May 2012

Talk Around the Bazaar

In the country formerly known as Burma, the only insurance company is the state-owned Myanma Insurance which was incorporated in 1952. During recent weeks, it looks like the country is coming in from the cold and this must be regarded as a success for the Nobel Prize winner, Aung San Suu Kyi. The government is encouraging the establishment of insurance companies by locals as part of its bid to develop the economy and to provide additional protection for private individuals and corporations, in excess of what is currently available. To view the current offering from Myanma Insurance, please go to http://www.mofr.gov.mm/dept_insurance.html

Our friends at iNavigator have sent us some very useful tips and updates on a wide range of issues confronting senior international executives. The following Insights article from Zurich is well worth the read http://www.inavigator.com.au/ftproot/common/insurance%20market/industry%20newsletters/zurich/insights/Insights%20-%20Financial%20Lines%20March%202012.pdf

The Atlantic Hurricane Season is not far away and there are reports and prognoses coming in. The Insurance Information Institute has some interesting facts and figures at http://www.iii.org/facts_statistics/tornadoes-and-thunderstorms.html and the National Hurricane Center can tell you what to expect on a daily basis at http://www.nhc.noaa.gov/

To get a wide overview of what the chances are of a number of natural disturbances happening, RMS models risk in over 100 countries, allowing stakeholders to analyse the probability of loss in regions with the highest exposure. RMS models are built using detailed data reflecting highly localised variations in hazard, and databases capturing property and human exposures. They are continually updated with the latest scientific research and data. RMS is holding its 2012 conference in Chicago and is proves to be well attended as usual. To find out agenda items and answers to frequently asked questions, go to http://www.rms.com/2012clientconference/cc12faqs.asp

Marketwatch tells us what AIR is developing with its Catastrophe Risk Engineering (CRE) solutions in their article here http://www.marketwatch.com/story/air-expands-its-catastrophe-risk-engineering-solutions-to-include-supply-chain-risk-quantification-2012-04-16

According to Asia Review, the best way to facilitate insurance markets spreading climate change risks to those most willing to bear them is to maintain or strengthen signals related to whether insurance is available or commercially viable. The Australian government’s Productivity Commission has issued a draft report entitled “Barriers to Effective Climate Change Adaptation” and this well-thought-out document can be studied at http://www.pc.gov.au/__data/assets/pdf_file/0007/116539/climate-change-adaptation-draft-report.pdf

As many readers react in horror to developments in Syria and sigh with relief about news coming from Burma, there are many countries around the world which are confronted with trade sanctions. Which countries, what is the nature of the sanctions, etc? Answers to these questions and more have been anticipated by Clyde & Co and can be accessed at http://sanctions.clydeco.com/search/search-results.aspx?searchContentType=News&sitePageId=878

Of equal interest to many experts are developments with US copyright laws and the related intellectual property disputes. KL Gates has some insightful information at http://www.klgates.com/copyright-in-the-courts-notable-developments-and-emerging-trends-04-27-2012/ and questions on how this affects your necessary insurance protection can be sent to Samian Underwriting at http://www.samian-underwriting.com/index.html

Many of our readers with have heard of CEIOPS but what is EIOPA? The answer is the European Insurance and Occupational Pensions Authority, one of three European Supervisory Authorities and this is where you end up if you Google CEIOPS. It is worth a look at their website for interesting articles such as their press release on two reports discussing the third Money Laundering Directive. You can see this and more at https://eiopa.europa.eu/

In a few weeks’ time UNISONBrokers (www.unisonbrokers.com) will be holding its annual conference in Hong Kong. For a glimpse of what has been happening there, here is the most recent newsletter of the Hong King Federation of Insurers, http://www.hkfi.org.hk/pdf_monthly_brief/e_201203.pdf

When you consider how the Dutch and English insurance markets have developed and thrived with the coinsurance model, it is a surprise that it is struggling in other countries. A case in point is Brazil where not only reinsurance needs a bit of enlightenment, but coinsurance does too, as you can read at http://www.reactionsnet.com/Article/3016572/Co-insurance-causing-controversy-in-Brazil-reinsurance-market.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reactionsnet%2FYNzF+%28ReactionsNet+-+Insurance%29

Few of us realised the pressure which has been placed on financial institutions offering Islamic Financial Services to galvanise risk exposure and governance capabilities and therefore it is an eye-opener to read the report by Deloitte in which they tell us that 79% of Islamic Financial Institutions have established a risk management department in the last five years. For more, please go to http://www.deloitte.com/view/en_LB/lb/press/press-releases/a30f386c8f3e6310VgnVCM2000001b56f00aRCRD.htm

For our many travelling executives looking for conferences in the Algarve, it will be news to read that the Belek golfing resorts in Turkey have been nominated Europe’s Best Golfing Destination. To find out how to book, check out http://www.turkeyexpatforum.com/belek-awarded-best-golf-destination-in-europe/ and when you are at the 19th hole how many expat friends will you come across?

Expats in Holland are finding things a bit tougher, however, where expats are being fined on the spot if they do not have adequate private medical insurance. Cover Magazine has a report at http://www.covermagazine.co.uk/cover/news/2168575/dutch-ramp-pmi-fines?wt.mc_ev=click&WT.tsrc=Email&utm_term=&utm_content=Dutch%20ramp%20up%20PMI%20fines%20on%20expats&utm_campaign=cover180412&utm_source=Daily&utm_medium=Email

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

  • Apples, not caffeine,  are more efficient in waking you up in the morning
  • There are more caribou in Alaska than people