Kingdom’s insurance industry is in foreign hands? Read the article by TheCityUK to see why that is a good thing at http://www.thecityuk.com/research/our-work/reports-list/uk-financial-services-industry-annual-review-ownership-value-and-m-and-a-developments/

Vietnam’s finance ministry has called for restructuring and consolidation in the insurance market. For more on this interesting subject, please see http://vietnambusiness.asia/vietnam%E2%80%99s-finance-ministry-calls-for-consolidation-to-strengthen-insurance-market/

Every so often the Fire Service Levies and Stamp Duty in Australia change. For those seeking reductions, “Don’t Look Now”! http://www.inavigator.com.au/ftproot/common/broking%20tools/government%20charges%20and%20levies/current%20fsl%20and%20stamp%20duties/FSL%20and%20Stamp%20Duty%20Rates%20February%202012.pdf

As alluded to in many of our Newsletters, the Christchurch earthquake hit New Zealand very hard. iNavigator has enabled us to review the briefing by the Earthquake Commission to the Incoming Minister. This covers the response to the earthquakes so far and the work still to be done to settle all claims and is a very good review, as you can read at http://www.inavigator.com.au/ftproot/common/insurance%20market/market%20forum/Christchurch%20Earthquake/EQC%20Briefing%20to%20the%20Incoming%20Minister%20-%20Dec%2012.pdf

The Maltese Association of Risk Management (MARM, www.marm.org.mt) is to be launched at the end of March. It has already been admitted to FERMA and its aim is to promote, advance and encourage the knowledge of, and the use of risk management within the private and public sectors in the Maltese Islands. The association is open to all those who manage risk in Malta

Insurance Hound has published a very good report on Cyber Risk and this can be read at http://www.insurancehound.co.uk/abstract/cyber-risks-decoded-report-risks-law-risk-mitigation-insurance-9893

According to the Bangkok Post, the Office of the Insurance Commission (OIC) has responded to the private sector’s request to increase the foreign-shareholding limit in the industry by raising the limit from 25% to 49%. Further detail is available at http://www.bangkokpost.com/business/economics/281311/oic-increases-foreign-shareholding-limit and the big question is when will India follow suit?

The response from India is to put up Motor and Health insurance premiums as one can read with The Indian Express at http://www.indianexpress.com/news/motor-health-insurance-may-cost-more/915359

Following a recent enquiry, we can advise readers that one of the most well represented insurance organisations in the Middle East and North African region is Kipco (Kuwait Projects Company (Holding))  and its many subsidiaries. There is a lot of information on their website at http://www.kipco.com/GroupCompanies.asp?q_pageid=36

Another recent enquiry highlighted the fact that the EFU General (http://www.efuinsurance.com) may be the largest non-Life carrier in Pakistan with more than 30 offices throughout the country, but the State Life Corporation of Pakistan is much larger with hundreds of offices around the country and there is more information at http://www.statelife.com.pk/

Meanwhile in the country formerly known as Burma, diplomats and the media advise us that the hardliners are softening up. That has still to pass the acid test of elections but at least the legislation for insurance is transparent as MyanmarsNet shows us at http://www.myanmars.net/myanmar-business/myanmar-insurance-rules.htm

From July this year anyone driving in France must have their own breathalyser kit in the car. From November onwards drivers without one will be fined. The English Daily Mail enjoys reporting on this as you can find at http://www.dailymail.co.uk/news/article-2104024/Now-French-say-holidaymakers-carry-breathalyser-kit-car.html

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

  • Three teaspoons make up one tablespoon
  • Most people agree that a million is 106 but after that and up to a centillion (10303 or 10600), they cannot all agree on the value of all other amounts