June 2012

Talk Around the Bazaar

Many of our readers are closely involved with the design, implementation and coordination of international insurance programmes. Whilst the concept is not new, changes are always afoot. Recently Clyde & Co teamed up with ACE to produce: Structuring Multinational Insurance Programmes: Cross-Border Challenges to Side A Directors & Officers Liability Insurance. This is a worthwhile study to be reviewed at http://www.clydeco.com/news/articles/clyde-co-produces-new-report-with-ace

China Daily tells us that entrepreneurs in China are giving foreign multinationals a run for their money.  That is not really all that new but outside the country Chinese firms have capital to buy companies where they were previously not part of the competitive process. Not only is the respective article interesting (http://europe.chinadaily.com.cn/epaper/2012-05/18/content_15329788.htm) but the opportunity for China to export international insurance programmes is exciting

One example in the China Daily news relates to activities in Germany. Maybe the people concerned read the excellent article on the website of our friends at TMF. To find out what the advice is, please read http://www.tmf-group.com/news.aspx

The European Union has decided to speak out against protectionism. Protectionism hampers international business for which insurance solutions are so well tailored to support. The attached Commercial Risk Europe gives us the chance to look at one side of the argument at http://www.commercialriskeurope.com/cre/1396/56/EC-concerned-by-rise-of-protectionism-in-Latin-America/ It is not the role of WORDS to mediate in such issues but we hope our readers understand that partnering with trading nations is better than alienating them. The World Finance magazine has some good ideas at http://www.worldfinance.com/inward-investment/americas/china-and-europe-to-continue-latin-american-investments

There are plans in the United States to extend the National Flood Insurance Program by just one month. We are tempted to say, “read the attached article to find out why just one month” but there is more to it than that. It is felt that considerable reforms are necessary and the Senate needs more time to handle the entire proposal. Read more at http://www.propertycasualty360.com/2012/05/15/expected-house-bill-would-extend-nfip-for-1-month?t=agency-management&utm_source=PC360DailyeNews&utm_medium=eNL&utm_campaign=PC360_eNLs

The World Islamic Economic Forum Foundation has exchanged a Memorandum of Understanding with the Islamic Development Bank Group, with the objectives of fostering cooperation and socio-economic development within the Muslim world and a special emphasis on Muslim communities in non-OIC countries. For the full press release, please go to http://wief.org/wp-content/themes/twentyeleven/cms/uploads/images/press/download_36.pdf

From the 15th May to the 30th November the Eastern Pacific cyclone season is officially underway. A glance at their website (http://www.nhc.noaa.gov/) will tell readers that tropical depression Aletta is building up a head of steam but is not a threat to the western United States. The Atlantic hurricane season runs from the 1st June to the 30th November and there are, touch wood, no signs of anything at the moment. Weather Services International (http://www.wsi.com/) has similar reports

Increasingly, major insurance carriers are involved in the activities of the World Economic Forum. If one looks at the Industry Partner Groups (http://www.weforum.org/industry-partner-groups) there are many of our industry’s big names on the list. However, too few intermediaries are represented here and like the Geneva Association (http://www.genevaassociation.org/Home/Sitemap.aspx) there is room for this illustrious group of professionals

FERMA has just released its newsletter, No 47. This has insights into their activities and plans for the rest of the year. For more details, please go to http://www.ferma.eu/wp-content/uploads/2012/05/ferma-newsletter-47.pdf

How many of our readers knew that the CEA has now become Insurance Europe? The new name and corporate identity are very recent but many of the issues it handles are of key importance to the industry. The fourth International Conference opens on the 1st June (http://conference.insuranceeurope.eu/) and for a look at the new website, please go to http://www.insuranceeurope.eu/

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

  • A caesium atom in an atomic clock beats 9,192,631,770 times a second
  • Any free-moving liquid in outer space will form itself into a sphere because of its surface tension