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GEORGE GRISHIN OAKESHOTT INSURANCE

GEORGE GRISHIN OAKESHOTT INSURANCE. ВПЕРЕД, К ИСТОКАМ! ( or, MOVING AHEAD SOMETIMES Means TAKING A STEP BACKWARDS). MY PAPER. IS CERTAINLY NOT ON RESERVES INVESTMENT OPTIMISATION WE AT OAKESHOTT ARE INSURANCE AND REINSURANCE BROKERS IN UKRAINE SINCE 1994

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GEORGE GRISHIN OAKESHOTT INSURANCE

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  1. GEORGE GRISHINOAKESHOTT INSURANCE ВПЕРЕД, К ИСТОКАМ! (or, MOVING AHEAD SOMETIMES Means TAKING A STEP BACKWARDS)

  2. MY PAPER • IS CERTAINLY NOT ON RESERVES INVESTMENT OPTIMISATION • WE AT OAKESHOTT ARE INSURANCE AND REINSURANCE BROKERS • IN UKRAINE SINCE 1994 • HAVE 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

  3. BACK TO BASICS!?IN A LITTLE CORNISH VILLAGE POLPERRO...

  4. ...MY DAUGHTER FOUND A BOOK IN A PUB • SOME ARTICLES of A WELL-KNOWN PUBLICIST • THE 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”.

  5. YES. ISKRA, No.7, August 1901

  6. 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 1991 • AND IT STILL REMEMBERS THE EARLY YEARS – WHEN EVERY DAY WAS A CRISIS • THE INDUSTRY IS USING THIS PERIOD TO REGROUP AND LOOK AT THE BASICS

  7. MAIN POINTS WORTH LOOKING INTO • STATE • PARTNERS = REINSURERS • PRODUCTS • TARGET GROUPS • DISTRIBUTION CHANNELS • PEOPLE

  8. STATE • NEARLY LEFT INSURANCE IN THE MIDDLE OF THE CRISIS • SAVING BANKS FORGETTING ABOUT SOCIAL FUNCTION OF INSURANCE • FROZEN DEPOSITS – PATIENTS NOT PAID FOR IN HOSPITALS, “CHAINED TO BEDS”

  9. 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

  10. WHAT DO WE EXPECT FROM THE STATE? • LAISSEZ-FAIRE ATTITUDE - AT LEAST IN ITS EAST-EUROPEAN SHAPE • LISTENING TO THE INDUSTRY NEEDS • CHANGING REGULATION – FROM CHECKING EVERY STEP TO LOOKING AT SOLVENCY • CHANGING REINSURANCE REGULATION – NOT JUST WITHIN WTO

  11. REINSURERS • ARE RATINGS STILL OF VALUE? • EVALUATING FUTURE POSITION OF YOUR RI PARTNERS • IS UKRAINE TOO SMALL TO BE CONSIDERED A WORTHWILE MARKET? • STRAIGHTWORWARD LINES – PROPERTY, CARGO – REINSURED IN THE WEST • MORE DIFFICULT ONES – RETRO, MARINE, LIABILITY – REJECTIONS • LIFTING RESTRICTIONS ON REGIONAL COOPERATION – WITHIN CIS

  12. PRODUCTS – CARGO OVERVIEW BY OAKESHOTT

  13. 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 CIS • CARGO – 1963 AND 1982 USED • OFTEN OLDER TERMS USED UNDER THE GUISE OF THE NEWER HEADINGS • ABC TERMINOLOGY WHERE COVER IS ON FPA/WA/AR BASIS • NEED FOR MARKET-WIDE AGREEMENTS ON FIRE / CAR / MOTOR • CAR / EAR – THE ONLY BRANCH WHERE CHANGES ARE ON THE WAY – BRAVO, IRINA!

  14. 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

  15. 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

  16. DISTRIBUTION CHANNELS • BROKERS AND AGENTS REGULATION • NOT 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

  17. TIME TO GET EDUCATED AND TRAINED STAFF • INDUSTRY-WIDE STANDARDS • REQUESTING NOT THE HIGHER EDUCATION DIPLOMA BUT PRACTICAL EXPERIENCE • GETTING IN CLOSER TOUCH WITH UNIVERSITIES • MORE HELP FROM THE WESTERN PARTNERS • TRAINING MIDDLE LEVEL PERSONNEL, NOT TOP MANAGERS • “ARE THERE ANY NON-OVERPRICED INSURANCE / RI COURSES IN LONDON”, WE ARE OFTEN ASKED

  18. UNITED WE STAND! NOTHING TO DO WITH THE INCIDENT IN ROME A WEEK AGO LET’S START TOMORROW THANK YOU! WECANHELP@OAKINSUR.COM 3/6/9

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