May 2010

Talk Around the Bazaar

From our friends at Captive Review Magazine, we hear of an extensive database of captive information, providing a rounded view of Captives in all domiciles. There also vital statistics and online functionality making the database very user-friendly. With the details it provides about a captive’s parent company, it can be used to source business or research clients. For a look, please go to http://www.captiveinsurancedata.com/

On the 1st April the mergers of Japan’s largest non-Life carriers took effect. Whilst this was not major news this year, the Financial Times did report the planned development last year at http://www.ft.com/cms/s/0/b74c84b8-e9b9-11dd-9535-0000779fd2ac.html

Early last month Insurance Services Network, ISN, announced the topics for the RIMS conference this month: Climate Change and Contingent Commissions. Did they know then what we know now? Since this was mentioned at http://www.isn-inc.com/news/news.aspx?nid=2060&cid=1  a certain natural catastrophe will have kept some of the speakers away

Few people realise just how many networks of independent brokers exist. Well, there are more than 25 and they are all different. They have similar goals and objectives but their structure and activities differ considerably. None has a name so frequently used as MAI (www.mai-cee.com), although it is closely pushed by WING (www.winginsurance.com) while others are linked to Titan goddesses such as EOS (www.eosrisq.com). Several have been around for more than 20 years, for example Assurex (www.assurexglobal.com), UNiBA Partners (www.uniba-partners.com) and WBN (www.wbnglobal.com). One has a very strong bank identity and the longest web address (https://wfis.wellsfargo.com/ProductServices/A%20to%20Z/WellsFargoGlobalBrokerNetwork/). Some, like IBN (www.intlben.com), TechAssure (www.techassure.com) and GAIN (www.global-avn) are very branch specific. There are regional groups like RiskCo (www.riskconet.com). Only one is based in Portugal: Brokers Link (www.brokerslink.org). Yet another maintains it is not a network, Globex (www.globexintl) and one of the newest, UNISONBrokers (www.unisonbrokers.com), has already become the second largest producer of non-Life insurance premiums in Germany 

Not to be outdone by President Obama, Indonesia is to launch a national insurance health plan. See the Jakarta Globe for more detail http://www.thejakartaglobe.com/business/indonesia-to-offer-health-plan-by-2014/366912

Meanwhile the China Post tells us how much a second generation health insurance programme will cost in Taiwan at http://www.chinapost.com.tw/taiwan/national/national-news/2010/04/04/251094/New-NHI.htm

We hear from TMF that that there is an immediate amnesty on undeclared Insurance Premium Tax or Stamp Duty in Greece.  There will be no penalties for any taxes due by foreign insurers if declared by 31 May 2010.  This also covers non-registered insurers. Given the exceptionally high penalty and interest rates in Greece, this is an ideal opportunity to submit any outstanding taxes. Any questions, please check their website at http://www.tmf-group.com/

Although Swaziland appears to be the only African country where Motor Third Party Liability insurance is not compulsory, the Democratic Republic of Congo looks like the only country where it is compulsory to insure School Children. AfriNet has more information at https://extranet.alexanderforbes.com/afrinet/Default.asp

At the end of 2009 there were 225 non-Life and 62 Life insurance companies operating within the Netherlands. This is almost one third less than ten years ago. DNB, in this case the Dutch National Bank, has tons of figures at http://www.statistics.dnb.nl/index.cgi?lang=uk&todo=Verzekeraars 

Shortly after its merger with Aioi and Nissay Dowa, Mitsui Sumitomo now known as the MS&AD Insurance Group Holdings, has entered the Chinese Life insurance market. For an overview of their global network, go to http://www.sumitomocorp.co.jp/english/company/point/index.html

Having spent a lot of money changing its name in the U.K. Aviva aims to win it back in an old stamping ground: Asia. Business Insurance documents this at http://www.businessinsurance.com/apps/pbcs.dll/article?AID=2010100409926

Following their takeover of market pioneer Global Risk Consultants in New Jersey (www.globalriskconsultants.com), TÜV SÜD (http://www.tuev-sued.de/home_en) based in Munich, will become the global market leader in independent property loss control consulting. All of the players in the insurance market will benefit by the continued existence of independent quality advisers

For those of you who think bungee jumping is scary, don’t even consider this Gazooberator introduced by ISN, http://www.tubewatcher.tv/198