GEORGE GRISHIN OAKESHOTT INSURANCE
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Transcript of GEORGE GRISHIN OAKESHOTT INSURANCE
GEORGE GRISHINOAKESHOTT INSURANCE
ВПЕРЕД, К ИСТОКАМ!(or, MOVING AHEAD SOMETIMES Means
TAKING A STEP BACKWARDS)
MY PAPERIS CERTAINLY NOT
ON RESERVES INVESTMENT OPTIMISATIONWE AT OAKESHOTT ARE
INSURANCE AND REINSURANCE BROKERSIN UKRAINE SINCE 1994HAVE SEEN THE 1998 CRISIS –
BUT ALSO, THE MID-1990IES GROWTH WHICH SUSPICIOUSLY LOOKED LIKE CRISIS
SPEAKING ON WHAT WE KNOW BEST INSURANCE INDUSTRY IN UKRAINE AND THE CIS
BACK TO BASICS!?IN A LITTLE CORNISH VILLAGE POLPERRO...
...MY DAUGHTER FOUND A BOOK IN A PUBSOME ARTICLES of A WELL-KNOWN PUBLICISTTHE LESSONS OF THE CRISIS“THE...CRISIS HAS ALREADY DRAGGED ON
FOR ALMOST TWO YEARS...”“ONE NEED NOT BE A PROPHET
TO FORTELL THE INEVITABLE...CRASH”“CAPITALIST PRODUCTION CAN NOT DEVELOP
OTHERWISE THAN BY LEAPS AND BOUNDS...”“THE PRESS IS NOW DEMANDING
STRICTER SUPERVISION...OVER THE BANKS”.
YES. ISKRA, No.7, August 1901
BACK TO BASICS? NO, AHEAD TO BASICS!WHAT SHALL WE DO? PANIC?NO. WE HAVE A WELL-DEVELOPED INDUSTRY
WHICH IS NOW THROWN BACK TO WHERE IT WAS 6 YEARS AGO
BUT, IT ONLY STARTED IN 1991AND IT STILL REMEMBERS THE EARLY YEARS
– WHEN EVERY DAY WAS A CRISISTHE INDUSTRY IS USING THIS PERIOD
TO REGROUP AND LOOK AT THE BASICS
MAIN POINTS WORTH LOOKING INTO
STATEPARTNERS = REINSURERSPRODUCTSTARGET GROUPSDISTRIBUTION CHANNELSPEOPLE
STATENEARLY LEFT INSURANCE
IN THE MIDDLE OF THE CRISISSAVING BANKS FORGETTING ABOUT SOCIAL FUNCTION OF INSURANCE
FROZEN DEPOSITS – PATIENTS NOT PAID FOR IN HOSPITALS, “CHAINED TO BEDS”
BANCRUPTCY OF INSURERS LEADS «to the ruin and impoverishment of many merchants and traders... and to the great diminution of trade, wealth, strength and publick revenues of the kingdom”
10TH JUNE 1720, 6TH YEAR OF GI REIGN
INSURANCE MUST BE PROTECTED
WHAT DO WE EXPECT FROM THE STATE?
LAISSEZ-FAIRE ATTITUDE - AT LEAST IN ITS EAST-EUROPEAN SHAPE
LISTENING TO THE INDUSTRY NEEDSCHANGING REGULATION –
FROM CHECKING EVERY STEP TO LOOKING AT SOLVENCY
CHANGING REINSURANCE REGULATION – NOT JUST WITHIN WTO
REINSURERS ARE RATINGS STILL OF VALUE?EVALUATING
FUTURE POSITION OF YOUR RI PARTNERSIS UKRAINE TOO SMALL TO BE
CONSIDERED A WORTHWILE MARKET?STRAIGHTWORWARD LINES – PROPERTY,
CARGO – REINSURED IN THE WESTMORE DIFFICULT ONES –
RETRO, MARINE, LIABILITY – REJECTIONS
LIFTING RESTRICTIONS ON REGIONAL COOPERATION – WITHIN
CIS
PRODUCTS – CARGO OVERVIEW BY OAKESHOTT
RISKS (B, C) RUSSIAN UKRAINIAN ИНЫЕ ВАРИАНТЫ FPA WA
(NOT IN (C)) НАШ ВАРИАНТ
LS/DMG RSNB ATTRIBUTABLE TO
FIRE ОГОНЬ, ПОЖАР ПОЖЕЖА TT/PRLS
EXPLOSION ВЗРЫВ ВЫБУХ TT/PRLS
STRANDED V/C ? ВЫБРОС НА БЕРЕГ ? ВЫКИДАННЯ НА БЕРЕГ КАСАНИЕ ГРУНТА TT/PRLS
GROUNDED V/C ПОСАДКА НА МЕЛЬ ПОСАДКА НА МIЛИНУ TT/PRLS
SUNK V/C ЗАТОПЛЕНИЕ ЗАТОПЛЕННЯ СУДНО ТОНЕТ TT/PRLS
CAPSIZED V/C ОПРОКИДЫВАНИЕ ПЕРЕКИДАННЯ
OVERTURNING LN/CNV ПЕРЕВОРАЧИВАНИЕ ПЕРЕКИДАННЯ ПЕРЕВЕРТЫВН., ОПРОКИДВН.DERAILMENT LN/CNV СХОД С РЕЛЬС
COLLISION V/C/CNV W/ANY OBJECT СТОЛКНОВЕНИЕ ЗIТКНЕННЯ TTPRTL - CNV IN COLL. W/FLG ICE / OTOBJ
CONTACT V/C/CNV W/ANY OBJECT УДАР УДАР TTPRTL - CNV IN COLL. W/FLG ICE / OTOBJ
DISCHARGE / CGO PT/DISTRESS
ВЫГРУЗКА В ПОРТУ-УБЕЖИЩЕ ...В ПОРТУ ВЫМУШНОГО ЗАХОДА
+ SPECCHGS AT INTERMED PR/CALL OR DISTRESS
EARTHQUAKE ЗЕМЛЕТРЯСЕНИЕ ЗЕМЛЕТРУС TT/CTL +PRTLL
VOLCANIC ERUPTIONИЗВЕРЖЕНИЕ ВУЛКАНА ВИВЕРЖЕННЯ ВУЛКАНУ
LIGHTNING МОЛНИЯ УДАР БЛИСКАВКИ УДАР МОЛНИИ
TT/CTL + PRTL STRND/GRND/SUNK/BURNT +PRTLL
1.2 LS/DMG CAUSED BY
GENERAL AVERAGE SACRIFICEОБЩЕАВАР. ПОЖЕРТВОВАНИЕ X
JETTISON ВЫБРАСЫВАНИЕ ЗА БОРТ СКИДАННЯ
WASHING OVERBOARD СМЫВ ВОЛНОЙ ЗМИТТЯ ЗА БОРТ
ENTRY OF WATER ПРОНИКНОВЕНИЕ ВОДЫ ПРОНИКНЕННЯ ВОДИ
LOST OVERBOARD PACKAGE - TL ПАДЕНИЕ ЗА БОРТ
PACKAGE DROPED WHILST - TL ПАДЕНИЕ ГРУЗА ВО ВРЕМЯ ПАДИННЯ
TT/PRTL - ENTPCG FLLG IN SEA DURG LD/TRSH/DSCH
PRODUCTS – A REVIEW REQUIRED UNIFIED TERMS AND CONDITIONS –
ONLY NOW BEING OUSTED IN EU THROUGH BER POSSIBLE NON-RENEWAL
ARE VITAL BUT NOT LEGAL IN THE CISCARGO – 1963 AND 1982 USEDOFTEN OLDER TERMS USED
UNDER THE GUISE OF THE NEWER HEADINGSABC TERMINOLOGY
WHERE COVER IS ON FPA/WA/AR BASISNEED FOR MARKET-WIDE AGREEMENTS
ON FIRE / CAR / MOTORCAR / EAR – THE ONLY BRANCH WHERE CHANGES
ARE ON THE WAY – BRAVO, IRINA!
BANKS-ATTACHED OR OPEN MARKET?
TOO MUCH CAPTIVE BANK-PRODUCED BUSINESS
“BANCASSURANCE” MORTGAGE-DEPENDANT INSURERS SUFFERING
HIGH TIME TO START WORKING SERIOUSLY ON THE OPEN MARKET
STARTINwww.siblu.comG WITH BASICS AGAIN – EDUCATING THE PUBLIC AT LARGE
LUCKILY, LOTS IS DONE IN UKRAINE ON TV AND RADIO
TOO MANY INSURERS SIT DOWN AND MOCK THE FORM, NOT THE IDEA
RAISING INSUREDS’ STANDARDS and AWARENESS
JUST A LITTLE PRACTICAL EXAMPLE A POTENTIAL ASSURED CALLS FROM SINGAPORE
HAVING RECEIVED MY DETAILS FROM A FRIEND IN SWEDEN WITH WHOM THEY USED TO WORK IN VIETNAM
A DRILLING RIG NOW INSURED BY INDIAN PARTNERS
FOR US$ 100 OR 120 MILLION (HE IS NOT CERTAIN)
COVER NEEDED IN A WEEK’S TIME WE SEARCH THE MARKET HIGH AND LOW IN TWO DAYS THE H.O. CALLS SAYING THEY HAVE COVERED HER
FOR...
US DOLLARS 2 MILLION AS THEY ARE IN THE TIMES OF CRISIS AND NOBODY TELLS THEM TO INSURE HER FOR HER FULL VALUE BUT, WHEN SHE STARTS DRILLING,
THEY WILL THINK ABOUT GETTING BACK TO THE REAL VALUE
DISTRIBUTION CHANNELSBROKERS AND AGENTS REGULATIONNOT TAXING THEM DOWN STRUGGLE FOR REGIONAL OFFICES
TRANSFORMED INTO DROPPING SOME REGIONS ALTOGETHER
DIRECT / INTERNET SALES – A NEW DEVELOPMENT
HINDERED BY LACK OF PAYMENT MEANS
TIME TO GET EDUCATED AND TRAINED STAFFINDUSTRY-WIDE STANDARDSREQUESTING NOT
THE HIGHER EDUCATION DIPLOMA BUT PRACTICAL EXPERIENCE
GETTING IN CLOSER TOUCH WITH UNIVERSITIES
MORE HELP FROM THE WESTERN PARTNERSTRAINING MIDDLE LEVEL PERSONNEL,
NOT TOP MANAGERS“ARE THERE ANY NON-OVERPRICED
INSURANCE / RI COURSES IN LONDON”, WE ARE OFTEN ASKED
UNITED WE STAND!
NOTHING TO DO WITH THE INCIDENT IN ROME A WEEK
AGO
LET’S START TOMORROWTHANK YOU!