As part of our
focus on risk management leading up to the RIMS conference in Hawaii this month,
Mr Ian Baxter, Managing Director of JLT Asia subsidiary Echelon Claims
Consultant, shares his first-hand experience during the first 48 hours of the
Asian Tsunami of December 2004 where he was on the ground in the devastated
areas, helping clients manage their insurance claims. He looks back on some
of the lessons learnt in pursuing business-interruption claims following the
catastrophe and how organisations can adapt their risk management strategies
to cope in similar disasters.
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The Spitzer writ
issued in New York has raised many concerns for everyone involved in insurance
– the buyers, intermediaries, insurers, reinsurers and even the regulators.
The issue of placement service agreements (PSA) and supplementary over-riding
commissions means that many of the past practices and business models are being
re-looked at, and this will inevitably mean more changes regarding the total
remuneration and role of the intermediary. These are earth-shaking changes!
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In the run-up to
the RIMS 2006 Annual Conference to be held from 23-27 April in Honolulu, Hawaii,
we speak with Ms Ellen Vinck, RIMS President, VP Risk Management, BAE
Systems Ship Repair Inc, about this year’s conference which promises to
be bigger and better than last year’s and how Asian delegates can look
forward to specific sessions catered to them, some with Japanese translations.
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In a curtain raiser
to the Risk and Insurance Management Society (RIMS) conference in Honolulu this
month, we look at Singapore as a captive domicile and efforts by the Monetary
Authority of Singapore (MAS) to establish the Republic as a leading insurance
hub in Asia.
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