September 2015

TALK AROUND THE BAZAAR

Last month, we reported on the farcical news that Guernsey had been entered onto a European blacklist by the European Commission and branded “non-cooperative.” This has now been reversed and although we cannot take credit for this, those with egg on their face need a good telling-off. Guernsey Finance has the full story at http://www.guernseyfinance.com/press-room/news/2015/08/eu-confirms-its-endorsement-of-guernsey/

The Insurance Federation of Egypt expects to set up a natural disaster insurance scheme in the country by the end of 2015. This has been reported in many places and the news comes from Middle East Insurance Review at http://www.meinsurancereview.com/News/View-NewsLetter-Article/id/33478/type/MiddleEast/Egypt-Disaster-insurance-scheme-may-take-effect-by-year-end

Not to be outdone, the Turkish Catastrophe Insurance Pool is targeting up to US$200 million of collateralised earthquake reinsurance protection from its new vehicle, Bosphorus Ltd. As usual, the well-informed Artemis has the full story at http://www.artemis.bm/blog/2015/08/07/tcip-targets-up-to-200m-with-bosphorus-2015-1-cat-bond/

Hundreds of model policy wordings used by the London market may require amendment in light of the new Insurance Act, according to the Lloyd’s Market Association. The Act, which received Royal Assent in February, and is due to come into force on the 12th August 2016, will prohibit the use of basis-of-contract clauses and alter the way warranties currently operate. LMA’s press release has news of what will most likely be quite a task and this can be viewed at http://www.lmalloyds.com/LMA/News/Latest_news/Web/News_room/Releases/PR_2015/Insurance_Act_prompts_wide_scale_wordings_review.aspx

With typhoons in the Philippines, droughts in Cuba, floods in Myanmar and explosions in China, natural and man-made disasters and losses, and the resultant economic burden on governments continue to rise. This is one reason why a Chinese property company plans to form a reinsurance company. Certainly as China becomes one of the world’s largest insurance markets, reinsurance companies in China are few and far between. For further information on the background to this story, Intelligent Insurer has its usual grasp of the facts at http://www.intelligentinsurer.com/news/chinese-property-firm-plots-big-asian-reinsurance-start-up-6228?utm_source=Insurance&utm_campaign=96a7dbfd1a-Intelligent_Insurer_Daily_14_08_2015&utm_medium=email&utm_term=0_f246694353-96a7dbfd1a-27166897

The recent disaster at an airshow in England has highlighted once again the need for cancellation insurance. What are the issues one needs to look into? What risks are you running? Our good friends at JMD Ross have shown how to seek cover for show stoppers and this can be accessed at http://www.jmdross.com.au/insurance/seek-cover-for-show-stoppers/

Many of our readers will remember the earthquake in Christchurch in 2011. Many of those whose properties were destroyed will remember that for various reasons one of which has been the belaboured claims handling. No-one wants a repeat of anything like this and the Insurance Council of New Zealand has listened to the huge number of complaints and has revised its Fair Insurance Code. They discuss this at http://www.icnz.org.nz/

India has one of the highest rates of kidnapping for ransom in the world. This is reported by mydigitalfc at http://www.mydigitalfc.com/insurance/demand-kidnap-ransom-insurance-covers-picking-869 For an overview of insurance solutions, GMG Underwriters has some good ideas and these can be seen at http://www.gmgunderwriters.com/Site/550199680/default.asp

Even if its insurance potential is relatively small, Vietnam’s insurance market grew by a surprising 23% in the year ending mid 2015. That is quite something and Asia Insurance Review discusses this at http://www.asiainsurancereview.com/News/View-NewsLetter-Article/id/33661/Type/eDaily/Vietnam-Insurance-market-showing-robust-growth

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Some Animal Cries

  • Foxes…………..bark, yelp
  • Geese………….cackle, hiss, honk
  • Goldfinches……twinkle

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