November 2014

Talk Around the Bazaar

Amidst the whirlwind of activities, new ventures, corporate changes and many well-known personalities retiring and re-appearing Phoenix-like in the livery of previous competitors in the traditional markets across the globe, it is refreshing to see some new names and venues easing gradually into the insurance and reinsurance scene. As some of the Balkan countries are getting used to being in or about to join the European Union, they are becoming more acceptable terrain for cautious business ventures. One of the latest is Europa Reinsurance Facility Ltd. Based in Switzerland, Europa Re has just started operations in Serbia. Amongst those to applaud this development were officials from Serbia, Macedonia and the World Bank. B92.net reported on this at http://www.b92.net/eng/news/region.php?yyyy=2014&mm=10&dd=03&nav_id=91783

As is its wont, Captive International is pretty good at getting early news into the media. One such piece of news will strike a chord with many risk and insurance managers who have recently complained about the lack of transparency surrounding compliance with local tax regulations. Fiscal Reps has launched a new product aimed at providing the US industry with a single solution to manage all of its tax and regulatory requirements. A good start, as readers can see at http://www.captiveinternational.com/news/fiscalreps-launches-tax-compliance-product-893?utm_source=Insurance&utm_campaign=19ab0d3aeb-Captive_Weekly_News_06_10_2014&utm_medium=email&utm_term=0_f246694353-19ab0d3aeb-27166897 What we want next is for other countries to be included and for this information to be coupled with other aspects of compliance like Admitted/Non-admitted – ISN and Axco being the logical partners

There may be 26 Coverholders placing business in Lloyd’s from the Netherlands but up until recently, there were none from Mexico. This has changed with the entrance of Reasinter into the reinsurance arena. Intelligent Insurer has a good article at http://www.intelligentinsurer.com/news/lloyd-s-approves-first-coverholder-in-mexico-3807?utm_source=Insurance&utm_campaign=1ecdc0e2cc-Intelligent_Insurer_Daily_13_10_2014&utm_medium=email&utm_term=0_f246694353-1ecdc0e2cc-27166897

Another first for Lloyd’s is the approval of Türker Brokers in Istanbul as the first broker in Turkey to become a Lloyd’s broker.  Once again, Intelligent Insurer has the scoop at http://www.intelligentinsurer.com/news/first-turkish-broker-approved-by-lloyd-s-3949

Guernsey has solidified its position as one of the top three specialist financial centres in the world in the latest global rankings issued by trade title The Banker. While Guernsey has maintained its position from last year, which means the Island stays third behind the Cayman Islands and Jersey, the rankings show that Guernsey has closed the gap on both of those jurisdictions. Indeed, Guernsey has seen the third biggest increase in its score out of all 14 specialist finance centres ranked by The Banker. Only Mauritius and the Isle of Man, who moved up to fifth and sixth in the rankings respectively, saw a greater increase in score than Guernsey. For more detail, please go to the Guernsey Finance website at http://www.guernseyfinance.com/press-room/news/2014/10/rankings-confirm-guernsey-as-a-leading-specialist-finance-centre/

Mention the word “intruder” to most home-owners and chances are they will expect to see some furtive-looking scoundrel clambering over the back fence after midnight. This term, however, now applies to outsiders muscling into the insurance market, usually in the form of a well-known household name trying something new. Our keen-eyed Aussie friends of the Sydney Daily Telegraph tell us all about what Ikea is doing in Sweden. You don’t need to speak Strine to read their report at http://www.dailytelegraph.com.au/business/breaking-news/ikea-enters-insurance-sector/story-fnn9c0gv-1227084395427

A recent announcement in the Middle East tells us the all residents in the UAE will soon have health insurance. This follows moves in one of the Emirates, Dubai, where the first phase of mandatory health insurance is nearly complete and another, Abu Dhabi, introduced compulsory healthcare for workers in 2006. The National has more facts at http://www.thenational.ae/uae/health/calls-for-northern-emirates-to-get-health-cover

We do not hear much about the Global Federation of Insurance Associations (http://www.gfiainsurance.org/en/) which is a pity. When you look at the list of illustrious members and find the Dutch Associations of Insurers (Verbond van Verzekeraars, https://www.verzekeraars.nl/en/Paginas/Home.aspx), Insurance Europe (http://www.insuranceeurope.eu/), the Association of British Insurers (www.abi.org.uk) and many more, you will wish the two year old organisation “Happy Birthday and we hope to see and hear more from you!”

Our English PIA member, Post, has recently issued an excellent insight into the Marine Insurance Industry. It might take readers a few clicks through Insurance Hound to get there, but the read is well worth the trouble. Please do this from http://www.insurancehound.co.uk/abstract/marine-insurance-keel-23076?utm_campaign=RSS&utm_medium=RSS

Not satisfied with just one mention in WoRdS, Insurance Hound has deserved another one with an absolute wealth of information on The London Company Market STATISTICS REPORT 2014 prepared by the International Underwriting Association (http://www.iua.co.uk/). There are various ways to access this information, try this one at  http://www.insurancehound.co.uk/abstract/london-company-market-statistics-report-october-2014-23113?utm_campaign=RSS&utm_medium=RSS

Famous quotations. Here are some words of wisdom which have survived the passage of time…

  • “All celebrated people lose dignity on a close view” – Napoleon Bonaparte
  • “Good judgement comes from experience, and experience – well, that comes from poor judgement” – Anon