July 2010

Spotlight – In international business, almost every market around the world does things in a different way. This often leads to misunderstandings and unfulfilled expectations. However, different does not need to mean difficult and knowledge of the needs and characteristics of specific geographic markets is an advantage to those who are active in the global economy. These articles help you understand different aspects of the insurance industry around the world, enabling those who do business there to feel more “at home, abroad.”

 

Recently, the international business world has been overwhelmed with news and revelations relating to the oil spill in the Gulf of Mexico. The reaction on many fronts has been caustic, to say the least. But somehow a well established global player has seen others try and humble them and BP shares have plummeted. Only now is one consequence of this becoming worryingly apparent: large pension funds in some countries have invested heavily in what was almost universally considered a “solid bet.” Many current and future pensioners have seen the value of their (planned) income plummet. Not good news. There many valid reasons for a lot of criticism of BP but the way the affair is being handled at some of the highest levels is beginning to stink.

 

We are lucky to have been offered the opportunity to publish an impartial perspective of what is being said and not being said and hope that this will encourage a more open and honest way in which the whole affair is being handled. We are grateful to Global Marine & Energy Loss Adjusters (www.gmela-ae.com) an organisation with both insurance and technical industry expertise in the offshore energy field for offshore construction, operating, drilling, processing and production risks. Any questions can addressed to Captain Terence Robinson at trobinson@gmela-ae.com

 

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