September 2012

Talk Around the Bazaar

Pakistan is getting ready to sanction the Takaful Windows which enable firms to offer sharia compliant and conventional insurance products side by side. Reuters reports on this at http://in.reuters.com/article/2012/08/07/islamic-finance-pakistan-idINL6E8J51BP20120807

We are reassured to see that despite hot air from prominent Argentine politicians, English companies are investing in the country. The latest to do so is RSA whose acquisitions push the company in amongst the industry leaders, as can be followed at http://eurfpn.advisen.com/fpnHomepagep.shtml?resource_id=1812918111180416648&userEmail=george.worsley@worldwiderisksolutions.com#top

In Australia there is a new insurance brand due to come into the market soon: Resilium. People will be rushing to their dictionaries to find out what this means! Suncorp will tell all at http://www.insurancenews.com.au/corporate/suncorp-hopes-new-name-sticks

“The European insurance industry is currently faced with the challenge to adapt to the stipulations of Solvency II and insurers will need to comply with the regime’s supervisory requirements. Insurance firms find data creation and collection for the Quantitative Reporting Templates particularly demanding, since the QRTs draw on data from different functions and usually various data sources.” These are the opening lines of the introduction by InsuranceHound to a white paper by BearingPoint entitled “Abacus/Solvency II the Reporting Solution for the Insurance Industry”. The link to this is http://www.insurancehound.co.uk/abstract/abacus-solvency-ii-reporting-solution-insurance-industry-14229?from_email=true&subscriber_id=155814 and a lot of information is crammed into this interesting eight page document

Not to be outdone, Swiss Re has published a positive case study on ”Recognition of Reinsurance under Solvency II” and InsuranceHound has this at http://www.insurancehound.co.uk/abstract/recognition-reinsurance-solvency-ii-14310?from_email=true&subscriber_id=155814

While many homeowners in England debate the qualities of solar panels for developing photovoltaic power, there is a new kid on the block: concentrated solar power (CSP). The people who understand all this are the underwriters at Munich Re whose latest product delivers insurance for performance guarantees for CSP plants. Reinsurance explains this very clearly at http://www.reinsurancemagazine.com/articles/reinsurer-solar-performance-first

Having worked for several years in the same building as the British Insurance Brokers’ Association and graduated past the “on nodding terms” recognition system with people there, we are very pleased to direct our readers to their excellent publication: The Broker. In their third edition this year there are well-written articles on revisions to the Insurance Mediation Directive, remuneration and the Lloyd’s programme of engagement. The latest edition of The Broker is soon to be uploaded at http://www.biba.org.uk/SearchResult.aspx?category=1&tag=The%20Broker%20magazine

According to a recent study by US scientists, the Arctic ice cap is on course for a record melt. During the past year a lot has been written about the North-west Passage and some of the images are spectacular (https://www.google.co.uk/search?q=North-west+passage&hl=en&client=firefox-a&hs=Uz1&rls=org.mozilla:en-US:official&prmd=imvnsu&tbm=isch&tbo=u&source=univ&sa=X&ei=78A8ULb_EqyU0QX18IHAAw&ved=0CDIQsAQ&biw=1366&bih=641). All of a sudden what used to be a dream is becoming a reality – even quicker than most people realise. Researchers in the States have recorded some surprising developments as can be followed at http://www.google.com/hostednews/afp/article/ALeqM5jCU2-OY6WzbPjltdFWE9iRzfLjsg?docId=CNG.42424dd304c1b4a76c82086b79c6e98f.2a1

The South African Insurance Industry Survey 2012 has been published by KPMG. A large part of this document discusses insurance in other African countries. The leading magazine, Cover, explains that at http://www.cover.co.za/news/insurers-targeting-africa-for-growth-and-margins

Every quarter our good friends Downunder, iNavigator, publish a review of the industry events, market news, expert advice and more on what is happening in the region in its Update. This is worth more than a cursory glance and can be studied at http://www.inavigator.com.au/ftproot/common/The%20iNav%20Team/Australia%20-%20iNavigator%20Quarterly%20Reviews/iNavigator%20Aust%20Quarterly%20Review%20July%202012.pdf

For most people Value Added Taxes, Goods & Services Tax and many more such drains on our disposable income are a fact of life. How much do you know about how other countries do it? Take China, for example, where a pilot plan of reform was implemented in Shanghai in January. How is it working? What has been the experience of those affected? To find out, please click on http://www.tmf-group.com/news/the_pilot_plan_of_collection_of_value_added_tax_in_china.aspx for a review by TMF Group

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

  • A cubic mile of fog is made up of less than a gallon of water
  • A full moon always rises at sunset