Global Risk Alert Saudi Arabia - Impact of New Property Regulations
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New Insurance Company Regulations effective January 1, 2016 have significant impact on companies with property and business interruption risks in Saudi Arabia
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The document proposes establishing an insurance and reinsurance brokerage company in Saudi Arabia. It summarizes the market opportunity, company strategy, challenges, ownership structure, and financial projections. The insurance market in Saudi Arabia is growing rapidly and expected to double or triple in size by 2008-2009, creating demand for brokerage services. The proposed brokerage company would help clients identify risks and insurance needs, access international reinsurance markets, and expand regionally within five years. Key challenges include gaining acceptance from local insurers and competing with established brokers. The company would be owned by investors and insurance professionals. It projects achieving $2.7 million in annual commissions by the third year of operations with a staff of over 18 employees across major Saudi cities
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Byll Wych Insurance Brokers is introducing itself in a letter to a potential client. It provides an overview of the company's registration status and capabilities in areas like risk management, insurance industry knowledge, and claims processing. It expresses hope to demonstrate its abilities and build a successful business relationship with the client through cooperation. The letter is signed by the General Manager and Associate Broker/Manager.
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If you would like to know more about any of the topics, please feel free to contact any of the authors of the articles.
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10Contents Acknowledgment………………………………………………………….docx
10
Contents:
Acknowledgment……………………………………………………………………………
Abstract ……………………………………………………………………………………………...Chapter 1:
Economic insurance sector in Saudi Arabia……………………………………………..
Problems that the economical insurance sector in Saudi Arabia is facing………..
Goal of the project……………………………………………………………………..
Objective of the project……………………………………………………………….
Company profile ……………………………………………………………………………..
Introduction of Marsh………………………………………………………………..
Marsh & McLennan Company SWOT analysis……………………………………
General line…………………………………………………………………………………
Medical………………………………………………………………………………………
Placement……………………………………………………………………………………
Chapter 2:
Data collocation……………………………………………………………………………
Chapter 3:
Computing liquidity ratio ………………………………………………………………..
Computing profitability measures ……………………………………………………….
Profit margin ……………………………………………………………………………..
Computing market value measure ………………………………………………………….
Conclusion &recommendation……………………………………………………………..
Reference…………………………………………………………………………………..
Appendix …………………………………………………………………………………...
Abstract
Insurance companies have played a big role in ensuring that they take risks on behalf of the insured. By being insured, the insured is able to have peace of mind. A good protection and management are done for your business. However, in order to be successful in the insurance sector, there are several participants who play key roles in the sector. This project shows how one of the participants, the insurance broker, works in this sector.
An insurance broker is one of the participants who help the company in selling and negotiating insurance for compensation. The insurance broker duty is to work and get the best interest of the insured or his client and provide the right advice, which is independent of any influence of the insurance company in terms of professional advice.
This project shows a framework of all the roles of the insurance broker in the insurance company into much detail. An insurance broker is very important in the insurance company in ensuring its success. In this project, the insurance broker is the main theme and a clear illustration is made on how they bring an effect in the sector. The growth of the insurance services sector is illustrated how it has affected by the presence of the insurance broker in the sector.
A close statistical data review of the insurance sector is undertaken in the project. A review of how Marsh &McLennan shows the role of their insurance broker is laid out. They particularly deal with clients and new customers by explaining to them the products offered by the company and the benefit they get from it. The project talks about how to avoid risks that insurers are exposed to, and how strategies on how to grow in the sector.
Chapter1:Introduction
Background
Economic insurance sector in Saudi Arabia
In the 1950s Saudi Arabia had a small amount of the insurance activity. The industry started showing sustained growth after the oil ...
TIMMINT MI - KSA Insurance Weekly Report (Issue 2014-20)
The document is a weekly report on the Saudi Arabian insurance industry from May 9-15, 2014. It includes the following key points:
- Competition and inadequate pricing led to losses for many Saudi insurers in 2013 according to an A.M. Best report. Capital levels declined as reserves increased.
- A.M. Best downgraded ratings for Medgulf Bahrain and its Saudi subsidiary due to a $51 million loss from higher technical reserves.
- Global M&A activity in 2013 was driven by consolidation, private equity interest, and growth in emerging markets like Saudi Arabia.
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This document summarizes key information about changes to lease accounting standards that will affect manufacturers in 2022. The Financial Accounting Standards Board updated lease accounting guidance in ASC Topic 842, which requires companies to record operating leases on their balance sheets. This will impact manufacturers that lease major assets like equipment. The summary discusses how the new standards classify leases and require companies to catalog leases, determine lease types, calculate lease assets and liabilities, and account for lease modifications. It also notes challenges for manufacturers around build-to-suit arrangements and embedded leases.
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Like the rest of the financial services industry, insurers are subject to increasingly complex and prescriptive regulations and standards. In the year ahead, insurers will need to focus on the new U.S.Department of Labor fiduciary standard, which is likely to have a significant effect on how insurance products are sold. Moreover, global developments, especially those related to the developing International Capital Standard, will require insurers to closely monitor – and ideally contribute to – official discussions about how globally active insurers should manage capital
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This document discusses international insurance regulation, specifically regarding the differences between property/casualty and life insurance contracts and their accounting implications. Key points include:
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- Claims outcomes for property/casualty insurance vary widely each year depending on events, while life insurance claims are more predictable.
- Statutory accounting principles (SAP) and generally accepted accounting principles (GAAP) have some differences in how they value assets and recognize revenues and expenses.
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This document provides an overview of recent regulatory compliance updates that are relevant for insurance brokers in Australia. It discusses the key changes and requirements relating to the National Consumer Credit Protection Act 2009, compensation requirements for AFS licensees, potential refunds of stamp duty on insurance policies, disclosure of the Financial Claims Scheme, implications of double insurance provisions, proposed amendments to the Insurance Contracts Act, and new APRA data collection requirements for brokers. Compliance with the new credit licensing regime and responsible lending obligations is required if brokers provide credit assistance for premium funding.
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10Contents Acknowledgment………………………………………………………….docx
10
Contents:
Acknowledgment……………………………………………………………………………
Abstract ……………………………………………………………………………………………...Chapter 1:
Economic insurance sector in Saudi Arabia……………………………………………..
Problems that the economical insurance sector in Saudi Arabia is facing………..
Goal of the project……………………………………………………………………..
Objective of the project……………………………………………………………….
Company profile ……………………………………………………………………………..
Introduction of Marsh………………………………………………………………..
Marsh & McLennan Company SWOT analysis……………………………………
General line…………………………………………………………………………………
Medical………………………………………………………………………………………
Placement……………………………………………………………………………………
Chapter 2:
Data collocation……………………………………………………………………………
Chapter 3:
Computing liquidity ratio ………………………………………………………………..
Computing profitability measures ……………………………………………………….
Profit margin ……………………………………………………………………………..
Computing market value measure ………………………………………………………….
Conclusion &recommendation……………………………………………………………..
Reference…………………………………………………………………………………..
Appendix …………………………………………………………………………………...
Abstract
Insurance companies have played a big role in ensuring that they take risks on behalf of the insured. By being insured, the insured is able to have peace of mind. A good protection and management are done for your business. However, in order to be successful in the insurance sector, there are several participants who play key roles in the sector. This project shows how one of the participants, the insurance broker, works in this sector.
An insurance broker is one of the participants who help the company in selling and negotiating insurance for compensation. The insurance broker duty is to work and get the best interest of the insured or his client and provide the right advice, which is independent of any influence of the insurance company in terms of professional advice.
This project shows a framework of all the roles of the insurance broker in the insurance company into much detail. An insurance broker is very important in the insurance company in ensuring its success. In this project, the insurance broker is the main theme and a clear illustration is made on how they bring an effect in the sector. The growth of the insurance services sector is illustrated how it has affected by the presence of the insurance broker in the sector.
A close statistical data review of the insurance sector is undertaken in the project. A review of how Marsh &McLennan shows the role of their insurance broker is laid out. They particularly deal with clients and new customers by explaining to them the products offered by the company and the benefit they get from it. The project talks about how to avoid risks that insurers are exposed to, and how strategies on how to grow in the sector.
Chapter1:Introduction
Background
Economic insurance sector in Saudi Arabia
In the 1950s Saudi Arabia had a small amount of the insurance activity. The industry started showing sustained growth after the oil ...
TIMMINT MI - KSA Insurance Weekly Report (Issue 2014-20)
The document is a weekly report on the Saudi Arabian insurance industry from May 9-15, 2014. It includes the following key points:
- Competition and inadequate pricing led to losses for many Saudi insurers in 2013 according to an A.M. Best report. Capital levels declined as reserves increased.
- A.M. Best downgraded ratings for Medgulf Bahrain and its Saudi subsidiary due to a $51 million loss from higher technical reserves.
- Global M&A activity in 2013 was driven by consolidation, private equity interest, and growth in emerging markets like Saudi Arabia.
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The document summarizes key points from a presentation on accounting for insurance contracts given at a workshop. It discusses the objectives of IFRS 4 Phase I, key problems with the interim standard, comments from analysts, and the status and key aspects of the IASB's Phase II project to develop a new standard, including the proposed exit value model and issues raised in response to the discussion paper. It also briefly compares the proposed model to the EU's Solvency II framework and outlines some practical implications of the new requirements.
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This document discusses international insurance regulation, specifically regarding the differences between property/casualty and life insurance contracts and their accounting implications. Key points include:
- Property/casualty contracts are usually short-term while life/annuity contracts are long-term, spanning decades.
- Claims outcomes for property/casualty insurance vary widely each year depending on events, while life insurance claims are more predictable.
- Statutory accounting principles (SAP) and generally accepted accounting principles (GAAP) have some differences in how they value assets and recognize revenues and expenses.
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The document provides an introduction to life insurance and the insurance industry in India. It discusses the origins of insurance dating back to 12th century practices of risk-sharing. It outlines the history of the insurance industry in India including the nationalization of life and non-life insurance in 1956 and 1972, and the establishment of regulatory authority IRDA in 1999 which opened the industry to private players. The duties of IRDA include regulating terms of insurance contracts, monitoring solvency, and advising on regulations.
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Aon property laser placemat
Reducing an organisation’s property total cost of risk
(TCOR) is fundamental to its operational resiliency and
financial bottom line. Aon Property Laser is a unique
property and business interruption risk management
methodology that incorporates leading-edge diagnostic
and analytical tools to quantify risk exposure. By
identifying and analysing key property performance
indicators, Aon Property Laser helps organisations
to improve their risk profile, while also making the
insurance policy work more effectively should a loss
occur. Our property experts benchmark pre-loss and
post-loss risk management practices, activities and
results, to help assess and optimise an organisation’s
property risk profile.
Prepare to Disclose Climate Risk
Many businesses and governments have been reporting on environmental and climate data for over 15 years now, but the way they do is set to change. Following the UN’s Paris
Agreement to address climate risk by cutting greenhouse gas emissions, financial regulators are increasingly concerned about the systemic risks that climate change poses to the financial
system. After the 2008 financial crisis, regulators do not want any disorderly transitions in the market due to a misallocation of capital
Supply chain diagnostic brochure
Aon has developed a proprietary diagnostic tool to help risk leaders quickly assess their organization’s global supply chain exposures across a variety of key marketplace supply chain indicators.
In the complex and dynamic global risk environment, risk managers play an increasingly vital role in helping their organizations understand, prioritize and manage critical exposures affecting their operations and supply chains.
Today, along with catastrophic property risks, expanding cyber threats, terrorism, supplier insolvency, product integrity and reputational issues, businesses relying on global supply chains must navigate widening geopolitical challenges brought by rising nationalism.
As business leaders, planning, finance and operations executives strive to anticipate how these developments might affect their cross-border trade relationships, effective and forward-looking supply chain risk management is critical to sound decision-making. Aon’s Supply Chain Diagnostic helps clients flag supply chain vulnerabilities and improve resiliency.
Global supply chain management brochure
Aon’s Approach to supply chain management recognizes the wide spectrum of risks that can negatively impact our clients’ business operations, some of which are common to all industries and others very specific to a particular segment. We bring efficiency to the process by triaging each client’s specific supply chain needs, and deploying a hand-picked team of specialists that can develop industry specific solutions ranging from risk identification and quantification to tailored risk financing programs and claim resolution strategies.
Aon Global Client Network Fact Sheet
The Aon Global Client Network is the backbone of Aon Risk Solutions’ international network, connecting clients and colleagues with expertise, counsel and resources available in over 120 countries in which Aon Risk Solutions is represented. Aon’s network is the largest majority owned network, unsurpassed in geographic breadth and depth of talent.
Aon Global Client Network map
Aon Global Client Network provides risk management, reinsurance, and human resources services globally. It operates through owned, management controlled, correspondent, and coordinated offices across the Americas, Europe, Africa, the Middle East, Asia, and Australasia/Pacific regions serving over 200 countries and territories.
Cyber Client Alert
On June 27, 2017, a widespread WannaCry ransomware variant referred to by a number of names, including GoldenEye, Petya, NotPetya, and ExPetr, began impacting computer systems around the world. Similar to the recent WannaCry ransomware attack, victims are being asked to pay a ransom of $300 in bitcoin.
Global optimisation index
Are you a risk or finance leader of an organization with exposures across multiple territories?
Take our Global Optimization Index survey. The 75 questions are
directly related to international risk management and will help you to measure your company’s risk management practices as compared to Aon’s best practice standards and find areas of focus to enhance the performance of your multinational risk management approach.
Aon Thought Leadership Guide
Aon’s continually growing directory of intellectual capital provides the latest insights into innovative ways of identifying, quantifying, and managing a wide range of current and emerging risks.
2017 Risk Maps
Aon’s guide to Political Risk, Terrorism & Political Violence
The Political Risk Map primarily focuses on economic and fiscal risks, specifically in emerging economies, while the Terrorism and Political Violence Map consider issues such as civil commotion and war and has a global focus.
While comparisons are possible across the two maps and certain countries will be affected by both sets of perils, these are two specific risks with accompanying sub-sets of perils that help to establish ratings for each country.
Together these maps are helping our clients to better understand the challenges facing them when operating in diverse, international geographies. We would welcome the opportunity to discuss these challenges in more detail with you and explain how Aon’s Crisis Management teams can help identify, manage and mitigate risks to help insulate your people, assets and operations wherever they are located in the world.
Environmental insurance market status Q1 2017
This paper provides an update on the status of the marketplace for environmental insurance as of early 2017. It starts with a look at the environmental risks associated with a number of common industrial, commercial and institutional activities, and then considers various aspects of the marketplace, with a look at the insurance companies that sell environmental coverage, a review of who buys it and what is new in the market for this year.
Global Cyber Market Overview June 2017
The document provides an overview of the global cyber insurance market, including:
- The cyber insurance market is still in its infancy globally but has grown significantly in recent years, especially in the US where it is estimated to be worth $1.5 billion in 2015.
- The largest market is the US, driven by data breach legislation, high-profile cyber attacks increasing awareness, and demand from companies storing personal data.
- The upcoming European GDPR regulation coming into effect in 2018 is expected to be a major driver for the growing but still relatively nascent European cyber insurance market.
- Various industries like retail, healthcare, and financial institutions are among the largest buyers of cyber insurance.
Aon GDPR prepare and protect solution placemat
The EU’s General Data Protection
Regulation (GDPR) comes into effect on
the 25th of May 2018, enforcing strict
new measures for any organisation
globally handling the personal data
of EU individuals.
Organisations have steps to take to
comply with GDPR and meet the
ongoing data privacy rights of their
clients and employees.
Failure to comply may result in enforcement
action, including fines of up to €20 million
or 4% of your organisation’s annual
worldwide revenue, whichever is greater.
Aon GDPR white paper
“The European Union data privacy landscape is about to undergo dramatic change, with lasting enterprise wide implications for the way that organisations handle, protect and use the personal data of EU individuals.
Organisations of all sizes, across all industries, and geographies that process personal data of EU residents need to take steps now to comply with the new EU General Data Protection Regulation by 2018, to satisfy management fiduciary duties
and avoid potentially costly penalties.”
2017 Power Industry Report Highlights
We live in an era of unprecedented volatility. Trends on three major dimensions – economics, demographics, and geopolitics – combined
with the exponential pace of technology change, are converging to create a challenging new reality for organizations. These forces create opportunities that we cannot even imagine, but also present new frontiers to be explored.
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Global Risk Alert Saudi Arabia - Impact of New Property Regulations
- 1. Aon Risk Solutions Aon Global Client Network Risk. Reinsurance. Human Resources. July 19, 2016 Global Risk Alert Saudi Arabia Impact of New Property Regulations New Insurance Company Regulations effective January 1, 2016 have significant impact on companies with property and business interruption risks in Saudi Arabia Overview New instructions issued by the Saudi Arabian Monetary Agency (SAMA) in January 2016 are having a significant effect on both local domestic companies and local subsidiaries of offshore parents with property risks in Saudi Arabia. The new, stricter regulations imposed on insurers are intended to increase local risk- taking vs. “intermediary” behavior (intermediary = fronting arrangements for global carriers and reinsuring risk offshore). Overview of New Regulations The new regulations include guidelines for how property and business interruption insurance will be underwritten, including: “Adequate information” as defined in the instructions must be provided by clients/brokers to insurers 5 years claims experience (or for full period that risk has existed, if less than 5 years) must be submitted Survey reports MUST BE PROVIDED for any properties with sums insured per below: o SR40million non-industrial properties o SR20million industrial properties o SR10million warehouses Minimum deductibles must be set for all properties as outlined by SAMA Please note for clients with local policies issued as part of a global program, the local policy must still comply with the minimum deductible levels per SAMA requirements. Clients should carefully review their new deductibles as they relate to their master DIC/DIL coverage offshore to ensure alignment. Clients must fully disclose what is included in “gross profit” and list major suppliers/customers for contingent BI exposures. Please note that that the contingent BI exposures limits have not changed. Attached documents issued by SAMA - Circular and instruction spreadsheet provide further details of these regulations. Client Impact Although guidelines are issued for insurance companies and brokers operating in Saudi Arabia, the ultimate effect of these changes is on the client. This will result in an increase in preparation, administration and costs associated with required risk assessment to ensure that all property values and business interruption exposures are submitted appropriately. However, the resulting competition between insurers to underwrite the “good” risks can show reduced premium costs for property and business interruption coverage locally. The market has become very selective in accepting risk that is not “good”. If such risks are accepted, the premium can be high and varied between insurers. Certain types of risks, such as standalone warehouses will not be accepted at any cost. Clients will need to assess and quantify their property and business interruption exposures and claims prior to negotiating with local insurers. Aon Saudi Arabia is well placed to guide our clients through this process, and we have distinctive local property and business interruption assessment expertise to support our clients working to comply with the new guidelines. Additionally, Aon Saudi Arabia can also assist in conducting the risk surveys required by the new regulations. The attached SAMA Compliance Review Aon document provides additional information on these services in the region. Contacts For direct consultation on these implications, please contact: General Questions: Efren Privado AGCN Manager +966.11.4422.705 efren.privado@aon.com.sa Abu Sayeed Ilias Account Manager +966.11.4422.750 abu.ilias@aon.com.sa Risk Assessment: Antonio Ribeiro Head of Enterprise Risk Management, Middle East +44.20.7086.3517 Antonio.ribeiro@aon.ae