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Quick Tour Country Profiles International Markets Market Intelligence January 2010 FOR MANAGING AGENTS AND BROKERS Disclaimer North America Latin America Europe IMEA Asia Pacific Click Box to navigate Offices 2 North America Europe Latin America India, Middle East and Africa QUICK TOUR (Country Profiles) China Japan Asia Pacific © Lloyd’s North America North America Latin America Europe IMEA Asia Pacific Offices Illinois Kentucky New York Montreal Toronto US Virgin Islands Representation West Coast 3 QUICK TOUR (Country Profiles) © Lloyd’s US North America Latin America Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 4 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s US North America Latin America Europe IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS A large market that attracts investors and companies. Corporate reactivity and flexibility rest on the substantial sector and geographic mobility of the work force and the flexibility of labour legislation. The quality of higher education and universities and the size of the high technology sector contribute to maintaining R&D at a high level and foster the capacity to innovate. CHALLENGES The economy is highly dependent on property and financial asset values. The decline in the traditional manufacturing industry tends to keep the current account balance in deficit. Very large energy needs makes it crucial to allocate resources to investments focused on adapting to environmental constraints. Demographic pressures have exposed the inadequacy of health and retirement financing systems. The poor condition of infrastructure tends to undermine corporate competitiveness. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) (in annual % change) US 16,000 14,265 Rankings Gross Domestic Product (GDP) Growth UK US 2 14,003 1.1% US ranks 3rd out of 181 countries 0.7% 1 12,000 Ease of Doing Business UK Global Competitiveness US ranks 1st out of 134 countries 0 -1 8,000 2674 2,007 -3 -2.8% -4 -4.1% -5 0 2008 5 Based on: > www.imf.org 2009 Forecast 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment 01 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -2 4,000 03 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business US North America Latin America Europe IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events State Farm > www.statefarm.com AIG > www.aig.com Allstate > www.allstate.com Travelers > www.travelers.com Liberty Mutual > www.libertymutual.com Nationwide > www.nationwide.com Farmers > www.farmers.com Berskshire Hathaway > www.berkshirehathaway.com Progressive > www.progressive.com Zurich > www.zurich.com Association Insurance Information Institute Regulator National Association of Insurance Commissioners > www.naic.org > www.iii.org > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) US 800,000 658,674 (direct non-life GWP per capita; USD) UK US 2,500 662,432 Broker Penetration Estimated broker penetration: 75% – 100% UK 2,177 Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2,000 600,000 1,276 1,500 400,000 1,000 200,000 115,725 107,393 500 0 0 2007 2008 6 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Quick Links Insurance Information Institute > www.iii.org/international/profiles/ Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ © Lloyd’s Lloyd’s Business US North America Latin America Europe IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s President, North America Offices / Representation Mr Henry Watkins The Museum Office Building 25 West 53rd Street 14th Floor New York NY 10019 Illinois Ms Maryanne Swaim US Virgin Islands Mr Henry L Feuerzeig TELEPHONE +1 312 407 6201 TELEPHONE +1 340 715 4443 EMAIL > [email protected] EMAIL > [email protected] FAX +1 212 382 4070 Kentucky Mr Pat Talley US West Coast Mr Anthony Joseph EMAIL > [email protected] TELEPHONE +1 502 875 5940 TELEPHONE + 1 310 706 4100 EMAIL > [email protected] EMAIL > [email protected] TELEPHONE +1 212 382 4090 WEBSITE > www.lloyds.com/america Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 11.00bn* Direct: USD 6.45bn* Reinsurance: USD 4.56bn* *at constant prices; million USD See: Data limitations for detail 7 Direct – Licensed: No, except, Illinois, Kentucky and US Virgin Islands Direct – Surplus Lines: Yes, except Kentucky and the US Virgin Islands Reinsurance: Most syndicates accredited reinsurers in all 50 states Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > North America > US © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Canada Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 8 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Canada Europe IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS The North American Free Trade Agreement, involving Canada, the US and Mexico, has brought a trade boom for Canada. Economically and technologically the nation has developed in parallel with the US. Despite moderate deterioration of their profitability in the current unfavourable economic conditions, companies have in general remained in satisfactory financial health with the several recent good years enabling them to firm up their balance sheets. CHALLENGES Canada’s economy suffered due to persistently poor export performance — with a quarter of Canada's growth dependent on economic conditions in the US and the downturn of investment. Canada faces the political challenges of meeting public demands for quality improvements in health care and education services, as well as responding to separatist concerns in predominantly francophone Quebec. Canada also aims to develop its diverse energy resources while maintaining its commitment to the environment. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) (in annual % change) Canada UK 3,000 2,000 Canada 1 2674 2,007 1,511 Rankings Gross Domestic Product (GDP) Growth 1,229 0.7% 0.5% Global Competitiveness 0 Canada ranks 10th out of 134 countries -2.5% -4.1% -5 2009 Forecast 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment 10 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -4 0 08 -1 -3 9 Based on: > www.imf.org Canada ranks 8th out of 181 countries -2 1,000 2008 Ease of Doing Business UK 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Canada Europe IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Intact > www.intactinsurance.com Aviva > www.avivacanada.com Coperators > www.cooperators.ca TD > www.tdcanadatrust.com Economical > www.economicalinsurance.com State Farm > www.statefarm.ca RSA > www.rsa.ca Lloyd’s > www.lloyds.com Wawanesa > www.wawanesa.com Desjardins General > www.desjardins.com Association Insurance Bureau of Canada > www.ibc.ca Regulator OSFI > www.osfi-bsif.gc.ca > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Canada (direct non-life GWP per capita; USD) UK Canada 200,000 Broker Penetration Estimated broker penetration: 75% – 100% 2,500 UK 2,133 Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2,000 150,000 115,725 107,393 100,000 55,415 57,319 50,000 1,276 1,500 1,000 500 0 0 2007 2008 10 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Quick Links Insurance Information Institute > www.iii.org/international/profiles/ Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ © Lloyd’s Lloyd’s Business North America Latin America Canada Europe IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s President for Canada Ms Deborah Moor 1155 Rue Metcalfe Suite 2220 Montreal Quebec H3B 2V6 TELEPHONE +1 514 864 5484 FAX +1 514 861 0470 EMAIL > [email protected] WEBSITE > www.lloyds.com/canada Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Direct: Lloyd's is licensed for all classes of insurance Lloyd’s GWP: USD 1.67bn* Direct: USD 1.43bn* except life, title, mortgage, credit protection, home warranty (in the province of British Columbia only) and hail in respect of crop (in the province of Quebec only). Reinsurance: USD 235m* Reinsurance: Lloyd's is licensed for all classes of *at constant prices; million USD See: Data limitations for detail 11 reinsurance except life, title, mortgage, credit protection, home warranty (in the province of British Columbia only) and hail in respect of crop (in the province of Quebec only). Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > North America > Canada © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Europe Latin America Europe IMEA Asia Pacific TYPE 1 Austria Denmark Norway Portugal TYPE 2 Greece / Cyprus Israel Malta Netherlands / Belgium TYPE 3 France Germany Ireland Italy Poland Spain Sweden 12 QUICK TOUR (Country Profiles) Switzerland © Lloyd’s North America Latin America Austria – TYPE 1 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 13 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Austria – TYPE 1 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS Despite the deterioration of the economic context, Austrian companies are likely to remain in satisfactory condition. The past few years have allowed them to flesh out their balance sheets and improve their cash positions. Austria country experienced no speculative property bubble and a weakening Euro, if sustained, is likely to enhance their competitiveness. CHALLENGES The sectors with nonetheless higher risk profiles include construction, wood, home-appliance and furniture distribution, transport, and notably an automotive subcontracting segment that has particularly suffered from the downturn of vehicle sales on the continent. Household consumption has thus become the bulwark of the economy while nonetheless remaining sluggish affected by weak wage growth and a deteriorating job picture. The rise of unemployment, albeit moderate, is expected to offset the positive effects of easing inflation fiscal stimuli. Corporate investment is also expected to decline as a result of the credit crunch and weak foreign demand. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) (in annual % change) Austria Austria UK 3,000 Rankings Gross Domestic Product (GDP) Growth 3 2674 2 2,007 2,000 Ease of Doing Business UK Austria ranks 27th out of 181 countries 1.8% Global Competitiveness 0.7% 1 Austria ranks 14th out of 134 countries 0 -2 415 -3 362 -3.0% -4 0 -4.1% -5 2008 14 Based on: > www.imf.org 2009 Forecast 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment 14 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -1 1,000 27 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Austria – TYPE 1 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Generali > www.generali.at Wiener Staedtische > www.wienerstaedtische.at UNIQA > www.uniqua.at Allianz > www.allianz.at Donau > www.donauversicherung.at Zurich > www.zurich.at Grazer Wechselseitige > www.grawe.at Oberosterrichische > www.keinesorgen.at Niederoesterreichische > www.noev.at Wuestenrot > www.wuestenrot.at Association Verband der Versicherungsunternehmen > www.vvo.at Regulator Bundesministerium fuer Finanzen > www.fma.gv.at > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Austria (direct non-life GWP per capita; USD) UK Austria 150,000 UK 2,000 115,725 120,000 107,393 90,000 1,569 1,500 1,276 1,000 60,000 30,000 11,876 13,095 2007 2008 15 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Quick Links Insurance Information Institute > www.iii.org/international/profiles/ Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 500 0 0 Broker Penetration Estimated broker penetration: 25% – 50% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Austria – TYPE 1 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Market Relations Manager Dr Harald Svoboda Kubac, Svoboda & Kirchweger Rechtsanwälte (GbR) Kantgasse 3 1010 Wien Austria Mr Volker Eutebach TELEPHONE +49 (0)69 5970253 FAX +49 (0)69 550926 EMAIL > [email protected] TELEPHONE +43 (0)1 713 07 13 FAX + (43-1) 713 24 21 EMAIL > [email protected] WEBSITE > www.lloyds.com/austria Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 54.6m* Direct: USD 18.6m* Reinsurance: USD 36.0m* Services: Yes Establishment: Yes Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH Reinsurance: Yes > Managing Agent Version > Europe > Eastern Markets *at constant prices; million USD See: Data limitations for detail 16 © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Belgium – TYPE 2 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 17 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Belgium – TYPE 2 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS Multiculturalism and multilingualism, fostered by Belgium's geographic position and the presence of European institutions, have been assets in hosting foreign companies and developing foreign trade. Located at the heart of a major economic area, Belgium is at the crossroads of many communication channels whether road, rail, or water transport. Belgium is the European country where company creation is the speediest. Household net worth ranks among the highest for industrialised countries. CHALLENGES By limiting national prerogatives, regionalisation has complicated matters in reducing disparities between regions. A sufficiently competitive product and service offer is lacking in many economic sectors. The limited international scope of service companies is not conducive to innovation and development of high value-added sectors. Inadequate professional training has impeded youth employment, which has contributed to maintaining high structural joblessness. Deterioration of public sector finances has made it more difficult to implement measures intended to deal with the problems posed by an aging population. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) (in annual % change) Belgium 2 2674 2,007 2,000 1,000 Belgium UK 3,000 Rankings Gross Domestic Product (GDP) Growth Ease of Doing Business UK 1.1% Belgium ranks 19th out of 181 countries 0.7% 1 Global Competitiveness Belgium ranks 19th out of 134 countries 0 -1 -3 434 -4 0 -3.8% -5 2008 18 Based on: > www.imf.org 2009 Forecast 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment 19 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -2 506 19 -4.1% 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Belgium – TYPE 2 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events AXA > www.axa.be BNP Paribas Fortis > www.fortis.be Ethias > www.ethias.be KBC > www.kbc.be Winterthur (AXA) > www.winterthur.com Dexia > www.dexia.be Allianz > www.allianz.be DKV > www.dkv.be Vivium > www.vivium.be Mercator > www.mercator.be Association Insurance Companies' Association > www.assuralia.be Regulator Banking, Finance and Insurance Commission > www.cbfa.be > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Belgium (direct non-life GWP per capita; USD) UK 150,000 1,400 115,725 120,000 107,393 60,000 600 16,358 1,276 Quick Links Insurance Information Institute > www.iii.org/international/profiles/ 1,000 800 14,527 UK 1,277 1,200 90,000 30,000 Belgium Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 400 200 0 0 2007 2008 19 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Broker Penetration Estimated broker penetration: 50% – 75% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Belgium – TYPE 2 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Mr Alexis Fontein Underwriters' in Belgium c/o D’Hoine & Mackay Schalienstraat 30 2000 Antwerp Belgium TELEPHONE +32 3470 2309 FAX +32 3470 2317 EMAIL > [email protected] WEBSITE > www.lloyds.com/belgium Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 144.6m* Direct: USD 119.3m* Reinsurance: USD 25.2m* Services: Yes Establishment: Yes Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH Reinsurance: Yes > Managing Agent Version > Europe > Small Markets *at constant prices; million USD See: Data limitations for detail 20 © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Cyprus – TYPE 2 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 21 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Cyprus – TYPE 2 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS Cypriot political and economic situation is stable. Corporate default probability is low on average. Consumption remained relatively strong in 2008, buoyed by wage growth, low interest rates, and renewed confidence associated with the country's entry into the Euro zone. The pace of investment slowed, however, after the exceptional growth achieved these past years. CHALLENGES The deterioration of international economic conditions has affected exports of goods and services. Private consumption is expected to suffer from the growth of household debt and the uncertainties stemming from the international financial crisis. Property investment will likely undergo a severe slowdown attributable particularly to the decline of demand from non-residents for housing. The election in February 2008 of Demetris Christofias as president on the promise of a dialogue with representatives of the Turkish community has created a more propitious climate for resolving the Cypriot question. Although negotiations began in September 2008, many difficult issues remain on the table like compensation for despoiled property and withdrawal of the Turkish troops garrisoned in the north of the island. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) (in annual % change) Cyprus Cyprus UK 3,000 Rankings Gross Domestic Product (GDP) Growth Cyprus ranks N/A out of 181 countries 6 2674 2,007 2,000 Ease of Doing Business UK 4 3.7% Global Competitiveness Cyprus ranks 40th out of 134 countries 2 0.3% Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org 0 -2 25 -4 23 -4.1% -6 2008 22 Based on: > www.imf.org 2009 Forecast 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment 40 0.7% 0 1,000 N/A 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Cyprus – TYPE 2 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Laiki > www.laiki.com General Insurance of Cyprus > www.gic.com.cy Pancyprian Insurance > www.hellenicbank.com Cosmos > www.cosmosinsurance.com.cy Atlantic > www.atlantic.com.cy Universal Life > www.universallife.com.cy American Home > www.aigcyprus.com Minerva > www.minerva.com.cy Commercial General > www.cgi.com.cy Alpha Insurance > www.alphabank.com.cy Association Insurance Association of Cyprus > www.iac.org.cy Regulator Insurance Companies Control Service > www.mof.gov.cy > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Cyprus (direct non-life GWP per capita; USD) UK Cyprus 150,000 UK 1,276 1,400 115,725 120,000 107,393 1,200 Quick Links Insurance Information Institute > www.iii.org/international/profiles/ 1,000 90,000 800 60,000 600 611 Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 400 30,000 0 455 528 2007 2008 23 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Broker Penetration Estimated broker penetration: 00% – 25% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 200 0 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Cyprus – TYPE 2 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Ms Marianna Papadakis Lloyd's Cyprus Limited 195 Arch Makarios lll Avenue Neocleous House Limassol 3030 Cyprus TELEPHONE +44 0207 327 6802 FAX +44 0207 327 5255 EMAIL > [email protected] WEBSITE > www.lloyds.com/cyprus Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 51.5m* Direct: USD 31.6m* Reinsurance: USD 19.9m* Services: Yes Establishment: Yes Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH Reinsurance: Yes > Managing Agent Version > Europe > Small Markets *at constant prices; million USD See: Data limitations for detail 24 © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Denmark – Type 1 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 25 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Denmark – Type 1 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS Denmark has evolved into a modern, prosperous nation that is participating in the general political and economic integration of Europe. Denmark joined NATO in 1949 and the EEC (now the EU) in 1973. At the same time, the country has opted out of certain elements of the European Union's Maastricht Treaty, including the European Economic and Monetary Union (EMU), European defence cooperation, and issues concerning certain justice and home affairs. While Denmark was the first European country to slip into recession in 2008, exports managed to grow thanks to support from sales of services (maritime trading), oil, and natural gas. CHALLENGES Bankruptcies accelerated during 2008, particularly in sectors focusing on household consumption (construction and property and related branches, wholesaling, and leisure). Denmark’s financial sector also suffered with company failures up significantly. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) (in annual % change) Denmark Denmark UK 3,000 Rankings Gross Domestic Product (GDP) Growth 1 2674 2,007 2,000 Denmark ranks 5th out of 181 countries Global Competitiveness 0 Denmark ranks 3rd out of 134 countries -1.1% 290 -4 0 -4.0% -5 2008 26 Based on: > www.imf.org 2009 Forecast 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment 3 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -3 343 5 -1 -2 1,000 Ease of Doing Business UK 0.7% -4.1% 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Denmark – Type 1 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Tryg Skade > www.tryg.dk Topdanmark > www.topdanmark.dk Codan (RSA) > www.codan.dk Alm. Brand > www.almbrand.dk Danmark > www.sygeforsikring.dk IHI Denmark (Bupa) > www.ihi.com Alka > www.alka.dk Nykredit > www.nykredit.dk GF-Forsikring > www.gf-forsikring.dk Danske Forsikring > www.danskeforsikring.dk Association Forsikring & Pension > www.forsikringenshus.dk Regulator Insurance Supervisory Authority > www.ftnet.dk > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Denmark (direct non-life GWP per capita; USD) UK Denmark 150,000 2,000 115,725 120,000 107,393 90,000 UK 1,750 1,500 1,276 1,000 60,000 30,000 10,244 11,367 2007 2008 27 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Quick Links Insurance Information Institute > www.iii.org/international/profiles/ Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 500 0 0 Broker Penetration Estimated broker penetration: 25% – 50% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Denmark – Type 1 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Nordic Area Manager Mr Jes Anker Mikkelsen Lloyd’s c/o Bech-Bruun Langelinie Allé 35 DK-2100 Copenhagen Denmark Mr Erik Borjesson Stureplan 4c 4th Floor Stockholm 114 35 Sweden TELEPHONE +45 (0)7227 3586 TELEPHONE +00 46 705 399 982 FAX +45 (0)7227 0027 EMAIL > [email protected] EMAIL > [email protected] WEBSITE > www.lloyds.com/denmark Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 166.4m* Services: Yes, other than aircraft liability Direct: USD 119.5m* Reinsurance: USD 46.8m* Establishment: Yes, other than life insurance, suretyship, credit or tourist assistance *at constant prices; million USD See: Data limitations for detail 28 Reinsurance: Yes Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > Europe > Nordic Markets © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America France – Type 3 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 29 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe France – Type 3 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS Good demographics facilitate generational renewal and spur household spending. Diversification of energy supply sources has resulted in relative energy independence. France boasts a trove of internationalised and completive major groups in many fields including energy, pharmaceuticals, cosmetics, luxury, and distribution. A dynamic banking and financial sector has a strong presence abroad. A highly skilled labour force and high hourly productivity partly compensate for a short work year. Good quality infrastructure contributes to the country's attractiveness to tourists. CHALLENGES The public finance deficit and debt are too high, particularly in view of the growth of health and pension spending. The concentration of decision-making authority in Paris and the multiple local administrative levels has not been conducive to reducing geographic inequality. Deficiencies in education and training have not facilitated access to the employment market for youth and the relatively unskilled. The investment effort on R&D remains inadequate. A somewhat unsuitable sectoral specialisation and the limited presence of French companies in high-growth emerging regions have affected foreign trade performance. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) (in annual % change) France France UK 1 4,000 3,000 2,866 2,499 Rankings Gross Domestic Product (GDP) Growth 2,007 Global Competitiveness France ranks 16th out of 134 countries -3.0% -4.1% -5 2008 30 Based on: > www.imf.org 2009 Forecast 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment 16 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -2 -4 0 31 -1 -3 1,000 France ranks 31st out of 181 countries 0.7% 0 2674 2,000 Ease of Doing Business UK 0.7% 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe France – Type 3 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Covea > www.covea.fr Axa > www.axa.fr Groupama > www.groupama.fr AGF Allianz > www.allianz.fr Generali > www.generali.fr Macif > www.macif.fr MAIF > www.maif.fr ACM > www.acm.fr Credit Agricole / Lyonnais > www.credit-agricole.com Swiss Life > www.swisslife.fr Association Federation Française des Societes d'Assurances Regulator Secrétariat du Comité des entreprises d'assurance > www.ceassur.fr > www.ffsa.com > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) France (direct non-life GWP per capita; USD) UK France 150,000 1,360 115,725 120,000 83,229 90,000 91,861 107,393 1,340 UK 1,339 1,320 1,300 60,000 1,276 1,280 30,000 1,260 1,240 0 2007 2008 31 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Broker Penetration Estimated broker penetration: 00% – 25% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ Quick Links Insurance Information Institute > www.iii.org/international/profiles/ Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe France – Type 3 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Mr Guy-Antoine de La Rochefoucauld Lloyd's France SAS 4 rue des Petits Pères 75002 Paris France TELEPHONE +33 1 42 60 43 43 FAX +33 1 42 60 14 41 EMAIL > [email protected] WEBSITE > www.lloyds.com/france Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 736.3m* Services: Yes Direct: USD 425.6m* Reinsurance: USD 310.7m* Establishment: Yes, except life assistance *at constant prices; million USD Reinsurance: Yes See: Data limitations for detail 32 Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > Europe > Large Markets © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Germany – TYPE 3 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 33 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Germany – TYPE 3 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS Comparatively sound public accounts means that the German government may have additional room for manoeuvre, particularly at a time of crisis. Public and private efforts on research, already substantial, have been growing significantly. Smaller German companies – the Mittelstand – play a central role in the economy as regards employment, innovation, and competitiveness. "Co-determination" of joint-stock companies, mandatory with over 500 employees, has fostered consensus on strategic decisions and restructuring. Good geographic and sector specialisation in conjunction with high competitiveness has resulted in a large trade surplus that will doubtless begin to grow again once the crisis is over. Geographically nearby Central and Eastern European countries provide companies with a wealth of sales and production opportunities. CHALLENGES Heavily dependant on exports, the German economy is closely tied to world economic conditions. The plight of the persistently lagging economies of eastern Länder (federated states) is compounded by severe disparities between a north still dependent on traditional economic sectors and a south highly focused on growth sectors. The family-type businesses prevalent in the Mittelstand complicate matters in obtaining bank financing that must comply with Basle II norms. Despite merger and acquisition activity spurred by the crisis, the banking landscape remains fragmented, which tends to undermine profitability in the sector. The inadequacy of facilities for small children has contributed to the low birth rate and aging of the population, which, in turn, have affected consumption. The high proportion of youth lacking an adequate general education has resulted in less involvement by companies in apprenticeship programmes — which nonetheless concern two-thirds of the target age group – and in a lack of engineers. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) 4,000 (in annual % change) Germany 3,668 3,000 Germany UK 2 3,060 Rankings Gross Domestic Product (GDP) Growth 1.3% Global Competitiveness Germany ranks 7th out of 134 countries 0 2,007 2,000 Germany ranks 25th out of 181 countries 0.7% 1 2674 Ease of Doing Business UK -1 -2 -3 1,000 -4 -4.1% -5 0 -6 2008 34 Based on: > www.imf.org 2009 Forecast 2008 -5.6% QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment 2009 Forecast Insurance Environment 25 7 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Germany – TYPE 3 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Allianz > www.allianz.com HDI-Gerling > www.hdi-gerling.com AXA > www.axa.com R + V Allgemeine > www.ruv.de Zurich > www.zurich.com Victoria > www.victoria.de Wuerttembergische > www.wuerttembergische.de Gothaer > www.gothaer.de Huk Coburg > www.huk.de Association GDV > www.gdv.de Regulator Bafin > www.bafin.de > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Germany 150,000 121,446 120,000 (direct non-life GWP per capita; USD) UK 131,807 Germany UK 2,000 115,725 107,393 90,000 1,573 1,500 1,276 1,000 60,000 0 0 2007 2008 35 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Quick Links Insurance Information Institute > www.iii.org/international/profiles/ Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 500 30,000 Broker Penetration Estimated broker penetration: 50% – 75% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Germany – TYPE 3 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Market Relations Manager Mr Burkard von Siegfried Niederlassung für Deutschland Gärtnerweg 3 60322 Frankfurt Deutschland Mr Volker Eutebach TELEPHONE + 49 (0)69 5970253 EMAIL > [email protected] TELEPHONE +49 (0)69 5970253 FAX +49 (0)69 550926 FAX + 49 (0)69 550926 EMAIL > [email protected] WEBSITE > www.lloyds.com/germany Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 518.9m* Direct: USD 252.1m* Reinsurance: USD 266.9m* Services: Yes Establishment: Yes Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH Reinsurance: Yes > Managing Agent Version > Europe > Large Markets *at constant prices; million USD See: Data limitations for detail 36 © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Greece – Type 2 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 37 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Greece – Type 2 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS Greece’s political and economic situation is good. A basically stable and efficient business environment nonetheless leaves room for improvement. Corporate default probability is low on average. CHALLENGES Economic growth ran out of steam in 2008, in phase with the slowdown of domestic demand: household consumption slowed amid rising inflation and investment declined significantly, affected by the collapse of residential construction. The government has outlined policies to cut the country's ballooning budget deficit in an effort to regain the trust of investors after some rating agencies have put the country on negative watch Exports (tourism and merchant navy) suffered from the Euro appreciation, slumping foreign demand, and the slowdown of world trade. Greece’s current account deficit widened slightly again while public sector debt, also disproportionately large, declined substantially thanks to the proceeds from privatisations. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) (in annual % change) Greece Greece UK 3,000 2674 2,007 2,000 1,000 358 325 0 2008 38 Based on: > www.imf.org Rankings Gross Domestic Product (GDP) Growth 2009 Forecast QUICK TOUR (Country Business Environment 4 3 2 1 0 -1 -2 -3 -4 -5 Ease of Doing Business UK Greece ranks 96th out of 181 countries 2.9% Global Competitiveness Greece ranks 67th out of 134 countries 0.7% 67 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -0.2% -4.1% 2008 Profiles) Based on: > www.imf.org 96 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Greece – Type 2 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Ethniki > www.ethniki-asfalistiki.gr Interamerican > www.interamerican.gr Agrotiki > www.agroins.com Intersalonika > www.intersalonika.gr Aspis > www.aspis.gr Ydrogios > www.ydrogios.gr Commercial Value > www.commercialvalue.gr Groupama > www.groupama.gr International Union General Union Association Association of Insurance Companies > www.eaee.gr Regulator Private Insurance Supervisory Committee > www.pisc.gr > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Greece (direct non-life GWP per capita; USD) UK Greece 150,000 UK 1,276 1,400 115,725 120,000 107,393 1,200 800 60,000 600 400 30,000 2,912 3,224 Quick Links Insurance Information Institute > www.iii.org/international/profiles/ 1,000 90,000 287 Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 200 0 0 2007 2008 39 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Broker Penetration Estimated broker penetration: 00% – 25% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Greece – Type 2 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Ms Marianna Papadakis Office in Greece 25A Boukourestiou Street 106 71 Athens Greece TELEPHONE +44 0207 327 6802 +30 210 363 9156 FAX +44 0207 327 5255 EMAIL > [email protected] WEBSITE > www.lloyds.com/greece Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 221.5m* Services: Yes Direct: USD 183.9m* Establishment: Yes Reinsurance: USD 37.6m* *at constant prices; million USD Reinsurance: Yes © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > Europe > Small Markets See: Data limitations for detail 40 Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Ireland – Type 3 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 41 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Ireland – Type 3 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS Ireland boasts a vibrant, globalised economy, with GDP per capita second only to Luxembourg's in the EU. The "Celtic Tiger" period of the mid to late 1990s saw several years of double-digit GDP growth, driven by a progressive industrial policy that boosted large-scale foreign direct investment and exports. CHALLENGES The decline of residential investment (11 per cent of GDP), which began as early as 2007 and will continue in 2009, has lopped off about 400 basis points of GDP growth. The trend for corporate investment in both plant and facilities has been just as negative, affecting domestic actors as much as the foreign companies that have contributed so substantially to the prosperity achieved in recent years. The reduction in public spending budgeted for 2009, intended to limit to the extent possible the severe widening of the fiscal deficit, is expected to affect public works. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) (in annual % change) Ireland Ireland UK 3,000 Rankings Gross Domestic Product (GDP) Growth 2 2674 2,007 2,000 Global Competitiveness 218 Ireland ranks 22nd out of 134 countries -2.3% -4.1% -8 0 42 Based on: > www.imf.org 2009 Forecast 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment 22 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -8.0% -10 2008 7 -2 -6 273 Ireland ranks 7th out of 181 countries 0.7% 0 -4 1,000 Ease of Doing Business UK 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Ireland – Type 3 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Hibernian (Aviva) > www.hibernian.ie Quinn > www.quinn-direct.com Allianz > www.allianz.ie FBD > www.fbd.ie AXA > www.axa.ie RSA > www.rsa.ie Zurich > www.zurich.ie Irish Public Bodies > www.ipb.ie AIG > www.aig.ie Combined > www.combinedinsurance.ie Association Irish Insurance Federation > www.iif.ie Regulator The Financial Regulator > www.ifsra.ie > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Ireland (direct non-life GWP per capita; USD) UK Ireland 150,000 UK 1,400 115,725 120,000 107,393 90,000 1,350 1,315 1,300 60,000 30,000 10,212 10,863 1,276 2007 2008 43 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Quick Links Insurance Information Institute > www.iii.org/international/profiles/ Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 1,250 1,200 0 Broker Penetration Estimated broker penetration: 75% – 100% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Ireland – Type 3 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Mr Eamonn P Egan Lloyd’s Ireland Representative Limited 7-8 Wilton Terrace Dublin 2 Ireland TELEPHONE +35 31631 3600 EMAIL > [email protected] WEBSITE > www.lloyds.com/ireland Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 245.5m* Direct: USD 172.9m* Reinsurance: USD 72.6m* Services: Yes, except permanent health insurance Establishment: Yes, except permanent health insurance *at constant prices; million USD See: Data limitations for detail 44 Reinsurance: Yes Brokers have access to information via: www.lloyds.com/MARKETPRESENTATIONS Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > Europe > Large Markets © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Israel – Type 2 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 45 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Israel – Type 2 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS With an open and diversified economy, Israel's engagement in the OECD accession process further strengthens its capacity to attract foreign direct investment. The country holds leadership positions on high value-added products integrating advanced and intermediate technology. The work force is highly skilled. Israel can count on political and financial backing from the US and the Diaspora. CHALLENGES Israel’s public sector debt, although in decline, is still high. A balkanised political landscape gives rise to shaky government coalitions that often complicate the budgetary process. Exports are dependent on economic conditions in the US. The climate of insecurity associated with the lingering Israeli-Palestinian conflict undermines the country's economic potential. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) Israel 6 4 (in annual % change) UK Israel 3.9% 2,007 -4 1,000 -1.7% -4.1% -6 2008 46 Based on: > www.imf.org 2009 Forecast 202 204 0 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment Global Competitiveness Israel ranks 23rd out of 134 countries 30 23 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org 0 -2 Israel ranks 30th out of 181 countries 2674 2,000 0.7% Ease of Doing Business UK 3,000 2 Rankings Gross Domestic Product (GDP) Growth 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Israel – Type 2 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Harel > www.harel-group.com Clal > www.clalbit.co.il Menorah > www.menoramivt.co.il Phoenix > www.fnx.co.il Migdal > www.migdal.co.il Ayalon > www.ayalon-ins.co.il Eliahu > www.eliahu.co.il IDI > www.555.co.il ILD > www.ildinsur.co.il AIG > www.aig.co.il Association Israel Insurance Association > www.igudbit.org.il Regulator Ministry of Finance > www.mof.gov.il > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Israel (direct non-life GWP per capita; USD) UK Israel 150,000 UK 1,276 1,400 115,725 120,000 107,393 1,200 1,000 90,000 800 60,000 600 Quick Links Insurance Information Institute > www.iii.org/international/profiles/ 764 400 30,000 4,550 5,381 Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 200 0 0 2007 2008 47 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Broker Penetration Estimated broker penetration: 00% – 25% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Israel – Type 2 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Mr Jonathan Gross Gibor Sport Bldg. 7 Menachem Begin Rd. Ramat Gan 52521 Israel TELEPHONE +972 (0)3 612 2233 FAX +972 (0)3 612 2233 EMAIL > [email protected] WEBSITE > www.lloyds.com/israel Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 118.8m* Direct: USD 68.0m* Reinsurance: USD 50.8m* Direct: Yes Reinsurance: Yes *at constant prices; million USD © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > Europe > Small Markets See: Data limitations for detail 48 Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Italy – TYPE 3 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 49 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Italy – TYPE 3 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS The renown of some economic sectors (luxury, home, clothing, food) compensates to some extent for high production costs. The smaller companies comprising some 200 industrial districts have been a major source of sectoral synergy. Italy's exceptional tourist potential enables it to fend off competition from new European destinations. Labour market reform has contributed to increasing employment and reducing unemployment. CHALLENGES An inadequate proportion of high value-added products and high technological content has hampered export performance. The insufficient level of productivity gains is attributable to the inadequacy of the resources devoted to research, penetration by high technology in companies, and number of higher education graduates. Tax evasion and the underground economy contribute to maintaining massive public sector debt that limits fiscal room for manoeuvre. Bureaucratic and legal procedures are slow despite the recent improvements in bankruptcy law. Massive subsidies have not sufficed to close the gap between the south and the rest of the country. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) Italy 3,000 (in annual % change) Italy UK 2,000 2,007 1,988 Italy ranks 65th out of 181 countries Global Competitiveness 0 Italy ranks 49th out of 134 countries -1 -2 1,000 Ease of Doing Business UK 0.7% 1 2674 2,314 Rankings Gross Domestic Product (GDP) Growth -1.0% -4 -5 2008 50 Based on: > www.imf.org 2009 Forecast QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment -4.1% -4.5% 2008 49 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -3 0 65 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Italy – TYPE 3 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Allianz > www.allianz.it Fondiaria-SAI > www.fondiaria-sai.it Generali > www.generali.it Compagnia Di Ass Di Milano > www.milass.it Aurora > www.auroraassicurazioni.it INA > www.auroraassicurazioni.it Unipol > www.unipol.it Toro > www.toroassicurazioni.it AXA > www.axa-italia.it Zurich > www.zurich.it Association ANIA > www.ania.it Regulator Insurance Supervisory Institute > www.isvap.it > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Italy (direct non-life GWP per capita; USD) UK Italy 150,000 UK 1,276 1,400 115,725 120,000 107,393 90,000 54,137 60,000 58,066 1,200 1,000 Quick Links Insurance Information Institute > www.iii.org/international/profiles/ 921 800 600 400 30,000 Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 200 0 0 2007 2008 51 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Broker Penetration Estimated broker penetration: 25% – 50% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Italy – TYPE 3 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Mr Enrico Bertagna Corso Garibaldi 86 20121 Milano Italy TELEPHONE + 39 02 637 8881 FAX + 39 02 637 8881 EMAIL > [email protected] WEBSITE > www.lloyds.com/italy Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 704.4m* Direct: USD 440.3m* Reinsurance: USD 264.1m* Services: Yes Establishment: Yes, except motor liability, surety and life insurance *at constant prices; million USD See: Data limitations for detail 52 Reinsurance: Yes Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > Europe > Large Markets © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Malta – Type 2 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 53 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Malta – Type 2 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS Malta has liberalised its economy since joining the EU in 2004 and joined the Euro zone in January 2008. After three years of strong expansion, economic growth stalled amid a deteriorating international environment. Malta’s very liquid banking sector means that there is little dependence on external financing even with a portfolio concentrated on property. CHALLENGES The increase in the cost of living, decline of public sector investment, and lagging pace of new housing starts and investment in the manufacturing sector resulted in a domestic demand slowdown. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) Malta 3,000 (in annual % change) Malta UK 2 2674 2,007 2,000 Ease of Doing Business UK Malta ranks N/A out of 181 countries 1.6% 0.7% 1 Global Competitiveness Malta ranks 52nd out of 134 countries 0 -1 -2 1,000 0 Rankings Gross Domestic Product (GDP) Growth 2008 -4 7 54 Based on: > www.imf.org -4.1% -5 2009 Forecast 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment 52 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -1.5% -3 8 N/A 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Malta – Type 2 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Middlesea > www.middlesea.com Gasan Mamo > www.gasanmamo.com Atlas > www.atlas.com.mt Elmo > www.elmogroup.com Citadel > www.citadelplc.com Association Malta Insurance Association > www.maltainsurance.org Regulator Malta Financial Services Authority > www.mfsa.com.mt > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Malta (direct non-life GWP per capita; USD) UK Malta 150,000 UK 1,276 1,400 115,725 120,000 107,393 1,200 800 60,000 600 400 30,000 0 697 789 2007 2008 55 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Quick Links Insurance Information Institute > www.iii.org/international/profiles/ 1,000 90,000 Broker Penetration Estimated broker penetration: 25% – 50% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 342 Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 200 0 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Malta – Type 2 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Mr Mark Gollcher Lloyd's Malta Ltd 19 Zachary Street PO Box 268 Valletta VLT1133 Malta TELEPHONE +356 2569 1500 FAX +356 2123 4195 EMAIL > [email protected] WEBSITE > www.lloyds.com/malta Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 20.7m* Services: Yes Direct: USD 16.0m* Establishment: Yes, except life Reinsurance: USD 4.7m* *at constant prices; million USD Reinsurance: Yes © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Managing Agents have access to information via: www.lloyds.com/GLOBALOPPORTUNITIES > Managing Agent Version > Spreadsheet See: Data limitations for detail 56 Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Netherlands – TYPE 2 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 57 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Netherlands – TYPE 2 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS The Dutch job market has remained comparatively buoyant in conjunction with a growth in real wages, which has spurred household spending. While exports have decelerated, they have continued to grow at a satisfactory rate underpinned by re-export business that represents 50% of the total and by increasing prices for natural gas and refined oil. The fiscal surplus grew further driven by the earnings from gas. CHALLENGES The credit crunch compounded by the world demand slowdown is expected to further undermine weaker companies in the manufacturing sector, particularly electronics, information technology, and metal processing. Companies with labour-intensive or high-technology activities will be particularly vulnerable to the shortage of skilled labour and rising payroll costs. Smaller companies in relatively poor financial health and operating in the domestic market could suffer from the slowdown of household consumption. . Measures in support of the banking sector and to revitalise the economy in conjunction with a slowdown in earnings from gas will get the best of the fiscal surplus the Netherlands has run since 2006 and increase the debt. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) Netherlands 3,000 (in annual % change) Netherlands UK 2674 2,007 2,000 1,000 869 743 0 2008 58 Based on: > www.imf.org Rankings Gross Domestic Product (GDP) Growth 2009 Forecast 3 2 1 0 -1 -2 -3 -4 -5 -6 Netherlands ranks 26th out of 181 countries 2.0% Global Competitiveness 0.7% Netherlands ranks 8th out of 134 countries -4.1% -4.8% 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment Ease of Doing Business UK 2009 Forecast Insurance Environment 26 08 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Netherlands – TYPE 2 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Achmea Zorg > www.achmeazorg.nl Achmea > www.achmea.nl Interpols > www.interpolis.nl Nationale > www.nn.nl Fortis > www.holding.fortis.com VGZ > www.vgz.nl Atradius > www.atradius.nl Menzis > www.menzis.nl Delta Lloyd > www.deltalloydgroep.com AEGON > www.aegon.nl Association Insurance Companies' Association > www.verzekeraars.nl Regulator Authority for Financial Markets > www.afm.nl > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Netherlands (direct non-life GWP per capita; USD) UK Netherlands 150,000 5,000 115,725 120,000 90,000 66,481 107,393 73,712 UK 4,484 4,000 Quick Links Insurance Information Institute > www.iii.org/international/profiles/ 3,000 60,000 2,000 30,000 1,000 1,276 0 0 2007 2008 59 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Broker Penetration Estimated broker penetration: 25% – 50% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Netherlands – TYPE 2 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Mr Alexis Fontein Underwriters in the Netherlands Hudig Veder & Co Debussystraat 2 3161 WD Rhoon Netherlands TELEPHONE +31 1050 66600 Lloyd’s GWP: USD 412.7m FAX +31 1050 19593 Direct: USD 325.5m EMAIL > [email protected] Reinsurance: USD 87.2m WEBSITE > www.lloyds.com/netherlands Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 412.7m* Direct: USD 325.5m* Reinsurance: USD 87.2m* Services: Yes Establishment: Yes Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH Reinsurance: Yes > Managing Agent Version > Europe > Large Markets *at constant prices; million USD See: Data limitations for detail 60 © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Norway – TYPE 1 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 61 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Norway – TYPE 1 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS Norway is expected to avoid slipping into deep recession, thanks to the traditional positive fallout from the offshore oil and gas activity. The exploitation of hydrocarbons is directly or indirectly generating a quarter of GDP. CHALLENGES The poor economic context has been a decisive factor in the deterioration of corporate financial health for Norwegian companies. In 2008, bankruptcies increased 40% after declining for several years. The sectors affected most are expected to include construction, property services, paper and printing, merchandise transport, transport equipment, and specialised commerce. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) Norway 3,000 Rankings Gross Domestic Product (GDP) Growth (in annual % change) Norway UK 3 2674 Norway ranks 10th out of 181 countries 2.0% 2 2,007 2,000 Ease of Doing Business UK Global Competitiveness 0.7% 1 Norway ranks 15th out of 134 countries 15 0 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -1 1,000 10 -2 456 -1.7% -3 341 -4 0 -4.1% -5 2008 62 Based on: > www.imf.org 2009 Forecast 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Norway – TYPE 1 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Gjensidige > www.gjensidige.no IF Skade > www.if.no Tryg Vesta > www.trygvesta.no Spare Bank 1 > www.sparebank1.no Terra > www.terra.no AIG > www.aigeurope.no KLP > www.klp.no Jernbarne > www.jfg.no Trygg-Hansa (RSA) > www.codanforsikring.no Bluewater > www.unisonforsikring.no Association Insurance Association > www.fnh.no Regulator Insurance Supervisory Authority > www.kredittilsynet.no > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Norway (direct non-life GWP per capita; USD) UK Norway 150,000 1,500 115,725 120,000 107,393 UK 1,456 1,450 1,400 90,000 1,350 60,000 1,300 1,276 1,250 30,000 8,003 8,771 2007 2008 63 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Quick Links Insurance Information Institute > www.iii.org/international/profiles/ Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 1,200 1,150 0 Broker Penetration Estimated broker penetration: 00% – 25% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Norway – TYPE 1 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Nordic Area Manager Mr Espen Komnaes Komnaes Braaten Skard DA Ruseløkkveien 6 Pb.1661 Vika N-0120 Oslo Norway Mr Erik Borjesson Stureplan 4c 4th Floor Stockholm 114 35 Sweden TELEPHONE +47 23 11 45 60 TELEPHONE +00 46 705 399 982 FAX +47 23 11 45 75 EMAIL > [email protected] EMAIL > [email protected] WEBSITE > www.lloyds.com/austria Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 318.6m* Services: Yes Direct: USD 198.3m* Reinsurance: USD 120.3m* Establishment: Yes, except credit, suretyship and term life. *at constant prices; million USD Reinsurance: Yes See: Data limitations for detail 64 Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > Europe > Nordic Markets © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Poland – TYPE 3 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 65 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Poland – TYPE 3 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS Integration into the EU and modernisation of the economy has enhanced Poland's growth potential. Inflation has been among the lowest in the region. The current account deficit, over half-covered by foreign direct investment, remains moderate compared to other regional countries. The government debt burden has been stable and external debt ratios have been kept at moderate levels. CHALLENGES The investment rate remains inadequate. Employment has been low with payroll costs increasing sharply. Efforts need to continue as regards the regulatory framework, the functioning of the civil service, and infrastructure modernisation. Far-reaching reform of public spending remains to be undertaken. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) Poland 3,000 Rankings Gross Domestic Product (GDP) Growth (in annual % change) UK Poland 6 2674 2,007 2,000 Ease of Doing Business UK Poland ranks 76th out of 181 countries 4.8% Global Competitiveness 4 2 Poland ranks 53rd out of 134 countries 0.7% 526 -0.7% -2 403 -4 0 -4.1% -6 2008 66 Based on: > www.imf.org 2009 Forecast 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment 53 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org 0 1,000 76 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Poland – TYPE 3 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events PZU > www.pzu.pl Warta > www.warta.pl Ergo Hestia > www.hestia.pl Allianz > www.allianz.pl HDI > www.hdi-asekuracja.pl Interrisk (VIG) > www.interrisk.pl Compensa (VIG) > www.compensa.pl Generali > www.generali.pl UNIQA > www.uniqa.pl PTU > www.ptu.pl Association Insurance Association > www.piu.org.pl Regulator Financial Supervision Authority > www.knf.gov.pl > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Poland (direct non-life GWP per capita; USD) UK Poland 150,000 UK 1,276 1,400 115,725 120,000 107,393 1,200 800 60,000 600 400 30,000 7,674 9,933 Quick Links Insurance Information Institute > www.iii.org/international/profiles/ 1,000 90,000 262 Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 200 0 0 2007 2008 67 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Broker Penetration Estimated broker penetration: 00% – 25% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Poland – TYPE 3 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Mr Witold Janusz Warsaw Financial Center 53, Emilii Platter Str. 00-113 Warsaw TELEPHONE + 48 602 247 091 EMAIL > [email protected] WEBSITE > www.lloyds.com/poland Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 21.9m* Direct: USD 3.4m* Reinsurance: USD 18.5m* *at constant prices; million USD Services: Yes, except motor TPL Establishment: Yes, except motor TPL and life Reinsurance: Yes See: Data limitations for detail 68 Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > Europe > Poland © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Portugal – TYPE 1 Office Europe IMEA Asia Pacific Profile Click Box to navigate Business Environment Insurance Environment Lloyd’s Business 69 QUICK TOUR (Country Profiles) Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Key insurers Insurance industry events Basic insurance indicators Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Portugal – TYPE 1 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS Portugal's membership in the EU contributed to stable economic growth, largely through increased trade and an inflow of EU funds for infrastructure improvements. Portugal's economy is based on traditional industries such as textiles, clothing, footwear, cork and wood products, beverages (wine), porcelain and earthenware, and glass and glassware. More recently, Portugal has increased its role in Europe's automotive sector and has a world-class mold-making industry. Services, particularly tourism, are playing an increasingly important role. Partial privatisation of Portugal's TAP airline, INAPA papermaker, and Energias electricity supplier will moreover facilitate reducing the public debt. CHALLENGES Bankruptcies have increased markedly, mainly in conversion industries, construction and wholesale sectors in the current financial climate. The textile-clothing and shoe industries has contended with stiff competition not only from low-cost countries but also from emerging European and Euro-Med countries. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) Portugal 3,000 Rankings Gross Domestic Product (GDP) Growth (in annual % change) UK Portugal 1 2674 2,007 2,000 Ease of Doing Business UK Portugal ranks 48th out of 181 countries 0.7% 0.0% Global Competitiveness 0 Portugal ranks 43rd out of 134 countries -1 -3 244 209 -4 0 70 Based on: > www.imf.org 2009 Forecast 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment -4.1% -4.1% -5 2008 43 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -2 1,000 48 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Portugal – TYPE 1 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Fidelidade Mundial > www.fidelidademundial.pt Imperio Bonanca > www.imperiobonanca.pt AXA > www.imperiobonanca.pt Tranquilidade > www.tranquilidade.pt Zurich > www.zurichportugal.com Allianz > www.allianz.pt Ocidental > www.ocidentalseguros.pt Acoreana > www.acornet.pt Lusitania > www.lusitania.pt Global > www.global-seguros.pt Association Associacao Portuguesa de Seguradores > www.apseguradores.pt Regulator Portuguese Insurance Institute > www.isp.pt > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Portugal (direct non-life GWP per capita; USD) UK Portugal 150,000 UK 1,276 1,400 115,725 120,000 107,393 1,200 Quick Links Insurance Information Institute > www.iii.org/international/profiles/ 1,000 90,000 800 60,000 600 598 400 30,000 6,047 6,423 Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 200 0 0 2007 2008 71 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Broker Penetration Estimated broker penetration: 00% – 25% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Portugal – TYPE 1 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Mr Juan Arsuaga c/o Simmons & Simmons Lloyd’s Sucursal em Portugal Rua D. Francisco Manuel de Melo, 21 1070-085 Lisbon Portugal TELEPHONE +351 21 388 34 79 FAX +351 21 313 20 01 EMAIL > [email protected] WEBSITE > www.lloyds.com/portugal Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 32.6m* Direct: USD 19.1m* Reinsurance: USD 13.5m* Services: Yes Establishment: Yes Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH Reinsurance: Yes > Managing Agent Version > Europe > Small Markets *at constant prices; million USD See: Data limitations for detail 72 © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Spain – TYPE 3 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 73 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Spain – TYPE 3 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS Spain is strong in the development of renewable energy technologies like solar panels and wind turbines (22% of electricity production). Close ties with much of the Americas and the use of a common language have contributed to expanding the presence abroad of players in banking, hospitality, construction, and other sectors. The banking system has remained strong as a result of the limited development of private banking and the tight supervision exercised by the central bank. Growth of the working population due to the higher proportion of working women and to immigration constitutes a reservoir of economic expansion. Continued development of regional autonomy has fostered greater awareness by local actors of their responsibilities and brought public decision-makers closer to those they serve. Spain remains a leading tourist destination. CHALLENGES Heavy household and corporate debt constitutes a major vulnerability in times of crisis. There is currently no economic driver on the horizon capable of standing in for construction as a major source of growth. Excessive regulations and a lack of civil service efficiency, especially in the legal system, have weighed on trade relations. A deficient education system, vast reserves of temporary, relatively unskilled workers, have resulted in limited productivity gains. Productivity gains not large enough to offset production-cost increases. The outlook for many sectors will depend on decisions made by foreign multinationals increasingly attracted by more competitive locations Water management continues to pose problems due its immoderate use in agriculture and unequal regional distribution. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) Spain 3,000 2,000 (in annual % change) UK Spain 2 2674 2,007 1,612 Rankings Gross Domestic Product (GDP) Growth Ease of Doing Business UK Spain ranks 49th out of 181 countries 1.2% 0.7% 1 Global Competitiveness Spain ranks 29th out of 134 countries 0 -1 1,397 -3 -3.0% -4 0 -4.1% -5 2008 74 Based on: > www.imf.org 2009 Forecast 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment 29 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -2 1,000 49 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Spain – TYPE 3 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Mapfre > www.mapfre.es AXA > www.axa.es Allianz > www.allianz.es Zurich > www.zurich.es Caser > www.caser.es Mutua Madrilena > www.mutua-mad.es Adeslas > www.adeslas.es Sanitas > www.sanitas.es Association Insurance Company Association (UNESPA) > www.unespa.es Regulator General Directorate of Insurance > www.dgsfp.mineco.es AGERS Conference Location: Madrid Time: 12 November 2009 Semana Mundial del Seguro Location: Barcelona Time 12 November 2009 > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Spain (direct non-life GWP per capita; USD) UK Spain 150,000 UK 1,276 1,400 115,725 120,000 107,393 90,000 1,200 1,051 Quick Links Insurance Information Institute > www.iii.org/international/profiles/ 1,000 800 60,000 43,042 47,906 600 400 30,000 Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 200 0 0 2007 2008 75 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Broker Penetration Estimated broker penetration: 25% – 50% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Spain – TYPE 3 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Mr Juan Arsuaga Calle José Ortega y Gasset 7 Edificio Serrano 49 1a Planta 28006 Madrid Spain TELEPHONE +34 91 426 2312 FAX +34 91 426 2394 EMAIL > [email protected] WEBSITE > www.lloyds.com/spain Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 282.5m* Direct: USD 129.4m* Reinsurance: USD 153.1m* Services: Yes Establishment: Yes, except assistance, life and death insurance *at constant prices; million USD See: Data limitations for detail 76 Reinsurance: Yes Brokers have access to information via: www.lloyds.com/MARKETPRESENTATIONS Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > Europe > Large Markets © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Sweden – TYPE 3 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 77 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Sweden – TYPE 3 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS Sweden is a highly industrialised country. Agriculture, once accounting for nearly all of Sweden's economy, now employs less than 2% of the labour force. Extensive forests, rich iron ore deposits, and hydroelectric power are the natural resources which, through the application of technology and efficient organisation, have enabled Sweden to become a leading producing and exporting nation. CHALLENGES Exports have declined in the current global economic climate. In this context of feeble demand, corporate investment is expected to fall as will household investment in property. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) Sweden 3,000 Rankings Gross Domestic Product (GDP) Growth (in annual % change) UK Sweden 1 2674 2,007 2,000 Ease of Doing Business UK Sweden ranks 17th out of 181 countries 0.7% Global Competitiveness 0 -1 Sweden ranks 4th out of 134 countries -0.2% 485 -3 359 -4 0 78 Based on: > www.imf.org 2009 Forecast 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment -4.1% -4.3% -5 2008 04 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -2 1,000 17 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Sweden – TYPE 3 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Lansforsakringar > www.lansforsakringar.se IF Skade > www.ifs.se Trygg-Hansa > www.trygghansa.se Folksam > www.folksam.se Zurich > www.zurich.se Moderna (TryggVesta) > www.modernaforsakringar.se Solid > www.solidab.se Association Swedish Insurance Federation > www.forsakringsforbundet.com Regulator Financial Supervisory Authority > www.fi.se > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Sweden (direct non-life GWP per capita; USD) UK Sweden 150,000 UK 1,300 115,725 120,000 107,393 1,200 60,000 1,150 2,941 3,996 Quick Links Insurance Information Institute > www.iii.org/international/profiles/ 1,250 90,000 30,000 1,276 1,155 Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 1,100 1,050 0 2007 2008 79 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Broker Penetration Estimated broker penetration: 00% – 25% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Sweden – TYPE 3 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Nordic Area Manager Ms Eva Lindberg Stureplan 4c 4th Floor Stockholm 114 35 Sweden Mr Erik Borjesson Stureplan 4c 4th Floor Stockholm 114 35 Sweden TELEPHONE +46 (0)8 463 1111 TELEPHONE +00 46 705 399 982 FAX +46 (0)8 463 1010 EMAIL > [email protected] EMAIL > [email protected] WEBSITE > www.lloyds.com/sweden Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 129.5m* Direct: USD 73.6m* Reinsurance: USD 55.9m* Services: Yes Establishment: Yes, except assistance, life and death insurance *at constant prices; million USD See: Data limitations for detail 80 Reinsurance: Yes Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > Europe > Nordic Markets © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Switzerland – Type 3 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 81 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Switzerland – Type 3 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS A privileged geographic location, political and social stability, quality financial services, and a moderate tax system have attracted investors. The presence of large industrial and financial groups that are among the world leaders has underpinned the current account surplus. The high density of cantonal and regional bank networks has fostered the development of smaller companies. The high level of R&D has spurred corporate competitiveness. Limited taxation of legal entities has fostered the creation of new companies. CHALLENGES Non-membership in the EU, even tempered by bilateral agreements, tends to undermine trade in products and services. The lack of coordination between the confederation and the cantons on financial and administrative matters hinders reforms. Public and private regulations impede the foreign competition that might otherwise spur productivity improvement by Swiss companies. Public sector financial equilibrium will depend on continued efforts on the structural reforms needed to cope with increases in social services. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) Switzerland 3,000 (in annual % change) UK 2 2674 2,007 2,000 1,000 Rankings Gross Domestic Product (GDP) Growth Switzerland 1.6% Ease of Doing Business UK Switzerland ranks 21st out of 181 countries 0.7% 1 Global Competitiveness Switzerland ranks 2nd out of 134 countries 0 -1 -3 359 -3.0% -4 -4.1% -5 0 2008 82 Based on: > www.imf.org 2009 Forecast 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment 02 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -2 493 21 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Switzerland – Type 3 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events AXA (incl. Winterthur) > www.axa.ch Zurich > www.zurich.ch Schweizerische Mobiliar > www.mobi.ch Allianz > www.allianz.ch Helsana > www.helsana.ch Basler > www.basler.ch CSS > www.css.ch Visana > www.visana.ch Generali > www.generali.ch Vaudoise > www.vaudoise.ch Association Schweizerischer Versicherungsverband > www.svv.ch Regulator FINMA > www.finma.ch > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Switzerland (direct non-life GWP per capita; USD) UK 150,000 3,000 115,725 120,000 107,393 Switzerland 2,828 UK 2,500 2,000 90,000 1,276 1,500 60,000 19,390 30,000 21,596 1,000 2007 2008 83 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Quick Links Insurance Information Institute > www.iii.org/international/profiles/ Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 500 0 0 Broker Penetration Estimated broker penetration: 50% – 75% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Switzerland – Type 3 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Mr Graham West Lloyd's Versicherer Zweigniederlassung Zurich Seefeldstrasse 7 8008 Zurich Switzerland TELEPHONE +41 (0) 7966 90099 FAX + 41 44 266 6079 EMAIL > [email protected] WEBSITE > www.lloyds.com/switzerland Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 346.1m* Direct: USD 162.5m* Reinsurance: USD 183.6m* Direct: Yes, except life and legal expenses Reinsurance: Yes *at constant prices; million USD © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > Europe > Large Markets See: Data limitations for detail 84 Market Intelligence Insurance Environment Lloyd’s Business North America Asia Pacific Latin America Europe IMEA Asia Pacific TYPE 2 New Zealand TYPE 3 Australia Hong Kong TYPE 4 China Japan SINGAPORE 85 QUICK TOUR (Country Profiles) © Lloyd’s North America Latin America Australia – Type 3 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 86 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Australia – Type 3 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS Australia's advanced market economy is dominated by its services sector (72% of GDP), yet it is the agricultural and mining sectors (8% of GDP combined) that account for the bulk of Australia's exports (52%). Australia's comparative advantage in the export of primary products is a reflection of the natural wealth of the Australian continent and its small domestic market. Since the 1980s, Australia has undertaken significant structural reform of its economy and has transformed itself from an inward-looking, highly protected, and regulated marketplace to an open, internationally competitive, export-oriented economy. CHALLENGES In 2009, the world financial and economic turbulence has also affected the Australian economy. Government measures to provide direct aid to households in conjunction with a lower benchmark interest rate will, however, be unlikely to revive consumption. Private individuals are expected to continue to exercise great caution in making purchases, giving preference to building up emergency saving or paying off debt as long as the job picture remains gloomy. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) Australia 3,000 (in annual % change) UK Australia 2674 2,007 2,000 1,000 1,011 755 0 2008 87 Based on: > www.imf.org Rankings Gross Domestic Product (GDP) Growth 2009 Forecast 3 2 1 0 -1 -2 -3 -4 -5 Australia ranks 9th out of 181 countries 2.1% Global Competitiveness 0.7% Australia ranks 18th out of 134 countries 09 18 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -3.0% -4.1% 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment Ease of Doing Business UK 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Australia – Type 3 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Vero > www.vero.com.au IAG > www.iag.com.au QBE > www.qbe.com.au Allianz > www.allianz.com.au AAMI > www.aami.com.au CGU > www.cgu.com.au GIO > www.gio.com.au Suncorp Metway > www.suncorp.com.au Zurich > www.zurich.com.au Association Insurance Council of Australia > www.insurancecouncil.com.au Regulator APRA > www.apra.gov.au > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Australia (direct non-life GWP per capita; USD) UK Australia 150,000 1,360 115,725 120,000 107,393 1,340 1,320 90,000 1,300 60,000 1,280 27,514 30,000 28,254 UK 1,349 1,276 1,220 2007 2008 88 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Quick Links Insurance Information Institute > www.iii.org/international/profiles/ Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 1,260 1,240 0 Broker Penetration Estimated broker penetration: 50% – 75% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Australia – Type 3 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Mr Keith Stern Lloyd's Australia Limited Level 21 Angel Place 123 Pitt Street Sydney NSW 2000 Australia TELEPHONE +61 2 9223 1433 FAX +61 2 9223 1466 EMAIL > [email protected] WEBSITE > www.lloyds.com/australia Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Lloyd’s GWP: USD 1.06bn* Direct: USD 856.7m* Reinsurance: USD 205.3m* *at constant prices; million USD See: Data limitations for detail 89 Trading Position > www.lloyds.com/crystal Market Intelligence Direct: Yes, except certain compulsory classes, life, certain health insurances and stand-alone funeral expenses www.lloyds.com/REGIONALWATCH Reinsurance: Yes, except life and certain health insurances > Broker Version > Asia Pacific > Established Markets Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > Asia Pacific > Established Markets © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Brokers have access to information via: Insurance Environment Lloyd’s Business North America Latin America China – Type 4 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 90 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe China – Type 4 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS China's external financial position has benefited from its competitive and diversified industry. Foreign investments have facilitated a gradual move upmarket. The development of infrastructure, galvanised by the 2008 Olympic Games in Beijing, provided support for long-term growth. A high corporate savings rate has enabled companies to fund most investments. CHALLENGES China has experienced growing income disparity. Overcapacity has jeopardised several industrial and commercial sectors. Despite progress on prudential regulations and the entry of foreign investors, Chinese banks have remained comparatively weak in view of the rapid credit expansion and uncertainties over the extent of non-performing loans. Rapid industrialisation poses a challenge for sustainable growth. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) (in annual % change) China 6,000 5,000 4,402 UK China 4,833 4,000 2674 3,000 2,000 1,000 0 2008 91 Based on: > www.imf.org Rankings Gross Domestic Product (GDP) Growth 2009 Forecast 2,007 10 8 6 4 2 0 -2 -4 -6 China ranks 53rd out of 181 countries 9.0% Global Competitiveness 6.5% China ranks 30th out of 134 countries -4.1% 2008 2009 Forecast Insurance Environment 83 30 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org 0.7% QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment Ease of Doing Business UK Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe China – Type 4 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events PICC > www.picc.cn China Pacific > www.cpic.com.cn Ping An > www.pingan.com.cn China United > www.cicsh.com China Continent > www.ccic-net.com.cn Tian An > www.tianan-insurance.com An Bang > www.ab95569.com Yong An > www.yaic.com.cn Sunshine Insurance > www.sinosig.com Taiping > www.ctih.cntaiping.com Association Insurance Association of China > www.iachina.cn Regulator CIRC > www.circ.gov.cn > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) China (direct non-life GWP per capita; USD) UK China 150,000 115,725 120,000 107,393 90,000 UK 1,276 1,400 1,200 Quick Links Insurance Information Institute > www.iii.org/international/profiles/ 1,000 800 60,000 33,810 44,987 30,000 600 400 200 34 0 0 2007 2008 92 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Broker Penetration Estimated broker penetration: 00% – 25% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe China – Type 4 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Market Development Manager Participants on the Platform Mr Eric Gao Lloyd’s Reinsurance Company (China) Ltd 33rd floor, Azia Center 1233 Lujiazui Ring Road Pudong Shanghai 200120 Mr Tom Birbeck Shanghai: (5) ACE, Catlin, Navigators, Starr, Travelers London: (11) Amlin, Arch, Atrium, Beazley, Brit, Chaucer, Kiln, Markel, Marlborough, Meacock, Sportscover (Argenta) TELEPHONE +86 21 6162 8207 EMAIL > [email protected] TELEPHONE +86 21 6162 8206 FAX +86 21 6162 8258 EMAIL > [email protected] WEBSITE > www.lloyds.com/china Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 105.8m Direct: No Direct: USD 6.8m* Reinsurance: USD 99.0m* Reinsurance: Yes, onshore reinsurance business can be written via Lloyd’s Reinsurance Company (China) Ltd. (LRCCL) and offshore reinsurance permitted *at constant prices; million USD See: Data limitations for detail 93 Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > Asia Pacific > China © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Hong Kong – Type 3 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 94 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Hong Kong – Type 3 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS Hong Kong's specialisation in services, which represent 92% of its GDP, remains a major asset for the special administrative region. The banking system is solid and transparent. The good governance practices and efficient prudential regulations inherited from British law constitute major competitive advantages in Asia. Hong Kong boasts quality infrastructure including the world's second largest container port, an essential air traffic hub for Asia, and the world's second largest cargo airport. Hong Kong has a unique status given its role in Renmimbi Settlement System CHALLENGES Increasingly integrated with mainland China, the Hong Kong economy is becoming vulnerable to economic downturns on the mainland. The future role of Hong Kong as an international financial centre for China The linkage between nearly half of fiscal revenues and the property sector constitutes a source of vulnerability. Corporate financial information can be very sparse for unlisted companies, which have no obligation to publish their balance sheet. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) Hong Kong 3,000 (in annual % change) UK 2674 2,007 2,000 1,000 216 206 0 2008 95 Based on: > www.imf.org Rankings Gross Domestic Product (GDP) Growth 2009 Forecast 3 2 1 0 -1 -2 -3 -4 -5 Hong Kong 2.5% Hong Kong ranks 4th out of 181 countries Global Competitiveness 0.7% Hong Kong ranks 11th out of 134 countries 04 11 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org 2008 -4.5% QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment Ease of Doing Business UK -4.1% 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Hong Kong – Type 3 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events HSBC > www.hsbc.hk American Home > www.aiu.com.hk BOC > www.bochk.com Ming An > www.mingan.com QBE > www.qbe.hk AXA > www.axa-insurance.com.hk Wing Lung > www.winglungbank.com.hk Zurich > www.zurich.hk Asia Insurance > www.asiainsurance.hk AIA > www.aia.hk Association Hong Kong Federation of Insurers > www.hkfi.org.hk Regulator Office of the Commissioner of Insurance > www.oci.gov.hk > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Hong Kong (direct non-life GWP per capita; USD) UK Hong Kong 150,000 UK 1,276 1,400 115,725 120,000 107,393 1,200 800 60,000 600 400 30,000 2,480 2,772 Quick Links Insurance Information Institute > www.iii.org/international/profiles/ 1,000 90,000 381 Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 200 0 0 2007 2008 96 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Broker Penetration Estimated broker penetration: 25% – 50% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Hong Kong – Type 3 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Ms Alex Faris Suite 1220 Two Pacific Place 88 Queensway Hong Kong SAR TELEPHONE +852 2918 9911 FAX +852 2918 9918 EMAIL > [email protected] WEBSITE > www.lloyds.com/hongkong Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 150.9m* Direct: USD 122.5m* Reinsurance: USD 28.4m* Direct: Yes, except life business Reinsurance: Yes *at constant prices; million USD © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > Asia Pacific > Established Markets See: Data limitations for detail 97 Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Japan – Type 4 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 98 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Japan – Type 4 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS The current account surplus relies on the competitiveness of export industries in the electronic and automotive sectors. Restructuring has enabled large banks and companies to reduce their debt. Research and Development spending is a strategic component of corporate industrial policy. CHALLENGES The rapid ageing of the population lends strategic importance to public sector financial consolidation. Social inequality, regional disparities, and bureaucratic dysfunction contribute to keeping household consumption low. Smaller companies often suffer from low productivity. There is a heavy dependence on imports of raw materials and food products. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) (in annual % change) Japan 6,000 5,000 4,924 Rankings Gross Domestic Product (GDP) Growth UK Japan 8 4,833 Ease of Doing Business UK Japan ranks 12th out of 181 countries 6.5% Global Competitiveness 6 Japan ranks 9th out of 134 countries 4 4,000 2674 3,000 2,000 -0.6% -4 -4.1% -6 0 2008 99 Based on: > www.imf.org 2009 Forecast 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment 9 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org 0 -2 1,000 0.7% 2 2,007 12 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe JAPAN – Type 4 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Tokio Marine Nichido > www.tokiomarinehd.com Mitsui Sumitomo > www.msilm.com Sompo Japan > www.sompo-japan.co.jp Aioi > www.ioi-sonpo.co.jp Nippon Koa > www.nipponkoa.co.jp Nissay Dowa > www.nissaydowa.co.jp Fuji > www.fujikasai.co.jp AIU > www.aiu.co.jp Kyoei > www.kyoeikasai.co.jp Nisshin > www.nisshinfire.co.jp Association General Insurance Association of Japan > www.sonpo.or.jp Regulator Financial Services Agency > http://www.fsa.go.jp > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Japan (direct non-life GWP per capita; USD) UK Japan 150,000 115,725 120,000 96,084 107,393 90,000 UK 1,276 1,400 1,200 1,000 829 800 60,000 44,987 30,000 600 0 2007 2008 100 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Quick Links Insurance Information Institute > www.iii.org/international/profiles/ Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 400 200 0 Broker Penetration Estimated broker penetration: 00% – 25% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe JAPAN – Type 4 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Participants on the Platform Tokyo: (7) Mr Iain Ferguson Lloyd's Japan Inc. Otemachi Financial Center 17F 1-5-4 Otemachi, Chiyoda-ku, Tokyo, Japan 100-0004 Amlin, Beazley, Cassidy Davis, Catlin, Hardy, Kiln and Travellers TELEPHONE + 81 3 3215 5297 FAX + 81 3 3215 5292 EMAIL > [email protected] WEBSITE > www.lloyds.com/japan Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 535.7m Direct: USD 35.9* Reinsurance: USD 499.8m* Direct: Yes, vial Lloyd’s Japan Inc.; other than certain exempt class Reinsurance: Yes *at constant prices; million USD © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > Asia Pacific > Japan See: Data limitations for detail 101 Market Intelligence Insurance Environment Lloyd’s Business North America Latin America New Zealand – Type 2 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 102 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe New Zealand – Type 2 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS New Zealand’s leading agricultural exports include dairy products, meat, forest products, fruit and vegetables, fish, and wool. New Zealand was a direct beneficiary of many of the reforms achieved under the Uruguay Round of trade negotiations, with agriculture in general and the dairy sector in particular enjoying many new trade opportunities. The country has substantial hydroelectric power and reserves of natural gas. Leading manufacturing sectors are food processing, wood and paper products, and metal fabrication. Service industries, particularly financial, insurance, and business services, form a significant part of New Zealand's economy. CHALLENGES New Zealand economy has been sharply decelerating since the spring of 2008 as a result of woeful export performance and less buoyant domestic demand amid rising energy and raw material costs and a marked tightening of monetary policy. Downturns in non-residential construction and corporate capital spending has compounded the negative effects of the persistent weakness in residential construction. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) New Zealand (in annual % change) UK 3,000 New Zealand 1 2674 2,007 2,000 0.7% 0.3% New Zealand ranks 24h out of 134 countries -1 2009 Forecast 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment 24 -4.1% -5 0 02 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -2.0% -4 91 103 Based on: > www.imf.org New Zealand ranks 2nd out of 181 countries Global Competitiveness -3 2008 Ease of Doing Business UK 0 -2 1,000 128 Rankings Gross Domestic Product (GDP) Growth 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe New Zealand – Type 2 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events IAG > www.iag.co.nz Vero > www.vero.co.nz Lumley > www.lumley.co.nz AMI > www.ami.co.nz Tower > www.tower.co.nz AIG > www.aig.co.nz Farmers’ Mutual > www.fmg.co.nz Allianz > www.allianz.co.nz Ace > www.aceinsurance.co.nz Medical Insurance Society > www.medicals.co.nz Association Insurance Council of New Zealand > www.icnz.org.nz Regulator Reserve Bank of New Zealand > www.rbnz.govt.nz > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) New Zealand (direct non-life GWP per capita; USD) UK 150,000 1,320 115,725 120,000 107,393 New Zealand 1,316 UK 1,310 1,300 90,000 1,290 60,000 1,280 1,276 5,489 5,547 1,260 1,250 0 2007 2008 104 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Quick Links Insurance Information Institute > www.iii.org/international/profiles/ Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 1,270 30,000 Broker Penetration Estimated broker penetration: 75% – 100% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe New Zealand – Type 2 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Mr Scott Galloway c/o Hazelton Law Level 3 101 Molesworth Street Wellington New Zealand TELEPHONE +64 4 472 7582 FAX + 64 4 472 7571 EMAIL > [email protected] WEBSITE > www.lloyds.com/newzealand Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 97.5m* Direct: USD 62.1m* Reinsurance: USD 35.4m* Direct: Yes, except life Reinsurance: Yes, except life *at constant prices; million USD © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > Asia Pacific > Established Markets See: Data limitations for detail 105 Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Singapore – Type 4 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 106 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Singapore – Type 4 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS Singapore's quality and competitiveness is among the most advanced in Asia. A strategy of diversification, especially to high value-added sectors (chemicals, pharmaceuticals, and finance), constitutes a definite asset to the Singapore economy. The country attracts substantial inflows of foreign direct investment due to an advantageous tax regime, excellent business environment and political stability. Singapore has become a major investor within Asia, in many sectors including finance, telecommunications and transport via the state-controlled holding company Temasek. CHALLENGES The open economy in Singapore is vulnerable to the current economic downturn. Shortages of skilled labour have hampered the growth outlook of certain sectors in Singapore An ageing population could ultimately undermine the future economy. Social tensions could emerge in as a result of increasing long-term unemployment among less-skilled jobseekers. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) Singapore 3,000 Rankings Gross Domestic Product (GDP) Growth (in annual % change) UK 2 2674 2,007 2,000 Singapore 1.1% 0 Global Competitiveness Singapore ranks 5th out of 134 countries -2 -4.1% -6 -8 182 177 -10 2008 107 Based on: > www.imf.org 2009 Forecast 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment 01 5 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -10.0% -12 0 Singapore ranks 1st out of 181 countries 0.7% -4 1,000 Ease of Doing Business UK 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Singapore – Type 4 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events American Home > www.aiu.com.sg NTUC Income > www.income.com.sg AXA > www.axa.com.sg First Capital > www.first-insurance.com.sg MSIG > www.msig.com.sg AIA > www.aia.sg QBE > www.qbe.com.sg Mitsui Sumitomo > www.ms-ins.com.sg Tokio Marine & Fire > www.tokiomarine.com.sg Ace > www.aceinsurance.com.sg Association General Insurance Association of Singapore Regulator Insurance and Reinsurance Supervisory Authority > www.mas.gov.sg > www.gia.org.sg > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Singapore (direct non-life GWP per capita; USD) UK Singapore 150,000 115,725 120,000 107,393 UK 1,276 1,400 1,200 1,000 90,000 800 60,000 600 630 4,204 5,083 200 0 0 2007 2008 108 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Quick Links Insurance Information Institute > www.iii.org/international/profiles/ Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 400 30,000 Broker Penetration Estimated broker penetration: 50% – 75% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Singapore – Type 4 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Participants on the Platform Singapore: (15) Mr Jon Song Lloyd’s Asia One George Street #15-04/05 Singapore 049145 Amlin, Argenta, Ascot, Atrium, Beazley, Canopius, Catlin, Chaucer, Kiln, Markel, Newline Asia, QBE, Talbot, Travelers, Watkins TELEPHONE +65 6538 7862 FAX +65 6538 7768 EMAIL > [email protected] WEBSITE > www.lloyds.com/singapore Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Lloyd’s GWP: Direct: Reinsurance: Lloyd’s Asia: Trading Position > www.lloyds.com/crystal USD 206.9m* USD 116.0m* USD 90.9m* USD 163.8m♦ *at constant prices; million USD; ♦Lloyd’s Asia premium refers to the premium written by Lloyd’s Asia participants only, the domicile of this risk is not restricted to Singapore See: Data limitations for detail 109 Direct: Yes, except life and compulsory classes Reinsurance: Yes, except life Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > Asia Pacific > Singapore © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Latin America Europe IMEA Asia Pacific TYPE 1 ARGENTINA Belize Chile TYPE 3 BRAZIL 110 QUICK TOUR (Country Profiles) © Lloyd’s North America Latin America ARGENTINA – Type 1 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 111 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe ARGENTINA – Type 1 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS With abundant natural, energy, mineral and agricultural resources, Argentina has benefited from the strong world demand and high prices for raw materials. The undervalued local currency has benefited BOTH domestic production and export competitiveness. The country's education level and human development indicators have been above the Latin American average. The work force is skilled and adaptable. CHALLENGES The economy continues to be partially dependent on raw materials and suffers from insufficient investment particularly in the energy sector and infrastructure. Despite the restructuring of its bond debt on favourable terms in June 2005 and early IMF repayment in January 2006, foreign debt is still high. Sustained improvement in public finances will depend on implementation of genuinely tight fiscal policy. Increase in inequality and social tensions have persisted. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) (in annual % change) Argentina UK 3,000 Rankings Gross Domestic Product (GDP) Growth 8 2674 2,007 2,000 Argentina 7.0% Ease of Doing Business UK Argentina ranks 88th out of 181 countries Global Competitiveness 6 Argentina ranks 64th out of 134 countries 4 0.7% 2 326 -2 310 -1.5% -4 -4.1% -6 0 2008 112 Based on: > www.imf.org 2009 Forecast 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment 64 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org 0 1,000 88 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe ARGENTINA – Type 1 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Fedaracion Patronal > www.fedpat.com.ar Caja Seguros > www.lacaja.com.ar Mapfre Argentina > www.mapfre.com.ar HSBC Buesnos Aires > www.hsbc.com.ar/ar/seguros Sancor > www.sancor.com.ar Meridional > www.lameridional.com San Cristobal > www.sancristobal.com.ar Prevencion Art > www.seguros-art.com.ar Provincia > www.provinciaseguros.com.ar Segunda CSL > www.lasegunda.com.ar Association Asociacion Argentina de Companias de Seguros > www.aacrsa.org.ar Regulator Superintendencia de Seguros de la Nacion > www.ssn.gov.ar > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Argentina (direct non-life GWP per capita; USD) UK Argentina 150,000 115,725 120,000 107,393 1,200 800 60,000 600 400 4,947 6,476 Quick Links Insurance Information Institute > www.iii.org/international/profiles/ 1,000 90,000 30,000 UK 1,276 1,400 200 162 0 0 2007 2008 113 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Broker Penetration Estimated broker penetration: 25% – 50% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe ARGENTINA – Type 1 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Mr John Wilson Las Heras 1274 Acassuso 1640 Buenos Aires Argentina TELEPHONE + 54 11 4798 8975 FAX + 54 11 4798 8975 EMAIL > [email protected] Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 7.1m Direct: USD 1.6m* Reinsurance: USD 5.5* *at constant prices; million USD Direct: Yes, through a local registered intermediary except life, industrial life and bond investment Reinsurance: Yes, through a local intermediary See: Data limitations for detail 114 Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > Latin America > Small Markets © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America brazil – Type 3 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 115 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe brazil – Type 3 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS Brazil is endowed with extensive and varied natural resources and its economy has been diversifying for a while Manufactured products represent a growing proportion of production and exports. Macroeconomic stability is assured due to the continuity in Governmental Policy The capacity to cope effectively with the volatile international financial market has been increasing Brazil's domestic market potential and competitive labour costs enhance its attractiveness to foreign investors. . CHALLENGES To achieve sustainable growth, structural reforms will be necessary — notably in education, social security, the employment market, taxation, and the regulatory framework — but political obstacles remain. A lack of investment has resulted in deficient energy, rail, road, port and airport infrastructure with public/private partnership difficult to set up. Brazil remains exposed to fluctuations in world prices for various commodities. Public debt remains high Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) (in annual % change) Brazil UK 3,000 2,000 Brazil 6 2674 2,007 1,573 Rankings Gross Domestic Product (GDP) Growth 1,269 Global Competitiveness 4 Brazil ranks 64th out of 134 countries 2 -1.3% -4.1% -6 2009 Forecast 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment 64 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -4 0 125 0.7% -2 116 Based on: > www.imf.org Brazil ranks 125th out of 181 countries 5.1% 0 1,000 2008 Ease of Doing Business UK 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe brazil – Type 3 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Porto Seguro CIA > www.portoseguro.com.br Unibanco AIG Seguros > www.unibancoaig.com.br Seguradi Liderdo > www.dpvatseguro.com.br Mapfre Ver Cruz > www.mapfre.com.br Sul America > www.sulamerica.com.br Itau > www.itauseguros.com.br Atlantida > www.atlantidaseguros.com.br Allianz > www.allianz.com.br Bradesco > www.bradescoautore.com.br Brasilveiculos > www.bbseguroauto.com.br Association Federacao Nacional das Empresas deSeguros > www.fenaseg.org.br Regulator Superintendencia de Seguros Privados –SUSEP > www.susep.gov.br > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Brazil (direct non-life GWP per capita; USD) UK Brazil 150,000 115,725 120,000 107,393 1,200 800 60,000 600 20,508 25,074 Quick Links Insurance Information Institute > www.iii.org/international/profiles/ 1,000 90,000 30,000 UK 1,276 1,400 400 200 129 0 0 2007 2008 117 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Broker Penetration Estimated broker penetration: 75% – 100% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe brazil – Type 3 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative MANAGING AGENT REPRESENTATIVES Rio de Janeiro: (6) Mr Marco Castro Lloyd’s Brazil, Avenida Almirante Barroso No.52 Sala 2401 (Parte) Centro Rio de Janeiro , CEP 20031-918/RJ Brazil Ace, Catlin, Kiln, Liberty, Marlborough, Max TELEPHONE + 55 (21) 2220 8446 EMAIL > [email protected] WEBSITE > www.lloyds.com/brazil Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 176.2m Direct: USD 5.0m* Reinsurance: USD 171.2m* *at constant prices; million USD Direct: No, permission / explicit approval required, except marine cargo Reinsurance: Yes, Lloyd’s is registered as an 'Admitted' reinsurer in Brazil © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > Latin America > Brazil See: Data limitations for detail 118 Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Belize – Type 1 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 119 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Belize – Type 1 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS The service sector and nascent petroleum sector lead Belize's economic growth. A combination of natural factors – climate the longest barrier reef in the Western Hemisphere, numerous islands, excellent fishing, safe waters for boating, jungle wildlife, and Mayan ruins--support the thriving tourist industry. CHALLENGES Domestic industry is limited, constrained by relatively high-cost labour and energy and a small domestic market. A major constraint on the economic development of Belize continues to be the scarcity of infrastructure investments. Belize's economic performance is highly susceptible to external market changes. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) (in annual % change) Belize UK 3,000 Belize 2674 2,007 2,000 1,000 0 1 2008 1 120 Based on: > www.imf.org Rankings Gross Domestic Product (GDP) Growth 2009 Forecast QUICK TOUR (Country Business Environment 4 3 2 1 0 -1 -2 -3 -4 -5 Ease of Doing Business UK Belize ranks 78th out of 181 countries 3.0% Global Competitiveness 1.0% Belize ranks N/A out of 134 countries 0.7% 78 N/A Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -4.1% 2008 Profiles) Based on: > www.imf.org 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Belize – Type 1 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Atlantic > www.atlanticinsurancebz.com Guardian > www.ggil.biz Home Protector Insurance > www.homeprotector.bz ICB > www.icbinsurance.com RF & G > www.rfginsurancebelize.com Association The Organization of Insurance Companies of Belize Regulator Office of the Supervisor of Insurance > www.governmentofbelize.gov.bz > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) (direct non-life GWP per capita; USD) N/A N/A Broker Penetration Estimated broker penetration: N/A Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ Quick Links Insurance Information Institute > www.iii.org/international/profiles/ Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 121 QUICK TOUR (Country Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Belize – Type 1 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Mr Derek Courtenay W H Courtenay & Co 187 Hutson Street P O Box 214 Belize City Belize TELEPHONE +501 223 5701 FAX +501 223 9962 EMAIL > whc&[email protected] Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 7.1m Direct: USD 1.6m* Reinsurance: USD 5.5m* *at constant prices; million USD Direct: Yes, through a local registered intermediary except life, industrial life and bond investment Reinsurance: Yes, through a local intermediary See: Data limitations for detail 122 Managing Agents have access to information via: www.lloyds.com/GLOBALOPPORTUNITIES > Managing Agent Version > Spreadsheet © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Chile – Type 1 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 123 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Chile – Type 1 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS The world leading copper producer, Chile is endowed with abundant mining, agricultural, piscicultural (notably salmon) and forestry resources, as well as comparative advantages in those areas. The country has benefited from economic expansion for the past twenty years, coupled with a relative consensus on the orthodox economic policy pursued. The growing number of free-trade agreements has facilitated geographic and sectoral diversification of exports. Political stability, quality institutions and infrastructure, and a solid financial system have fostered foreign investment in the country and its development as a regional platform. CHALLENGES The economy remains too dependent on copper exports (half total sales abroad) and low added-value sectors. To meet its energy needs the country remains dependent on foreign sources, particularly Argentine gas, pending the production start-up of a liquefied natural gas facility in 2009/2010. The income gap — still among the world's highest due especially to disparities in the education system — has been a source of social tensions. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) (in annual % change) Chile UK 3,000 Rankings Gross Domestic Product (GDP) Growth Chile 4 2674 2,007 2,000 Ease of Doing Business UK Chile ranks 40th out of 181 countries 3.2% Global Competitiveness 2 0.1% 0 0.7% Chile ranks 28th out of 134 countries 170 -4 136 -4.1% -6 0 2008 124 Based on: > www.imf.org 2009 Forecast 2008 QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment 28 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -2 1,000 40 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Chile – Type 1 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events RSA > www.rsagroup.cl Chilena (Zurich) > www.chilena.cl Penta > www.pentasecurity.cl Interamericana > www.interamericana.cl Mapfre > www.mapfreseguros.cl Cardif (BNP Paribas) > www.cardif.cl Liberrty > www.liberty.cl Magallanes > www.magallanes.cl BCI > www.bci.cl ACE > www.acelimited.com Association Chilean Insurance Association Regulator > www.aach.cl Insurance Superintendency > www.svs.cl > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) Chile (direct non-life GWP per capita; USD) UK Chile 150,000 115,725 120,000 107,393 1,200 800 60,000 600 400 2,377 2,325 0 2007 2008 125 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Quick Links Insurance Information Institute > www.iii.org/international/profiles/ 1,000 90,000 30,000 UK 1,276 1,400 200 Broker Penetration Estimated broker penetration: 75% – 100% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 138 0 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Chile – Type 1 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Mr Emilio Sahurie Estudio Carvallo Coyancura 2283, Pisco 9 Santiago Chile TELEPHONE +56 2 676 9358 FAX +56 2 234 4167 EMAIL > [email protected] Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 106.5m Direct: USD 5.7m* Reinsurance: USD 108.8* Direct: Lloyd's is approved to transact marine, *at constant prices; million USD aviation, and transport of international goods business. Although, Lloyd's underwriters cannot offer any other classes of insurance within Chile, a Chilean citizen or entity is free to buy insurance abroad and to approach a foreign insurer, with the exception for compulsory classes. See: Data limitations for detail Reinsurance: Yes. 126 Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > Latin America > Small Markets © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Europe India, Middle East and Africa (IMEA) IMEA Asia Pacific TYPE 1 Namibia Zimbabwe TYPE 3 SOUTH AFRICA 127 QUICK TOUR (Country Profiles) © Lloyd’s North America Latin America Namibia – Type 1 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 128 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Namibia – Type 1 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS Namibia has enjoyed remarkable political and social stability since independence from South Africa in 1990. Good ethnic intermixing due to large migrations from rural area to cities and a strong feeling of national identity forged during the struggle for independence Namibia boasts extensive ore resources including diamonds, uranium, zinc and copper. Namibia belongs to SACU (Southern Africa Customs Union) and has benefited from the redistribution of Union customs revenues underpinned by South Africa's performance. CHALLENGES Namibia has suffered from an insufficiently diversified productive fabric with its economy largely resting on raw material exploitation and thus vulnerable to external shocks. Economic growth was not sufficiently strong to significantly reduce a high unemployment and poverty rate. A 20% AIDS prevalence rate has impeded Namibia's development. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) Namibia 3,000 (in annual % change) UK Namibia 2674 2,007 2,000 1,000 0 8 2008 7 129 Based on: > www.imf.org Rankings Gross Domestic Product (GDP) Growth 2009 Forecast QUICK TOUR (Country Business Environment 4 3 2 1 0 -1 -2 -3 -4 -5 Ease of Doing Business UK Namibia ranks 51st out of 181 countries 2.9% Global Competitiveness Namibia ranks 80th out of 134 countries 0.7% 80 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -0.7% -4.1% 2008 Profiles) Based on: > www.imf.org 51 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Namibia – Type 1 Office IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Key Industry & Lloyd’s Events Major Insurers Mutual & Federal > www.mf.co.na Santam > www.santam.co.na Hollard > www.hollard.co.na Legal Shield > www.legalshield.na Swabou > www.outsurance.com.na NASRIA > www.nasria.com.na Association Namibia Insurance Association Regulator Namibia Financial Supervisory Authority > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) (direct non-life GWP per capita; USD) N/A N/A Broker Penetration Estimated broker penetration: 50% – 75% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ Quick Links Insurance Information Institute > www.iii.org/international/profiles/ Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 130 QUICK TOUR (Country Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Namibia – Type 1 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Mr Peter Gruttemeyer Ohlthaver & List Trust Company (Pty) Ltd Carl List Haus No. 27 Fidel Castro Street PO Box 16 Windhoek Namibia TELEPHONE +264 61 207 5236 EMAIL > [email protected] Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 7.6m* Direct: USD 5.9m* Reinsurance: USD 1.7m* Direct: Yes, through a local intermediary Reinsurance: Yes, through a local intermediary Managing Agents have access to information via: www.lloyds.com/GLOBALOPPORTUNITIES *at constant prices; million USD See: Data limitations for detail 131 > Managing Agent Version > Spreadsheet © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America SOUTH AFRICA – Type 3 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 132 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe SOUTH AFRICA – Type 3 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS With the country generating 33 per cent of African GDP, its economic and political influence is influential on the continent. South Africa boasts extensive mining resources, diversified industry, and a high-performance tertiary sector (banks, telecommunications, transport). Public sector finances have been under control The government has enjoyed substantial capacity to contract new loans to other countries due to its creditworthiness in the current economic climate Tight economic management and the quality of the business environment represent a major asset to South Africa CHALLENGES Under-investment in the infrastructure of energy has given rise to a chronic energy crisis likely to last for the next five years. A lack of skilled labour hinders implementation of vast investment projects in sectors such as transport and energy. Although South Africa is one of the main beneficiaries of foreign direct investment in sub-Saharan Africa, the investments falls short of covering its growing finance needs. An increasing wage gap reflects the social and economic dualism inherited from apartheid with Black Economic Empowerment policies thus far not contributing much to reducing the inequality that stirs social and political tensions Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) (at constant prices; billion USD) (in annual % change) South Africa UK 3,000 South Africa 2674 2,007 2,000 1,000 277 243 0 2008 133 Based on: > www.imf.org Rankings Gross Domestic Product (GDP) Growth 2009 Forecast QUICK TOUR (Country Business Environment 4 3 2 1 0 -1 -2 -3 -4 -5 Ease of Doing Business UK Hong Kong ranks 32nd out of 181 countries 3.1% Global Competitiveness Hong Kong ranks 45th out of 134 countries 0.7% 45 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org -0.3% -4.1% 2008 Profiles) Based on: > www.imf.org 32 2009 Forecast Insurance Environment Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America SOUTH AFRICA – Type 3 Office Europe IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events Santam > www.santam.co.za Mutual & Federal > www.mf.co.za Hollard > www.hollard.co.za Zurich Insurance > www.zurich.co.za Outsurance > www.outsurance.co.za Guardrisk > www.guardrisk.co.za Absa > www.absa.co.za Regent > www.regent.co.za Auto & General > www.autogen.co.za Standard > www.standardbank.co.za Association South African Insurance Association > www.saia.co.za Regulator Financial Services Board > www.fsb.co.za > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) South Africa (direct non-life GWP per capita; USD) UK South Africa 150,000 115,725 120,000 107,393 1,200 800 60,000 600 400 8,345 7,990 Quick Links Insurance Information Institute > www.iii.org/international/profiles/ 1,000 90,000 30,000 UK 1,276 1,400 200 164 0 0 2007 2008 134 QUICK TOUR (Country Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Broker Penetration Estimated broker penetration: 75% – 100% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ 2008 Density Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Insurance Environment Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America SOUTH AFRICA – Type 3 Office Europe IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative General Representative & Non-Executive Chairman Mr Amit Khilosia General Manager Lloyd's South Africa (Pty) Ltd 7th Floor , The Forum 2 Maude Street, Sandton 2196 South Africa Mr John Sibanda TELEPHONE +27 11 884 0486 EMAIL > [email protected] TELEPHONE +27 11 884 0486 FAX +27 11 884 0384 EMAIL > [email protected] WEBSITE > www.lloyds.com/southafrica Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 252.1m* Direct: USD 177.8m* Reinsurance: USD 74.3m* Direct: Yes, except compulsory classes, funeral expenses and life Reinsurance: Yes *at constant prices; million USD © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Managing Agents have access to information via: www.lloyds.com/REGIONALWATCH > Managing Agent Version > Latin America > South Africa See: Data limitations for detail 135 Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Zimbabwe – Type 1 Office Europe IMEA Asia Pacific Click Box to navigate Profile Business Environment Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators Insurance Environment Key insurers Insurance industry events Basic insurance indicators Lloyd’s Business 136 QUICK TOUR (Country Profiles) Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products © Lloyd’s North America Latin America Europe Zimbabwe – Type 1 Office IMEA Asia Pacific > Back to Country Dashboard Business Environment > Strengths & Challenges STRENGTHS The world's second-largest platinum producer, Zimbabwe brims with mineral wealth (palladium, gold, nickel). Zimbabwe boasts considerable farm potential. Varied geological environments — with some, like Lake Victoria, classified as world heritage sites by UNESCO — endow Zimbabwe with substantial tourism development potential. An extensive road network should be propitious to economic recovery in the medium term. A skilled Diaspora would likely constitute an asset in the framework of efforts to consolidate the economy. CHALLENGES The effects of the current crisis will take considerable time to overcome given the dire economic and financial position of Zimbabwe. A lack of investment contributes to the gradual disintegration of transport and energy infrastructure. Hyperinflation has sealed the disorganisation of commerce and production Deterioration of the food and sanitary situation has compounded the dilapidation of the economy, with most of the population dependent on international aid for subsistence. With a 16% AIDS prevalence rate, the proportion of the population infected in Zimbabwe is amongst the highest in Africa and the world. Based on: > http://globaledge.msu.edu/ Business Environment > Basic Indicators Gross Domestic Product (GDP) Gross Domestic Product (GDP) Growth Rankings (at constant prices; billion USD) (in annual % change) Ease of Doing Business Zimbabwe ranks 158th out of 181 countries Global Competitiveness Zimbabwe ranks 133rd out of 134 countries NA 137 Based on: > www.imf.org NA QUICK TOUR (Country Profiles) Based on: > www.imf.org Business Environment Insurance Environment 158 133 Quick Links Doing Business > www.doingbusiness.org Competitiveness > www.weforum.org Global Opportunities for business indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Zimbabwe – Type 1 Office Europe IMEA Asia Pacific > Back to Country Dashboard Insurance Environment > Key Stakeholders and Events Major Insurers Key Industry & Lloyd’s Events • Nicoz Diamond > www.nicozdiamond.co.zw RM Insurance > www.rminsurance.co.zw Cell Insurance Zimbabwe > www.cellinsurance.co.zw Altfin > www.altfininsurance.co.zw Tristar > www.tristarinsurance.co.zw Heritage > www.heritage.co.zw Association Insurance Association of Zimbabwe Regulator Insurance Council of Zimbabwe > www.zimtreasury.org > www.lloyds.com/News_Centre/Events Insurance Environment > Key Statistics Gross Written Premiums (GWP) Density (direct non-life GWP at constant prices; million USD) (direct non-life GWP per capita; USD) N/A N/A Broker Penetration Estimated broker penetration: 50% – 75% Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/ Quick Links Insurance Information Institute > www.iii.org/international/profiles/ Worldwide Assecuranz Directory > http://assecuranz.kompass.com/ 138 QUICK TOUR (Country Profiles) Based on: > www.swissre.com > “World Insurance in 2008” Based on: > www.swissre.com > “World Insurance in 2008” Business Environment Insurance Environment Global Opportunities for insurance indicators © Lloyd’s > www.lloyds.com/marketintelligence Lloyd’s Business North America Latin America Europe Zimbabwe – Type 1 Office IMEA Asia Pacific > Back to Country Dashboard Lloyd’s Business > Office Details Lloyd’s General representative Ms Emilia Chisango c/o KPMG Mutual Gardens 100 The Chase (West) Emerald Hill Harare Zimbabwe TELEPHONE +263 430 2600 EMAIL > [email protected] Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2008 Lloyd’s Gross Written Premiums Trading Position > www.lloyds.com/crystal Lloyd’s GWP: USD 3.1m* Direct: USD 1.5m* Reinsurance: USD 1.6m* Direct: Yes, through a local intermediary Reinsurance: Yes, through a local intermediary Managing Agents have access to information via: www.lloyds.com/GLOBALOPPORTUNITIES *at constant prices; million USD See: Data limitations for detail 139 > Managing Agent Version > Spreadsheet © Lloyd’s QUICK TOUR (Country Profiles) Business Environment Market Intelligence Insurance Environment Lloyd’s Business North America Latin America Europe IMEA Asia Pacific Data limitations: Please note the information contained in this document is based upon data collected from Xchanging and may be incomplete for some classes of business; for instance a substantial figure, which is missing from the REG 258 data set is comprised of UK Motor, which is not processed by Xchanging. Gross Premiums: Original and additional inward premiums, plus any amount in respect of administration fees or policy expenses remitted with a premium but before the deduction of outward reinsurance premiums. Lloyd’s figures are based on gross written premiums based on figures processed by Xchanging by processing year and country of origin. o Country of Origin: denotes the country from where demand for the insurance / reinsurance emanates; i.e. the coverholder or policyholder, irrespective of the country to which the risk is classified for regulatory reporting purposes. o Processing Year: relates to the calendar year in which the premium, additional or return premium is processed by Xchanging, irrespective of the actual underwriting year of account of the risks (which is determined by the inception date of each risk). Example: A policy holder in the UK insuring a holiday home in France would be classified as a UK risk by Country Of Origin, but French for regulatory reporting purposes. Similarly a risk incepting on 1st December 2007 would be classified at 2007 underwriting year of account but may not be processed by Xchanging until 2008 and so be allocated to the 2008 processing year. 140 QUICK TOUR (Country Profiles) © Lloyd’s 141 QUICK TOUR (Country Profiles) © Lloyd’s
