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On-line Quote
“I think they should just set up the NY Insurance Exchange in the Cayman Islands. Sorted.” |
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South Africa is one of the hottest emerging insurance markets, according to a recent poll carried out by RISKbitz. The 28th annual "Emerging Markets" survey of insurance executives, found that South Africa is the most attractive market in the world for insurance at the moment. The country's insurance market has been the subject of many potential acquisitions, the potential setting up of branch offices, and tie-ups with local insurers and brokers - all of which require extensive fact-finding missions by Europe based executives this summer.
South African risk managers have been inundated with requests from brokers and insurers for meetings, while executives from Lloyd's and the London Market have been stressing the value of face-to-face meetings. more...
The entire insurance industry was closed down recently as the volcanic ash spewing from the Icelandic volcano Eyvhadaskinfull prevented executives from flying around the world. "If we can't visit clients and colleagues for face-to-face meetings, long lunches and golf tournaments, how can we operate as a business," said one grounded broker.
Another said that the lack of overseas trips and visits to Michelin-starred restaurants was having a devastating impact on his waistline (surely bottom line - Ed). One reinsurance executive said that the domestic implications were being overlooked: "My marriage is seriously under threat - my wife doesn't expect me to around all the time, upsetting the dogs and the neighbours. She expects me to be abroad most of the time - that's the secret of our successful marriage.)
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