September 2011

Talk Around the Bazaar

CRO Networks is part of the Geneva Association and several times a year gatherings are organised allowing participants to share experiences and get to know their peers in the insurance industry. In November an event will be held in the Swiss town of Rüschlikon. The agenda has yet to be finalised but if it is anything like the one held last year (http://www.genevaassociation.org/PDF/Working_paper_series/1_GA_E&D_370_PROGRAMME_6th_CRO_Assembly.pdf), it will be riveting

Many CRO members will be attending Ri$k Capital 2011, a conference being held in Frankfurt later this month. For more information and to enrol, click here http://www.informaglobalevents.com/event/risk-capital-2011

According to Insurance Day, the French government is planning to introduce a Health Tax. Please see www.insuranceday.com/insday/news/Europe/home.htm?gclid=CPyf95ve9qoCFQcNtAodD2VvIg It would be interesting to see how this would have been received in the USA!

The Sydney Morning Herald reports a plan put forward by Per Capita think tank (www.percapita.org.au) to fund a national disability insurance scheme. Aussies would pay an average of A$15 a week for such a fund. Once again, we see that some countries can discuss welfare for its citizens without causing a constitutional crisis. For more on the proposal, go to http://www.smh.com.au/world/15-tax-levy-to-fund-disability-insurance-20110828-1jgmd.html

Cambodia is set to establish its first life insurance company. Cambusiness reports that four foreign companies are to join up with the government for this project. For further detail, go to http://cambodia-business.blogspot.com/2011/08/cambodia-establishes-first-life.html

Three of the four companies working with Cambodia are members of the Asia Insurance International Network (www.asiainsurance.com.hk) which has members in Hong Kong, China, Taiwan, Macau, Indonesia, the Philippines and Thailand

In the Channel Islands, Guernsey has received yet another plaudit for its role as a leading captive domicile. Here is the article for our readers, http://www.guernseyfinance.com/news_room/captive-insurance-research-paints-positive-picture-guernsey

The International Council for Commercial Arbitration (www.arbitration-icca.org/about.html) is about to issue the 66th Supplement to its International Handbook on Commercial Arbitration. This covers arbitral law and practice in over 70 countries and the contents listing is impressive as you can see at www.arbitration-icca.org/media/0/13123023286790/toc_final.pdf

Insurance Australia Group (IAG) is to buy a significant share of the Chinese insurance company, Bohai Property which was founded in 2005 in Tianjin. For details, please go to www.iag.com.au/news/shareholder/20110815_bohai_insurance.shtml

In Oman, the Al Madina Insurance Company has been granted approval by the Capital Market Authority (CMA, http://omancma.org/) to become the first Takaful company in the country. You can find more about the company at www.amgioman.com/en/aboutus.aspx

Not many countries can boast a Social Security system as simple as Turkey, whose investment agency can describe it on one page of A4, as you can see: http://www.invest.gov.tr/en-US/investmentguide/investorsguide/employeesandsocialsecurity/Pages/TurkishSocialSecuritySystem.aspx

New rules are soon to apply for drivers travelling between the U.A.E. and Oman. They will need an Orange Card as proof of insurance, as explained by SahilOnline http://www.sahilonline.org/english/newsDetails.php?cid=4&nid=11867

For those of you who are keen on Statistics, PIA member Wiadomości Ubezpieczeniowe, who we know as PIU, has a good set for our readers at http://www.piu.org.pl/statistics

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

  • The most common letters in the English language are: R, S, T, L, N and E
  • A  raindrop falls at approximately seven miles an hour