September 2012

Spotlight – In international business, almost every market around the world does things in a different way. This often leads to misunderstandings and unfulfilled expectations. However, different does not need to mean difficult and knowledge of the needs and characteristics of specific geographic markets is an advantage to those who are active in the global economy. These articles help you understand different aspects of the insurance industry around the world, enabling those who do business there to feel more “at home, abroad.”

At the time of writing, the Gulf of Mexico is waiting for Tropical Storm Isaac to pass through and blow out. In fact, it was even Hurricane Isaac for a while when it hit Florida and Louisiana. It is anticipated that there will be a tremendous amount of rainfall, not to mention the wind-damage. In the Gulf itself, most of the oil and gas industry was closed own and residents of the two states have been busy boarding up their homes and stocking up on supplies. Obviously there are fears that there may be disastrous flooding and this is the acid test for the expensive flood defences put in place after Katrina in 2005.

What people need besides reassurances of safety is the knowledge that all of the planning and preparations of the past couple of years will bear fruit. In July the Insurance Information Institute in New York published a paper on Flood Insurance and the National Flood Insurance Program (NFIP). This discusses background, recent developments and key facts and figures. We are pleased to be able to provide the link to this timely and informative piece at http://www.iii.org/issues_updates/flood-insurance.html

Any comments or questions should be directed to Madine Singer at +1 212 346 5500 or Jeanne Salvatore at jeannes@iii.org