table of contents - unisonsteadfast.com today and tomorrow ... terrorism rates charged by the...
TRANSCRIPT
May 2016
Dear members and business partners,
It is a great honor for me to now take over the
responsibility for our quarterly newsletter and I take
pleasure in welcoming you to this edition of the
unisonTimes.
May has already arrived and we are approaching
our 11th Independence Day Conference in Porto
very quickly. We are very happy about the great
interest in our conference and really look forward
to a conference with a record-breaking number of
participants!
Table of Contents
Members
Market and Product
Information
Conferences & Events
Editorial Team
With the official closure of the registration we have sent you the list of participants as
well as the agenda for the upcoming event. If you wish to make appointments with fel-
low members during the conference, we recommend you addressing the partners in
advance.
In this unisonTimes edition, you will find information on current developments within our
network and the international insurance markets. We would like to sincerely thank those
who provided us with information and articles and kindly invite you all to continue
sending us your input in order to have a variety of information from several different
parts of the world and to keep the unisonTimes interesting for everyone.
We also have pleasure in welcoming further members to our network, who have con-
tributed to our growth in the 11th year since our establishment in 2005.
The biggest challenge we entered in 2015 was our new strategic orientation in the USA
resulting in the foundation of an independent operative entity in Chicago. While we
continue developing and expanding our operations in the USA and the team in Chica-
go that is sparing no effort is highly motivated to lead our US subsidiary to the same suc-
cess as unisonBrokers has experienced in Europe, we now also shift our focus on new
markets, supported by members from India and China, who have recently joined our
network. As a consequence, we pursue a new strategic orientation on markets in Afri-
ca and last but not least Iran, which promise enormous investment potential in the fu-
ture.
On the second day of this year’s Independence Day Conference, we will therefore
look deeper into the markets in Africa. Acknowledged experts of the different African
insurance markets will share some of their knowledge and experience with us, followed
by a panel discussion about opportunities and strategies to establish and develop op-
erations in Africa.
Thanks to your extraordinary support, we are very confident that we will achieve our
objectives and continue growing steadily.
An African proverb of the Swahili people in Zanzibar describes best the unison spirit:
“Umoja ni nguvu, utengano ni udhaifu” (“Unity is strength, disunity is weakness”)
Yours
Rolf H. Diekhoff
Members
New members
Ecuador
UNISEGUROS C. A., www.uniseguros.com.ec,
Contact: Mr. Robert E. Cackett, [email protected]
UNISEGUROS is an insurance brokerage service company offering consulting and risk
management services. It was founded on March 25, 1974 with both national and for-
eign capital. Due to its focus on professionalism, efficiency and innovation in managing
their clients’ policies , the team of UNISEGUROS has been able to secure the privileged
position they enjoy today. Their presence in Quito, Guayaquil and Cuenca allows them
to service important businesses, making UNISEGUROS C. A. one of the largest brokerage
firms in Ecuador and the first in service. Since March 11, 2003, UNISEGUROS has been ISO
9001 certified, which validates the quality of client service. Their constant desire to ex-
ceed their clients’ expectations encourages UNISEGUROS to continually improve their
operation through international contacts, insuring that the clients receive the most cur-
rent information on new innovations available in the international market.
France
CAT – ROEDERER Group, www.roederer.fr
Contact: Mr. Michel Schira, [email protected]
The Roederer firm was founded in 1893 by Geoffroy Roederer’s great-grandfather. To-
day under its fourth generation of family leadership, it serves a client base of 5 500 me-
dium-sized companies. With headquarters in Strasbourg and subsidiaries in Mulhouse,
Metz, Nancy and Paris, the firm provides brokerage services for all of Eastern France.
Roederer is one of the largest brokers in its area and is ranked 15th in employee bene-
fits in France. It was the first in Eastern France to obtain ISO 9001 service quality certifi-
cation. Roederer offers business insurance with special expertise in property/casualty,
employee benefits and claims management as well as personal lines. It also works with
pools (e. g. the French Federation of Acrobatic Workers). In addition to his responsibili-
ties as owner and CEO of his firm, Geoffroy Roederer is President of the Syndicate of
Insurance Brokers in Eastern France (CSCA Est). The Roederer name is well-known in
France, as five centuries ago members of the Roederer family founded Roederer
Champagne.
The Roederer Group’s promise: Together, let us build the best solutions!!
Member information
United Kingdom
Senior Wright Ltd., www.seniorwright.co.uk
Contact: Mr. Eric Ware, [email protected]
A Lloyd’s Broker established in 1983, Senior Wright has built up an enviable reputation for
providing innovative solutions for its clients. The company was originally founded to
serve the insurance needs of the construction industry. Whilst Senior Wright has retained
this specialism, the company has also diversified into other related areas , including
compulsory insurance such as EL and Motor. One of its key strengths is its independence
– Senior Wright is not compromised by external influences when seeking the best deals
for its clients. Its experienced staff and strong, long term relationships with Underwriters,
provide its clients with the comfort of knowing that the team they are dealing with will
be with them over the long term. With a nationwide network of regional offices, clients
have rapid and easy access to local and London based expertise.
Senior Wright is your key to Lloyd’s and the London Market!
Germany
SCHUNCK GROUP
Yesterday, today and tomorrow – our aim stays the same:
Being the leading insurance broker for the logistics industry
SCHUNCK GROUP is an international insurance broker with foreign subsidiaries in Spain,
Austria and Hungary with a strong focus and comprehensive knowledge of the logis-
tics industry. Within the scope of the “SCHUNCK/2019” restructuring project the com-
pany adapted its portfolio to be able to meet the special requirements of the logistics
industry.
“As a leading insurance broker for the logistics industry, we scrutinized all of our compa-
ny’s departments to identify possible needs for improvements among our areas of ex-
pertise and develop the ideal standard”, explains Rainer Witzel, CEO of SCHUNCK
GROUP.
Besides, the extension of this business segment, the whole service portfolio of SCHUNCK
GROUP will be further developed in order to take into account the growing challenges
with regards to “Logistics 4.0”. The newly established affiliate RMSecur & Consulting
GmbH adds to the service portfolio by offering comprehensive consulting products for
the logistics industry. Furthermore, SCHUNCK has established the basis for continued
professional and service improvement. This especially applies to the 10 competence
centers with a focus on special industry sectors and fields, e. g. Cyber Risks.
“For our company, it is self-evident to provide our clients with the best services, innova-
tive products and IT support in each insurance line, including claims management, now
and in the future. In the recent months, we have already determined the course to im-
provement, to make our service faster, more flexible and more dynamically. We are al-
ready looking forward to the successful completion of our project “SCHUNCK/2019”
and our 100th anniversary in 2019”, says Albert K. O. Schunck, 4th generation Managing
Partner.
Contact: Mr. Alexander Kraus (Schunck Group), [email protected]
90 years of insurance consulting for the mechanical and plant enginee-
ring industries
VSMA celebrates its anniversary
Since its foundation by the VDMA
(German engineering association)
in March 1926, VSMA GmbH has
been active as an insurance bro-
ker and consultant for the mem-
bers of the association. Being a ser-
vice agency for the association,
VSMA has been focusing on the
insurance of complex risks of the
The affiliate of VDMA still pursues its initial philosophy: comprehensive and long-term as-
sistance of predominantly medium-sized companies of the engineering sector for the
insurance of existential risks. This, combined with an extraordinary client orientation, is
the key to success.
Since its foundation, the number of clients has grown to 1,100 companies and is steadily
increasing. The clients are serviced by 45 employees in Frankfurt and further employees
in the 7 VSMA subsidiaries all over Germany, which ensures a fast and non-bureaucratic
implementation of all requirements. Via unisonBrokers, VSMA guarantees worldwide in-
surance services adapted to the special needs of any country and culture.
Also in the era of “industry 4.0” VSMA is striving to adapt its insurance portfolio to the
needs of its clients, to optimise proven methods and to anticipate new challenges.
Contact: Mr. Jürgen Seiring (VSMA GmbH), [email protected]
Netherlands
Membership with the German-Dutch Chamber of Commerce
Our Dutch member Dorens & De Waal has recently joined the DNHK, German-Dutch
Chamber of Commerce.
In order to obtain the membership with the DNHK, potential members have to fulfil the
following conditions:
the candidate is to submit a written application to the executive committee of the
DNHK; the executive committee decides on the application,
the candidate must be a legal person, public entity, commercial company or simi-
lar body; individuals cannot join the network,
the DNHK reserves the right to consult an excerpt from the commercial register of
the company in question,
and, of course,
the candidate must have a strong and active link with Germany and the Nether-
lands.
What are the reasons for joining the DNHK?
“Dorens & De Waal wants to ap-
proach more potential clients. Further-
more, we get easier access to poten-
tial multinational clients. There is a da-
tabase of 1200 members, which we
can access. We also receive dis-
counts of up to 20 % for several ser-
vices the DNHK provides, such as mar-
keting material, translation of docu-
ments etc.
Most important is that we will get in contact with all kinds of businesses and with the de-
cision-makers”, says CEO Fabrice De Waal.
Contact: Fabrice De Waal (Dorens & De Waal), [email protected]
Terrorism Insurance Act
The 2015 review of the Terrorism Insurance Act 2003 has resulted in an increase in the
terrorism rates charged by the Australian Reinsurance Pool Corporation (ARPC). Terror-
ism premium rates apply to all Commercial lines with a Fire class (including Business In-
terruption) attached to them.
The changes to rates are effective from 1 April 2016.
The rate changes are outlined below:
Tier or Region Old Rate New Rate
Tier A (CBD) 12 % 16 %
Tier B (Urban) 4 % 5.3 %
Tier C (Rural) 2 % 2.6 %
Market and Product information
Australia
France
Terrorism Risk Insurance in France
French GAREAT insurance pool for Terrorist Risks and CCR Unlimited Cover
France provides some of the broadest Non-Life insurance cover for Terrorism of any
country. Cover for losses resulting from terrorist attacks and acts of terrorism have
been compulsory, in Non-Life insurance policies, since 1986.
Insureds with operations in France (or French Overseas Departments and Territories)
must understand that terrorism insurance is compulsory.
Contact: Sandy Ross (JMD Ross), [email protected]
There are three significant factors to know when insuring French exposures:
1. Compulsory (required by law) coverages must be purchased in the French market.
2. Non-Admitted insurance is illegal in France.
3. French property, vehicle, aircraft and marine hull exposures are insured by:
a. The ‘GAREAT Terrorism Risk Pool’ – (Gestion de l’Assurance et de la
Réassur ance des Risques Attentats et actes de Terrorisme); and
b. The French government’s unlimited guarantee ‘CCR Unlimited Treaty’
(Caisse Centrale de Réassurance)
For more detailed information please download the full article from our uniNet platform
(www.unisonbrokers.net, France Country Information) or get in touch with Mr. Jérôme
Soubaigné.
Effective January 1st, 2016 a New Insurance Code was adopted in Bulgaria. It made
several important amendments in regards to compulsory Motor insurance in Bulgaria
which require proper instructions for their implementation. The amendments are as
follows:
1. Territorial validity of the compulsory Motor Third Party Liability insurance:
- It provides a combined coverage for the territory of the Republic of Bulgar-
ia, EU member states as per their legislation and third countries when the
damages were caused to persons who are EU member states citizens and
provided that there is a National Insurance Bureau, which bears responsibil-
ity for this respective EU member state. In this case the Liability under this
compulsory Motor Third Party Liability insurance is covered in accordance
with the legislation of the EU member state, on which territory the vehicle of
the guilty driver normally resides.
- In additional to the above territorial validity the compulsory Motor Third Par-
ty Liability insurance also provides coverage for third countries whose Na-
tional Insurance Bureau is a party to the Multilateral agreement as per its
legislation.
- In addition to the above, it also provides coverage for third countries whose
National Insurance Bureau is a member of the “Green card” system.
Bulgaria
New Insurance regulation in Bulgaria
Contact: Mr. Jérôme Soubaigné (Groupe SATEC), [email protected]
2. Insurance premium of the compulsory Motor Third Party Liability insurance: one
single premium for all of the above territorial validity
3. It is compulsory to issue a Green Card Certificate for all compulsory Motor Third
Party Liability insurance policies.
This Certificate is necessary to certify that all of the above territories are cov-
ered. This additional document is free of charge and when it is issued no coun-
try should be marked on it as it provides coverage for all of the above territo-
ries
4. Limits of indemnity under the compulsory Passenger Accident insurance for
the Public transportation vehicles:
- The New Insurance Code envisages increase in the minimum limit of indem-
nity per Passenger seat per person: from BGN 20,000 (EUR 10,226) to BGN
50,000 (EUR 25,565)
Bearing the aforementioned in mind, the Insurance Brokers are obliged to provide
Green Card Certificates to all customers with compulsory Motor Third Party Liability
insurance and duly consult them on the aforementioned legislation amendment in
view of its compliance.
Contact: Maria Veleva, (Balkan Insurance Broker)[email protected]
Rate changes
STFI (Storm, Tempest, Flood and Inundation) rates have been revised from the 1st
of March 2016. The rates have been increased from .075 %o to .1125 %o.
The Reserve Bank of India has Know Your Customer (KYC) guidelines, which must
be complied with by any insured whose premium is Rs. 100,000 or more. Thus, new
clients need to provide the insurer with a signed and stamped copy of their cor-
porate PAN card copy and Address Proof.
IRDAI has proposed a use and file process, from the current file and use process,
from 1 April 2016.
With effect from 1 April 2016, the Motor Third Party Liability Premium increased by
up to 40 %, depending on the engine capacity. The premium for commercial ve-
hicles also increased by 15 % - 30 %, again depending on the engine capacity.
India
Contact: Mr. Shamsher S. Dhupia (Prudent Insurance Brokers Pvt Pty Ltd.),
Iran
Partial abolition of sanctions against Iran –
How this development affects your broker agreements with Iranian people
With the fulfilment of requests in the scope of the Joint Comprehensive Plan of Action
(JCPOA), commercial and financial sanctions of the EU and the USA against Iran have
been lifted or rather suspended as of 16th January 2016.
The general insurance prohibition is no longer valid. Therefore, the insurance organiza-
tions are again allowed to insure Iranian people, public institutions and organizations, au-
thorities as well as Iranian companies. The provision of reinsurance coverage is also per-
mitted.
However, this new regulation does not apply in
case Iranian people/institutions appear on the
EU’s black list. Therefore, you should make sure
in advance, before (re-)establishing business,
that your business partner is not listed. T
he black list is accessible at: http://
eeas.europa.eu/cfsp/sanctions/consol-list/
index_en.htm
Asigest Holding desk in Teheran
On the basis of the new developments in Iran, Asigest is pleased to announce that they
opened an Asigest holding desk in Teheran and started cooperations with two profes-
sional local brokers focused on Energy and Construction as well as Corporate and Ma-
rine respectively.
With this new unit, Asigest is prepared and full of enthusiasm to support unisonBrokers
members in this new developing country.
Contact: Mr. Alessandro Geretto (I & G Brokers—Asigest Group),
Source: Verband Deutscher Versicherungsmakler e. V. [German association of insur-
ance brokers]
Increase of service tax
The Service Tax increased from 12.36 % to 14 % effective from 1st of June 2015. To
provide a boost to the Clean India initiative, the government of India imposed a
Swachh Bharat cess of 0.5% on all services liable for service tax, effective from No-
vember 15, 2015. The total service tax is thus now 14.5 %. From 1 June 2016, the ser-
vice tax will increase to 15 % due to addition of the Krishi Kalyan cess.
Regulation Changes for Corporate Agents
IRDA issued a circular on 18 November to CEOs of all general insurance companies
and Chief Insurance Executives of all existing Corporate Agents, with reference to the
registration of Corporate agents, which became effective on 1st April 2016. This regu-
lation states that:
1. A Corporate Agent can have arrangement with a maximum of three life insurers,
three general insurers and three health insurers.
2. A Corporate Agent can only solicit, procure and service clients having policy
Sum Insured not exceeding INR 50 million.
India
Contact: Mr. Shamsher S. Dhupia (Prudent Insurance Brokers Pvt Pty Ltd.),
Is this the return of Somali piracy?
The rediscovery of piracy as a business model does not come without a good reason.
A lack of perspective and economic income in this region combined with the fear of
losing territorial influence has lead to this development.
At the same time, commercial vessel owners are no longer willing to have their vessels
guarded by armed security personnel. Currently, only 60 % of marine vessels are pro-
tected by armed guards- a downward trend is discernible. Furthermore, the head
count per ship was significantly reduced. As a result, the risk of a successful hijack is in-
creasing again.
Financial capital from abroad is the basis of the operation. Therefore, the pirates’ rank
and file feels an enormous pressure after a successful sea raid. By means of drugs and
prostitution in the camps, the investors create a financial dependency to force their
seamen into risky missions.
This alarming mixture of identified risk factors revives the piracy again and again. Ship-
ping companies and charterers are being warned against further reducing their securi-
ty measures. The protection of the own crew as well as the own vessels should come
first.
Somalia
Source: Insurance Day/Hansekontor
Factors that have initially been decisive in
the peak phase of piracy at the Horn of Afri-
ca seem to regain importance, the British
Insurance Day news magazine reported re-
cently. In the region of Galmudug, ruling
powers are opening up to the “business
model” of piracy and might soon be willing
to provide places of retreat for buccaneers.
Thus, they could offer the still existing pirate
groups a platform for their operations.
United Kingdom
Premium Tax increase
As announced in our news section, the standard rate of UK Insurance Premium Tax in-
creased from 6 % to 9.5 % as of November 1, 2015. The higher Insurance Premium Tax
remains at 20 %.
For more detailed information please download the full article from our uniNet platform
(www.unisonbrokers.net, UK Country Information) or get in touch with Mr. Gary Jago.
Contact: Mr. Gary Jago (James Hallam Limited), [email protected]
Part 3: Gastronomy and Tradition
A moderate and healthy climate, a rich fishing
coast, and smooth, protected valleys. Not sur-
prising therefore that Portugal, wealthy in olive
and wine, had already been grudgingly covet-
ed by the Romans. In the 8th century, during
the Moorish occupation and thanks to the
techniques of irrigation, tree and garden cul-
ture developed considerably. Early in the 15th
century, the Portuguese built their first caravel
and sailed away to discover Madeira, the
Azores Islands and Brazil. In 1498, Vasco da Ga-
ma discovered the maritime route leading to
the valuable spices up to then treasured in the
Independence Day 2016
Conferences & Events
Portugal’s cuisine is as rich and varied as its landscape. The most distinctive feature of
Portuguese cuisine comes from the sea. As
you enjoy a simple grilled fish, always fresh
like the seafood that abounds from end to
end along the coast, you can be sure that
you are in Portugal. Cataplanas, bouilla-
baisses, octopus, squid and any other fish or
seafood dish are also excellent choices.
In spite of the quality and wealth of their
fish market, the Portuguese love meat and they cook it according to the most varied
and flavorful recipes.
Portugal has excellent DOP (Protected Denomination of Origin) meats, from north to
south, whether it’s beef, pork or kid. Many vegetables and fruit also preserve the
taste of the old times, and some also have the DOP label, especially as many are
produced organically. Come to Portugal and experience an explosion of different
flavors!
The Portuguese introduced coriander, pepper, ginger, curry, saffron and paprika in
Europe. Thanks to the expansion of their overseas empire, they were also actually the
first European to dock in the Mollucas, in China, in Japan and in Ethiopia. They
brought back with them many other exotic products up to then unknown to Europe,
such as rice and tea from the Orient, coffee and peanuts from Africa, and, of course,
pineapples, peppers, tomatoes and potatoes from the New World.
Port is a fortified, typically red and sweet
wine that comes in a number of styles. It is
produced in a demarcated region in the
Douro Valley in northern Portugal, inland
from the eponymous city of Porto. The Dou-
ro region is one of the three oldest demar-
cated wine regions in the world (along with
Chianti and Hungarian Tokaj), and the
first one with exact borders, own legislation
and control.
Table wine has been made in the Douro
Valley since Roman times and became an
important export product following the es-
tablishment of the Kingdom of Portugal in
1143. The 1386 Treaty of Windsor estab-
lished close trading and diplomatic links
between England and Portugal, with many
English merchants settling in Portugal and
exporting wines back to England from Vi-
ana do Castelo on the broad estuary of
the Lima River. These light and astringent
wines came from the nearby Minho region,
and compared poorly to the more expen-
sive wines of Bordeaux. Shippers sometimes
added a small amount of brandy or grape
spirit to stabilize the wine on its voyage to
England. Over time, it became common
practice to add the brandy before the
wine had finished fermenting since this re-
sulted in a fresher, sweeter, and more ap-
pealing wine.
And it soon became apparent that these
fortified wines also had a vastly superior
ageing potential.
During the occupation of Porto by Napole-
on’s army from 1809 to 1811 the port trade
came to virtual standstill.
Trading also suffered in the 1820s and early
1830s from political turmoil culminating in
the Portuguese Civil War over the royal suc-
cession and the 1832 siege of Oporto. Hav-
ing withstood these early setbacks, the port
trade flourished in the latter part of the 19th
century, and it is in this period that it be-
came customary to ‘declare’ the finest vin-
tages.
Port wine is very versatile and can be
paired with many different kinds of food. It
is most commonly served at the end of the
meal with a selection of fine cheeses, dried
fruits and walnuts.
If you have more of a sweet tooth than a
savoury one, try a sumptuous chocolate
tart, or dark chocolate mousse with some
red berried fruit – heavenly!
Source: F. Rego - Corretores de Seguros, SA.
Part 4: Port wine
Melinda Keller, Jenny-Annett Kubina, Olga Hoffmann
Any news, ideas, suggestions, etc. will be welcome so please send your thoughts to:
Website: www.unisonbrokers.com
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Disclaimer: Information appearing in unisonTimes™ is checked for technical accuracy but is not intend-
ed to provide a basis of knowledge upon which advice can be given. unisonBrokers accepts no responsi-
bility for any loss occasioned to any person acting or refraining from action as a result of the material in-
cluded in this newsletter.
unisonBrokers AG
Cremon 32
D - 20457 Hamburg
GERMANY
Tel: +49 (0)40 80 90 729 0
Fax: +49 (0)40 80 90 729 99
unisonBrokers Corp.
200 S Wacker Drive, Suite 3100
Chicago, IL 60606
USA
Tel: +1 (312) 6744939
Fax: +49 (0)40 80 90 729 99
Editorial Team