April 2012

Talk Around the Bazaar

This month, Lloyd’s went Dutch. In the attached article, readers will see what some of us already knew: the Amsterdam and Rotterdam bourses are older than Lloyd’s. Centuries later, changes have taken place and the way the market operates reflects this. Lloyd’s opened its Benelux Representative office last year and held a meet and greet session in March this year, as one can read at http://www.lloyds.com/News-and-Insight/News-and-Features/Market-news/Industry-News-2012/Lloyds-celebrates-its-Dutch-future-with-historic-event

Not to be outdone, fellow Benelux member Luxembourg made the news with its Professionals in Risk Management (http://www.prim.lu/) joining FERMA. The press release is here http://www.ferma.eu/2012/03/ferma-welcomes-a-new-member-luxembourg/

China is set to liberalise the motor insurance market as the CIRC is to allow some carriers to set terms and conditions for private clients. Insurance Insight has a good discussion at http://www.insuranceinsight.eu/insurance-insight/news/2158639/china-unveils-motor-market-liberalisation-premium-setting-plan?utm_term=&utm_content=China%20unveils%20latest%20motor%20market%20liberalisation%20move%20with%20premium%20setting%20plan&utm_campaign=10%20march&utm_source=Insurance%20Insight%20Daily%20Newsletter&utm_medium=Email

Switzerland is reviewing the possibility of introducing compulsory earthquake insurance. This is clearly discussed by Commercial Risk Europe at http://www.commercialriskeurope.com/cre/1300/56/Switzerland-looks-set-for-mandatory-quake-insurance/ but what is the situation at the moment? The Swiss Seismological Institute describes this at http://www.seismo.ethz.ch/eq_swiss/prep/versicherungen/index_EN

Australia’s largest insurance broker cluster, Steadfast, is currently owned by its shareholders
– more than 280 insurance broker firms nationwide. That is set to change as these shareholders voted in favour of structural changes which could lead Steadfast to be floated on the Australian Stock Exchange. For more, please see the article of Insurance News at http://www.insurancenews.com.au/corporate/steadfast-moves-closer-to-public-float

If you want to see how Aussies hold a conference, try iNavigator’s photograph selection of the Steadfast event on the Gold Coast at http://www.inavigator.com.au/members/DocMng/st_Main.asp?ProjID=102&page=8114

Implementation of Solvency II is still planned for the 1st January 2014, according to the European Commission. Reinsurance Magazine attended a lecture in the Lloyd’s Old Library and record the news succinctly in http://www.reinsurancemagazine.com/articles/van-hulle-affirms-2014-date-solvency-ii

Cover magazine in England reports that insurance fraud in the United Kingdom is estimated at £2.1 billion a year. For the full article, go to http://www.covermagazine.co.uk/cover/news/2164756/annual-cost-insurance-fraud-gbp2bn-nfa

Nexus has formed a new managing general agency at Lloyd’s, bringing together expertise from within the firm’s syndicates in the market. PRWeb has all the details at http://www.prweb.com/releases/2012/3/prweb9330334.htm

There is a website called British Insurance and it includes some very helpful information for anyone wishing to know why people in the insurance industry secretly believe theirs is the best to work in. Set yourself the task of knowing all about the terminology and you will find that you still have something to learn; it would be boring if you knew it all. Take a look at http://www.britishinsurance.com/jargon-buster.aspx and see for yourself! As regards glossaries of terms, this is a short one but good for starters

If you click on the above website and go to C, click again on Consorcio. Once you have read that, go to http://www.guide2granada.com/property/insurance and see how it works in practice

Our good friend at ISN has researched the PWC reports and discusses their observation that 2012 is the year of the customer as you can read at http://www.isn-inc.com/news/news.aspx?nid=3368&cid=1

Health insurance in Costa Rica is to become beset by competition, according to the local regulator. An interesting article by Business News Americas will tell you more at http://www.bnamericas.com/news/insurance/competition-in-health-segment-to-intensify-this-year-sugese

Pretty soon clients of Doha Insurance in Qatar will be able to buy insurance products at self-service kiosks throughout the country. Gulf Times explains this innovation at http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=494818&version=1&template_id=36&parent_id=16

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

  • Mercury is the only metal which is liquid at room temperature
  • Twenty years make up a vicennial period