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Archive Stories
Archived stories from 2011

Choose the month of the 2011 archive you would like to browse from the links below. You can choose other years to browse from the menu on the left.

2011 Forecasts (possibly 2012, depending when we get finally this published)

RISKbitz reporters have been out and about chatting to all the usual old duffers about what 2011 will hold for the reinsurance industry. Yes alright we know 2011 is well under way. Give us a break! It was the printers fault er the mail service er Alright we forgot, and have to do this every year, they all do it, it keeps the advertisers happy. Anyway, here it is, if you're still interested (jeez why do we bother?)

Forecasting is a tricky business

Harvard J Thwakkenbakker IV, senior vice at management consultants VacUousity

"Let's blue sky this and see what kind of paradigms jump out of the box: 2011? I think we need to dial in a whole raft of boil the ocean concepts - that's if the industry has the mental bandwidth. If 2010 was all about disintermediation and disambiguation, 2011 is all about the industry eating its own dog food. There's no quick-win, you've got to peel the onion. Ping an email to me if you want more of this crap."

As far as the reinsurance industry is concerned, I see new business practices coming to the fore, with a new corporate gospelisation and a growing, hardening and engorged desire to thrust into new areas of business and inseminate the thought process and fertilise the customer base. As I have said to clients many, many times (but in a slightly different format so that they pay my exhorbitant fee each time), instead of internalising the external parameters of the modern business zeitgeist, instead why not externalise the internal modulators of the corporate paradigmetrical. It is time to decompartmentalise the mental silo, get the removal men into the box, and start trawling the estate agents for a brand new box for a brand new year. And I will go on saying this every year until clients stop paying me.

Polly Posh-Oiseau, PR Agency Artifice & Guile

What a year 2010 was! Russia won the 2018 World Cup by 3 goals to one, David Haye and Amir Khan both won their recent wresting matches, Downtown Cathedral won the Autumn TV ratings war, (fill in the blank please) won X Factor, Britain's equestrians won the Rider Cup, and the Coalition forces in Afghanistan won the British General Election, and someone won a Piece Prize in Finland (can you check who?). But now insurers can be a ?winner' as well thanks to the new DataSplurge IV T 70 interface micromodule from leading IT company INNIT! (Insurance Network Nodules in Information Technology).

Yes, be a winner like Ed Miliband (or was it David?), Hussain Bolt, the new Dr Who bloke, that bloke from the advert Juan Sheet, Take That (back to a foursome now that David Walliams has rejoined), whoever won America's Got Talent, the Oscar winner woman, and the company that invented Silly Bandz. Hang on, I'm sure there are more winners I can find, just give me a minute on Wikipedia?

Professor Humphrey W Brane-Stawm, chief forecaster and head of predictions at the Hurricane and Earthquake Forecasting and Prediction Centre, Dept. of Predictive Forecasting, Cristal Ball University, Idaho.

No idea mate

Ian Luddite, chief executive of the Luddite Agency

2011/12 is set to be an exciting year, and the point where the Luddite Agency finally moves into the 20th Century with a number of exciting developments (and no, I don't mean getting rid of feather quills! Honestly! We got rid of those at least two years ago!)

We are looking into the possibility of beginning a trial of a brand new way of transacting insurance which may upset brokers but should not be seen as the Luddite Agency moving away from broker business, but rather, adopting a multi-distribution distribution model. The new "fax-line" motor insurance quoting system will roll out in the second quarter, and will means that a customer's request will arrive by fax, be taken post-haste to the underwriter's box, where it will sit with others in a large pile and eventually dealt with at the end of the day when the queues have calmed down. A quote will then be faxed back to the customer the following morning.

We will also be looking to introduce a brand new product to the Lloyd's market in 2011, provisionally called a "time and distance" policy which we believe will take the market by storm.

Mocha Re: Chief executive and chairman Sir Norbert "Nobby" Johnson

Good Lord, is it 2011 already? Right, well, er, usual stuff don't you know, cycle and all that, up and down, curate's egg, parson's nose, should be a jolly good year barring any unforeseen events like hurricanes, earthquakes, terrorist bombs, pollution thingies, class actions, financial meltdown, credit crisis, and all that. I think I can predict with a certain degree of confidence, that in the absence of any losses, we should do rather well and the analyst chappies should be jolly pleased. I also confidently expect that we will be able to keep or possibly improve our current financial rating of ?Z- (poor). Will that do? Shall I order another Chateau Lafite? Think I should, shame not to.

Lloyd Gross Line, head of captive management firm, Golf Inc.

2011/12/13 is the year that captives go interstellar. I'm talking ballistic. Listen, buddy, it's been tough for us in recent years, the Feds, the IRS, the OECD, they've all had us by the balls, and I mean tight, but it ain't gonna stop us expanding the captive concept. Sure, it's tough in the traditional domiciles, there are too many companies trying to do business, so that's why we moved our headquarters to Costa Rica. In 2011, we're taking a innovative approach to captive domiciliation. Why go to Guernsey or Bermuda or Cayman, and face all that regulatory shit. Form-filling bureaucracy, questions, questions, and you have to pay taxes - Jeez! We've done the smart thing and looked at the OECD's list of recently blacklisted tax havens - and opened offices there! I says opened offices, we got a nameplate, don't we? So now we can off captives in Andorra, The Principality of Liechtenstein, Liberia, The Principality of Monaco, The Republic of the Marshall Islands, The Republic of Nauru and The Republic of Vanuatu. Only now it turns out, we had a old OECD list, from like ten years ago, and all of these places are no longer blacklisted! So now, we're back to Costa Rica, Burkino Faso and the Isle of Wight. But remember, you heard it here first, captives are back, big time, I mean it, seriously?

Jedediah P Barnstormer, CEO Brassic Broking Group

I predict a riot.

Hugo Morefeeze, of law firm Feeze, Feeze and Morefeeze

Sadly, I expect the dismantling of the FSA to prompt the return of the London fringe market later in 2011 and a return to protracted and complicated legal disputes. Also, it gives me no pleasure at all to forecast an increase in reinsurance litigation due to the soft market. On a brighter personal note Caroline and I are looking forward to Jasper starting at Eton, allowing me more time to spend on my private art collection.

Other news from Apr 2011
Travelating the Wave of Insurability
the serious stuff
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