June 2010

Talk Around the Bazaar

BNP Paribas has entered the Taiwan life assurance market, making it the 31st life carrier on the island. They have a colourful and informative website at www.taiwan.bnpparibas.com/en/home/default.asp

Pat Ryan, the former chairman of Aon has founded RSG which will focus on Managing General Agents and Underwriters. For a full review of their offerings, go to http://www.ryansg.com

New rules may see insurers relocating outside the European Union as http://business.scotsman.com/business/New-rules-could-see-insurers.6287837.jp will tell you. Chances are, if they are not American, they will not be looking at the United States because of a possible US$17 billion in tax increases under a House bill and stricter state-level oversight in a proposed amendment to the financial regulatory reform measure

Lloyd’s has been granted a licence to write direct insurance in China. For more information about what else this market is up to, look at www.lloyds.com

In Australia, the eternal discussion on Stamp Duty and Fire Service Levies continues to be a good old yarn. For those who want to know more about key facts and figures, PWC has a good booklet at http://www.pwc.com.au/industry/insurance/assets/FactsFigures-Insurance-Brokers-Apr10.pdf

Last month we talked about networks of independent insurance brokers but there also networks of insurance companies like INI (www.ininetwork.com) and Life and Employee  Benefits pooling networks including Insurope (www.insurope.com),  ING Global Benefits Network (www.ingemployeebenefits.com) , IGP/John Hancock (www.igpinfo.com), Zurich (www.zurich.com/corporatebusiness/solutionsandservices/zebninternationalpooling/poolingnetwork.htm), Maxis (www.maxisnetwork.com), GEB Generali (www.geb.generali.com), All Net (www.allianz.com/en/customer_solutions/employee_solutions/page1.html), Aegon (www.aegonglobalpensions.com), Swiss Life (www.swisslife.com), and Eurapco (www.eurapco.com). For a matrix of which countries they are in, Towers Watson can help at http://www.towerswatson.com/assets/pdf/1340/NA_2010_15661.pdf  

TMF (www.tmf-group.com/en/Algemeen/about-us.html) very helpfully advises us of alterations in Insurance Premium Tax and VAT but we thought that a recent publication about the Democratic Republic of Congo would make interesting reading at http://www.taxrates.cc/html/congo-democratic-republic-tax.html

About this time every year, we advise readers on what the experts think will happen during the Hurricane Season. This year, TRS has forecasts and information on basic risk awareness on their website at http://www.tropicalstormrisk.com/ and the example for Atlantic activity is very well researched to say the least and www.tropicalstormrisk.com/tracker/dynamic/main.html is worth installing!

Following on from this and our previous Comment of the Month, ISN has a very readable article on future volcanic eruptions and possible flight disruption at http://www.isn-inc.com/news/news.aspx?nid=2152&cid=4  

The London insurance market is famed for its ability to cater for new ideas and creative solutions. One such niche player has teamed up with a London broker to provide affordable insurance solutions for Intellectual Property and other Intangible Risks such as Infringement Liability and Defence. Go to www.samian-underwriting.com for more information

On the 15th-16th June, the Kurdistan Region Trade and Investment Conference is to be held in London. This will offer unparalleled access to key Kurdistan Regional Government decision makers. Keynote speakers include the Prime Minister, government ministers, investors, representatives of the private sector and regional and economic experts. The Conference will be chaired by Bayan Sami Abdul Rahman, KRG High Representative to the U.K. For more information, please see www.kurdistanconference.com