May 2015

Talk Around the Bazaar

The Capital Market Authority in Oman has unveiled draft regulation to enhance the role of brokers in the country. Apart from compulsory lines, Oman does not have a high insurance penetration. Anything to help the population to benefit from the sophisticated products out there is welcome. The Times of Oman looks at what is proposed in their article http://www.timesofoman.com/News/49863/Article-Market-regulator-unveils-draft-regulation-for-Omans-insurance-brokerage-firms

Standard Syndicate (Syndicate 1884) has commenced underwriting at Lloyd’s with a range of specialist cover targeting ship-owners. The syndicate, launched by leading marine P&I mutual insurer The Standard Club, is managed by Charles Taylor Managing Agency. This development allays concerns that the current wave of consolidation in the international insurance and reinsurance industry could lead to a dangerous concentration of existing capital at Lloyd’s.  Intelligent Insurer has more detail at http://www.intelligentinsurer.com/news/standard-syndicate-begins-underwriting-5274

The Financial Conduct Authority in the United Kingdom has launched a new Market Oversight Division aimed at combating market abuse. Linklaters reviews this at http://www.linklaters.com/Insights/Publication1005Newsletter/UK-Corporate-Update-16-April-2015/Pages/New-Market-Oversight-Division.aspx

The Council of Ministers of Finance of Central America, Panama and the Dominican Republic and the CCRIF SPC, formerly known as the Caribbean Catastrophe Risk Insurance Facility, have signed a memorandum of understanding which enables Central American countries to join the facility to access sovereign catastrophe risk insurance. This is good news for all in the region. Artemis has an excellent overview of what this encompasses at http://www.artemis.bm/blog/2015/04/20/ccrif-spc-opens-to-central-america-nicaragua-first-to-sign-up/

The New Zealand government has selected a panel of five insurance brokers to help implement and manage a new programme aimed at consolidating insurance contracts across different agencies. A minister is quoted as saying, “the panel will bring better oversight of risk, risk management and risk financing, and create consistent best-practice approach.” Read an article by Interest.co.nz and see what is planned at https://www.interest.co.nz/insurance/75117/panel-5-insurance-brokers-named-help-govt-agencies-consolidate-their-insurance

At the recent Steadfast Convention held in Adelaide, delegates who visited the iNavigator stand were given the chance to test their skills as an expert and if successful to be in the draw for a chance to win their choice of some great premiums wines. A tough question was answered by a well-informed broker as you can see at http://www.inavigator.com.au/members/DocMng/st_Main.asp?ProjID=102&page=9159&mem={BC01BE8C-DF43-41DD-8507-CDE17AF0AF5C} and click on Wine Competition.

Private insurers in Myanmar must brace for foreign competition as the insurance market gets ready to open up to foreign firms. That is easier said than done because they have no sound foundation as their emergence happened recently. The Nation reports on this at http://www.nationmultimedia.com/aec/Insurance-firms-told-to-brace-for-foreign-competit-30258451.html and the underlying message is that foreign capital and expertise will prove beneficial to the people and the insurance market

Earthquake in the Netherlands are man-made, it would appear. After several years of earthquakes in the province, residents of some towns and villages have reacted with relief that a Judge announced the suspension of gas production which was linked to damage to their homes. This is a touchy subject for companies exploiting Europe’s largest gas field and the people whose complaints were so often dismissed. Euractiv puts it all into perspective at http://www.euractiv.com/sections/energy/dutch-denounce-gas-extraction-groningen-313795

Lloyd’s has received authorisation to write insurance business in Finland on an establishment basis. For the announcement and the name of the General Representative, click here: http://www.lloyds.com/~/media/files/the%20market/communications/market%20bulletins/2015/04/y4892.pdf#search=%27Finland%27

Every two weeks, a coastal tanker is high-jacked in south-east Asia. The region’s share in global PAR (Piracy and Armed Robbery) statistics is rapidly increasing as the number of attacks in other parts of the world – most notably the Gulf of Aden – continues to decline. The ICC Commercial Crime Services reports this at https://icc-ccs.org/news/1096-report-piracy-and-armed-robbery-against-ships-q1-2015 The International Maritime Bureau Piracy Reporting Centre has its hands full and there is a good section on the ICC website about reporting procedures and this can be accessed at https://icc-ccs.org/piracy-reporting-centre

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Some Animal Cries

  • Calves………….bleat, blear
  • Chaffinches……chirp, pink
  • Crows……………caw

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