Transcript Quick Tour: Lloyd`s International Reach

Quick Tour
Country Profiles
Business, Insurance and Lloyd’s info on
Lloyd’s International Office Network
summarised on three slides for all
territories
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FOR BROKERS & MANAGING AGENTS
Recent Updates: July 2010
 Update of all Lloyd’s figures
 New Business Environment sections
Disclaimer
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Bu sin ess En v ir o n men t
In su r an ce En v ir o n men t
Ll o y d ’s Bu sin ess
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 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
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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
5
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 Lloyd’s office details and contacts
 Trading position and size of Lloyd’s business
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> Back to Country Dashboard
Business Environment > KEY ISSUES To Watch
US Expansion Increasingly Self-Sustaining: A series of upbeat data releases has been capped off by a near-blowout employment report for
April showing 290,000 jobs added. Even the bad news in the report—a higher unemployment rate—reflected a strengthening labour market,
because it showed job seekers returning to the market. The second-quarter GDP picture looks very strong, enhanced by a weather bounce after
the first quarter. Nevertheless, this remains a subdued recovery by historical standards, due to credit and balance-sheet constraints.
Rising Employment Will Support Consumption and Housing: The strong employment report was crucial because it will underpin consumer
spending. The 3.6% consumption increase in the first quarter was achieved entirely through a lower saving rate, but rising employment and hours
worked will start to kick incomes higher again in the second quarter. Rising employment is also a key to a revival in housing activity. Tax incentives
may have filled in a hole by pulling some activity forward, but they are not the basis for a sustained housing revival.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Democrats Face Tough Challenges at 2010 Mid-Term Elections: In January 2010 the Democrats lost their prized outright control of the Senate with a shock defeat in
Massachusetts. No longer able to go it alone in Congress, this has set back their legislative plans and is very ominous for the November mid-term elections. To date, the
Republicans have shown little appetite for bipartisanship.
Administration Victorious on Healthcare Reform, But at a Price: The Massachusetts defeat seemed to doom the administration’s signature healthcare reforms, but some
nimble footwork in Congress pulled them back from the brink in March 2010. The House of Representatives approved the Senate’s earlier version, avoiding another vote in the
latter chamber. The reconciliation process was then used to amend the Senate version in tune with House demands. While the reforms rate as a landmark in the history of social
policy in the United States, the battle has taken its toll on the administration, eroding the popularity of President Obama and distracting the administration from other priorities.
The administration has now switched its focus to bold financial regulation reform, an immigration policy overhaul, and new energy/environment legislation.
Terrorist Incidents Revive Concerns: Terrorism has been a key political theme and security preoccupation in the United States since the attacks of 11 September 2001, but
the lack of further attacks on US soil had pushed the issue down the agenda somewhat. This changed in 2009/10 with a shooting on a military base in Texas, the attempted
bombing of a flight as it approached Detroit, and an attempted car bomb attack on Times Square in New York. The three assailants seem to have held radical Islamist beliefs
and had links either to al-Qaida or the Taliban. The incidents revived public fears and also revealed ongoing shortcomings in the intelligence system. The administration
announced tougher security precautions for flights and an overhaul of intelligence procedures.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
20,000
2.9%
2.7%
10,000
3.1%
2.7%
2.8%
2.1%
01
Real Estate
1,669
-3.2%
3%
02
Business Services
1,492
-3.0%
03
Public Admin. & Defence
1,140
+1.8%
04
Health & Social Services
1,017
+2.8%
1%
05
Retail Trade
885
-6.9%
0%
06
Wholesale Trade
818
-5.2%
07
Banking & Related Financial
731
-8.1%
08
Education
699
+2.4%
09
Construction
581
-15.2%
10
Hotels & Restaurants
396
-5.3%
2%
0.4%
-1%
5,000
-2%
-2.4%
0
6
(a 2008 Level in billion USD & 2009 Change in %)
4%
3.5%
15,000
Rankings
Top-10 Sectors (By Value Added)
-3%
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
US ranks 3rd out of 181 countries
Global Competitiveness
US ranks 1st out of 134 countries
03
01
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
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
7
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
Offices / Representation
Lloyd’s Business > Office Details
Lloyd’s President, North America
Mr Henry Watkins
The Museum Office Building
25 West 53rd Street
14th Floor
New York NY 10019
 NEW YORK OFFICE TELEPHONE
+1 212 382 4090
Central Region
Mr Pat Talley
US Virgin Islands
Mr Henry L Feuerzeig
[email protected]
[email protected]
 ILLINOIS OFFICE TELEPHONE
+1 312 407 6201
 KENTUCKY OFFICE TELEPHONE
+1 502 875 5940
 USVI OFFICE TELEPHONE
+1 340 715 4443
Western Region
Mr Anthony Joseph
 FAX
+1 212 382 4070
[email protected]
 LOS ANGELES OFFICE TELEPHONE
+ 1 310 706 4100
 EMAIL
> [email protected]
 WEBSITE
> www.lloyds.com/america
Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence
2009 Lloyd’s Gross Written Premiums
Trading Position
> www.lloyds.com/crystal
Lloyd's Total:
USD 12.8bn*
Direct: (including Surplus Lines)
USD 6.3bn*
Reinsurance:
USD 5.5bn*
*at constant prices; million USD
See: Data limitations for detail
8
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
Brokers have access to information via:
www.lloyds.com/MARKETPRESENTATIONS
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
9
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 > KEY ISSUES To Watch
Early Election in Prospect: Canada faces yet another early general election after the Liberals withdrew their parliamentary support for the minority
Conservative government in September 2009. The left-wing New Democrats decided in the end to support the Conservatives in key votes, but a
fresh election is expected in 2010.
Political Upheavals Unlikely to End: The next election is unlikely to change the unstable status quo greatly, however, with neither of the major
parties likely to secure an outright majority. If this is the case, the two most obvious outcomes are either another minority Conservative government
or a Liberal-New Democratic Party coalition. The latter could boast a majority, but the parties have considerable ideological differences and the
alliance would probably prove unstable. Such a government would also be significantly more left-wing than its predecessor.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Economy on Course Escaped Recession in Q3 2009: Buffeted by the global economic crisis, Canada dropped into a sharp recession in the final months of 2008. GDP
contracted by -6.2% in the first quarter of 2009 and by -3.1% in the second quarter, before finally creeping into positive territory (0.4%) in the third quarter. Weakness has been
pronounced in most areas of the economy, both domestic and international. The economy is now past the worst, but is not recovering as quickly as the United States. As the
crisis unfolded the Bank of Canada increased liquidity and the overnight rate was cut to an historic low of 0.25%.
Fiscal Surpluses Abandoned in Favour of Stimulus: The 2009 budget was brought forward by Prime Minister Stephen Harper and announced in late January. It foresaw
Canada's first fiscal deficit after 11 consecutive surpluses and featured stimulatory tax cuts and spending initiatives. The C$40-billion package is big by Canadian standards,
although it is dwarfed by the package unveiled in the United States. The stimulus measures have been broadly welcomed, but arguably they should have come sooner to benefit
the economy during the worst of the downturn. The government was soon forced to revise its deficit estimates up sharply, causing it considerable political discomfort.
Foreign Investors Face Growing Barriers: Canada has traditionally had a very open economy, but the spectacle of a succession of major Canadian firms being taken over by
foreign companies has sparked a growing backlash. In April 2008 the government blocked the takeover of MacDonald, Dettwiler and Associates Ltd (MDA)'s space business by
the United States' Alliant Techsystems, on the grounds that the deal was not in Canada's interests. The decision is ominous for future large-scale foreign takeovers in any
sector, although the current economic turmoil has inevitably slowed such activity.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
3.4%
3.5%
2.9%
(a 2008 Level in billion USD & 2009 Change in %)
4%
01
Real Estate
146
+2.1%
3%
02
Oil & Gas Mining
110
-3.9%
03
Health & Social Services
92
+2.9
04
Construction
91
-2.2%
1%
05
Retail Trade
85
-2.3%
0%
06
Public Administration & Defence
78
+2.5%
07
Banking & Related Financial
78
-1.1%
08
Wholesale Trade
73
-8.8%
09
Education
69
+2.5%
10
Business Services
58
-1.8%
3.5%
3.2%
2.9%
2.5%
2%
0.4%
-1%
-2%
-2.6%
10
Rankings
Top-10 Sectors (By Value Added)
-3%
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Canada ranks 8th out of 181 countries
Global Competitiveness
Canada ranks 10th out of 134 countries
08
10
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
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
11
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
2009 Lloyd’s Net Signed Premiums
Trading Position
> www.lloyds.com/crystal
Direct: Lloyd's is licensed for all classes of insurance
Lloyd's Total:
USD 1.5bn*
Direct:
USD 1.3bn*
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 204m*
Reinsurance: Lloyd's is licensed for all classes of
*at constant prices; million USD
See: Data limitations for detail
12
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).
Brokers have access to information via:
www.lloyds.com/MARKETPRESENTATIONS
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
13
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
14
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 > KEY ISSUES To Watch
Risk of Economic Relapse Remains: The burden of non-performing loans (NPLs) on financial sector balance sheets keeps lending conditions
tight, which may well lead to a setback to GDP growth momentum during the latter half of 2010. The helpful Austrian export rebound is not assured,
given fiscal consolidation needs in most parts of the world and a bumpy recovery in most Eastern European economies, which are of particular
importance to Austria.
Subdued Inflation Ensures Persistence of Loose Monetary Policy: Following a brief dip in inflation below zero in mid-2009, the recent rebound
will not extend far beyond 1%, thus enabling the European Central Bank (ECB) to keep its key interest rate at the current record low of 1.00% until
late 2010 or even 2011.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Government Plans to Reduce Deficit: Announcements made in March 2010 underlined the government's intention to reduce the public sector deficit over the coming years
from a peak of 4.7% of GDP in 2010 to less than 3% by 2013. Extra tax revenues of around 1.1 billion euro and spending cuts of 1.7 billion euro are being targeted, but the
precise measures (beyond a special tax on banks) will be decided only after two key regional elections due in late 2010.
Pressure Eases on Austria over Tax Co-Operation: The majority of European Union (EU) finance ministers are easing the pressure on "tax havens" Austria and Luxembourg.
The ministers' initial attempts to force Austrian and Luxembourgish officials into complying with requests for co-operation in the exchange of tax information have now been
replaced by a softer approach. Organisation for Economic Co-operation and Development (OECD) regulations do not force countries to co-operate with such requests and
Austria wants fellow EU member states to respect this.
Labour Market Restrictions Set to Remain in Place Until 2011: The European Commission has accepted the arguments of the Austrian government for upholding labour
market restrictions on citizens from Central and Eastern European member states of the EU in certain sectors. The government has primarily pointed to the sharp economic
downturn to justify its decision. However, the Commission has urged Austrian officials to ensure that the labour market is prepared for liberalisation in 2011. The expected public
outcry in Austria over this liberalisation has thus merely been postponed.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
600
3.4%
3.4%
500
1.8%
1.6%
400
1.8%
1.9%
1.8%
1.8%
01
Real Estate
36.4
-4.2%
3%
02
Construction
25.9
-3.4%
2%
03
Wholesale Trade
23.8
-3.8%
04
Business Services
23.3
-3.2%
05
Health & Social Services
21.9
+1.6%
06
Public Administration & Defence
20.9
+3.1%
0%
-1%
200
100
-3.4%
15
(a 2008 Level in billion USD & 2009 Change in %)
4%
1%
300
0
Rankings
Top-10 Sectors (By Value Added)
07
Retail Trade
20.9
-2.2%
-2%
08
Education
19.8
+1.5%
-3%
09
Hotels & Restaurants
17.2
-3.8%
-4%
10
Banking & Related Financial
13.6
-5.5%
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Austria ranks 27th out of 181 countries
Global Competitiveness
Austria ranks 14th out of 134 countries
27
14
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
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
16
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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 41m*
Direct:
USD 16m*
Reinsurance:
USD 24m*
Services: Yes
Establishment: Yes
Managing Agents have access to information via:
www.lloyds.com/REGIONALWATCH
Reinsurance: Yes
> Managing Agent Version
> Europe > Eastern Markets
* See: Data limitations for detail; figures are
rounded and may not add up to total
17
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Business Environment
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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
18
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Business Environment > Strengths & Challenges
Recurring Political Stalemate: In April 2010, Prime Minister Yves Leterme offered his resignation for the third time since the 2007 parliamentary
election following the resignation of a key coalition ally. Administrative reforms, particularly regarding greater regional fiscal autonomy, have
poisoned relations between the ruling parties. The ongoing disputes do not threaten the country's overall stability, but progress on administrative
and economic reforms will remain sluggish at best.
Higher Oil Prices Main Risk to Near-Term Economic Growth: Rising global oil prices and a recently weaker euro could push consumer price
inflation higher in the near term. This would restrict purchasing power and limit private consumption, thus hampering the fragile economic recovery.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Fiscal Position Deteriorating: No improvement in the fiscal position is expected in the near term as the government is continuing to pursue an expansionary fiscal policy to
help the fragile economy. As a result, the country's public debt will continue its upward trend in the near term and remain very high by Eurozone standards.
Tax Disputes Still Possible Despite Removal from OECD "Grey List": Belgium was quickly removed from the Organisation for Economic Co-operation and Development's
(OECD) "grey list" after the government managed to sign the requisite 12 revised double-taxation agreements between April and July 2009. The new treaties increase the scope
for co-operation between Belgian tax authorities and foreign public investigators in cases of suspected tax evasion. However, disputes may still occur since the new treaties—
based on the OECD Model Tax Convention—offer considerable room for refusal to co-operate.
Fate of Fortis Bank Haunts Government: The government is constantly being reminded of its shortcomings during negotiations over the fate of financial services group Fortis.
It is determined to break up the entity, yet minority shareholders are pushing for an improved offer. Talks are being held under the aegis of a court-appointed panel of experts.
The general line is that shareholders will be consulted further but that the break-up will ultimately go ahead.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(at constant prices; billion USD)
(a 2008 Level in billion USD & 2009 Change in %)
600
500
2.8%
2.8%
1.9%
400
1.3%
1.4%
1.9%
4%
01
Business Services
51.1
-2.3%
3%
02
Real Estate
42.5
-5.6%
2%
03
Public Admin. & Defence
33.1
+2.8%
1%
04
Health & Social Services
32.2
-0.2%
05
Wholesale Trade
31.9
-4.6%
06
Education
29.9
+0.7%
07
Retail Trade
26.4
-4.6%
08
Construction
23.3
-4.6%
-3%
09
Banking & Related Financial
15.2
-4.4%
-4%
10
Supporting Transport Services
14.4
-4.6%
1.5%
0.8%
300
0%
-1%
200
-2%
100
0
-3.0%
19
Rankings
Top-10 Sectors (By Value Added)
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2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Belgium ranks 19th out of 181 countries
Global Competitiveness
Belgium ranks 19th out of 134 countries
19
19
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Doing Business > www.doingbusiness.org
Competitiveness > www.weforum.org
Global Opportunities for business indicators
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> 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
20
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
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> 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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 111m*
Direct:
USD 77m*
Reinsurance:
USD 35m*
Services: Yes
Establishment: Yes
Managing Agents have access to information via:
www.lloyds.com/REGIONALWATCH
Reinsurance: Yes
> Managing Agent Version
> Europe > Small Markets
* See: Data limitations for detail; figures are
rounded and may not add up to total
21
© Lloyd’s
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Business Environment
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North America
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Cyprus – TYPE 2 Office
Europe
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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
22
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Business Environment > KEY ISSUES To Watch
Potential Costs of Reunification Top 9 billion Euro: Most recent estimates have put the potential cost of reunification at 9 billion euro, with the
international community likely to be asked to make up a substantial shortfall in public finances. However, the potential economic benefits of
reunification far outstrip this, with the island's principal sectors—tourism and construction—expected to receive a major boost, as well as improving
the general business environment.
Slack Economic Activity, Burst Property Bubble Exacerbating Fiscal Gap: Cyprus had undertaken aggressive steps to bring its public-sector
deficit and public debt within the Maastricht criteria in order to join the Eurozone. However, in the lacklustre European economic environment, and
with the downward correction in asset values, tax receipts are affected, whereas the social safety net has required additional expenditure. The
pension system will also experience problems, as it was already in need of reform, given an ageing population.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Shaky Consumer Confidence in Western Europe Likely to Affect Critical Tourism Sector: The tourism sector is important to the economy, accounting for a larger share of
value added than industry, and helping to balance the chronic deficit on merchandise trade. Record low consumer confidence and tighter household budgets in Western Europe
resulted in cancelled holidays in 2009 and, given stubborn unemployment and concern over the impact of fiscal reform across the region, we are unlikely to see much of a
recovery in 2010.
Net Inflows on Non-Factor Services and Foreign Direct Investment Play a Critical Role in Providing Financing for External Trade Gap: Cyprus' imports continue to
massively outweigh the island's goods exports. Typically, it has substantially offset that gap with large surpluses on non-factor services. However, lacklustre consumer demand
in key economies is eroding tourism receipts, as well as receipts from financial services in this popular offshore banking centre. Although import demand has also slackened, a
large merchandise trade deficit will still be registered.
Immigration Policy Facing Overhaul: There is a pressing need for a general overhaul of Cyprus' immigration policy, not only to bring it into line with European Union
guidelines, but also with reality, and the economy's needs. However, any attempts at reform are likely to be met with suspicion because of the high seasonal influx of illegal
immigrants arriving on the island every year. This reluctance has been exacerbated by the economic downturn and subsequent public reluctance to tolerate high spending on
policies designed to integrate immigrants.
Business Environment > Basic Indicators
Rankings
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
40
Ease of Doing Business
5%
Cyprus ranks N/A out of 181 countries
4.4%
4.0%
4%
3.9%
3.6%
3.5%
30
3.5%
3.2%
Global Competitiveness
3%
Cyprus ranks 40th out of 134 countries
N/A
40
2%
20
Quick Links
Doing Business > www.doingbusiness.org
Competitiveness > www.weforum.org
1%
0.9%
0%
10
-1%
-1.7%
0
23
-2%
Global Opportunities for business indicators
© Lloyd’s
> www.lloyds.com/marketintelligence
-3%
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2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
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IMEA
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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
24
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
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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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 45m*
Direct:
USD 32m*
Reinsurance:
USD 13m*
Services: Yes
Establishment: Yes
Managing Agents have access to information via:
www.lloyds.com/REGIONALWATCH
Reinsurance: Yes
> Managing Agent Version
> Europe > Small Markets
* See: Data limitations for detail; figures are
rounded and may not add up to total
25
© Lloyd’s
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 Key strengths and challenges of the economy
 Size and growth of the economy
 Basic economic indicators
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 Key insurers
 Insurance industry events
 Basic insurance indicators
Lloyd’s Business
26
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Business Environment > KEY ISSUES To Watch
Worsening Competitive Position is a Risk to Exports: High and rising labour costs coupled with a strong currency are hurting Denmark's
currently strong competitive position. The trade balance turned to deficit in 2008 although it moved back to a small surplus in 2009. The situation
could worsen, however, in the near term as rising labour and input costs, in conjunction with a stronger krone, will make Danish exports
increasingly expensive.
A Prolonged Housing-Market Slump is Main Near-Term Risk to Domestic Demand: Indeed, house prices declined markedly in 2008-2009,
following double-digit annual increases for several years up until late 2007. If the housing market slump was to continue in 2010, consumer
confidence and spending will not recover as we expect. In turn this would limit overall growth and the activity in the construction sector, in particular.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
New Government, Old Remedies: Against the high odds, the Danish Prime Minister Anders Fogh Rasmussen managed to push through his candidacy for NATO General
Secretary. His successor is the previous Finance Minister Lars Løkke Rasmussen, with whom Fogh Rasmussen shares the same outlook on how to resolve the economic
downturn. Løkke Rasmussen has announced strikingly similar policies to see the government through to the parliamentary election in 2011. Yet he may have to deviate strongly
as time progresses to keep government-friendly deputies in check and thus punch above the true weight of the ruling parties in parliament.
Danish Government Backtracks on Holding EU Integration Referenda Soon: The financial and economic crises have reduced the willingness of the Danish government to
hold referenda on greater integration into the European Union anytime soon. Back in August 2008, the Danish government was supposed to set the agenda for holding
referenda on current Danish opt-outs, notably the euro. Yet the Irish no-vote on the EU Reform Treaty and the crises have upset the plan. At this stage, the government is not
expected to announce any dates before late 2010/early 2011, when the economy is expected to have recovered slightly.
Danish Banking Sector Receives Significant Makeover: The government is coming to the rescue of troubled Danish banks in order to stabilise the economy. Yet, the 100billion-kroner rescue package comes with far-reaching conditions. Banks taking up the funds should lend preferably to small- and medium-sized enterprises, managers should
not earn more than 20% of their salaries in bonuses, and the Financial Supervisory Authority will have a greater say in the running of the banks. Loans are available between
June 2009 and 2012 at a loan interest of 9-12%.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
600
4%
3.4%
500
2.1%
1.7%
1.9%
2.0%
2.2%
Health & Social Services
32.5
+1.8%
02
Real Estate
29.9
-1.1%
03
Wholesale Trade
18.9
-3.6%
04
Business Services
18.3
-2.8%
05
Public Admin. And Defence
17.9
+2.5%
-2%
06
Construction
17.0
-5.8%
-3%
07
Education
16.2
+0.7%
-4%
08
Retail Trade
15.0
-4.7%
-5%
09
Oil and Gas Mining
12.1
-3.8%
-6%
10
Banking & Related Financial
10.2
-2.5%
2%
1%
400
0%
-0.7%
-1%
200
100
0
-4.8%
27
(a 2008 Level in billion USD & 2009 Change in %)
01
3%
1.4%
300
Rankings
Top-10 Sectors (By Value Added)
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2006 2007 2008 2009 2010 2011 2012 2013 2014
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Ease of Doing Business
Denmark ranks 5th out of 181 countries
Global Competitiveness
Denmark ranks 3rd out of 134 countries
5
3
Quick Links
Doing Business > www.doingbusiness.org
Competitiveness > www.weforum.org
Global Opportunities for business indicators
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> www.lloyds.com/marketintelligence
Lloyd’s Business
North America
Latin America
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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
28
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
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Denmark – Type 1 Office
IMEA
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> 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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 180m*
Services: Yes, other than aircraft liability
Direct:
USD 114m*
Reinsurance:
USD 66m*
Establishment: Yes, other than life
insurance, suretyship, credit or tourist
assistance
* See: Data limitations for detail; figures are
rounded and may not add up to total
29
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 > Nordic Markets
© Lloyd’s
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Market Intelligence
Insurance Environment
Lloyd’s Business
North America
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France – Type 3 Office
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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
30
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 Trading position and size of Lloyd’s business
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Business Environment > KEY ISSUES To Watch
Government Reform Zeal Worries Local Authorities: The government introduced a number of proposed reforms to the regional administrative
system in October 2009, leading to much consternation among the local authorities. Although plans to transfer greater powers to the local level
have been welcomed, many of the proposed reforms have come in for heavy criticism. The main bone of contention is the decision to scrap the
business tax, which has been a lifeline for many local governments but a huge burden on many businesses. The government's success in
decentralising administration will hinge to a large extent on how well the business tax's replacement, the "territorial economic contribution" (CET), is
applied.
Government Looks to Address Work-Related Stress: A wave of suicides at France Télécom, the country's leading operator in the fixed-line and
mobile sectors, has led to criticism of French labour regulations. Between January 2008 and October 2009, 25 France Télécom staff members took
their own lives, something trade unions have blamed on the company's management style. A government inquiry into work-related stress is set to
be completed in February 2010, culminating in an action plan to improve employees' wellbeing without jeopardising companies' profits.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Economic Recovery Likely to Be Laboured: Increasing unemployment, still tight credit conditions, the need to reduce the large fiscal deficit, and the phasing out of the
successful car scrappage scheme will limit economic growth going forward. IHS Global Insight's April 2010 forecast sees GDP rising by 1.3% in 2010 and by 1.5% in 2011,
following contraction of 2.2% in 2009.
Draft 2010 Budget Foresees Record Deficit and Debt Levels: The 2010 budget keeps in place most of the stimulus measures implemented in 2009. The fiscal shortfall is
expected to stand at 8.5% in 2010, up from an anticipated 8.2% in 2009 and well above the European Union's (EU) 3%-of-GDP limit. Higher deficits are projected to take the
total stock of government debt to a staggering 84% of GDP in 2010 and to 91% by 2013.
Labour Market Unlikely to Improve Before H2 2010: GDP growth in recent quarters has been insufficient to create jobs. Indeed, firms are still reluctant to add to their
workforces as a result of weak demand and excess capacity levels. Encouragingly, business confidence has improved in recent months, albeit from a very low base. All in all,
we expect the unemployment rate to average 10.1% in 2010 and 9.8% in 2011, up from an estimated 9.3% in 2009.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
3,500
3,000
2.4%
2.3%
2.2%
1.9%
1.3%
01
Real Estate
376.9
+0.4%
2%
02
Business Services
246
-1.6%
03
Health & Social Services
217.8
+2.1%
04
Public Admin. & Defence
188.9
+0.7%
05
Construction
179.2
-6.7%
06
Retail Trade
140
-2.7%
07
Education
135.2
+1.1%
08
Wholesale Trade
109.5
-3.1%
09
Banking & Related Financial
74.1
-0.8%
10
Computing & Related Services
64.3
-0.5%
1.5%
1%
2,000
0.1%
0%
1,500
-1%
1,000
-2%
500
-2.5%
0
31
(a 2008 Level in billion USD & 2009 Change in %)
3%
2.6%
2,500
Rankings
Top-10 Sectors (By Value Added)
-3%
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
France ranks 31st out of 181 countries
Global Competitiveness
France ranks 16th out of 134 countries
31
16
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
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
32
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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 691m*
Services: Yes
Direct:
USD 368m*
Reinsurance:
USD 322m*
Establishment: Yes, except life
assistance
* See: Data limitations for detail; figures are
Reinsurance: Yes
rounded and may not add up to total
33
Managing Agents have access to information via:
www.lloyds.com/REGIONALWATCH
> Managing Agent Version
> Europe > France
© Lloyd’s
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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
34
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Business Environment > KEY ISSUES To Watch
Regional Election in North Rhine-Westphalia Casts Shadow: Tensions between the centre-right government coalition partners are set to grow
again after the dismal performance of the senior ruling Christian Democratic Union (CDU) at the key May 2010 regional election in Germany's most
populous state, North Rhine-Westphalia. The CDU and Free Democratic Party (FDP) had put a lid on simmering tensions ahead of the poll, but
disagreements on tax and health-care reforms and possibly Afghanistan are now likely to come to the fore.
Financial Sector Problems Remain Burden Despite Economic Recovery: Weakening financial sector balance sheets will depress domestic
demand for a lengthy period because of persistently tight lending conditions, but exports are being fuelled with growing momentum by solid global
growth. Leading indicators such as the Ifo index need to be monitored closely for any signs that improving external demand is faltering again during
2010.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
ECB Will Keep Foot on Accelerator for Extended Period: As inflation temporarily turned negative during the third quarter of 2009 and currently remains subdued, the
European Central Bank (ECB) will keep its key interest rate at the current record low of 1.00% during 2010. Any "non-standard" measures aimed at supporting liquidity and bank
lending will be phased out only very gradually and with great care in order to prevent a renewed banking sector crisis.
Consumption Set to Remain Weak for Most of 2010: Consumer spending was supported throughout the worst months of the 2008–09 recession by lagged effects of previous
employment and wage growth, sharply declining inflation, the increase in the savings rate over the last decade (creating pent-up demand), fairly strong pension increases in July
2009, and various fiscal stimulus measures. These factors are absent or will disappear in 2010, and unemployment should show a lagged increase, placing a burden on private
consumption.
Labour Market Restrictions on East European EU Citizens Remain in Place: Germany managed to convince the European Commission in June 2009 of the need to keep
these restrictions in place until 2011 in light of the sharp economic downturn, despite protests from the governments of the affected Central and Eastern European countries. By
delaying the relaxation of these restrictions, the government may have merely postponed a domestic outcry on the issue; such a reaction seems inevitable, especially if
unemployment continues to increase amid sluggish economic growth.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
4,000
4%
3.4%
3,500
3,000
2.6%
1.8%
1.8%
1.9%
1.8%
1.9%
Real Estate
400.2
-1.6%
02
Business Services
303.5
-2.1%
03
Health & Social Services
238.3
+2.2%
04
Public Admin. & Defence
188.7
+2.2%
05
Retail Trade
172.8
-0.8%
-2%
06
Wholesale Trade
149.1
-4.9%
-3%
07
Education
143.9
+2.1%
-4%
08
Construction
131.2
-5.4%
-5%
09
Sanitation, Trade Organisations
93.2
+1.0%
-6%
10
Banking & Related Financial
91.4
-6.3%
2%
1%
1.0%
2,500
0%
2,000
-1%
1,500
1,000
0
-4.9%
35
(a 2008 Level in billion USD & 2009 Change in %)
01
3%
500
Rankings
Top-10 Sectors (By Value Added)
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Germany ranks 25th out of 181 countries
Global Competitiveness
Germany ranks 7th out of 134 countries
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
36
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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 511m*
Direct:
USD 271m*
Reinsurance:
USD 240m*
37
Establishment: Yes
Managing Agents have access to information via:
www.lloyds.com/REGIONALWATCH
Reinsurance: Yes
> Managing Agent Version
> Europe > Germany
© Lloyd’s
QUICK TOUR (Country Profiles)
Business Environment
Brokers have access to information via:
www.lloyds.com/MARKETPRESENTATIONS
Services: Yes
* See: Data limitations for detail; figures are
rounded and may not add up to total
Market Intelligence
Insurance Environment
Lloyd’s Business
North America
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Greece – Type 2 Office
Europe
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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
38
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Business Environment > KEY ISSUES To Watch
Market Pressure Shows No Sign of Abating: Rating agency Standard and Poor's (S&P) downgraded Greece's sovereign rating to "junk" status
in April 2010, the first time this has happened to a Eurozone member, triggering a sharp increase in bond spreads and credit default swaps. The
government must not only achieve the planned reduction in the fiscal shortfall in 2010—from 13.6% to 8.1% of GDP—but it must also announce
how the deficit will be brought down in 2011 and 2012 and implement reforms to improve the long-term sustainability of the public finances if it is to
have any chance of succeeding.
Economy Will Contract Sharply in 2010: A "flash" estimate released in May 2010 suggested Greek GDP plunged during the first quarter of the
year. IHS Global Insight expects the dip in activity to intensify during the coming quarters. Private consumption will come under intense pressure as
a result of higher unemployment, weaker wage growth, and significantly tighter fiscal policy, including a higher value-added tax (VAT) rate.
Moreover, a reduced availability of credit and concerns about the economic outlook will not only deter households from consuming, but will also
weigh down on investment expenditure, which will also be hit by large spare capacity levels and plunging demand. Improving external demand and
the recent depreciation of the euro should help exports, but gains will be limited by the weak external competitiveness of Greece's export sector.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Government's Austerity Measures Spark Wave of Demonstrations: Since returning to power in October 2009, the ruling Panhellenic Socialist Movement (PASOK) has
announced a number of austerity packages aimed at resuscitating the economy and regaining the trust of international markets. The tightening measures, however, have not
been welcomed by the trade unions and throughout the first quarter of 2010 Greece experienced a series of nationwide protests, paralysing most of the country's public
services. Social tensions are likely to continue in the near future.
New Tax Reforms to Curb Evasion and Shift Burden to Wealthy: In a bid to increase state revenues, the PASOK government has proposed a new tax reform that will shift
the tax burden onto high earners (mainly by changing income tax brackets and through the introduction of a 45% income tax rate) and attempt to crack down on widespread tax
evasion. The corporate tax rate is still set to decrease from the current 25% to 20% by 2014.
Unemployment Will Continue to Increase, Putting Private Consumption Under Pressure: Falling demand levels, tight credit conditions, squeezed margins, and uncertainly
over the economic outlook are weighing down on firms' hiring decisions. IHS Global Insight believes that higher unemployment, combined with significantly tighter fiscal
conditions, will keep private consumption—which represents around 70% of Greek GDP—in the doldrums throughout 2010.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
400
4.5%
5%
4.5%
3.0%
2.5%
250
0.9%
200
34.2
-0.8%
02
Public Admin. & Defence
27.9
+2.3%
03
Hotels & Restaurants
24.3
-1.4%
04
Construction
23.2
+1.2%
05
Wholesale Trade
21.7
-3.3%
-1%
06
Retail Trade
21.4
-2.1%
-2%
07
Education
19.1
+1.1%
-3%
08
Health & Social Services
15.3
+2.4%
-4%
09
Water Transport
12.6
-2.3%
-5%
10
Agriculture
12.3
+3.9%
3%
1%
0%
150
-1.2%
-2.0%
100
50
0
Real Estate
2%
2.0%
-3.8%
39
(a 2008 Level in billion USD & 2009 Change in %)
01
4%
350
300
Rankings
Top-10 Sectors (By Value Added)
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Greece ranks 96th out of 181 countries
Global Competitiveness
Greece ranks 67th out of 134 countries
96
67
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
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
40
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
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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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 221m*
Services: Yes
Direct:
USD 166m*
Establishment: Yes
Reinsurance:
USD 55m*
* See: Data limitations for detail; figures are
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
rounded and may not add up to total
41
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
42
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Business Environment > KEY ISSUES To Watch
Irish "Bad Bank" Scheme Starts to Operate: In March 2010, the long-awaited "bank bad" scheme was finally launched in Ireland to take
ownership of banks' loans arising from the property market. The National Asset Management Agency (NAMA) will now buy loans from the country's
largest banks and building societies. The government hopes that the scheme will allow Irish banks to recover from their bad loan problems.
However, critics are sceptical about the scheme's long-term effectiveness.
Economy Still Under Intense Pressure, But Worst Now Over: IHS Global Insight's February forecast foresees GDP contracting only modestly in
2010, following a sharp fall in 2009. Although several short-term indicators suggest there was a noticeable improvement in economic conditions
during the first quarter of 2010, the recovery will be extremely laboured. The government has tightened its fiscal policy significantly in order to deal
with the huge deficit, while unemployment is expected to continue to increase despite the country's exit from recession. Additionally, tight credit
conditions, still plummeting house prices, and large excess capacity will limit the recovery during the coming quarters.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Prices Expected to Continue to Fall Until Mid-2010: Consumer prices started to contract on an annual basis in January 2009 and are likely to continue to fall over the coming
months. Although base effects stemming from the record oil prices recorded in 2009 will be increasingly negative—driving the headline inflation figure up—still very weak
demand, large excess capacity levels, and increasing competition will continue to dent firms' pricing power, keeping inflation at bay.
Demand for Irish Government Bonds Will Remain Strong: Ireland's government has already raised more than 50% of its total bond issuance for 2010. The latest bond
auction, carried out in mid-March, paid the lowest spreads vis-à-vis comparable German bonds in more than a year, showing that investors' appetite for Irish debt is still robust.
Ireland has differentiated itself from other highly indebted Eurozone countries by implementing one of the toughest budgets in its history, and the country is expected to meet its
funding requirements for 2010 comfortably.
Business Ties with Northern Ireland Have Improved Markedly: Irish business organisations and government agencies have recently pushed for better relations with the
economically booming Northern Ireland. Taoiseach (Prime Minister) Brian Cowen and Northern Irish first minister Peter Robinson plan to boost investment opportunities both in
Northern Ireland and the Republic of Ireland by, among other things, facilitating worker mobility and acknowledging entitlement to social security benefits. The Northern Irish
authorities will have to overcome the shortcomings in the political arena as relations between nationalist and unionist leaders are still strained.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
300
250
5.4%
6.0%
200
2.5%
150
100
3.0%
3.4%
3.8%
01
Construction
20.6
-20.2%
6%
02
Health & Social Services
18.7
-4.1%
4%
03
Banking & Related Financial
17.4
-9.6%
2%
04
Business Services
15.7
-12.2%
05
Wholesale Trade
13.3
-9.2%
06
Real Estate
13.3
-16.1%
07
Retail Trade
12.0
-11.6%
08
Education
11.6
-2.7%
-6%
09
Public Admin. & Defence
10.9
-0.7%
-8%
10
Computing & Related Services
10.1
-11.2%
0%
-0.4%
-2%
-3.0%
50
-7.1%
43
(a 2008 Level in billion USD & 2009 Change in %)
8%
-4%
0
Rankings
Top-10 Sectors (By Value Added)
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Ireland ranks 7th out of 181 countries
Global Competitiveness
Ireland ranks 22nd out of 134 countries
7
22
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
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
44
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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 248m*
Direct:
USD 169m*
Reinsurance:
USD 79m*
Services: Yes, except permanent health
insurance
Establishment: Yes, except permanent
health insurance
* See: Data limitations for detail; figures are
rounded and may not add up to total
45
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 > Ireland
© Lloyd’s
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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
46
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 > KEY ISSUES To Watch
Right-Wing Parties Score Overall Parliamentary Majority: The hard-line leader of Israel’s Likud party was selected to form the next government
after right-wing parties scored an impressive victory in last February’s general elections. Israel’s political system, which forces the formation of
multi-party coalitions, is such that at most times it remains inherently unstable. The next government will clearly be no exception. Prospects for the
resumption of comprehensive peace talks with the Palestinians appear increasingly bleak.
The Israeli Economy Emerges from Recession: With the major economies of the world stabilising and returning to growth in the second quarter
of 2009, we expect the Israeli economy to contract 0.5% this year. Consumer spending, exports, and investment, though weak the first quarter,
have begun to recover and should continue growing into 2010. Strong monetary stimulus has lifted the economy out of its downturn, though growth
going forward will be slower than had been before the global financial crisis.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Inflation Concerns Re-Emerge: Disinflation caused by the global economic crisis has ended, and with the rise in commodity prices, especially crude oil, inflation concerns have
reemerged. After falling the first two months of the year, consumer prices have risen more than expected through the second quarter and into the third quarter. Though
wholesale inflation should remain contained, consumer inflation is expected to exceed the Bank of Israel's 1—3% target for the year.
Budget Deficit Continues Growing: The recent approval of the 2009-10 state budget included an across the board cut at all ministries, as well as measures to generate
additional revenue. Nevertheless, the budget deficit has continued to increase as tax revenues have declined, while social services, especially unemployment compensation
continue to grow. The budget deficit is forecast to exceed 7% of GDP in 2009 and 2010 before declining.
Hopes Fade for Israeli-Palestinian Peace: Israeli-Palestinian peace talks have made little tangible progress since the Annapolis peace talks which were launched in
December 2007. The pace of Jewish settlement expansion, deemed a major obstacle to peace, has also quickened over the past two years. Any remaining optimism was again
shattered with triumph of Israel’s far-right parties at the 2009 elections. Much to the dismay of the international community, Likud leader Binyamin Netanyahu has thus refused to
throw his weight behind a two-state solution which would require Israel to cede almost all Palestinian territory currently under Israeli control, arguing that the risk that the new
state’s institutions could be usurped by Hamas remains too high.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
300
5.3%
250
200
5.2%
5.2%
4.8%
5.1%
4.9%
01
Real Estate
17.6
+1.6%
5%
02
Public Admin. & Defence
15.3
+2.9%
03
Education
14.1
+4.5%
04
Business Services
13.7
-1.0%
05
Health & Social Services
10.2
+3.8%
06
Banking & Related Financial
10.0
+1.6%
07
Retail Trade
9.3
+1.7%
08
Construction
8.9
-2.0%
09
Wholesale Trade
6.9
-2.4%
10
Telecommunications
5.7
+1.7%
3.3%
150
3%
100
2%
0
1%
0.7%
47
(a 2008 Level in billion USD & 2009 Change in %)
6%
4%
4.0%
50
Rankings
Top-10 Sectors (By Value Added)
0%
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Israel ranks 30th out of 181 countries
Global Competitiveness
Israel ranks 23rd out of 134 countries
30
23
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
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
48
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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 127m*
Direct:
USD 62m*
Reinsurance:
USD 65m*
Direct: Yes
Reinsurance: Yes
* See: Data limitations for detail; figures are
© 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
rounded and may not add up to total
49
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
50
QUICK TOUR (Country Profiles)
 Lloyd’s office details and contacts
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 Available market intelligence products
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North America
Latin America
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Italy – TYPE 3 Office
IMEA
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> Back to Country Dashboard
Business Environment > KEY ISSUES To Watch
Economic Recovery Has Resumed: Real GDP shrank unexpectedly in the final quarter of 2009. However, IHS Global Insight believes that the
recovery resumed in early 2010, although the pace will be gradual as the economy contends with faltering Eurozone growth, the winding down of
fiscal stimulus measures across the European Union (EU), and the ending of car scrappage schemes in both Italy and key export markets. In
addition, the government needs to implement an aggressive debt consolidation programme. Consequently, we expect real GDP to grow by 0.5% in
2010, 1.0% in 2011, and 1.3% in 2012, according to our April interim forecast.
SOURCE:
Business Confidence Recovering, But Still Low: Businesses remain under significant, albeit diminishing pressure from shrinking profit margins,
muted sales, and at best modest assessments of both the domestic and Eurozone economies. Consequently, business investment is expected to
remain subdued in 2010 despite firms needing to renew their machinery and equipment after a prolonged period of depressed spending.
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Labour Market Will Deteriorate: Demand for labour is projected to cool further in 2010 as the pace of economic recovery is likely to be uneven during the period. Falling
employment will result in a higher unemployment rate, which is expected to rise to 9.1% in late 2010. It had fallen to 6.1% in early 2007, the lowest level since 1975.
Constitutional Changes to Resurface: Prime Minister Silvio Berlusconi's attempts to provide himself with immunity from prosecution are likely to put the issue of constitutional
change at the top of the political agenda. His efforts to establish permanent immunity through legislative changes have so far been thwarted by the Constitutional Court, but
given that the premier is still facing three corruption trials he is likely to step up his attempts to secure immunity in the coming months.
Natural Disasters Increase Pressure on Government: A spate of natural disasters in 2009, including a severe earthquake in central Italy and a mudslide in Sicily, has
increased pressure on the government both from a fiscal and operational perspective. The natural disasters have put pressure on the government to pledge multi-billion-euro aid
packages that it can ill afford. The reconstruction programmes have also raised pressure on the administration to clamp down on corruption in order to prevent the funds from
falling into the hands of organised criminal groups.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
2,500
2.1%
2,000
1.4%
1.2%
1.3%
1.5%
1.4%
0.8%
1,500
-1.3%
1,000
500
-5.1%
0
51
Rankings
Top-10 Sectors (By Value Added)
(a 2008 Level in billion USD & 2009 Change in %)
3%
01
Real Estate
286.2
-2.3%
2%
02
Business Services
141.2
-0.2%
1%
03
Public Admin. & Defence
135.6
+6.8%
0%
04
Construction
128.7
-6.1%
-1%
05
Health & Social Services
121.7
+1.9%
-2%
06
Retail Trade
115.8
-4.3%
-3%
07
Education
106.0
+2.0%
-4%
08
Wholesale Trade
105.1
-6.2%
-5%
09
Hotels & Restaurants
78.4
-2.7%
-6%
10
Land Transport
77.9
-3.0%
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Italy ranks 65th out of 181 countries
Global Competitiveness
Italy ranks 49th out of 134 countries
65
49
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
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
52
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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 621m*
Direct:
USD 388m*
Reinsurance:
USD 233m*
Services: Yes
Establishment: Yes, except motor liability,
surety and life insurance
* See: Data limitations for detail; figures are
rounded and may not add up to total
53
Reinsurance: Yes
Managing Agents have access to information via:
www.lloyds.com/REGIONALWATCH
> Managing Agent Version
> Europe > Large Markets
© Lloyd’s
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Business Environment
Market Intelligence
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Lloyd’s Business
North America
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Malta – Type 2 Office
Europe
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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
54
QUICK TOUR (Country Profiles)
 Lloyd’s office details and contacts
 Trading position and size of Lloyd’s business
 Available market intelligence products
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North America
Latin America
Malta – Type 2 Office
Europe
IMEA
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> Back to Country Dashboard
Business Environment > KEY ISSUES To Watch
Re-Domiciliation of Off-Shore Companies to Become Easier: In early 2010, the Malta Financial Services Authority published new guidelines
explaining the requirements for the re-domiciliation of off-shore companies to Malta, based on the 2002 Companies Act, Continuation of Companies
Regulations. Recently, the demand for re-domiciliation has increased as companies such as insurance and security firms have been reportedly
using Malta's re-domiciliation legislation frequently. The guidelines, which clarify the processes, are therefore welcomed by various businesses.
Taxation and Co-Operation Agreements to Boost Malta's Economic Potential: In the first months of 2010, Maltese state officials signed a
number of double-taxation and economic co-operation agreements with various countries, including Jersey (United Kingdom), Kuwait, and Bahrain.
The agreements are aimed at improving mutual economic co-operation and strengthening mutual business and even political relations. The
Maltese government is trying to attract more foreign investment to the Mediterranean island, as well as encourage further investment by Maltese
entrepreneurs. More such agreements are therefore likely to be signed in the future.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Malta's GDP Deteriorating as a Share of EU Average: Malta has experienced weaker GDP growth than most of the other countries that joined the EU in 2004. In purchasing
power terms, Maltese GDP per capita reached just 76% of the EU-27 average by 2008, down from a high of 84% in 2000. IHS Global Insight estimates that Malta experienced a
modest increase as a share of the EU average in 2009, as the decline in Maltese GDP was less steep than in most other European countries.
Efforts Needed to Improve Economic Diversification: The Maltese economy is highly dependent on electrical machinery and equipment (mainly semiconductors) and travel
and tourism. That reliance makes the country highly vulnerable to external shocks. To help alleviate that problem, the Maltese authorities have called for increased attention to
education and training, particularly in the information technology sector.
Malta Must Take Steps to Raise International Competitiveness: The economy's foreign market share has been declining due to exporters' weak productivity growth and their
inability to compete with low-labour-cost producers in other emerging European countries and Asia. Customs trade data indicate that 2009 exports in nominal euro terms were
down 35% over the 2000 level. Given Malta's entry to the Eurozone in January 2008, the only way to regain global competitiveness may be through a painful process of costcutting, wage depression, and deflation.
Business Environment > Basic Indicators
Rankings
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
15
Ease of Doing Business
4%
3.7%
Malta ranks N/A out of 181 countries
3.5%
3.3%
3.2%
2.8%
2.1%
1.9%
10
3%
Global Competitiveness
2%
Malta ranks 52nd out of 134 countries
1%
0.9%
-1%
-1.9%
0
55
52
Quick Links
Doing Business > www.doingbusiness.org
Competitiveness > www.weforum.org
0%
5
N/A
-2%
Global Opportunities for business indicators
© Lloyd’s
> www.lloyds.com/marketintelligence
-3%
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
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
56
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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 26m*
Services: Yes
Direct:
USD 17m*
Establishment: Yes, except life
Reinsurance:
USD 9m*
* See: Data limitations for detail; figures are
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
rounded and may not add up to total
57
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
58
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 > KEY ISSUES To Watch
Dutch Parties Brace for General Election: Following the collapse of the coalition government in February 2010, the Netherlands is due to hold a
snap general election on 9 June. Nineteen parties will compete to attract voters, including the Christian Democratic Appeal (CDA) of Prime Minister
Jan Peter Balkenende; the Labour Party (PvdA), whose departure from the coalition caused the government collapse; and the far-right Freedom
Party (PVV) led by the controversial Geert Wilders. Support for the PVV has increased recently; its presence in parliament would make postelection coalition-building a lengthy and difficult process.
SOURCE:
Questions Remain over Afghan Mission Participation: The deployment of Dutch troops in Afghanistan is a very sensitive topic. Disagreements
on the issue were behind the government collapse in February when the coalition parties failed to reach a unanimous decision on whether the
mission should continue. Dutch troops are now due to withdraw from Afghan territory in August 2010; legislators voted to send a police mission to
the war-torn country to train Afghan officers instead. This is intended to signal that the Netherlands is not abandoning Afghanistan completely, but
the move could lead to further political rifts and public discontent.
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Labour Market Conditions Set to Deteriorate Further in 2010: The upturn in the Dutch labour market came to an end in 2009 as unemployment rose to a three-year high.
IHS Global Insight expects unemployment to increase further during the course of 2010, while real wage growth is predicted to moderate.
Government Finances Likely to Worsen in Near Term: The government budget is expected to have fallen deeply into deficit in 2009 for the first time in four years, and further
shortfalls are expected in the near term. Government finances have been hit badly by the recent recession as falling employment and lower corporate profitability have reduced
revenues. At the same time, expenditure has increased as the government tries to stimulate the economy.
Terror Alert Level Lowered, But Risk Remains: Early in 2010 the Netherlands reduced its terror alert level to "limited"—the second tier of the four-level scale—for the first
time in two years. The move was based on the belief that the country's attractiveness as a target for terrorism is currently reduced compared with previous years. Nevertheless,
given the rising popularity of far-right groups such as the PVV, the possibility of a terrorist attack cannot be ruled out. The risk is likely to increase around election time and the
Dutch counter-terrorist forces have announced that they will boost security in the run-up to the poll.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
1,000
3.4%
800
3.6%
2.0%
1.5%
1.7%
1.9%
1.8%
1.1%
600
400
200
-4.0%
0
59
Rankings
Top-10 Sectors (By Value Added)
(a 2008 Level in billion USD & 2009 Change in %)
4%
01
Business Services
79.9
-2.5%
3%
02
Health & Social Services
68.7
-1.6%
2%
03
Real Estate
64.6
-4.9%
1%
04
Wholesale Trade
62.9
-6.9%
0%
05
Public Admin. & Defence
53.3
+2.5%
-1%
06
Construction
45.3
-4.1%
-2%
07
Retail Trade
36.2
-4.8/%
-3%
08
Education
36.1
-0.7%
-4%
09
Oil & Gas Mining
28.1
-3.4%
-5%
10
Banking & Related Financial
21.3
-5.8%
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Netherlands ranks 26th out of 181 countries
Global Competitiveness
Netherlands ranks 8th out of 134 countries
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
60
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 Total:
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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 391m*
Direct:
USD 291m*
Reinsurance:
USD 101m*
Services: Yes
Establishment: Yes
Managing Agents have access to information via:
www.lloyds.com/REGIONALWATCH
Reinsurance: Yes
> Managing Agent Version
> Europe > Large Markets
* See: Data limitations for detail; figures are
rounded and may not add up to total
61
© Lloyd’s
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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
62
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 > KEY ISSUES To Watch
Tension Grows over Controversy Surrounding Religious Caricatures: The republication of a series of caricatures depicting Prophet
Muhammad by a Norwegian newspaper led to unrest among Islamic communities earlier this year. Thousands of demonstrators gathered in Oslo to
protest against what was perceived as unnecessary provocation of the Muslim community. This is a source of future tensions as the government
navigates a fine line between freedom of speech and sensitivity to religious beliefs.
The Mild Recession is Over: The Norwegian mainland economy emerged from recession in mid-2009, and the recovery is projected to evolve
steadily during 2010 and 2011. The main development will be a stronger consumer spending profile, helped by record-low interest rates, falling
inflation, and a relatively resilient labour market. According to the April interim forecast, the overall economy is projected to grow 1.5% in 2010 and
2.2% in 2011, after a contraction of 1.4% in 2009.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Inflationary Pressures Remain Higher Than Expected: This is partly due to high electricity prices and the recent upturn in crude oil and commodity prices. In addition, global
economic downturn has led to a marked fall output in Norway, but the impact on inflation has been less severe. Nevertheless, we note less pressure on resource utilisation,
measured either by capacity utilisation in industry, or labour shortages.
Interest-Rate Cycle Has Turned: The Norges Bank raised its main policy rate by 25 basis points on two separate occasions in late 2009; it now stands at 1.75%, ending the
sequence of seven cuts in the repo rate since early October 2008. In addition, it was the first European central bank to raise its key policy interest rate in the wake of the global
financial and economic crisis. IHS Global Insight expects the main policy rate to rise gradually during 2010, and reach 3.25% by end-2010, according to the April interim
forecast. This assumes that the central bank believes current interest rates are too low, given the stronger-than-expected resilience of the Norwegian mainland economy, and it
will be wary about the risk of an unexpected surge in inflationary tendencies from early 2011.
Norwegians Remain Opposed to the EU Membership: According to the recent public survey conducted by Norstat Institute, the current economic woes troubling the
European Union (EU) have stiffened opposition to Norway joining the bloc. If the referendum on Norway’s EU accession had been held in March, the majority of the country’s
population would have voted against it, and only some 30% would have said “yes” to the EU. The sensitive issue of EU membership is off the government’s policy agenda and is
likely to remain so for the foreseeable future.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
600
3%
2.7%
500
2.2%
1.7%
2.3%
2.5%
2.6%
1.7%
Oil & Gas Mining
107.4
-4.1%
02
Health & Social Services
36.5
-0.2%
03
Real Estate
27.8
-0.8%
04
Business Services
21.5
+0.3%
05
Construction
20.0
-1.3%
0%
06
Public Admin. & Defence
18.2
+3.2%
-1%
07
Education
17.2
-0.5/%
-1%
08
Wholesale Trade
17.2
-2.9%
-2%
09
Retail Trade
15.8
-2.1%
-2%
10
Banking & Related Financial
10.6
-0.1%
3%
2%
1%
300
1%
200
100
0
-1.4%
63
(a 2008 Level in billion USD & 2009 Change in %)
01
2%
1.4%
400
Rankings
Top-10 Sectors (By Value Added)
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Norway ranks 10th out of 181 countries
Global Competitiveness
Norway ranks 15th out of 134 countries
10
15
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
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
64
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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 323m*
Services: Yes
Direct:
USD 201m*
Reinsurance:
USD 121m*
Establishment: Yes, except credit,
suretyship and term life.
* See: Data limitations for detail; figures are
rounded and may not add up to total
65
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 > Nordic Markets
© Lloyd’s
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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
66
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 > KEY ISSUES To Watch
Snap Presidential Election Looming in Poland: Poland is preparing for a snap presidential election following the April air crash in western
Russia, which claimed the lives of many state officials, including late president Lech Kaczynski. Acting president Bronislaw Komorowski of the
governing Civic Platform party is currently the favourite to win the polls, but much will depend on how he handles the interim presidency. Apart from
Komorowski, 15 other candidates will fight for the presidential seat, including the late president's twin brother Jaroslaw Kaczynski for the Law and
Justice party, Grzegorz Napieralski for the Social Democrats, and Andrzej Lepper for the Eurosceptic Self Defence party.
New Chapter in Russia-Poland Diplomatic Ties: The April plane crash, which has shaken Poland's politics, military, and general life, could open
the way for the future improvement of strained Poland-Russia relations. Both countries have already been praised for taking a step towards
improving their mutual ties when Russian prime minister attended the Katyn massacre commemoration earlier in April; the incident is highly
sensitive in both countries. Although tragic, the plane crash could therefore open a new chapter in Poland-Russia relations.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Zloty Under Pressure During Euro Crisis: The zloty's appreciation until early April and solid economic fundamentals could not prevent the Polish currency coming under
pressure again in early May as the euro crisis unfolded. It mainly suffered from markets' enhanced risk aversion, rather than any thing else. Contagion risks are still remote, but
do exist, because if European banks face liquidity constraints, then Poland's largely foreign-owned banking sector will feel the chill as well. So far, the large-scale rescue
package for the entire Eurozone seems to have soothed markets' concerns, although the zloty remains quite volatile.
Government Announces Plan to Rein in Deficit, Control Debt: The budget deficit has risen to around 7% of GDP in 2009; the second constitutional limit (55%) is seriously at
risk of being violated in 2011. The government has announced a new plan to curb the deficit ratio to below 3% of GDP by 2012, although the plan has been lacking any major
painful measures. There is a serious risk that more severe measures will be necessary at some point, but surely not before the presidential election.
Growth Momentum Levelled Off in Q1, Short-Term Outlook Clouded by Export Uncertainties: Solid economic growth for the first quarter of 2010 has affirmed Poland's
role as a beacon of stability in Central Europe. Unemployment is still relatively low, and domestic demand robust. However, a weaker Eurozone recovery could inflict pain on
Polish exports and throttle momentum from that side.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
800
700
600
500
6.8%
6.3%
5.1%
5.0%
4.6%
400
4.3%
01
Retail Trade
48.5
+1.2%
7%
02
Wholesale Trade
37.0
+3.5%
6%
03
Construction
34.1
+1.8%
5%
04
Real Estate
30.9
+1.6%
05
Public Admin. & Defence
28.6
+14.6%
06
Education
24.7
+5.8%
07
Business Services
22.8
+2.2%
08
Agriculture
21.7
+2.2%
4%
3%
2.7%
200
2%
1.8%
(a 2008 Level in billion USD & 2009 Change in %)
8%
3.5%
300
Rankings
Top-10 Sectors (By Value Added)
100
1%
09
Health & Social Services
18.4
+3.8%
0
0%
10
Land Transport
16.0
+2.7%
67
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Poland ranks 76th out of 181 countries
Global Competitiveness
Poland ranks 53rd out of 134 countries
76
53
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
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
68
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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 21m*
Direct:
USD 3m*
Reinsurance:
USD 18m*
* See: Data limitations for detail; figures are
rounded and may not add up to total
69
Services: Yes, except motor TPL
Establishment: Yes, except motor TPL
and life
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 > Poland
© Lloyd’s
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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
70
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 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 > KEY ISSUES To Watch
Risk of Contagion from Greece Has Increased Sharply: Portuguese bond spreads reached historical highs in April 2010 amid worries that the
government will be unable to bring the public finances back onto a sustainable path. Although the stock of public debt compares favourably with
that of other countries within the Eurozone, the economy's competitiveness problems, combined with the large fiscal deficit and the high debt levels
in the private sector, make it susceptible to becoming the next victim of short sellers, which would make fiscal consolidation even more difficult.
Economic Recovery Likely to Be Modest in 2010: Higher unemployment, a reduced availability of credit, and a tighter fiscal policy will keep
private consumption under intense pressure. Still large levels of spare capacity, tight credit conditions, squeezed profit margins, and concerns
about the economic outlook mean that investment expenditure is unlikely to recover significantly from its sharp fall in 2009. Global demand is
expected to improve modestly in 2010, which should help exports. However, the recovery in exports is likely to be limited by the sector's huge lack
of competitiveness, the still strong euro, and the fragile recovery expected in Portugal's main trade partner, Spain.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Labour Market Will Deteriorate Significantly: Following a sharp increase during the fourth quarter of 2009, the unemployment rate is likely to continue its upward trend. W eak
domestic demand, tight credit conditions, excess capacity levels, and shrinking profit margins will continue to weigh down on firms' hiring decisions despite the country's exit
from recession.
Strikes Expected in Protest at Government Austerity Plans: In a bid to reassure the markets and rein in a swelling budget deficit, the minority Socialist Party (PS)
government adopted an extensive austerity package envisaging wage freezes and the shedding of civil service jobs in March 2010. Following five years of austerity, the unions
are likely to run out of patience with these new measures and they are expected to once again take to the streets in protest.
Government Seeking to Circumvent Regional Financing Law: As a result of its minority status in parliament, the government was unable to prevent the adoption of a
controversial regional financing law increasing the amount of government funds distributed to the Madeira and Azores islands each year until 2013. The PS is now attempting to
introduce another law to facilitate a reduction in regional spending if it exceeds limits set out in the 2010 budget. However, it will struggle to get this legislation approved given its
lack of a majority.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
300
1.9%
1.4%
200
150
0.9%
1.0%
1.2%
01
Public Admin. & Defence
19.3
+1.7%
2%
02
Real Estate
15.6
-3.9%
03
Retail Trade
15.4
-5.4%
04
Education
15.3
+2.6%
05
Health & Social Services
14.5
+1.1%
06
Construction
12.5
-9.7%
07
Banking & Related Financial
11.7
-3.2%
08
Wholesale Trade
11.2
-4.9%
09
Business Services
10.6
-2.1%
10
Hotels & Restaurants
9.5
-3.8%
1.3%
1%
0%
0.0%
100
-1%
50
(a 2008 Level in billion USD & 2009 Change in %)
3%
2.3%
250
Rankings
Top-10 Sectors (By Value Added)
-2%
-2.7%
0
71
-3%
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Portugal ranks 48th out of 181 countries
Global Competitiveness
Portugal ranks 43rd out of 134 countries
48
43
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
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
72
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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 31m*
Direct:
USD 19m*
Reinsurance:
USD 13m*
Services: Yes
Establishment: Yes
Managing Agents have access to information via:
www.lloyds.com/REGIONALWATCH
Reinsurance: Yes
> Managing Agent Version
> Europe > Small Markets
* See: Data limitations for detail; figures are
rounded and may not add up to total
73
© Lloyd’s
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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
74
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Business Environment > KEY ISSUES To Watch
Economy Remains in Recession: The economy is struggling to cope with excessive levels of private debt, a creaking property market, and an
over-extended construction sector, coupled with recovering but still muted demand from key export markets in the Eurozone, United Kingdom, and
United States. In addition, the government is under increasing pressure to tighten fiscal policy despite the recession, which is expected to last until
early 2010. IHS Global Insight expects real GDP to contract by 0.6% in 2010 before recovering to modest growth of 0.6% in 2011, compared with a
3.6% drop in 2009, according to its April 2010 interim forecast.
Consumers Still on the Ropes: Consumers remain insecure about the economy and the labour market, with deep-rooted concerns over the
stuttering housing market and high personal indebtedness. Uncertain job prospects and falling house prices have forced consum ers to limit their
spending in order to consolidate their rapid accumulation of debt, which now stands at around 130% of disposable income. Fragile consumer
confidence will continue to weigh down on spending in 2010 and 2011.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Construction Sector Being Squeezed: A large stock of unsold properties suggests that the construction sector will endure a prolonged recession. Building permits for
residential homes declined by 46.5% between 2008 and 2009, heralding an acute slump in construction activity. Worryingly, construction activity has been an important engine
of growth in the past decade. It has contributed around 1.0 percentage point per year to overall real GDP growth and peaked at 15.7% of GDP in the third quarter of 2006 before
falling back to 13.1% by end-2009. In addition, the sector has been a major source of new jobs, while many others are employed in services surrounding it.
Government Under Pressure to Reform Redundancy Rules: The Spanish Confederation of Employers' Organisations (CEOE) has put pressure on the government to
increase flexibility in the labour market by making it cheaper and easier to make workers redundant, a move obviously opposed by the labour unions. The CEOE is requesting
that companies be allowed to cut their workforces during the recession without having to gain approval from the authorities, a process that is cumbersome and costly.
Increased Regional Devolution in the Pipeline: Fears that its lack of a parliamentary majority would force the government to provide concessions to regional parties on
devolution issues in return for their support in passing legislation are proving to be well founded. A law devolving fiscal powers to regional assemblies has already cleared the
first parliamentary hurdle despite opposition to the move at the national level. Meanwhile, tensions could be exacerbated if the Constitutional Court rules against Catalonia's
"statute of autonomy".
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
Rankings
Top-10 Sectors (By Value Added)
(nominal GDP levels in billion USD; Real GDP change)
1,800
(a 2008 Level in billion USD & 2009 Change in %)
5%
01
Construction
169.5
-7.0%
4%
02
Real Estate
132.5
-2.2%
3%
03
Hotels & Restaurants
101.3
-5.1%
2%
04
Public Admin. & Defence
92.9
+7.2%
1%
05
Health & Social Services
85.1
+3.9%
0%
06
Retail Trade
83.2
-8.0%
600
-1%
07
Business Services
83.0
+0.2%
400
-2%
08
Education
71.8
+3.3%
200
-3%
09
Banking & Related Financial
60.3
-4.6%
-4%
10
Wholesale Trade
56.2
-8.3%
1,600
4.0%
3.6%
1,400
1,200
1,000
2.0%
1.6%
1.2%
0.9%
0.8%
800
-0.5%
0
-3.6%
75
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Spain ranks 49th out of 181 countries
Global Competitiveness
Spain ranks 29th out of 134 countries
49
29
Quick Links
Doing Business > www.doingbusiness.org
Competitiveness > www.weforum.org
Global Opportunities for business indicators
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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
76
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
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Spain – TYPE 3 Office
IMEA
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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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 264m*
Direct:
USD 164m*
Reinsurance:
USD 100m*
Services: Yes
Establishment: Yes, except assistance,
life and death insurance
* See: Data limitations for detail; figures are
rounded and may not add up to total
77
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
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 Key strengths and challenges of the economy
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 Key insurers
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Business Environment > KEY ISSUES To Watch
Tight Lending Conditions Render Economic Recovery Prone to Relapses: Weak financial sector balance sheets are hampering the financing
of real-sector activity and thus ensuring that the current upswing remains fragile. Swiss exports will not rebound quickly to pre-crisis levels, meaning
that expansionary fiscal and monetary policy will have to be sustained for much of 2010.
Persistently Low Inflation Enables Very Soft Monetary Stance: As a consequence of the major financial and economic crisis of 2008/09,
inflation fell as low as -1.2% in mid-2009 and will not rebound much beyond 1% during 2010. The Swiss National Bank (SNB) will therefore
maintain its key policy rate at 0.25% until at least late 2010 and possibly again resort to foreign-exchange intervention to soften the Swiss franc.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Swiss Franc Developments Need to Be Monitored Closely: Although the U.S. dollar recovery since December 2009 also applied versus the Swiss franc, the dollar
strengthened to a much greater extent against the euro, implying renewed strengthening of the franc against the euro. As the latter carries greater weight in Switzerland's trade
relations, SNB intervention to return to a level of 1.50 francs:1 euro (from around 1.47 francs:1 euro in January/February 2010) may well occur in order to safeguard Swiss
external price competitiveness.
Double Tax Agreements to Be Put to Referenda: The Swiss government is set to hold referenda on all 11 double tax agreements (DTAs) it signed in 2009 to secure its
removal from the Organisation for Economic Co-operation and Development's (OECD) tax haven "grey list". The government agreed to hold the referenda in order to obtain the
cantons' backing for the controversial DTAs, which facilitate co-operation between Swiss and foreign tax officials. The DTAs are likely to be approved, with moderate voters all
too aware of the need for Switzerland to co-operate more on tax affairs in order to retain the OECD's support for the country's comparatively lax tax regulations.
Minaret Ban Harms Swiss Image in Muslim Countries: In November 2009, a majority of voters surprisingly supported a ban on the construction of minarets in Switzerland,
causing a major headache for the government. The public outcry has subsided somewhat since the vote, offering the government a chance to hold intensive talks with
concerned business and government figures from predominantly Muslim countries in a bid to assuage their fears. The Swiss government is keen to shake off the country's
reputation for hostility towards immigrants and is determined to overturn the minaret ban via the courts, but this could take years to achieve.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
Rankings
Top-10 Sectors (By Value Added)
(nominal GDP levels in billion USD; Real GDP change)
600
(a 2008 Level in billion USD & 2009 Change in %)
4%
01
Public Admin. & Defence
60.6
+3.7%
500
3%
02
Banking & Related Financial
35.8
-2.8%
03
Retail Trade
31.4
-0.8%
400
2%
04
Wholesale Trade
29.1
-4.2%
05
Health & Social Services
28.1
+1.9%
06
Construction
25.3
-4.5%
07
Business Services
24.9
-0.7%
08
Sanitation, Trade Organisations
22.3
-0.8%
09
Insurance & Pensions
15.6
-3.2%
10
Recreational, Cultural, Sporting
10.9
-1.5%
3.6%
3.6%
1.9%
1.8%
1.8%
1.6%
1.8%
1.7%
300
1%
200
0%
100
-1%
-1.5%
0
79
-2%
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Sweden ranks 17th out of 181 countries
Global Competitiveness
Sweden ranks 4th out of 134 countries
17
04
Quick Links
Doing Business > www.doingbusiness.org
Competitiveness > www.weforum.org
Global Opportunities for business indicators
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> www.lloyds.com/marketintelligence
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North America
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IMEA
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> 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
80
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
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North America
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Lloyd’s Business > Office Details
Lloyd’s General representative
Nordic Area Manager
Ms Eva Lindberg
Sveavägen 20, 6 tr
SE-111 57 STOCKHOLM
SWEDEN
Mr Erik Borjesson
Sveavägen 20, 6 tr
SE-111 57 STOCKHOLM
SWEDEN
 TELEPHONE
+46 8 545 255 40
 TELEPHONE
+46 8 545 255 40
 EMAIL
> [email protected]
 EMAIL
> [email protected]
 WEBSITE
> www.lloyds.com/sweden
Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 128m*
Direct:
USD 74m*
Reinsurance:
USD 540m*
Services: Yes
Establishment: Yes, except assistance,
life and death insurance
* See: Data limitations for detail; figures are
rounded and may not add up to total
81
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 > Nordic Markets
© Lloyd’s
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 Key strengths and challenges of the economy
 Size and growth of the economy
 Basic economic indicators
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 Key insurers
 Insurance industry events
 Basic insurance indicators
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82
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Business Environment > KEY ISSUES To Watch
Tight Lending Conditions Render Economic Recovery Prone to Relapses: Weak financial sector balance sheets are hampering the financing
of real-sector activity and thus ensuring that the current upswing remains fragile. Swiss exports will not rebound quickly to pre-crisis levels, meaning
that expansionary fiscal and monetary policy will have to be sustained for much of 2010.
Persistently Low Inflation Enables Very Soft Monetary Stance: As a consequence of the major financial and economic crisis of 2008/09,
inflation fell as low as -1.2% in mid-2009 and will not rebound much beyond 1% during 2010. The Swiss National Bank (SNB) will therefore
maintain its key policy rate at 0.25% until at least late 2010 and possibly again resort to foreign-exchange intervention to soften the Swiss franc.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Swiss Franc Developments Need to Be Monitored Closely: Although the U.S. dollar recovery since December 2009 also applied versus the Swiss franc, the dollar
strengthened to a much greater extent against the euro, implying renewed strengthening of the franc against the euro. As the latter carries greater weight in Switzerland's trade
relations, SNB intervention to return to a level of 1.50 francs:1 euro (from around 1.47 francs:1 euro in January/February 2010) may well occur in order to safeguard Swiss
external price competitiveness.
Double Tax Agreements to Be Put to Referenda: The Swiss government is set to hold referenda on all 11 double tax agreements (DTAs) it signed in 2009 to secure its
removal from the Organisation for Economic Co-operation and Development's (OECD) tax haven "grey list". The government agreed to hold the referenda in order to obtain the
cantons' backing for the controversial DTAs, which facilitate co-operation between Swiss and foreign tax officials. The DTAs are likely to be approved, with moderate voters all
too aware of the need for Switzerland to co-operate more on tax affairs in order to retain the OECD's support for the country's comparatively lax tax regulations.
Minaret Ban Harms Swiss Image in Muslim Countries: In November 2009, a majority of voters surprisingly supported a ban on the construction of minarets in Switzerland,
causing a major headache for the government. The public outcry has subsided somewhat since the vote, offering the government a chance to hold intensive talks with
concerned business and government figures from predominantly Muslim countries in a bid to assuage their fears. The Swiss government is keen to shake off the country's
reputation for hostility towards immigrants and is determined to overturn the minaret ban via the courts, but this could take years to achieve.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
600
3.5%
2.7%
400
300
2.5%
2.4%
01
Health & Social Services
47.3
+2.2%
4%
02
Real Estate
45.1
-2.8%
03
Business Services
25.6
+0.7%
04
Education
24.4
+1.8%
05
Wholesale Trade
24.2
-7.7%
06
Retail Trade
22.5
-6.2%
07
Construction
21.5
-2.9%
08
Public Admin. & Defence
21.1
+3.4%
09
Computing & Related Services
14.3
+0.6%
10
Land Transport
11.6
-7.9%
2.6%
1.6%
2%
0%
-0.6%
200
-2%
100
-4%
-5.1%
0
83
(a 2008 Level in billion USD & 2009 Change in %)
6%
4.6%
500
Rankings
Top-10 Sectors (By Value Added)
-6%
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Switzerland ranks 21st out of 181 countries
Global Competitiveness
Switzerland ranks 2nd out of 134 countries
21
02
Quick Links
Doing Business > www.doingbusiness.org
Competitiveness > www.weforum.org
Global Opportunities for business indicators
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> www.lloyds.com/marketintelligence
Lloyd’s Business
North America
Latin America
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Switzerland – Type 3 Office
IMEA
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> 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
84
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
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Switzerland – Type 3 Office
IMEA
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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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 367m*
Direct:
USD 171m*
Reinsurance:
USD 196m*
Direct: Yes, except life and legal
expenses
Reinsurance: Yes
* See: Data limitations for detail; figures are
© 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
rounded and may not add up to total
85
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
86
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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
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Business Environment > KEY ISSUES To Watch
Australia's Growth Outlook is Favourable: The economy continued to grow during the December quarter fuelled by a surge in both private and
public gross fixed capital formation. The rebuilding of inventories as seen during the last two quarters of 2009 following savage inventory cuts and
improving aggregate demand will continue to support growth through early 2010. In 2010 private consumption and investment will grow, supported
by positive sentiment, helping to drive a worsening of the net export position. The economy is currently anticipated to grow by 3.3% in 2010.
Fiscal and Monetary Stimulus Measures to Be Unwound Incrementally: The central bank continues to raise interest rates in an attempt to
achieve a neutral policy rate. The policy rate will be raised in fits and starts, and will reach 4.75% by the end of 2010. As planned in the fiscal year
(FY) 2010 budget, government spending will be slowly wound back from January-June 2010. An expenditure cap is likely to be implemented with
the FY 2011 budget along with some changes to tax policy but those won't be announced until before the budget's release in May 2010.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Prime Minister's Popularity Falters: Prime Minister Kevin Rudd's popularity rating has fallen to a record low in recent months. This downfall is a result of both the main
opposition party Liberals' newfound strength under new leader Tony Abbott as well as the Rudd government's slow progress made in pushing through some key reforms,
including a healthcare and a climate change bill. While Rudd remains the preferred prime minister, his dropping support level raises speculation about a close race ahead of the
next federal election, expected to be called in late 2010.
Australia and China Continue FTA Talks: Australia and China resumed talks on a bilateral Free Trade Agreement (FTA) in late February 2010 following a 14-month impasse.
The resumption of negotiations came despite the recent tensions prompted by the arrest of Rio Tinto executives in July 2009, indicating that the economic relations prevail over
political strains. China's unending demand for Australia's resources, namely iron and coal, has made it Australia’s largest trading partner and increased the countries' economic
interdependence. Progress in the current talks is however likely to be slow, with agriculture remaining a key sticking point and foreign investment another significant issue.
Climate Change Policy Remains Key Issue in Australian Politics: The Rudd administration has placed heightened emphasis on climate change policies and last year
introduced a carbon trading scheme. The Carbon Pollution Reduction Scheme, which is a cap-and-trade scheme, was set to be operational in July 2011, but has now been
shelved at least until the end of 2012 when the current Kyoto protocol expires. The debate on carbon emissions will however remain a focus in Australian politics. Under the
scheme, the government will set a limit on the amount of carbon the Australian economy can produce, allowing businesses to trade their allocated permits amongst themselves.
Green activists and economists have criticised the plans as lacking in ambition, with Australia one of the world's biggest polluters per capita in the world.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
1,600
4.7%
1,400
3.4%
800
3.4%
3.1%
2.6%
3.5%
3.3%
01
Real Estate
81.1
+0.2%
5%
02
Construction
74.7
+1.6%
03
Business Services
71.6
+0.4%
04
Health & Social Services
61.9
+0.4%
05
Retail Trade
57.6
-3.0%
2%
06
Banking & Related Financial
49.4
-1.1%
600
1.3%
400
2%
07
Wholesale Trade
48.2
-1.6%
Education
43.7
+0.7%
4%
3%
3%
2.4%
(a 2008 Level in billion USD & 2009 Change in %)
5%
4%
1,200
1,000
Rankings
Top-10 Sectors (By Value Added)
1%
08
200
1%
09
Mining of Metals & Stone
42.4
-0.6%
0
0%
10
Public Admin. & Defence
38.9
+2.6%
88
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Australia ranks 9th out of 181 countries
Global Competitiveness
Australia ranks 18th out of 134 countries
09
18
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
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
89
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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Lloyd's Total:
USD 1.1bn*
Direct:
USD 846m*
Reinsurance:
USD 264m*
*at constant prices; million USD
See: Data limitations for detail
90
Direct: Yes, except certain compulsory
classes, life, certain health insurances and
stand-alone funeral expenses
Reinsurance: Yes, except life and certain
health insurances
Brokers have access to information via:
www.lloyds.com/MARKETPRESENTATIONS
Managing Agents have access to information via:
www.lloyds.com/REGIONALWATCH
> Managing Agent Version
> Asia Pacific > Australasia
© Lloyd’s
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Business Environment
Market Intelligence
Insurance Environment
Lloyd’s Business
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Europe
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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
91
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 Lloyd’s office details and contacts
 Trading position and size of Lloyd’s business
 Available market intelligence products
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North America
Latin America
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Asia Pacific
> Back to Country Dashboard
Business Environment > KEY ISSUES To Watch
Government Begins to Rein In Stimulus Policy, But Aggressive Pullback is Unlikely: The ultra-aggressive stimulus plan the Chinese
government introduced in late-2008 is a short-term emergency measure that cannot be sustained without generating distortions including an assetmarket bubble. Concerns about asset-price inflation, aided by the recent uptick in goods prices and the turnaround of the exports sector, have
prompted the government to begin pulling back this monetary stimulus. The Chinese government is also likely to adjust its renminbi policy by
allowing the currency to resume appreciation against the U.S. dollar, although in a limited way at the start, after holding the exchange rate steady
since the end of 2008 as part of the stimulus policy package. Nevertheless, aggressive policy tightening at this point is still unlikely. Given organic
recovery—non-stimulus-related growth—is still in the nascent stages, the government will move gradually in shifting the growth-inflation policy
balance.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
W-Shaped Recovery in Terms of Growth Still Probable: Given the strong momentum of investment growth and the rebound in exports, the
strength of China's growth through 2010 should be secure. Beyond 2010, however, as the developed economies are unlikely to grow strongly, in
addition to the Chinese government's expected further pullback on stimulus, China's growth is likely to moderately decelerate. As a result, IHS
Global Insight expects China's growth to accelerate to the low 10% range year-on-year (y/y) in 2010, before pulling back to the mid-8% range in
2011.
Government Remains Uneasy over Social Unrest Despite Economic Upturn: China's government remains uneasy about the national economic outlook and resulting
implications for social stability in spite of a rebound in GDP growth during 2009. Although unemployment problems have eased, the Beijing leadership will continue to maintain a
stimulative approach to the economy, albeit with the reintroduction of several taxes scrapped last year. On the politico-security front, the Hu-Wen administration will maintain a
hard-line strategy, particularly towards the highly contentious issues of separatism in Tibet and Xinjiang. More generally, distributing the fruits of China's rapid economic success
is central to ensuring socio-economic stability as laid out in government policies of "Building a Harmonious Society". In the long term, socio-economic stability will depend on
such issues being addressed through the development of infrastructure and the easing of rural-urban immigration barriers to allow for a more flexible job market.
Environmental Degradation Widespread: Serious environmental degradation remains a key concern, constituting the downside to three decades of unbridled economic
growth. The current administration has adopted the "Scientific Development" perspective, with greater emphasis given to sustainable growth and efficiency improvement.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
11,000
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
11.6%
01
Agriculture
489.2
+3.8%
12%
02
Wholesale Trade
244.0
+10.5%
03
Construction
236.6
+6.6%
04
Real Estate
187.1
+4.4%
8%
05
Textiles & Apparel
159.7
-2.6%
6%
06
Electricity, Gas & Steam
152.3
+4.2%
07
Banking & Related Financial
148.9
+12.5%
08
Computing & Related Services
142.4
+9.6%
09
Iron & Steel
140.2
+2.1%
10
Public Admin. & Defence
110.6
+14.5%
11.0%
10%
9.6%
8.6%
8.2%
8.6%
8.8%
4%
2%
92
(a 2008 Level in billion USD & 2009 Change in %)
14%
13.0%
8.7%
Rankings
Top-10 Sectors (By Value Added)
0%
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
China ranks 83rd out of 181 countries
Global Competitiveness
China ranks 30th out of 134 countries
83
30
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
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
93
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: (12)
Amlin, Arch, Atrium,
Beazley,
 TELEPHONE
+86 21 6162 8206
Ms Christian Xu
 TELEPHONE
+86 21 6162 8207
 EMAIL
> [email protected]
Hardy, Hiscox, Kiln,
Markel,S.A.
Marketing Manager
 TELEPHONE
+86 21 6162 7815
 FAX
+86 21 6162 8258
Brit, Chaucer,
Meacock,
Sportscover (Argenta).
 EMAIL
> [email protected]
 EMAIL
> [email protected]
 WEBSITE
> www.lloyds.com/china
Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Lloyd's Total:
USD 123m*
Direct: No
Direct:
USD 13m*
Reinsurance:
USD 110m*
LRCCL:
USD 5.7m*
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
94
Managing Agents have access to information via:
www.lloyds.com/REGIONALWATCH
> Managing Agent Version
> Asia Pacific > China
© Lloyd’s
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Business Environment
Market Intelligence
Insurance Environment
Lloyd’s Business
North America
Latin America
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Europe
IMEA
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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
95
QUICK TOUR (Country Profiles)
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 Trading position and size of Lloyd’s business
 Available market intelligence products
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Latin America
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Asia Pacific
> Back to Country Dashboard
Business Environment > KEY ISSUES To Watch
Democratic Reform Delayed Until 2017: The prospect of swift reform in the political sphere has been circumscribed by China's 2007 decision to
effectively delay the direct election for the post of chief executive until 2017, with direct Legislative Council elections to follow in 2020. The issue of
democratic reform took a backseat last year while the government focused on economic policy, but tensions are set to build over the coming
months as the government attempts to pass a timid political reform package for the 2012 elections through the legislature, sparking strong
opposition from the pan-democratic camp.
Legislative Election Results Signal Policy Continuity: There has been no major change since Legislative Council elections were held in
September 2008, when pro-Beijing parties managed to maintain their grip over the legislature as pro-democracy parties lost three more seats.
Support for Chief Executive Donald Tsang, who was re-elected in March 2007, is waning although he is widely expected to see out his five-year
term until 2012.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Hong Kong's Economy Continues Moderate Recovery: The economy emerged from the worst recession since the Asian financial crisis during the second quarter of 2009,
thanks to a revival in China-led regional trade and improving consumer confidence. The close economic ties with the mainland suggests that the territory will continue to benefit
from the strong rebound in the Chinese economy caused by its massive stimulus measures. Domestic demand is also boosted by the rally in asset markets, thanks to abundant
liquidity that has kept interest rates low and monetary condition loose. However, the economy's further recovery will continue to depend on the sustained revival in the world
economy, which remains uncertain.
Longer Term Economic Risks Will Be Associated with Hong Kong Dollar's Peg: The currency's peg to the U.S. dollar has made the territory's monetary policy mostly
dependent on that of the U.S. Federal Reserve. It, in turn, has raised economic risks when mismatches arise between Hong Kong business cycles and U.S. monetary policies.
Should a strong recovery in the United States lead to an aggressive rate rise ahead of the territory's rebound, higher interest rates will disrupt the economy's revival as a result.
Deepening Integration with the Mainland: Economic policy is set to remain focused on taking advantage of its proximity to the economy of mainland China, grounded in the
Closer Economic Partnership Arrangement (CEPA). It will, however, be increasingly affected by the policies of the mainland, although there has been minimal interference in the
economic realm.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
300
6.4%
5.2%
5.6%
5.1%
01
Retail Trade
26.4
-4.2%
6%
02
Wholesale Trade
24.8
-4.3%
03
Banking & Related Financial
19.0
-4.3%
04
Health & Social Services
18.2
-2.3%
05
Public Admin. & Defence
18.0
-1.5%
06
Education
14.3
-1.8%
07
Land Transport
9.8
-3.4%
08
Insurance & Pensions
9.3
-4.7%
09
Real Estate
9.2
-4.4%
10
Business Services
7.2
-4.1%
5.3%
4.8%
200
150
4%
2%
2.1%
100
0%
50
-2%
-2.7%
0
96
(a 2008 Level in billion USD & 2009 Change in %)
8%
7.0%
250
Rankings
Top-10 Sectors (By Value Added)
-4%
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Hong Kong ranks 4th out of 181 countries
Global Competitiveness
Hong Kong ranks 11th out of 134 countries
04
11
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
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
97
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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 158m*
Direct:
USD 117m*
Reinsurance:
USD 40m*
Direct: Yes, except life business
Reinsurance: Yes
* See: Data limitations for detail; figures are
© 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
rounded and may not add up to total
98
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
99
QUICK TOUR (Country Profiles)
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 Available market intelligence products
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Business Environment > KEY ISSUES To Watch
Continued Growth in Q1: Japan posted a strong 4.9% growth rate in the first quarter of 2010, on top of robust growth in the fourth quarter of last
year. Exports continued to do well, showing that slow growth in the rest of the world has—as yet—not been a deterrent to purchases of Japanese
goods. Once again, private consumption also grew, mostly due to fiscal stimulus and lagged response to the drop in unemployment last year. In
addition, capital expenditures continued to grow, and inventories are finally starting to rise after declining for a year, indicating that business
confidence is improving. A near-term deceleration is likely, but overall growth should continue.
U.S.-Japanese Security Alliance in Question: Under the LDP, the U.S.-Japan security alliance was bolstered by the U.S. security umbrella. In
contrast, the DPJ has extolled the merits of Japan's pacifist constitution and criticised the LDP for kowtowing to the United States. The Hatoyama
administration had adopted a more ambivalent foreign policy approach towards U.S. President Barack Obama's administration, evidenced by the
dispute over the re-location of the Futenma airbase in Okinawa. Hatoyama's resignation now creates uncertainty over the future trajectory of the
U.S.-Japan alliance, raising questions over the recent agreement made with the Washington government to stick to the 2006 agreement.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Support Dips for New Democrat Government: The Japanese electorate delivered an overwhelming defeat to the country's ruling Liberal Democratic Party (LDP) during an
election to the Lower House of parliament in August 2009. The result highlighted the high level of public disillusionment with years of weak LDP governance, while representing
a strong endorsement of the then-opposition Democratic Party of Japan (DPJ). But despite the ruling party's landslide victory last summer, voter support for the government has
plummeted in recent months, mainly due to a dispute with the United States over the relocation of an important military base, and a slew of political funding scandals.
Fiscal Stimulus is Working—So Far: The fiscal-expansion programme implemented months ago has apparently succeeded in stimulating consumer demand. Private
consumption, both nominal and real, trended down through the first quarter of last year, but rebounded as various "green" incentives encouraged household spending.
Subsequent data for consumption and retail sales indicate that the uptrend has continued, despite the higher unemployment caused by the recession. Assuming the DPJ
government does not prematurely cut the stimulus, then Japan should be able to escape the recession along with the United States and other countries.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
6,000
3%
2.0%
2.3%
2.0%
5,000
1.3%
1.6%
1.8%
2.0%
4,000
3,000
-1.2%
2,000
1,000
-5.2%
0
100
Rankings
Top-10 Sectors (By Value Added)
2%
1%
(a 2008 Level in billion USD & 2009 Change in %)
01
Real Estate
599.6
+0.4%
02
Sanitation, Trade Organisations
523.8
+0.6%
03
Wholesale Trade
453.3
-10.3%
0%
04
Recreational, Cultural, Sporting
382.2
-2.8%
-1%
05
Public Admin. & Defence
286.7
+0.5%
-2%
06
Construction
273.6
-4.5%
-3%
07
Health & Social Services
254.8
+3.2%
-4%
08
Retail Trade
252.2
-1.0%
-5%
09
Business Services
248.0
-1.8%
-6%
10
Banking & Related Financial
223.0
-5.8%
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Japan ranks 12th out of 181 countries
Global Competitiveness
Japan ranks 9th out of 134 countries
12
9
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
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
101
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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Lloyd's Total:
USD 680m*
Direct:
USD 25m*
Direct: Yes, vial Lloyd’s Japan Inc.; other
than certain exempt class
Reinsurance:
USD 655m*
Reinsurance: Yes
Lloyd’s Japan Inc.
USD 112m*
at constant prices; million USD
Managing Agents have access to information via:
www.lloyds.com/REGIONALWATCH
© Lloyd’s
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Business Environment
Brokers have access to information via:
www.lloyds.com/MARKETPRESENTATIONS
> Managing Agent Version
> Asia Pacific > Japan
See: Data limitations for detail
102
Market Intelligence
Insurance Environment
Lloyd’s Business
North America
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New Zealand – Type 2 Office
Europe
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Click Box to navigate
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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
103
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 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 > KEY ISSUES To Watch
Hesitant Consumers Weighing on Recovery: New Zealand's 2008-09 recession was brought on initially by a slowdown in consumer spending
and was exacerbated by the global recession. Consumer confidence staged a significant recovery in the third quarter of 2009, and while consumers
remain optimistic, confidence is wavering with retail sales and house prices following suit. At the same time measures of business confidence and
manufacturing are improving, while top export destination Australia is growing strongly. The economy is expected to stage a modest recovery in
2010 on gradually improving domestic demand.
Looming Monetary Policy Changes: The central bank will begin tightening monetary policy by mid-2010 as aggregate demand continues to
improve, but it will move cautiously and interest rates will remain relatively low well into 2011 for fear of stalling the recovery. Anticipation of future
interest rate hikes has resulted in currency appreciation, raising concerns about future export competitiveness and performance.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Tax Policies to Be Tweaked with 2011 Budget: The government plans to reform the tax system in order to make it a fairer and "growth-enhancing" system based on
recommendations from a recent Tax Working Group report. The changes will be implemented with the fiscal year (FY) 2011 budget due out in May. The government is
considering an increase in the goods and services tax from the current 12.5% to at most 15.0%, as well as across-the-board reductions in personal tax rates. The government is
also seeking to close tax loopholes for property investments, but proposals for a land tax, a comprehensive capital gains tax, and a risk-free return methodology for taxing
residential investment properties have been ruled out.
Voting System Change Referendum Scheduled for 2011: Honouring the National Party's pre-election pledge, New Zealand is set to hold a referendum with the next general
election in 2011 whether to change the current mixed-member proportional (MMP) voting system to a new one prior to the national election scheduled for 2014. The reforming of
the electoral system has become a political issue in New Zealand in recent years following changes to both Parliament and regional administration electoral systems. While the
MMP ensures an evenly-balanced chamber, supporting the formation of coalition governments, the critics say it gives too much power to minority parties and has resulted in a
difficult coalition government that struggles to push through legislation.
New Zealand to Expand Diplomatic Presence: New Zealand's Ministry of Foreign Affairs has been pushing to increase its budget by NZ$621 million over the next four–five
years. The additional funding will be used to add 100 diplomats and support staff in overseas missions—an increase of 50%—and to establish new diplomatic posts. This
increase in funding for New Zealand’s foreign ministry will help meet the country’s growing foreign policy activism.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
200
3.3%
3.1%
3.1%
2.9%
2.6%
150
2.4%
2.3%
100
50
-0.6%
0
-0.6%
104
Rankings
Top-10 Sectors (By Value Added)
(a 2008 Level in billion USD & 2009 Change in %)
4%
01
Real Estate
15.2
-0.3%
3%
02
Wholesale Trade
8.2
-2.6%
3%
03
Retail Trade
7.9
-3.8%
2%
04
Agriculture
7.9
+1.2%
2%
05
Health & Social Services
6.9
+0.8%
1%
06
Construction
6.9
-0.3%
1%
07
Business Services
6.7
+1.7%
0%
08
Public Admin. & Defence
6.1
+4.0%
-1%
09
Banking & Related Financial
5.5
-0.6%
-1%
10
Food Products
5..4
-12.3%
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
New Zealand ranks 2nd out of 181 countries
Global Competitiveness
New Zealand ranks 24h out of 134 countries
02
24
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
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
105
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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 100m*
Direct:
USD 59m*
Reinsurance:
USD 40m*
Direct: Yes, except life
Reinsurance: Yes, except life
* See: Data limitations for detail; figures are
© 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
rounded and may not add up to total
106
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
107
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 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 > KEY ISSUES To Watch
PAP Continues to Dominate: The People’s Action Party (PAP), which has held power since 1959, will continue to dominate Singaporean politics.
As a result, policy continuity will remain strong. Despite a recent relaxation in the country's strict rules on freedom of expression, the PAP reinforces
its tight grasp on power through recourse to these regulations.
Upside Risks to Growth Finally Materialising: Singapore's growth will recover quickly in the near term, as the economy exits its 2008–09
recession and the concerted revival in global trade boosts the city-state's economy. Singapore's bellwether economy pointed to somewhat more
stable times ahead with a fourth-quarter 2009 contraction that was more moderate than originally anticipated in its flash estimates. The economy
experienced a prolonged and deep recession, as domestic and external activity collapsed during the recession. The trade-dependent city-state's
manufacturing sector is improving in line with the recovering global economic climate. As exports and domestic demand begin to recover, IHS
Global Insight expects the economy to expand 5.0% in 2010 and 4.8% in 2011.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Inflationary Pressures Still Benign But Rising: Consumer prices have begun to climb again in early 2010. During the recession, deflation had surfaced again in 2009. With
improving demand conditions and higher import prices, inflation will remain in positive territory over the near term. The central bank's official forecasts are for inflation to lie within
the range of 2.0–3.0% in 2010, although we expect annual inflation will probably be more muted.
Monetary Policy Set to Tighten in 2010: Given the still-uneven nature of the rebound, the Monetary Authority of Singapore (MAS) could now defer tightening monetary policy
from April to October 2010. In general, price pressures in the economy remain subdued in early 2010, and the case for near-term monetary policy tightening is not compelling. In
October 2009, during its last policy-setting meeting, the MAS maintained its current neutral policy stance and zero-appreciation path for the Singapore dollar. The MAS has
consistently emphasised the importance of ensuring a healthy economic recovery, and seems willing to countenance some price pressures in upcoming months. If the recovery
remains somewhat patchy, IHS Global Insight expects the Singapore dollar's nominal effective exchange rate to return to an appreciating trend beginning in October 2010.
However, if healthy incoming data and unexpected inflationary pressures emerge more substantially and quickly in 2010, then the MAS will shift to a tightening mode sooner, at
its next policy meeting in April 2010.
Piracy Remains a Concern: In September 2009, the regional monitoring centre reported the maritime piracy rate in the South China Sea at a five-year high. The attacks are
reportedly concentrated in the Straits of Malacca and Singapore, with tankers and large container ships particularly vulnerable to attacks.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
300
8.4%
7.8%
01
Banking & Related Financial
14.4
-4.8%
8%
02
Wholesale Trade
14.3
-9.0%
03
Retail Trade
13.9
-8.8%
04
Real Estate
9.2
+0.5%
4%
05
Public Admin. & Defence
9.0
-5.5%
2%
06
Land Transport
8.4
-7.2%
07
Construction
7.9
+21.3%
08
Business Services
7.3
-1.6%
09
Insurance & Pensions
6.8
-7.3%
10
Computers & Office Machinery
6.5
-24.8%
6%
200
150
5.0%
4.7%
4.7%
4.7%
2.5%
100
50
0
0%
-2%
-2.0%
108
(a 2008 Level in billion USD & 2009 Change in %)
10%
9.0%
250
Rankings
Top-10 Sectors (By Value Added)
-4%
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Singapore ranks 1st out of 181 countries
Global Competitiveness
Singapore ranks 5th out of 134 countries
01
5
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
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
109
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: (16)
Mr Jon Song
Lloyd’s Asia
One George Street
#15-04/05
Singapore 049145
Amlin, Argenta, Ascot,
Atrium, Beazley, Canopius, Catlin,
Capita, Chaucer, Kiln, Markel,
Newline, 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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Lloyd's Total:
USD 221m*
Direct:
USD 119m*
Reinsurance:
USD 102m*
Lloyd’s Asia
USD 223m*
Direct: Yes, except life and compulsory
classes
Reinsurance: Yes, except life
♦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
Managing Agents have access to information via:
www.lloyds.com/REGIONALWATCH
> Managing Agent Version
> Asia Pacific > Singapore
© Lloyd’s
See: Data limitations
110 for detail
QUICK TOUR (Country Profiles)
Business Environment
Market Intelligence
Insurance Environment
Lloyd’s Business
North America
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Latin America
Europe
IMEA
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TYPE 1
ARGENTINA
Belize
Chile
TYPE 3
BRAZIL
111
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North America
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ARGENTINA – Type 1 Office
Europe
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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
112
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 Available market intelligence products
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North America
Latin America
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ARGENTINA – Type 1 Office
IMEA
Asia Pacific
> Back to Country Dashboard
Business Environment > KEY ISSUES To Watch
Presidential Popularity Dwindles: The popularity levels of Argentine president Cristina Fernández de Kirchner have tumbled to around 20%.
Public disenchantment has been growing as members of her inner circle have been accused of illegal enrichment and other suspected dishonest
financial dealings. Four private secretaries of the president are under investigation for illegal enrichment and former president Néstor Kirchner
caused a stir in the press when it emerged in February that he had purchased US$2 million just before the outbreak of the financial crisis in 2008.
Oil Drilling Plan Revives Tension with U.K.: Plans of the British Desire Petroleum to launch exploratory oil drilling operations in the North
Falkland Basin have triggered an escalating political row between the United Kingdom and Argentina, which has long claimed sovereignty over the
British-controlled South Atlantic archipelago. Political tensions are on the rise as Argentina has issued a decree under which ships travelling to the
islands from Argentine ports or crossing Argentine waters on their way to the islands must seek prior government approval.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Recession and Mild Recovery: Lower commodity prices and weaker demand for Argentina’s main exports have reduced export and fiscal revenues, affecting growth prospects
and the government’s capacity to stimulate the economy. At the same time, domestic-consumption expansion, the latest engine for growth in Argentina, has been decelerating
as consumer confidence shrinks in response to the deteriorating business climate. Worst of all, the financial system has become very cautious in its lending policies, as nonperforming loans are increasing, making it more difficult for consumers and firms to find adequate financing sources. The contraction in fixed investments during the first half of
2009 is troublesome, a situation that is expected to improve in the second half and into 2010. Both the recession in 2009 and the recovery in 2010 are expected to be mild.
Debt Swap Relief and the Return to Markets: The government secured extra breathing space by sealing two debt-swap deals in 2009. The initiative, which initially included
only local guaranteed loans, was extended to debt holders, which further improved debt scheduling in the short-to-medium term. Together with the appropriation of retirement
funds in 2008, the government's needs are apparently covered in 2009. The authorities want to return to the financial markets with debt placements in late 2009, after giving
positive signals regarding the relationship with the IMF, debt holdouts, and the Paris Club.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
450
400
8.5%
8.7%
01
Agriculture
27.7
-5.2%
9%
02
Public Admin. & Defence
18.6
+2.8%
03
Retail Trade
18.0
-0.8%
04
Oil & Gas Mining
16.3
-0.6%
05
Education
13.8
-3.7%
4%
06
Wholesale Trade
13.6
-3.8%
7%
6.8%
6%
250
5%
200
3.9%
4.2%
4.3%
4.2%
4.0%
150
(a 2008 Level in billion USD & 2009 Change in %)
10%
8%
350
300
Rankings
Top-10 Sectors (By Value Added)
3%
07
Real Estate
12.8
+3.4%
100
2%
08
Construction
11.5
-2.9%
50
1%
09
Business Services
10.5
-3.8%
0%
10
Banking & Related Financial
10.4
+1.6%
0
0.9%
113
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Argentina ranks 88th out of 181 countries
Global Competitiveness
Argentina ranks 64th out of 134 countries
88
64
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
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
114
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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 36m*
Direct:
USD 34m*
Reinsurance:
USD 2m*
* See: Data limitations for detail; figures are
rounded and may not add up to total
115
Direct: Yes, through a local registered
intermediary except life, industrial life and
bond investment
Reinsurance: Yes, through a local
intermediary
Managing Agents have access to information via:
www.lloyds.com/REGIONALWATCH
> Managing Agent Version
> Latin America > Small Markets
© Lloyd’s
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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
116
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 Lloyd’s office details and contacts
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 Available market intelligence products
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North America
Latin America
Europe
brazil – Type 3 Office
IMEA
Asia Pacific
> Back to Country Dashboard
Business Environment > KEY ISSUES To Watch
Can Brazilian Authorities Withdraw the Stimuli on Time? So, excess liquidity does not translate into high inflation and public deficits do not
compromise fiscal consolidation. While the risks are not marginal, our baseline scenario assumes that both the central bank and the government
will act on time. The central bank has a good record and a reputation for fighting inflation. Also, on the balance of risks (low inflation versus rapid
economic growth), it has clearly favored price stability, at least over the past five years. Elections due in October 2010 may be a temptation for the
government to continue with its economic stimulus, although we do not believe this will be the case. We foresee fiscal prudence returning to Brazil
as early as the second quarter of 2010. IHS Global Insight estimates that the Brazilian economy returned to pre-crisis levels during the fourth
quarter of 2009. Investment will continue to drive the recovery, while external demand is expected to remain subdued in 2010. Our February
forecast calls for GDP to grow 4.7% in 2010, after decreasing 0.4% in 2009.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Trade Flows to Recover in 2010: The evolution of prices of key commodities such as soybeans, sugar, coffee, iron, and steel will be important factors to monitor, because they
pertain not only to Brazil’s external accounts, but will also have an impact on the exchange rate, fiscal accounts, and employment. IHS Global Insight forecasts export revenues
to grow 9.3% in 2010.
Good External Liquidity Management Continues: The Brazilian Central Bank was very successful managing international reserves during the boom years and has shown its
determination to continue to do so during the crisis; the accumulation of a sizeable amount of foreign-exchange reserves has allowed the bank to defend the currency from
speculative attacks. International reserves have been sold under repurchase agreements: future contracts, foreign-exchange swaps, and other instruments have also helped the
monetary authority to avoid high volatility in the foreign-exchange market as well as to provide liquidity for exporters and importers. We continue to track closely the level of
international reserves since they carry valuable information on external liquidity of the country.
High Levels of Taxation and Bureaucracy Undermine Brazil's Competitiveness: Despite increased investor confidence in the economy, security concerns and operational
risks—such as high levels of government bureaucracy, an overcomplicated tax system, insufficient investment in infrastructure, and shortcomings in the educational system—
continue to hold Brazil back. The government's programme to accelerate economic growth does seek to prioritise investment in infrastructure projects, and some progress has
been made on other fronts. Nevertheless, many challenges still remain.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
3,000
6.1%
2,500
5.5%
5.1%
2,000
4.9%
5.0%
5.1%
4.0%
01
Public Admin. & Defence
120.4
+3.9%
6%
02
Agriculture
91.3
-1.2%
5%
03
Real Estate
78.5
+2.0%
4%
04
Refined Petroleum & Coke Prod.
72.9
-2.0%
05
Construction
72.7
-8.8%
06
Business Services
56.8
+1.1%
07
Banking & Related Financial
56.6
+6.3%
08
Retail Trade
55.7
+3.4%
0%
09
Education
49.9
+6.7%
-1%
10
Food Products
44.8
-1.5%
3%
2%
1,000
1%
500
-0.2%
117
(a 2008 Level in billion USD & 2009 Change in %)
7%
5.4%
1,500
0
Rankings
Top-10 Sectors (By Value Added)
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Brazil ranks 125th out of 181 countries
Global Competitiveness
Brazil ranks 64th out of 134 countries
125
64
Quick Links
Doing Business > www.doingbusiness.org
Competitiveness > www.weforum.org
Global Opportunities for business indicators
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> 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
118
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
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> Back to Country Dashboard
Lloyd’s Business > Office Details
Lloyd’s General representative
MANAGING AGENT REPRESENTATIVES
Rio de Janeiro: (7)
Mr Marco Castro
Lloyd’s Brazil, Avenida Almirante Barroso
No.52 Sala 2401 (Parte) Centro
Rio de Janeiro , CEP 20031-918/RJ
Brazil
Ace, Argo, 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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 191m*
Direct:
USD 185m*
Reinsurance:
USD 6m*
* See: Data limitations for detail; figures are
Direct: No, permission / explicit approval
required, except marine cargo
Reinsurance: Yes, Lloyd’s is registered as
an 'Admitted' reinsurer in Brazil
Managing Agents have access to information via:
www.lloyds.com/REGIONALWATCH
© Lloyd’s
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Business Environment
Brokers have access to information via:
www.lloyds.com/MARKETPRESENTATIONS
> Managing Agent Version
> Latin America > Brazil
rounded and may not add up to total
119
Market Intelligence
Insurance Environment
Lloyd’s Business
North America
Latin America
Belize – Type 1 Office
Europe
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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
120
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Belize – Type 1 Office
Europe
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Business Environment > KEY ISSUES To Watch
Government Nationalises Telecoms Company: The Belizean legislature in August approved a bill under which the state takes 94% of shares in
Belize Telemedia Ltd (BTL). The move comes against the background of extended legal battles between the government and the country’s leading
telecom provider. While the government has issued a statement assuring that the nationalisation drive would not be extended to other sectors of
the economy, the blitz nationalisation, which made it through Congress in just three days, is set to raise wider concerns over state interference in
the economy.
Former Prime Minister Faces Appeal in US$10-mil. Theft Case: The Belizean Supreme Court in June acquitted former prime minister Said
Musa of theft charges. Alongside former home affairs and housing minister Ralph Fonseca, Musa had been accused of having stolen half of a
US$20-million grant awarded to the country by Venezuela. While Musa, who lost last year’s general elections, maintains the proceedings were
politically motivated, the director of public prosecutions Cheryl Lynn Branker-Tait has vowed to appeal against the decision.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Income and Business Tax Amendment Set to Raise Business Costs: In December 2008, the House of Representative approved a number of amendments to Belize’s
Income and Business Amendment Bill, which were later ratified by the Senate and written into law becoming effective on 1 January 2009. The amendments that concentrate on
the taxation of the real estate, banking, casino, and telecommunications sectors are set to raise corporations’ tax rates.
No Stimulus in Sight: Despite the deceleration in economic activity, authorities in Belize continue to show strict adherence to the country’s fiscal programme, focusing on
restoring long-term fiscal sustainability after the 2007 crisis. While public balances are back in positive territory, the government has limited manoeuvring space to implement
expansionary policies. At the same time, monetary policy remains steady. A major negative effect might come from domestic sources, as the situation in the sugar cane industry
continues to deteriorate.
Public and External Accounts are Expected to Deteriorate: Important economic sectors are going to suffer from the global slowdown—particularly tourism and oil— affecting
tax collection and foreign-exchange earnings generation. At the same time, family remittances from Belizeans living abroad and foreign direct investment (FDI) flows are
expected to suffer a substantial reduction. On the positive side, the government has secured enough contingent financing to shield the economy in the short term, precisely
when large external imbalances need external financing.
Business Environment > Basic Indicators
Rankings
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
2
Belize ranks 78th out of 181 countries
5%
3.5%
2.1%
1
Ease of Doing Business
6%
5.4%
3.4%
3.4%
3.3%
4%
Global Competitiveness
3%
Belize ranks N/A out of 134 countries
2%
1.9%
1.2%
0%
-1%
0
121
-2%
Global Opportunities for business indicators
© Lloyd’s
> www.lloyds.com/marketintelligence
-3%
QUICK TOUR (Country
Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
N/A
Quick Links
Doing Business > www.doingbusiness.org
Competitiveness > www.weforum.org
1%
-1.8%
78
Insurance Environment
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/
122
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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 8m*
Direct:
USD 6m*
Reinsurance:
USD 1m*
* See: Data limitations for detail; figures are
Direct: Yes, through a local registered
intermediary except life, industrial life and
bond investment
Reinsurance: Yes, through a local
intermediary
rounded and may not add up to total
123
Managing Agents have access to information via:
www.lloyds.com/GLOBALOPPORTUNITIES
> Managing Agent Version
> Spreadsheet
© Lloyd’s
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Business Environment
Market Intelligence
Insurance Environment
Lloyd’s Business
North America
Latin America
Chile – Type 1 Office
Europe
IMEA
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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
124
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IMEA
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> Back to Country Dashboard
Business Environment > KEY ISSUES To Watch
Massive Earthquake Hits Chile: An earthquake measuring 8.8 on the Richter scale struck on 27 February, followed by a destructive tsunami. At
the time of writing over 700 are known to have died and two million more have been affected. Despite the extent of the disaster the state of Chile's
economy and robust infrastructural development guarantee a relatively rapid recovery; nevertheless, in the short term IHS Global Insight has
downgraded its Operational Risk Rating from 2.25 to 2.50.
Piñera Becomes First Conservative President in Decades: Conservative Sebastián Piñera of the Coalition for Change took office as president
SOURCE:
on 11 March. The conservative leader secured the presidency after his victory in a January run-off vote against Eduardo Frei of the ruling centreIHS Global Insight, (June 2010).
For daily updates visit:
left Concertación. Official results after 99% of the votes were counted gave Piñera 51.61% and Frei 48.38%. After 52 years, the right has returned
www.ihsglobalinsight.com
to power via the ballot box, highlighting the consolidation and strength of Chile's democracy.
Chile Joins OECD: Chile has signed an accession agreement to the Organisation for Economic Co-Operation and Development (OECD), becoming the organisation's 31st
member and the first to join from South America. Chile's entry is an acknowledgment of two decades of democratic stability and sound economic policy, and is expected to boost
its dynamic economy, though the February earthquake is expected to have a considerable impact.
Imacec Records Yearly Expansion; Chilean Central Bank Maintains Monetary Stimulus: Economic activity index Imacec, a proxy for Chilean GDP, recorded a 3.9% yearly
expansion in December 2009, driven by retail sales, utilities, and some industrial activities. Surprisingly, those sectors named by the central bank as December's growth drivers
were not so strong, perhaps indicating that other sectors such as financial services, transport and communications, and construction are also warming up in the nascent
recovery. Meanwhile on 11 February the Central Bank maintained the reference policy rate—which was reduced by a total of 775 basis points during 2009— at 0.5%, and
reiterated the intention to keep it there until the end of the second quarter of 2010. In the aftermath of the earthquake, the monetary stimulus is very likely to be prolonged even
further.
Chilean GDP Falls 1.6% Y/Y During July–September 2009: On the demand side, there were sharp contractions in fixed investments and exports, partially offset by a positive
performance in total consumption. On the aggregate supply side, declines in industrial output, construction, commerce, and transport led the overall economic contraction.
Before the earthquake, our forecast was for Chilean GDP to expand 4.5% in 2010, following an estimated 1.7% decline in 2009. A few days after the natural disaster, there is
still not enough information to quantify its impact, although the negative implications in terms of Chilean economic activity will be felt for at least the next two quarters.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
250
4.8%
200
4.8%
4.7%
4.3%
4.8%
4.9%
01
Oil & Gas Mining
25.2
-1.9%
5%
02
Construction
12.5
-1.1%
4%
03
Coal Mining
12.2
-0.6%
3%
04
Real Estate
9.2
+2.1%
05
Agriculture
7.2
+6.8%
06
Food Products
7.1
+0.4%
07
Public Admin. & Defence
7.1
+4.7%
08
Business Services
6.9
+0.8%
-1%
09
Education
6.7
+0.7%
-2%
10
Retail Trade
6.3
-0.5%
4.4%
150
2%
100
1%
0%
50
-1.4%
125
(a 2008 Level in billion USD & 2009 Change in %)
6%
3.5%
0
Rankings
Top-10 Sectors (By Value Added)
QUICK TOUR (Country Profiles)
2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Environment
Insurance Environment
Ease of Doing Business
Chile ranks 40th out of 181 countries
Global Competitiveness
Chile ranks 28th out of 134 countries
40
28
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
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
126
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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 100m*
Direct:
USD 5m*
Reinsurance:
USD 95m*
Direct: Lloyd's is approved to transact marine,
* See: Data limitations for detail; figures are
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.
rounded and may not add up to total
Reinsurance: Yes.
127
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
128
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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
129
QUICK TOUR (Country Profiles)
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 Available market intelligence products
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North America
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Namibia – Type 1 Office
Europe
IMEA
Asia Pacific
> Back to Country Dashboard
Business Environment > KEY ISSUES To Watch
Continuity Lends to Political Stability: Since its independence from South Africa in 1990, Namibia has enjoyed two decades of political stability
under the former liberation movement turned ruling power, the South West Africa People's Organisation (SWAPO). First under independent father
Sam Nujoma and then under his hand-picked successor, Hifikepunye Pohamba, since 2004, the previously Marxist-oriented SWAPO has
championed democracy, good governance, a mixed economy and national reconciliation, allowing the economy to flourish.
Tourism Offers Brighter Future: While the mining and fishing industries are currently the mainstays of the Namibian economy, tourism is set to
play an increasingly important role in the medium and long-term future, with the government declaring it as a "priority sector for the economic
development of the country". Already the fastest-growing economic sector, tourism is expected to become the largest contributor to GDP over the
next decade.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Lower-Middle Income Status Masks Social Problem: Although enjoying a middle-income status with a relatively high GDP per capita by regional standards, Namibia also
suffers from many of the social problems that afflicts its neighbours, such as unemployment, poverty and widening inequality, due to the uneven distribution of income. More
than half Namibia's population is believed to be living on US$2 or less per day. The current unemployment rate is officially put at around 35%, but unofficial estimates put the
rate as high as 40%, creating high levels of food insecurity and income poverty at household level.
Global Environment Stains Namibia's Short-Term Economic Prospects: Namibia’s GDP growth rate is expected to moderate to around -3% in 2009 from an estimated
2.8% in 2008, with the risk towards the downside. A slowdown in the mining industry, especially for luxury commodities such as diamonds, as well as consumer-related sectors
will be primarily responsible for the dismal economic performance. The hosting of the African Cup of Nations and World Cup football tournaments in 2010 is expected to support
output during the year.
Monetary Policy to Support Expansionary Government Budget Spending: The Bank of Namibia is expected to follow the South Africa Reserve Bank’s lead and cut interest
rates aggressively during 2009. This more accommodating monetary stance is expected to be accompanied by a complementary fiscal stimulus package. Already the Namibian
government has announced a massive rise of 24% in public-sector wages for the coming fiscal year. The 2009 government salary adjustments are the highest on record and are
estimated to add around N$1 billion (US$100 million) to the government's current wage bill of N$7.7 billion.
Business Environment > Basic Indicators
Rankings
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
15
Ease of Doing Business
8%
7.1%
Namibia ranks 51st out of 181 countries
7%
5.5%
10
4.2%
4.5%
4.5%
3.7%
3.5%
6%
Global Competitiveness
5%
Namibia ranks 80th out of 134 countries
Quick Links
Doing Business > www.doingbusiness.org
Competitiveness > www.weforum.org
2%
5
80
4%
3%
2.9%
51
1%
0%
-0.8%
0
130
-1%
Global Opportunities for business indicators
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> www.lloyds.com/marketintelligence
-2%
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2006 2007 2008 2009 2010 2011 2012 2013 2014
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Insurance Environment
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Namibia – Type 1 Office
IMEA
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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/
131
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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
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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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 5m*
Direct:
USD 1m*
Reinsurance:
USD 4m*
Direct: Yes, through a local intermediary
Reinsurance: Yes, through a local intermediary
Managing Agents have access to information via:
www.lloyds.com/GLOBALOPPORTUNITIES
* See: Data limitations for detail; figures are
> Managing Agent Version
> Spreadsheet
rounded and may not add up to total
132
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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
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 Lloyd’s office details and contacts
 Trading position and size of Lloyd’s business
 Available market intelligence products
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North America
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Business Environment > KEY ISSUES To Watch
New ANC Administration Faces Challenge of Delivery: Following its latest landslide electoral victory during the April 2009 general election, the
ruling African National Congress (ANC) party, now under the leadership of Jacob Zuma, faces a new challenge to improve the delivery of vital
service to its constituents. To achieve this, Zuma has named a newly expanded cabinet team, which contains individuals from the left, centre, black
business, and even right-wing Afrikaners. At the heart of the new administration is Trevor Manuel, the country's much-respected former finance
minister, who has been placed in charge of the new "super" government department, the National Planning Commission (NPC), which will be
responsible for formulating government policies as well as co-ordinating efforts across all government departments to improve the delivery of
services.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Unemployment Stays Stubbornly High: A drop in employment in the last quarter of 2009 after an uptick in the third quarter of 2009 explains consumer demand’s struggle to
regain its footing following the recession. Around 926,000 jobs have been lost since September 2008, which has led to an increase in the unemployment rate to 25.2% from
24.3% in the fourth quarter of 2009. Although work creation should start improving towards year-end into 2011, the level of unemployment highlights the structural nature of this
problem in the South African economy.
Economy Subject to Range of Diverse Forces: Factors curbing demand conditions include the consumer’s weakened financial position following the recession and limited
leeway to take on new debt, while an improved inflation outlook and accommodating monetary policy are setting the scene for more spending later in the year. Heightened
anticipation surrounding the FIFA World Cup tournament is boosting confidence levels, which is bound to be scaled down as the euphoria associated with the tournament dies
down. Private sector investment will take its cue from the demand recovery, while exports are bound to benefit from a more sustained global recovery..
Calls for Currency Intervention Increase: Several labour federations and some manufacturers in South Africa are bemoaning currency strength and have called on the
Reserve Bank of South Africa to weaken and peg the currency to the U.S. dollar in order to boost international competitiveness. However, the central bank and government has
maintained that intervening in the currency market was not part of the macro policy and would also be too costly. IHS Global Insight supports this view and maintains that
productivity and internal structural constraints to economic growth should be addressed to boost the country’s competitiveness.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
450
Rankings
Top-10 Sectors (By Value Added)
(a 2008 Level in billion USD & 2009 Change in %)
6%
01
Public Admin. & Defence
33.3
+3.2%
5%
02
Real Estate
16.7
-2.2%
4%
03
Retail Trade
15.5
-6.0%
3%
04
Wholesale Trade
15.0
-6.4%
250
2%
05
Business Services
13.1
-1.4%
200
1%
06
Mining of Metals & Stone
12.6
-6.5%
150
0%
07
Agriculture
10.3
+0.8%
100
-1%
08
Banking & Related Financial
9.8
-1.4%
-2%
09
Telecommunications
9.2
+1.7%
-3%
10
Health & Social Services
8.0
-1.8%
5.6%
5.5%
400
350
4.2%
3.7%
300
50
0
4.1%
4.3%
3.6%
2.8%
-1.8%
134
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Business Environment
Insurance Environment
Ease of Doing Business
Hong Kong ranks 32nd out of 181 countries
Global Competitiveness
Hong Kong ranks 45th out of 134 countries
32
45
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Competitiveness > www.weforum.org
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Lloyd’s Business
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Europe
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> 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
135
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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
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> www.lloyds.com/marketintelligence
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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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 286m*
Direct:
USD 193m*
Reinsurance:
USD 93m*
Direct: Yes, except compulsory classes,
funeral expenses and life
Reinsurance: Yes
* See: Data limitations for detail; figures are
© Lloyd’s
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Business Environment
Managing Agents have access to information via:
www.lloyds.com/REGIONALWATCH
> Managing Agent Version
> IMEA
rounded and may not add up to total
136
Market Intelligence
Insurance Environment
Lloyd’s Business
North America
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Zimbabwe – Type 1 Office
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Business Environment
 Key strengths and challenges of the economy
 Size and growth of the economy
 Basic economic indicators
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 Key insurers
 Insurance industry events
 Basic insurance indicators
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137
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Business Environment > KEY ISSUES To Watch
Preliminary Macroeconomic Reforms Focus on Economic Revival: Estimates by the newly inaugurated government show that the country will
require funding of around US$10 billion for its economic revival programme. From February 2009 onwards, civil-servant workers will be paid a
US$100 monthly tax-free allowance, equating to a monthly government salary commitment of around US$15 million alone. The 2009 national
budget has been revised and revenue flow is now expected to total US$1 billion in 2009 from the previous expectations of US$1.7 billion. Budget
restraints include the suspension of money-printing operations by the central bank and a move towards a "cash-basis" fiscal spending system.
Targeted Sanctions Still in Place: Zimbabwe's neighbours, particularly South Africa, have welcomed the power-sharing government with
promises of political and financial assistance. A more cautious approach has been adopted outside the region, however. The United States and
European Union, for example, will maintain financial/travel restrictions against prominent Zimbabwean individuals and companies until satisfied with
the degree of reform.
SOURCE:
IHS Global Insight, (June 2010).
For daily updates visit:
www.ihsglobalinsight.com
Dollarisation Normalises Food Supply at Retail Level: In mid-April, the new finance minister, Tendai Biti, moved to full dollarisation of the Zimbabwean economy by
suspending the Zimbabwean dollar as a legal tender for payment. The adoption of the new exchange-rate system improved food supply on the retail level while rising
competition brought food inflation in U.S. dollar terms under control. Nevertheless, the dollarisation policy will do little to address the current imbalance between demand and
supply, the restoration of lost infrastructure, and massively depressed confidence levels in the economy, factors that could partly mitigate the slowing inflation path expected in
the coming months.
Former Opposition's Tentative Re-engagement in Power-Sharing: In response to bitter differences over implementation of the power-sharing agreement, Prime Minister
Morgan Tsvangirai and the MDC took the extraordinary step of boycotting its power-sharing partners in ZANU-PF while remaining in government on 19 October 2009. The
impasse was brought to an end for a "trial period" in early November 2009 as a result of SADC mediation. In order to continue with power-sharing, the MDC is insisting on a redistribution of official appointments, particularly the attorney-general and central bank governor.
Security Environment Remains Tense: Reports of politicised violence have not diminished in since the inclusive government took shape. In fact, reports of tit-for-tat violence
between MDC and ZANU-PF supporters, and invasions of white-owned commercial farmland have actually increased. Prime Minister Morgan Tsvangirai has pledged to tackle
the farm invasions, which have been particularly damaging to Zimbabwe's reputation, but may be hampered in doing so due to limited MDC control over the security agencies.
Business Environment > Basic Indicators
Gross Domestic Product (GDP)
(nominal GDP levels in billion USD; Real GDP change)
8
5.1%
2.2%
6
2.2%
2.5%
2.7%
0.3%
01
Agriculture
21.7
-2.6%
4%
02
Mining of Metals & Stone
20.9
-1.8%
03
Beverages
10.4
-3.6%
04
Coal mining
8.5
-6.8%
05
Food Products
8.4
-4.2%
-6%
06
Retails Trade
7.9
-5.5%
-8%
07
Banking & Related Financial
7.6
-3.6%
-10%
08
Wholesale Trade
6.9
-3.3%
-12%
09
Wire, Cables & Batteries
4.9
-4.1%
-14%
10
Tobacco Products
4.3
-3.8%
2%
0%
-4%
-6.1%
2
-12.6%
0
138
(a 2008 Level in billion USD & 2009 Change in %)
6%
-2%
4
-5.4%
Rankings
Top-10 Sectors (By Value Added)
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Zimbabwe ranks 158th out of 181 countries
Global Competitiveness
Zimbabwe ranks 133rd out of 134 countries
158
133
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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/
139
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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
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IMEA
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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
2009 Lloyd’s Gross Signed Premiums
Trading Position
> www.lloyds.com/crystal
Total:
USD 2m*
Direct:
USD 1m*
Reinsurance:
USD 1m*
Direct: Yes, through a local intermediary
Reinsurance: Yes, through a local intermediary
Managing Agents have access to information via:
www.lloyds.com/GLOBALOPPORTUNITIES
* See: Data limitations for detail; figures are
> Managing Agent Version
> Spreadsheet
rounded and may not add up to total
140
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The detailed country-level Lloyd’s data used in this document is based on calendar year signed gross premiums sourced from Xchanging. This
differs from the Lloyd’s data published in the Annual Report. The accounting-level Lloyd’s data published in the Annual Report is based on calendar
year written gross premiums sourced directly from Syndicates. Differences are therefore explained by (1) the timing differences between written
and signed gross premiums and (2) inconsistent use of rates of exchange between Syndicates and Xchanging.
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.
Lloyd’s figures are based on gross signed premiums based on figures processed by Xchanging by processing year and country of origin.
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.
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.
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”.
Disclaimer
“This document is intended for general information purposes only.
Whilst all care has been taken to ensure the accuracy of the information Lloyd's does not accept any responsibility
for any errors or omissions.
Lloyd's does not accept any responsibility or liability for any loss to any person acting or refraining from action as a
result of, but not limited to, any statement, fact, figure, expression of opinion or belief contained in this document".
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