GEORGE GRISHIN OAKESHOTT INSURANCE ВПЕРЕД, К ИСТОКАМ! (or, MOVING AHEAD SOMETIMES Means TAKING A STEP BACKWARDS)

MY PAPER IS CERTAINLY NOT ON RESERVES INVESTMENT OPTIMISATION WE AT OAKESHOTT ARE INSURANCE AND REINSURANCE BROKERS IN UKRAINE SINCE 1994 HAVE SEEN THE 1998 CRISIS – BUT ALSO, THE MID-1990IES GROWTH WHICH SUSPICIOUSLY LOOKED LIKE CRISIS SPEAKING ON WHAT WE KNOW BEST INSURANCE INDUSTRY IN UKRAINE AND THE CIS

BACK TO BASICS!? IN A LITTLE CORNISH VILLAGE POLPERRO...

...MY DAUGHTER FOUND A BOOK IN A PUB SOME ARTICLES of A WELL-KNOWN PUBLICIST THE LESSONS OF THE CRISIS THE...CRISIS HAS ALREADY DRAGGED ON FOR ALMOST TWO YEARS... ONE NEED NOT BE A PROPHET TO FORTELL THE INEVITABLE...CRASH CAPITALIST PRODUCTION CAN NOT DEVELOP OTHERWISE THAN BY LEAPS AND BOUNDS... THE PRESS IS NOW DEMANDING STRICTER SUPERVISION...OVER THE BANKS.

YES. ISKRA, No.7, August 1901

BACK TO BASICS? NO, AHEAD TO BASICS! WHAT SHALL WE DO? PANIC? NO. WE HAVE A WELL-DEVELOPED INDUSTRY WHICH IS NOW THROWN BACK TO WHERE IT WAS 6 YEARS AGO BUT, IT ONLY STARTED IN 1991 AND IT STILL REMEMBERS THE EARLY YEARS – WHEN EVERY DAY WAS A CRISIS THE INDUSTRY IS USING THIS PERIOD TO REGROUP AND LOOK AT THE BASICS

MAIN POINTS WORTH LOOKING INTO STATE PARTNERS = REINSURERS PRODUCTS TARGET GROUPS DISTRIBUTION CHANNELS PEOPLE

STATE NEARLY LEFT INSURANCE IN THE MIDDLE OF THE CRISIS SAVING BANKS FORGETTING ABOUT SOCIAL FUNCTION OF INSURANCE FROZEN DEPOSITS – PATIENTS NOT PAID FOR IN HOSPITALS, CHAINED TO BEDS

BANCRUPTCY OF INSURERS LEADS «to the ruin and impoverishment of many merchants and traders... and to the great diminution of trade, wealth, strength and publick revenues of the kingdom 10 TH JUNE 1720, 6 TH YEAR OF GI REIGN INSURANCE MUST BE PROTECTED

WHAT DO WE EXPECT FROM THE STATE? LAISSEZ-FAIRE ATTITUDE - AT LEAST IN ITS EAST-EUROPEAN SHAPE LISTENING TO THE INDUSTRY NEEDS CHANGING REGULATION – FROM CHECKING EVERY STEP TO LOOKING AT SOLVENCY CHANGING REINSURANCE REGULATION – NOT JUST WITHIN WTO

REINSURERS ARE RATINGS STILL OF VALUE? EVALUATING FUTURE POSITION OF YOUR RI PARTNERS IS UKRAINE TOO SMALL TO BE CONSIDERED A WORTHWILE MARKET? STRAIGHTWORWARD LINES – PROPERTY, CARGO – REINSURED IN THE WEST MORE DIFFICULT ONES – RETRO, MARINE, LIABILITY – REJECTIONS LIFTING RESTRICTIONS ON REGIONAL COOPERATION – WITHIN CIS

PRODUCTS – CARGO OVERVIEW BY OAKESHOTT

RISKS (B, C)RUSSIANUKRAINIANИНЫЕ ВАРИАНТЫFPAWA (NOT IN (C))НАШ ВАРИАНТ LS/DMG RSNB ATTRIBUTABLE TO FIREОГОНЬ, ПОЖАРПОЖЕЖАTT/PRLS EXPLOSIONВЗРЫВВЫБУХTT/PRLS STRANDED V/C? ВЫБРОС НА БЕРЕГ? ВЫКИДАННЯ НА БЕРЕГКАСАНИЕ ГРУНТАTT/PRLS GROUNDED V/CПОСАДКА НА МЕЛЬПОСАДКА НА МIЛИНУTT/PRLS SUNK V/CЗАТОПЛЕНИЕЗАТОПЛЕННЯСУДНО ТОНЕТTT/PRLS CAPSIZED V/CОПРОКИДЫВАНИЕПЕРЕКИДАННЯ OVERTURNING LN/CNVПЕРЕВОРАЧИВАНИЕПЕРЕКИДАННЯПЕРЕВЕРТЫВН., ОПРОКИДВН. DERAILMENT LN/CNVСХОД С РЕЛЬС COLLISION V/C/CNV W/ANY OBJECTСТОЛКНОВЕНИЕЗIТКНЕННЯTTPRTL - CNV IN COLL. W/FLG ICE / OTOBJ CONTACT V/C/CNV W/ANY OBJECTУДАР TTPRTL - CNV IN COLL. W/FLG ICE / OTOBJ DISCHARGE / CGO PT/DISTRESS ВЫГРУЗКА В ПОРТУ- УБЕЖИЩЕ...В ПОРТУ ВЫМУШНОГО ЗАХОДА + SPECCHGS AT INTERMED PR/CALL OR DISTRESS EARTHQUAKEЗЕМЛЕТРЯСЕНИЕЗЕМЛЕТРУСTT/CTL+PRTLL VOLCANIC ERUPTIONИЗВЕРЖЕНИЕ ВУЛКАНАВИВЕРЖЕННЯ ВУЛКАНУ LIGHTNINGМОЛНИЯУДАР БЛИСКАВКИУДАР МОЛНИИ TT/CTL + PRTL STRND/GRND/SU NK/BURNT+PRTLL 1.2 LS/DMG CAUSED BY GENERAL AVERAGE SACRIFICE ОБЩЕАВАР. ПОЖЕРТВОВАНИЕX JETTISONВЫБРАСЫВАНИЕ ЗА БОРТСКИДАННЯ WASHING OVERBOARD СМЫВ ВОЛНОЙЗМИТТЯ ЗА БОРТ ENTRY OF WATERПРОНИКНОВЕНИЕ ВОДЫПРОНИКНЕННЯ ВОДИ LOST OVERBOARD PACKAGE - TLПАДЕНИЕ ЗА БОРТ PACKAGE DROPED WHILST - TLПАДЕНИЕ ГРУЗА ВО ВРЕМЯПАДИННЯ TT/PRTL - ENTPCG FLLG IN SEA DURG LD/TRSH/DSCH

PRODUCTS – A REVIEW REQUIRED UNIFIED TERMS AND CONDITIONS – ONLY NOW BEING OUSTED IN EU THROUGH BER POSSIBLE NON-RENEWAL ARE VITAL BUT NOT LEGAL IN THE CIS CARGO – 1963 AND 1982 USED OFTEN OLDER TERMS USED UNDER THE GUISE OF THE NEWER HEADINGS ABC TERMINOLOGY WHERE COVER IS ON FPA/WA/AR BASIS NEED FOR MARKET-WIDE AGREEMENTS ON FIRE / CAR / MOTOR CAR / EAR – THE ONLY BRANCH WHERE CHANGES ARE ON THE WAY – BRAVO, IRINA!

BANKS-ATTACHED OR OPEN MARKET? TOO MUCH CAPTIVE BANK-PRODUCED BUSINESS BANCASSURANCE MORTGAGE-DEPENDANT INSURERS SUFFERING HIGH TIME TO START WORKING SERIOUSLY ON THE OPEN MARKET STARTINwww.siblu.comG WITH BASICS AGAIN – EDUCATING THE PUBLIC AT LARGE LUCKILY, LOTS IS DONE IN UKRAINE ON TV AND RADIO TOO MANY INSURERS SIT DOWN AND MOCK THE FORM, NOT THE IDEA

RAISING INSUREDS STANDARDS and AWARENESS JUST A LITTLE PRACTICAL EXAMPLE A POTENTIAL ASSURED CALLS FROM SINGAPORE HAVING RECEIVED MY DETAILS FROM A FRIEND IN SWEDEN WITH WHOM THEY USED TO WORK IN VIETNAM A DRILLING RIG NOW INSURED BY INDIAN PARTNERS FOR US$ 100 OR 120 MILLION (HE IS NOT CERTAIN) COVER NEEDED IN A WEEKS TIME WE SEARCH THE MARKET HIGH AND LOW IN TWO DAYS THE H.O. CALLS SAYING THEY HAVE COVERED HER FOR... US DOLLARS 2 MILLION AS THEY ARE IN THE TIMES OF CRISIS AND NOBODY TELLS THEM TO INSURE HER FOR HER FULL VALUE BUT, WHEN SHE STARTS DRILLING, THEY WILL THINK ABOUT GETTING BACK TO THE REAL VALUE

DISTRIBUTION CHANNELS BROKERS AND AGENTS REGULATION NOT TAXING THEM DOWN STRUGGLE FOR REGIONAL OFFICES TRANSFORMED INTO DROPPING SOME REGIONS ALTOGETHER DIRECT / INTERNET SALES – A NEW DEVELOPMENT HINDERED BY LACK OF PAYMENT MEANS

TIME TO GET EDUCATED AND TRAINED STAFF INDUSTRY-WIDE STANDARDS REQUESTING NOT THE HIGHER EDUCATION DIPLOMA BUT PRACTICAL EXPERIENCE GETTING IN CLOSER TOUCH WITH UNIVERSITIES MORE HELP FROM THE WESTERN PARTNERS TRAINING MIDDLE LEVEL PERSONNEL, NOT TOP MANAGERS ARE THERE ANY NON-OVERPRICED INSURANCE / RI COURSES IN LONDON, WE ARE OFTEN ASKED

UNITED WE STAND! NOTHING TO DO WITH THE INCIDENT IN ROME A WEEK AGO LETS START TOMORROW THANK YOU! 3/6/9