February 2011

Talk Around the Bazaar

As referred to in the Comment of the Month, the concept of Secondary Perils has been revealed by Swiss Re in their authoritative article on the flooding in Australia. We have this here and recommend this to all our readers: www.swissre.com/clients/insurers/Flooding_in_Australia_The_reality_of_a_secondary_peril.html

After a promising start, the opening up of the Brazilian insurance market has suffered a setback, as reported by ISN at http://www.isn-inc.com/news/news.aspx?nid=2566&cid=1 The SUSEP (Superintendência de Seguros Privados, part of the Ministry of Finance) gives an overview of the market before these latest developments at http://www.susep.gov.br/menuingles/about_bim.asp#about

As we keep on telling ourselves, the world is changing faster than ever – as are the risks. Aon continues to publish a very well researched Political Risks map which you can access here: http://insight.aon.com/content/2011PoliticalRiskMap The upgrades are just as interesting as the downgrades and the list of icons to get to the very heart of specific enquiries is most helpful

Another way to look at developments and trends in the global world of insurance and to see how to plan accordingly, is to log on to rating agencies, such as Fitch Ratings and read what they have to say – for example http://www.fitchratings.com/creditdesk/public/outlook.cfm?cm_sp=homepage-_-spotlight+1-_-Outlooks

The Sri Lanka Daily FT has written about the plan for Shanghai to create a national insurance exchange in Pudong http://www.ft.lk/2011/01/18/moves-afoot-in-china-to-set-up-insurance-exchange/

For six predictions on ways China will surprise the world, McKinsey has a challenge for you at https://www.mckinseyquarterly.com/Economic_Studies/Productivity_Performance/What_might_happen_in_China_this_year_2732

Japan and Mongolia are to strengthen their cooperation in insurance, thus contributing to the further development of both general insurance markets. They have just signed a Memorandum of Understanding to formalise the agreement. This follows the example set with the opening of a European-standard Yak cheese factory near Ulaanbataar, as reported in Mongolia-Web at http://www.mongolia-web.com/business/2953-european-standard-yak-cheese-factory-launched-in-gachuurt

For a while now, it had been hoped that the threshold for foreign ownership of Indian insurance companies would be increased from 26% to 49%. This will now have to wait a while, as recorded by the Times of India in http://timesofindia.indiatimes.com/business/india-business/Setback-for-FDI-hike-in-insurance/articleshow/7273249.cms

Thinking of relocating to …. Argentina? Well, there are few better places to live than Buenos Aires, as a glance at the following site will tell you http://www.buenosairestimes.com/index.php?option=com_content&task=blogcategory&id=103&Itemid=156 You will need to know something about the Healthcare system and here is some good information: http://www.justlanded.com/english/Argentina/Argentina-Guide/Health/Healthcare

Sequel, an insurance and reinsurance software specialist, has been researching key information on the Lloyd’s and London market. Their report on the top insurance concerns can be found at http://www.sequel.com/default.asp?V_ITEM_ID=313

We have several asides attributed to the late English comedian Tommy Cooper which most of our readers will doubtless appreciate:

  • I went to buy some camouflage trousers the other day, but I couldn’t find any
  • I went to the butchers the other day and bet him 50 quid that he couldn’t reach the meat off the top shelf. He said, “no, the steaks are too high”