March 2010

Insure Direct (Brokers) LLC, a Dubai-based leading supplier of insurance broking services, was recently named the Commercial Lines Broker of the Year at the inaugural Gulf Insurance Awards instituted by Gulf Insurance Review (GIR). GIR introduced the Gulf Insurance Awards to recognise the achievements made by players in the insurance industry. Late last year Insure Direct (www.insuredirect.ae/index/) merged with Independent Risk Solutions BV in Rotterdam (www.irs-risksolutions.nl) . Insure Direct continually hauls in prestigious awards and with their Dutch connection must now be regarded as the go-to broker in the region

The Securities & Exchange Commission of Pakistan (SECP), Pakistan’s insurance regulator has issued guidelines for bancassurance. It has set a code of conduct for banks and sales persons, as well as provided guidance on premium collection, claims, pricing, and banks’ remuneration. For more information on the SECP, go to www.secp.gov.pk/divisions/Portal_Insurance/insurance_about.asp

According to the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS), the Swiss reinsurance regulatory regime is equivalent to that applying to European Union reinsurers under the E.U.’s reinsurance directive. This is another example of Switzerland allying itself to the E.U. For more information, please go to http://www.ceiops.eu/media/files/pressreleases/20100201-CEIOPS-finds-Swiss-equivalent.pdf

Following our report on the latest developments relating to the proposed revival of the New York Insurance Exchange, even Lloyd’s is willing to help out. Business Insurance has a good article at http://www.businessinsurance.com/article/20100223/NEWS/100229968

The face of the Indonesian healthcare insurance sector is about to change with the arrival of the telecom giant, PT Telekomunicasi taking a large stake in Admedika, an electronic healthcare network. For more information about these two organisations, see http://www.telecomasia.net/content/telkom-pushes-healthcare-admedika-deal?section=INSIDETA&utm_source=lyris&utm_medium=website&utm_content=&utm_campaign=INSIDETA

Another telecom behemoth, this time in Japan, KDDI has joined up with Aioi to establish a non-Life insurer. If you look at Aioi’s website http://www.ioi-sonpo.co.jp/en/comp_profile.html you will find many well-known names who have disappeared from the local scene

Gen Re has opened a Life/Health reinsurance operation in Japan. See http://www.genre.com/pressrel/PressProfile/0,1020,site%253Dgcr-en%2526ref%253Dpressrel141-en,00.html for more information

Still in Japan (well, partly), Sony Life has just established its first Life reinsurance company – in Bermuda. For a list of licensed entities there, open http://www.bma.bm/insurance/licensed-entities.asp

Through Nile Family Takaful Co and Nile General Takaful Co, Tokyo Marine has been operating in Egypt since January this year. Further details can be found at http://www.ekholding.com/Content.aspx?Show=24

In Kuwait a new company is to be set up to take over the government’s role in providing Health insurance. The following website shows a list of all insurance companies operating in Kuwait http://www.economywatch.com/insurance/kuwait-insurance-companies.html

Not much is known about the insurance market in Bangladesh but a look at the following information will help http://www.finreg21.com/news/bangladesh-govt-place-insurance-cos-under-finance-ministry In addition, Healthcare and Agriculture insurance will be the focus of the insurance industry after the establishment of the Insurance Regulatory Authority

Recently in Labuan, Malaysia’s insurance and financial services arm, there has been sweeping new legislation to enhance the island’s competitive edge in the world’s financial markets. A good look at the Labuan IBFC is well worth the effort http://www.labuanibfc.my/

The Vietnamese insurer Petrovietnam Insurance JSC (PVI) has been assigned a B+ (Good) financial strength rating by AM Best & Co and an issuer credit rating of bbb-. The market has reacted very positively to these announcements. PVI is the insurance arm of Petrovietnam Group (PVN), the national oil and gas company of Vietnam. Please refer to http://www.pvi.com.vn/en/news.aspx?arId=45&GrpId=1&cms_action=3 for more information on PVI

Our friends at ISN and JMD Ross have put together some excellent information on the insurance, and especially Fire Service Levies and Stamp Duties in Australia: http://www.isn-inc.com/countryinfo/australia.aspx