Slide 1 - TRISTAR.com.ua

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
 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
BACK TO BASICS!?
IN A LITTLE CORNISH VILLAGE POLPERRO...
...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”.
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 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
MAIN POINTS WORTH LOOKING INTO
STATE
PARTNERS = REINSURERS
PRODUCTS
TARGET GROUPS
DISTRIBUTION CHANNELS
PEOPLE
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”
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 NEEDS
 CHANGING 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 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
PRODUCTS – CARGO OVERVIEW BY OAKESHOTT
RISKS (B, C)
RUSSIAN
UKRAINIAN
(NOT IN (C))
ИНЫЕ ВАРИАНТЫ
FPA
WA
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
CAPSIZED V/C
ОПРОКИДЫВАНИЕ
ПЕРЕКИДАННЯ
OVERTURNING
LN/CNV
ПЕРЕВОРАЧИВАНИЕ
ПЕРЕКИДАННЯ
СУДНО ТОНЕТ
TT/PRLS
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 ПОРТУУБЕЖИЩЕ
...В ПОРТУ ВЫМУШНОГО ЗАХОДА
+ SPECCHGS AT INTERMED PR/CALL OR
DISTRESS
EARTHQUAKE
ЗЕМЛЕТРЯСЕНИЕ
ЗЕМЛЕТРУС
TT/CTL
VOLCANIC ERUPTION ИЗВЕРЖЕНИЕ ВУЛКАНА
LIGHTNING
МОЛНИЯ
+PRTLL
ВИВЕРЖЕННЯ ВУЛКАНУ
УДАР БЛИСКАВКИ
УДАР МОЛНИИ
TT/CTL + PRTL
STRND/GRND/SU
NK/BURNT
+PRTLL
ОБЩЕАВАР.
ПОЖЕРТВОВАНИЕ
X
1.2 LS/DMG CAUSED BY
GENERAL AVERAGE SACRIFICE
JETTISON
ВЫБРАСЫВАНИЕ ЗА БОРТ
СКИДАННЯ
WASHING
OVERBOARD
СМЫВ ВОЛНОЙ
ЗМИТТЯ ЗА БОРТ
ENTRY OF WATER
ПРОНИКНОВЕНИЕ ВОДЫ
ПРОНИКНЕННЯ ВОДИ
LOST OVERBOARD PACKAGE - TL
PACKAGE DROPED
WHILST - TL
ПАДЕНИЕ ГРУЗА ВО ВРЕМЯ ПАДИННЯ
ПАДЕНИЕ ЗА БОРТ
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 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!
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 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
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
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