June 2015

Talk Around the Bazaar

According to Mr Alexander Buring in Sydney, evolving technology brings unseen dangers with it and this can manifest itself in many ways. This has been confirmed by our Commonwealth friends in Toronto where a panel of speakers has said that UberX and AirBNB can create vulnerabilities for Property & Casualty insurers. An example would be the cyber risk of hacking drivers’ and passenger information. Canadian Underwriter explains this in detail at http://www.canadianunderwriter.ca/news/uberx-and-airbnb-can-create-vulnerabilities-for-p-c-insurers-panel-hears/1003603022/?&er=NA

In China, the CIRC has set up its first earthquake insurance consortium with 45 insurers to cover residential properties in urban and rural areas. Initial cover is for residential buildings but it will be possible to insure contents, other property and personal injury. Of all the publications on this subject, the best came from Iran and can be accessed at http://www.irc.ac.ir/en/news/news.php?newsid=1804

Foreign insurers could be given full access to China with current geographical constraints lifted. It has been announced that with other changes soon to be carried out, it could be within 18 months that foreign insurers could get free rein across the country. The China Britain Business Council has the full story at http://www.cbbc.org/news/foreign-insurers-could-get-free-rein-across-china/

Leading Australian broker, JMD Ross has been making the headlines with their success in arranging Professional Indemnity insurance for consulting engineers and architects. They will not be giving away any secrets when you click on http://www.jmdrossprorisks.com.au/ but what you will get is access to a bespoke insurance product and a full review facility for professional services contracts and ongoing claims management, both of which are highly valued by clients.

Following the initiative taken by the Insurance Brokers’ Standards Council, the British Insurance Brokers’ Association is to team up with the IBSC to to work together and create a single voluntary code of conduct and guidance for brokers. A good move because otherwise we would have had the ideal recipe for conflicting standards and guidance. Insurance Age has a good article at http://www.insuranceage.co.uk/insurance-age/news/2408303/biba-2015-biba-and-ibsc-partner-on-joint-code-of-conduct

Insurance Age also has a thought-provoking article on rising prices during deflation. Read this and make up your own mind: http://www.insuranceage.co.uk/insurance-age/opinion/2406740/editors-letter-may-2015

If our readers are anything like their favourite editor, they will sometimes experience the embarrassment of not remembering someone’s name. From the news section of Brokerslink (http://www.brokerslink.com/news.php), we found the solution. Try this at https://hbr.org/video/2226820989001/how-to-remember-a-name

Worldwide Broker Network has appointed its president and chief operating officer and by clicking here http://www.wbnglobal.com/assets/Alerts%20&%20Announcements/Starnes%20Appointed%20President%20of%20WBN.pdf you will all about this welcome development

Another leading and very experienced international insurance, risk and claims management consultancy is Longdown | EIC with whom we collaborate for News items. Check their website at http://www.longdowneic.com/news.php and keep up to date with news from the oil, gas and energy world

Earlier this month, the Obama administration gave conditional approval to allow Shell to start drilling for oil off the Alaskan coast. The New York Times reports on this at http://www.nytimes.com/2015/05/12/us/white-house-gives-conditional-approval-for-shell-to-drill-in-arctic.html?_r=0 To get an idea of what drilling in extreme environments means for the insurance industry, Lloyd’s put out an authorititative document in 2011 which is as good now as it was then. This can be accessed at https://www.lloyds.com/~/media/lloyds/reports/emerging%20risk%20reports/lloyds%20drilling%20in%20extreme%20environments%20final3.pdf

It is the season underwriters dread: the Atlantic Hurricane Season and the exposure runs from June to November. For a good outline of what this is all about, go to Wikipedia at http://en.wikipedia.org/wiki/Atlantic_hurricane_season Then go to the National Hurricane Center http://www.nhc.noaa.gov/ to trace the progress of these windy destroyers. Next, consult the Weather Channel at http://www.weather.com/science/environment/news/climate-change-study-changing-intensity-number-hurricanes, Finally, as readers will know, the Pacific regularly gets terrible and fatal cyclones and typhoons; Wikipedia discusses this at http://en.wikipedia.org/wiki/2015_Pacific_hurricane_season

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Some Animal Cries

  • Cuckoos……….call “cuckoo”
  • Deer……………bell
  • Dogs……………bark, bay, howl, yelp

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