GEORGE GRISHINOAKESHOTT INSURANCE

ВПЕРЕД, К ИСТОКАМ!(or, MOVING AHEAD SOMETIMES Means

TAKING A STEP BACKWARDS)

MY PAPERIS CERTAINLY NOT

ON RESERVES INVESTMENT OPTIMISATIONWE AT OAKESHOTT ARE

INSURANCE AND REINSURANCE BROKERSIN UKRAINE SINCE 1994HAVE 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 PUBSOME ARTICLES of A WELL-KNOWN PUBLICISTTHE 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 1991AND IT STILL REMEMBERS THE EARLY YEARS

– WHEN EVERY DAY WAS A CRISISTHE INDUSTRY IS USING THIS PERIOD

TO REGROUP AND LOOK AT THE BASICS

MAIN POINTS WORTH LOOKING INTO

STATEPARTNERS = REINSURERSPRODUCTSTARGET GROUPSDISTRIBUTION CHANNELSPEOPLE

STATENEARLY LEFT INSURANCE

IN THE MIDDLE OF THE CRISISSAVING 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”

10TH JUNE 1720, 6TH 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 NEEDSCHANGING 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 PARTNERSIS UKRAINE TOO SMALL TO BE

CONSIDERED A WORTHWILE MARKET?STRAIGHTWORWARD LINES – PROPERTY,

CARGO – REINSURED IN THE WESTMORE DIFFICULT ONES –

RETRO, MARINE, LIABILITY – REJECTIONS

LIFTING RESTRICTIONS ON REGIONAL COOPERATION – WITHIN

CIS

PRODUCTS – CARGO OVERVIEW BY OAKESHOTT

RISKS (B, C) RUSSIAN UKRAINIAN ИНЫЕ ВАРИАНТЫ FPA WA

(NOT IN (C)) НАШ ВАРИАНТ

LS/DMG RSNB ATTRIBUTABLE TO

FIRE ОГОНЬ, ПОЖАР ПОЖЕЖА TT/PRLS

EXPLOSION ВЗРЫВ ВЫБУХ TT/PRLS

STRANDED V/C ? ВЫБРОС НА БЕРЕГ ? ВЫКИДАННЯ НА БЕРЕГ КАСАНИЕ ГРУНТА TT/PRLS

GROUNDED V/C ПОСАДКА НА МЕЛЬ ПОСАДКА НА МIЛИНУ TT/PRLS

SUNK V/C ЗАТОПЛЕНИЕ ЗАТОПЛЕННЯ СУДНО ТОНЕТ TT/PRLS

CAPSIZED V/C ОПРОКИДЫВАНИЕ ПЕРЕКИДАННЯ

OVERTURNING LN/CNV ПЕРЕВОРАЧИВАНИЕ ПЕРЕКИДАННЯ ПЕРЕВЕРТЫВН., ОПРОКИДВН.DERAILMENT LN/CNV СХОД С РЕЛЬС

COLLISION V/C/CNV W/ANY OBJECT СТОЛКНОВЕНИЕ ЗIТКНЕННЯ TTPRTL - CNV IN COLL. W/FLG ICE / OTOBJ

CONTACT V/C/CNV W/ANY OBJECT УДАР УДАР 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

EARTHQUAKE ЗЕМЛЕТРЯСЕНИЕ ЗЕМЛЕТРУС TT/CTL +PRTLL

VOLCANIC ERUPTIONИЗВЕРЖЕНИЕ ВУЛКАНА ВИВЕРЖЕННЯ ВУЛКАНУ

LIGHTNING МОЛНИЯ УДАР БЛИСКАВКИ УДАР МОЛНИИ

TT/CTL + PRTL STRND/GRND/SUNK/BURNT +PRTLL

1.2 LS/DMG CAUSED BY

GENERAL AVERAGE SACRIFICEОБЩЕАВАР. ПОЖЕРТВОВАНИЕ X

JETTISON ВЫБРАСЫВАНИЕ ЗА БОРТ СКИДАННЯ

WASHING OVERBOARD СМЫВ ВОЛНОЙ ЗМИТТЯ ЗА БОРТ

ENTRY OF WATER ПРОНИКНОВЕНИЕ ВОДЫ ПРОНИКНЕННЯ ВОДИ

LOST OVERBOARD PACKAGE - TL ПАДЕНИЕ ЗА БОРТ

PACKAGE DROPED WHILST - TL ПАДЕНИЕ ГРУЗА ВО ВРЕМЯ ПАДИННЯ

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 CISCARGO – 1963 AND 1982 USEDOFTEN OLDER TERMS USED

UNDER THE GUISE OF THE NEWER HEADINGSABC TERMINOLOGY

WHERE COVER IS ON FPA/WA/AR BASISNEED FOR MARKET-WIDE AGREEMENTS

ON FIRE / CAR / MOTORCAR / 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 WEEK’S 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 CHANNELSBROKERS AND AGENTS REGULATIONNOT 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 STAFFINDUSTRY-WIDE STANDARDSREQUESTING NOT

THE HIGHER EDUCATION DIPLOMA BUT PRACTICAL EXPERIENCE

GETTING IN CLOSER TOUCH WITH UNIVERSITIES

MORE HELP FROM THE WESTERN PARTNERSTRAINING 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

LET’S START TOMORROWTHANK YOU!

WECANHELP@OAKINSUR.COM3/6/9