December 2010

Talk Around the Bazaar

What is the biggest difference in India between Life and non-Life product sales? Your guess is as good as ours but one major difference is the popularity of buying term assurance online. It cuts out the cost of intermediaries as Kampus OnLine will tell you at www.kni.in/news/news_detail.aspx?ID=47795

With a month to go before the year ends, 2010 has already been a record-breaking year for weather disasters with flooding and high temperatures in Pakistan and more, as related in the Bay Ledger News Zone www.blnz.com/news/2010/10/28/2010_exceptional_year_weather_disasters_d246.html

A new tax reduction in Thailand will encourage more people to buy pensions. Thai NewsLand can show you where to look at all Life products in the market, www.thainewsland.com/c20008-insurance

 While Turkey continues to seek openings for fruitful discussions on membership of the E.U., it is not ignoring its eastern neighbours. Earlier this month its Central Bank signed a Memorandum of Understanding with its Syrian counterpart                as reported by the Global Arab Network http://www.english.globalarabnetwork.com/201011057947/Finance/central-banks-of-syria-and-turkey-sign-mou-on-banking-supervision.html Both countries are members of the International Association of Insurance Supervisors (www.iaisweb.org/index.cfm?pageID=31) and it is a question of time before their Insurance Supervisors sign an MoU as well

Also this month, Guernsey signed one with Shanghai Municipal Financial Services Office. Read more at http://www.guernseyfinance.com/news_room/guernsey-signs-mou-with-shanghai

Every now and then, we hear of a company we had not come across before. Eastern Re is one such company and their website, http://www.vpkre.ru/en/ tells you a lot which some of you will find interesting

Further to calls for healthcare reforms, the Chinese government has announced plans which will open the door to insurers and hospitals to provide products to more than 1.3 billion citizens. McKinsey has an excellent report at https://www.mckinseyquarterly.com/Identifying_private-sector_opportunities_in_Chinese_health_care_2691

Even more changes are afoot as the Chinese banking regulator (CBRC) unveils new rules for the sale of insurance by banks. News Insurance .Com has more on this and other developments within the Chinese insurance market on http://www.news-insurances.com/regulation-china-sets-new-rules-for-banks-selling-insurance/0167469592

A further example of the affinity between politicians and hot air has arisen in the United States after the latest round of mid-term elections. According to Employee Benefit News, miffed at not being able to claim the high ground after a whole series of healthcare reforms was passed earlier this year, benefiting millions of poor Americans, Republicans are considering looking at measures to repeal significant aspects of the new legislation. This plan to waste huge amounts of money is discussed at http://ebn.benefitnews.com/news/five_gop_health_reform-2684660-1.html?ET=ebnbenefitnews:e982:2168467a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=EBN_inBrief_110810

The Federal Insurance Office plans to seek international cooperation, reported by BI at http://www.businessinsurance.com/apps/pbcs.dll/article?AID=/20101117/NEWS/101119943, should be followed up by further involvement in the International Association of Insurance Supervisors (http://www.iaisweb.org)

In a very encouraging interview, the Express Tribune in Pakistan foresees a doubling in the size of the country’s insurance industry in the next five years. It is worth looking at this at http://tribune.com.pk/story/72626/the-potential-of-pakistans-insurance-sector/

 In a good move for Algerians, AXA has been given approval to operate in the local market in partnership with local investors.  AXA’s wide range of products will be welcome. Ennahar OnLine has more at http://www.ennaharonline.com/en/news/5112.html

Swiss Re has developed a bespoke product for Vietnamese rice farmers in ten provinces, meaning that the farmers need worry less about losses caused by droughts, floods, etc as you can read at http://www.swissre.com/media/media_information/Vietnams_rice_farmers_to_get_loss_protection.html Hopefully this can be extended throughout the country

Meanwhile Generali has received a licence to sell Life assurance in Vietnam and to expand its representative office in Ho Chi Minh City into a full insurer, as reported by Reuters at http://uk.reuters.com/article/idUKLQ6558220090826

ISN has an interesting story on Space Weather at http://www.isn-inc.com/news/news.aspx?nid=2448&cid=4 which could excite insurers wishing to develop new products…

Here are a few more paraprosdokians, a figure of speech in which the latter part of a sentence or phrase is surprising or unexpected in a way which causes the reader or listener to re-frame or re-interpret the first part. It is frequently used for humorous or dramatic effect. For this reason, it is extremely popular among comedians and satirists. Further examples are:

  • When tempted to fight fire with fire, remember that the Fire Department usually uses water

 

  • A diplomat is someone who can tell you to go to hell in such a way that you will look forward to the trip