July 2011

Talk Around the Bazaar

In the United Kingdom, the Bribery Act becomes effective on the 1st July. According to the IUA (the International Underwriting Association), it creates new offences and penalties which make the country one of the toughest jurisdictions for bribery legislation in the world. It is a far-reaching attempt at creating transparency in the payment and receipt of fees and commissions. For a quick outline from the IUA, go to http://www.iua.co.uk/IUA_Test/Press/Press_Releases/Insurers_must_beware_new_Bribery_Act__warns_IUA.aspx and for more about the IUA itself, just click back to their main website

The Insurance Information Institute (III) has issued its verdict on the first quarter 2011, stating that the property/casualty insurance industry turned in a mixed performance.  This well-documented and thoughtful review can be accessed in its entirety at http://www.iii.org/articles/2011-first-quarter-results.html

In a move to facilitate the proof of insurance required by traffic authorities, Qatar General & Reinsurance Co (QGIRCO, www.qgirco.com) is to issue a card with pertinent details of their motor insurance. This wise move is reported Gulf Base at http://www.gulfbase.com/site/news/QGIRCO-issues-plastic-cards-for-motor-insurance-policies_178748.aspx

Just as we were wondering what will Wimbledon serve up after the Champagne runs out, Taiwan’s Bubble Tea is about to take on the world. For more about this tea-revolution, go to www.taiwantoday.tw/ct.asp?xItem=165731&CtNode=429

We regularly receive excellent information from iNavigator (www.inavigator.com.au) and one such thought-provoking article was a paper prepared for the recent ProRisk Seminar by DLA Piper in Australia. The message here applies in equal measure to other countries as well and can be accessed at http://www.inavigator.com.au/ftproot/common/Technical%20Centre/insurance%20solutions/insurance%20of%20liabilities/contractual%20liabilities/ProRisk%20Seminar%20Contract%20Reviews.pdf

How many of you know who or what is Visegrad? However you answer, it is interesting to see how countries of the Central European region work together in a number of fields of common interest. The “V4” countries are the Czech Republic, Hungary, Poland and Slovakia and the aim is to encourage cooperation with neighbouring countries and to enhance democratic development. For more information, please go to www.visegradgroup.eu/main.php?folderID=858

Zurich is to open up a reinsurance unit in Brazil. Just when there is increasing uncertainty about the government’s intentions to continue opening up the Brazilian insurance market, a big player is moving in. Business Insurance has a good report at http://www.businessinsurance.com/apps/pbcs.dll/article?AID=/20110614/NEWS01/110619958/1247

According to the Sunday Observer in Sri Lanka, the country’s reinsurer, the National Insurance Trust Fund (NITF, www.nitf.lk/HOME.html) is to expand its activities to Bangladesh and the Maldives. Read more at www.sundayobserver.lk/2011/06/12/new27.asp

Earthquakes are continuing to plague Christchurch and much of the news can be monitored at http://canterbury.eqc.govt.nz/ as well as the website of the Earthquake Commission (www.eqc.govt.nz) which provides a lot of information about how our friends prepare for and handle these disastrous events

For a look at how a catastrophe risk modelling firm looks at this, check www.eqecat.com/catWatchREV/secureSite/report.cfm?id=303

In accordance with its name, the Mongolia Growth Group is to write property and casualty insurance in… Mongolia. Based in Thunder Bay, the firm has at last received a licence to operate in Mongolia,  http://www.cnq.ca/Storage/1371/124843_Mongolia_Growth_Group_Announces_Insurance_License_June_20_2011.pdf There are fifteen non-Life insurance companies there, mainly to insure emerging private industrial groups

The Hong Kong government has announced that it will establish an Independent Insurance Authority (IIA). It may be news to some that the China Insurance Regulatory Commission (CIRC) is not involved but the report at http://www.info.gov.hk/gia/general/201106/24/P201106240157.htm gives a good outline of what is planned

Did you know? Here are some interesting facts which could come in handy to know…

  • The smallest unit of time is called a yoctosecond
  • A normal raindrop falls at about seven miles an hour