Quick Tour

Quick Tour

FOR BROKERS & MANAGING AGENTS

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Country Profiles

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Recent Updates: July 2010

Update of all Lloyd’s figures

New Business Environment sections

Business, Insurance and Lloyd’s info on Lloyd’s International Office Network summarised on three slides for all territories

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© Lloyd’sQUICK TOUR (Country Profiles)2

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Key strengths and challenges of the economy

Size and growth of the economy

Basic economic indicators

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Lloyd’s office details and contacts

Trading position and size of Lloyd’s business

Available market intelligence products

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North America

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Illinois

Kentucky

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Montreal

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US Virgin Islands

West Coast



US

Profile

Business Environment

Insurance Environment

Lloyd’s Business

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Key strengths and challenges of the economy Size and growth of the economy Basic economic indicators

Key insurers Insurance industry events Basic insurance indicators

Lloyd’s office details and contacts Trading position and size of Lloyd’s business Available market intelligence products



Business Environment > Basic IndicatorsRankings

Ease of Doing Business US ranks 3rd out of 181 countries

Global Competitiveness US ranks 1st out of 134 countries

Quick LinksDoing Business > www.doingbusiness.org

Competitiveness > www.weforum.org

03

01

Global Opportunities for business indicators > www.lloyds.com/marketintelligence

US

Business Environment Insurance Environment Lloyd’s Business


> Back to Country Dashboard

Business Environment > KEY ISSUES To WatchUS Expansion Increasingly Self-Sustaining: A series of upbeat data releases has been capped off by a near-blowout employment report for April showing 290,000 jobs added. Even the bad news in the report—a higher unemployment rate—reflected a strengthening labour market, because it showed job seekers returning to the market. The second-quarter GDP picture looks very strong, enhanced by a weather bounce after the first quarter. Nevertheless, this remains a subdued recovery by historical standards, due to credit and balance-sheet constraints.

Rising Employment Will Support Consumption and Housing: The strong employment report was crucial because it will underpin consumer spending. The 3.6% consumption increase in the first quarter was achieved entirely through a lower saving rate, but rising employment and hours worked will start to kick incomes higher again in the second quarter. Rising employment is also a key to a revival in housing activity. Tax incentives may have filled in a hole by pulling some activity forward, but they are not the basis for a sustained housing revival.

Democrats Face Tough Challenges at 2010 Mid-Term Elections: In January 2010 the Democrats lost their prized outright control of the Senate with a shock defeat in Massachusetts. No longer able to go it alone in Congress, this has set back their legislative plans and is very ominous for the November mid-term elections. To date, the Republicans have shown little appetite for bipartisanship.

Administration Victorious on Healthcare Reform, But at a Price: The Massachusetts defeat seemed to doom the administration’s signature healthcare reforms, but some nimble footwork in Congress pulled them back from the brink in March 2010. The House of Representatives approved the Senate’s earlier version, avoiding another vote in the latter chamber. The reconciliation process was then used to amend the Senate version in tune with House demands. While the reforms rate as a landmark in the history of social policy in the United States, the battle has taken its toll on the administration, eroding the popularity of President Obama and distracting the administration from other priorities. The administration has now switched its focus to bold financial regulation reform, an immigration policy overhaul, and new energy/environment legislation.

Terrorist Incidents Revive Concerns: Terrorism has been a key political theme and security preoccupation in the United States since the attacks of 11 September 2001, but the lack of further attacks on US soil had pushed the issue down the agenda somewhat. This changed in 2009/10 with a shooting on a military base in Texas, the attempted bombing of a flight as it approached Detroit, and an attempted car bomb attack on Times Square in New York. The three assailants seem to have held radical Islamist beliefs and had links either to al-Qaida or the Taliban. The incidents revived public fears and also revealed ongoing shortcomings in the intelligence system. The administration announced tougher security precautions for flights and an overhaul of intelligence procedures.

SOURCE: IHS Global Insight, (June 2010). For daily updates visit: www.ihsglobalinsight.com

Business Services02 1,492 -3.0%

Gross Domestic Product (GDP) (nominal GDP levels in billion USD; Real GDP change)

Top-10 Sectors (By Value Added) (a 2008 Level in billion USD & 2009 Change in %)

Real Estate 01 1,669 -3.2%

Public Admin. & Defence03 1,140 +1.8%

Retail Trade05 885 -6.9%

Health & Social Services04 1,017 +2.8%

Wholesale Trade06 818 -5.2%

Banking & Related Financial07 731 -8.1%

Education08 699 +2.4%

Construction09 581 -15.2%

Hotels & Restaurants10 396 -5.3%

0.4%

-2.4%

2.9%3.1%

2.7% 2.8%

2.1%

2.7%

3.5%

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10,000

15,000

20,000

2006 2007 2008 2009 2010 2011 2012 2013 2014

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-1%

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USInsurance Environment > Key Stakeholders and Events

Major Insurers State Farm > www.statefarm.com AIG > www.aig.com Allstate > www.allstate.com Travelers > www.travelers.com Liberty Mutual > www.libertymutual.com Nationwide > www.nationwide.com Farmers > www.farmers.com Berskshire Hathaway > www.berkshirehathaway.com Progressive > www.progressive.com Zurich > www.zurich.com

Insurance Environment > Key StatisticsGross Written Premiums (GWP) (direct non-life GWP at constant prices; million USD)

Density (direct non-life GWP per capita; USD)

Broker PenetrationEstimated broker penetration: 75% – 100%

Quick Links Insurance Information Institute > www.iii.org/international/profiles/

Worldwide Assecuranz Directory> http://assecuranz.kompass.com/

Association Insurance Information Institute > www.iii.org

Regulator National Association of Insurance Commissioners > www.naic.org

Key Industry & Lloyd’s Events

Based on: > www.swissre.com > “World Insurance in 2008”

Based on soft intelligence and Axco, Statistics: > www.axcoinfo.com/

> www.lloyds.com/News_Centre/Events




662,432

107,393

658,674

115,725

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US UK

2007 2008

1,276

2,177

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2008 Density



Central RegionMr Pat [email protected]

ILLINOIS OFFICE TELEPHONE+1 312 407 6201 KENTUCKY OFFICE TELEPHONE+1 502 875 5940

USLloyd’s Business > Office Details

Lloyd’s President, North America

Mr Henry WatkinsThe Museum Office Building25 West 53rd Street14th Floor New York NY 10019

NEW YORK OFFICE TELEPHONE

+1 212 382 4090

FAX+1 212 382 4070 EMAIL> [email protected]

WEBSITE> www.lloyds.com/america

Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2009 Lloyd’s Gross Written Premiums Trading Position Market Intelligence

Lloyd's Total: USD 12.8bn*

Direct: (including Surplus Lines) USD 6.3bn*

Reinsurance: USD 5.5bn*

*at constant prices; million USD

See: Data limitations for detail

Direct – Licensed: No, except, Illinois, Kentucky and US Virgin IslandsDirect – Surplus Lines: Yes, except Kentucky and the US Virgin Islands

Reinsurance: Most syndicates accredited reinsurers in all 50 states

> www.lloyds.com/crystal

Managing Agents have access to information via:

www.lloyds.com/REGIONALWATCH

> Managing Agent Version> North America > US

US Virgin IslandsMr Henry L [email protected]

USVI OFFICE TELEPHONE+1 340 715 4443



> Back to Country DashboardOffices / Representation

Western RegionMr Anthony [email protected]

LOS ANGELES OFFICE TELEPHONE+ 1 310 706 4100

Brokers have access to information via:

www.lloyds.com/MARKETPRESENTATIONS


Canada

Profile



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Ease of Doing Business Canada ranks 8th out of 181 countries

Global Competitiveness Canada ranks 10th out of 134 countries



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Canada




Business Environment > KEY ISSUES To WatchEarly Election in Prospect: Canada faces yet another early general election after the Liberals withdrew their parliamentary support for the minority Conservative government in September 2009. The left-wing New Democrats decided in the end to support the Conservatives in key votes, but a fresh election is expected in 2010.

Political Upheavals Unlikely to End: The next election is unlikely to change the unstable status quo greatly, however, with neither of the major parties likely to secure an outright majority. If this is the case, the two most obvious outcomes are either another minority Conservative government or a Liberal-New Democratic Party coalition. The latter could boast a majority, but the parties have considerable ideological differences and the alliance would probably prove unstable. Such a government would also be significantly more left-wing than its predecessor.

Economy on Course Escaped Recession in Q3 2009: Buffeted by the global economic crisis, Canada dropped into a sharp recession in the final months of 2008. GDP contracted by -6.2% in the first quarter of 2009 and by -3.1% in the second quarter, before finally creeping into positive territory (0.4%) in the third quarter. Weakness has been pronounced in most areas of the economy, both domestic and international. The economy is now past the worst, but is not recovering as quickly as the United States. As the crisis unfolded the Bank of Canada increased liquidity and the overnight rate was cut to an historic low of 0.25%.

Fiscal Surpluses Abandoned in Favour of Stimulus: The 2009 budget was brought forward by Prime Minister Stephen Harper and announced in late January. It foresaw Canada's first fiscal deficit after 11 consecutive surpluses and featured stimulatory tax cuts and spending initiatives. The C$40-billion package is big by Canadian standards, although it is dwarfed by the package unveiled in the United States. The stimulus measures have been broadly welcomed, but arguably they should have come sooner to benefit the economy during the worst of the downturn. The government was soon forced to revise its deficit estimates up sharply, causing it considerable political discomfort.

Foreign Investors Face Growing Barriers: Canada has traditionally had a very open economy, but the spectacle of a succession of major Canadian firms being taken over by foreign companies has sparked a growing backlash. In April 2008 the government blocked the takeover of MacDonald, Dettwiler and Associates Ltd (MDA)'s space business by the United States' Alliant Techsystems, on the grounds that the deal was not in Canada's interests. The decision is ominous for future large-scale foreign takeovers in any sector, although the current economic turmoil has inevitably slowed such activity.


Oil & Gas Mining02 110 -3.9%



Real Estate 01 146 +2.1%

Health & Social Services 03 92 +2.9


Construction04 91 -2.2%

Public Administration & Defence06 78 +2.5%

Banking & Related Financial07 78 -1.1%

Wholesale Trade08 73 -8.8%

Education09 69 +2.5%

Business Services10 58 -1.8%

0.4%

-2.6%

3.5% 3.5%3.2%

2.9%2.5%

2.9%

3.4%

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CanadaInsurance Environment > Key Stakeholders and Events

Major Insurers Intact > www.intactinsurance.com Aviva > www.avivacanada.com Coperators > www.cooperators.ca TD > www.tdcanadatrust.com Economical > www.economicalinsurance.com State Farm > www.statefarm.ca RSA > www.rsa.ca Lloyd’s > www.lloyds.com Wawanesa > www.wawanesa.com Desjardins General > www.desjardins.com



Association Insurance Bureau of Canada > www.ibc.ca

Regulator OSFI > www.osfi-bsif.gc.ca







57,319

107,393

55,415

115,725

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50,000

100,000

150,000

200,000

Canada UK

2007 2008

1,276

2,133

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1,500

2,000

2,500

Canada UK

2008 Density







CanadaLloyd’s Business > Office Details

Lloyd’s President for Canada

Ms Deborah Moor1155 Rue MetcalfeSuite 2220Montreal Quebec H3B 2V6

TELEPHONE+1 514 864 5484

FAX+1 514 861 0470 EMAIL> [email protected]

WEBSITE> www.lloyds.com/canada

Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2009 Lloyd’s Net Signed Premiums Trading Position Market Intelligence


Direct: USD 1.3bn*

Reinsurance: USD 204m*



Direct: Lloyd's is licensed for all classes of insurance except life, title, mortgage, credit protection, home warranty (in the province of British Columbia only) and hail in respect of crop (in the province of Quebec only).

Reinsurance: Lloyd's is licensed for all classes of reinsurance except life, title, mortgage, credit protection, home warranty (in the province of British Columbia only) and hail in respect of crop (in the province of Quebec only).




Market Intelligence



> Managing Agent Version> North America > Canada





TYPE 1

TYPE 2

TYPE 3

EuropeAustria

Denmark

Norway

Portugal

Greece / Cyprus

Israel

Malta

Netherlands / Belgium

France

Germany

Ireland

Italy

Poland

Spain

Sweden

Switzerland



Austria – TYPE 1 Office

Profile



Lloyd’s Business

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Rankings

Ease of Doing Business Austria ranks 27th out of 181 countries

Global Competitiveness Austria ranks 14th out of 134 countries



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Austria – TYPE 1 Office




Business Environment > KEY ISSUES To WatchRisk of Economic Relapse Remains: The burden of non-performing loans (NPLs) on financial sector balance sheets keeps lending conditions tight, which may well lead to a setback to GDP growth momentum during the latter half of 2010. The helpful Austrian export rebound is not assured, given fiscal consolidation needs in most parts of the world and a bumpy recovery in most Eastern European economies, which are of particular importance to Austria.

Subdued Inflation Ensures Persistence of Loose Monetary Policy: Following a brief dip in inflation below zero in mid-2009, the recent rebound will not extend far beyond 1%, thus enabling the European Central Bank (ECB) to keep its key interest rate at the current record low of 1.00% until late 2010 or even 2011.

Government Plans to Reduce Deficit: Announcements made in March 2010 underlined the government's intention to reduce the public sector deficit over the coming years from a peak of 4.7% of GDP in 2010 to less than 3% by 2013. Extra tax revenues of around 1.1 billion euro and spending cuts of 1.7 billion euro are being targeted, but the precise measures (beyond a special tax on banks) will be decided only after two key regional elections due in late 2010.

Pressure Eases on Austria over Tax Co-Operation: The majority of European Union (EU) finance ministers are easing the pressure on "tax havens" Austria and Luxembourg. The ministers' initial attempts to force Austrian and Luxembourgish officials into complying with requests for co-operation in the exchange of tax information have now been replaced by a softer approach. Organisation for Economic Co-operation and Development (OECD) regulations do not force countries to co-operate with such requests and Austria wants fellow EU member states to respect this.

Labour Market Restrictions Set to Remain in Place Until 2011: The European Commission has accepted the arguments of the Austrian government for upholding labour market restrictions on citizens from Central and Eastern European member states of the EU in certain sectors. The government has primarily pointed to the sharp economic downturn to justify its decision. However, the Commission has urged Austrian officials to ensure that the labour market is prepared for liberalisation in 2011. The expected public outcry in Austria over this liberalisation has thus merely been postponed.


Construction02 25.9 -3.4%



Real Estate 01 36.4 -4.2%

Wholesale Trade 03 23.8 -3.8%

Health & Social Services05 21.9 +1.6%

Business Services04 23.3 -3.2%

Public Administration & Defence06 20.9 +3.1%

Retail Trade07 20.9 -2.2%

Education08 19.8 +1.5%

Hotels & Restaurants09 17.2 -3.8%

Banking & Related Financial10 13.6 -5.5%

Business Environment > Basic Indicators

1.8%

-3.4%

1.8% 1.9% 1.8% 1.8%

3.4%3.4%

1.6%

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Austria – TYPE 1 OfficeInsurance Environment > Key Stakeholders and Events

Major Insurers Generali > www.generali.at Wiener Staedtische > www.wienerstaedtische.at UNIQA > www.uniqua.at Allianz > www.allianz.at Donau > www.donauversicherung.at Zurich > www.zurich.at Grazer Wechselseitige > www.grawe.at Oberosterrichische > www.keinesorgen.at Niederoesterreichische > www.noev.at Wuestenrot > www.wuestenrot.at






Global Opportunities for insurance indicators > www.lloyds.com/marketintelligence

Association Verband der Versicherungsunternehmen > www.vvo.at

Regulator Bundesministerium fuer Finanzen > www.fma.gv.at








13,095

107,393

11,876

115,725

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Austria UK

2007 2008

1,276

1,569

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Austria UK

2008 Density



Austria – TYPE 1 OfficeLloyd’s Business > Office Details

Lloyd’s General representative

Dr Harald SvobodaKubac, Svoboda & KirchwegerRechtsanwälte (GbR)Kantgasse 31010 WienAustria

TELEPHONE+43 (0)1 713 07 13

FAX+ (43-1) 713 24 21

EMAIL> [email protected]

WEBSITE> www.lloyds.com/austria

Lloyd’s Business > Key Statistics, Trading Position and Market Intelligence 2009 Lloyd’s Gross Signed Premiums Trading Position

Total: USD 41m*

Direct: USD 16m*


* See: Data limitations for detail; figures are rounded and may not add up to total

Services: Yes

Establishment: Yes

Reinsurance: Yes



Market Relations Manager

Mr Volker Eutebach TELEPHONE+49 (0)69 5970253

FAX+49 (0)69 550926



Market Intelligence



> Managing Agent Version> Europe > Eastern Markets



Belgium – TYPE 2 Office

Profile



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Business Environment > Strengths & Challenges

Business Environment > Basic IndicatorsGross Domestic Product (GDP) (at constant prices; billion USD)

Rankings

Ease of Doing Business Belgium ranks 19th out of 181 countries

Global Competitiveness Belgium ranks 19th out of 134 countries



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Belgium – TYPE 2 Office




Recurring Political Stalemate: In April 2010, Prime Minister Yves Leterme offered his resignation for the third time since the 2007 parliamentary election following the resignation of a key coalition ally. Administrative reforms, particularly regarding greater regional fiscal autonomy, have poisoned relations between the ruling parties. The ongoing disputes do not threaten the country's overall stability, but progress on administrative and economic reforms will remain sluggish at best.

Higher Oil Prices Main Risk to Near-Term Economic Growth: Rising global oil prices and a recently weaker euro could push consumer price inflation higher in the near term. This would restrict purchasing power and limit private consumption, thus hampering the fragile economic recovery.

Fiscal Position Deteriorating: No improvement in the fiscal position is expected in the near term as the government is continuing to pursue an expansionary fiscal policy to help the fragile economy. As a result, the country's public debt will continue its upward trend in the near term and remain very high by Eurozone standards.

Tax Disputes Still Possible Despite Removal from OECD "Grey List": Belgium was quickly removed from the Organisation for Economic Co-operation and Development's (OECD) "grey list" after the government managed to sign the requisite 12 revised double-taxation agreements between April and July 2009. The new treaties increase the scope for co-operation between Belgian tax authorities and foreign public investigators in cases of suspected tax evasion. However, disputes may still occur since the new treaties—based on the OECD Model Tax Convention—offer considerable room for refusal to co-operate.

Fate of Fortis Bank Haunts Government: The government is constantly being reminded of its shortcomings during negotiations over the fate of financial services group Fortis. It is determined to break up the entity, yet minority shareholders are pushing for an improved offer. Talks are being held under the aegis of a court-appointed panel of experts. The general line is that shareholders will be consulted further but that the break-up will ultimately go ahead.


0.8%

-3.0%

1.4% 1.5%1.9% 1.9%

2.8%2.8%

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2006 2007 2008 2009 2010 2011 2012 2013 2014

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Real Estate02 42.5 -5.6%


Business Services 01 51.1 -2.3%

Public Admin. & Defence 03 33.1 +2.8%

Wholesale Trade05 31.9 -4.6%

Health & Social Services04 32.2 -0.2%





Supporting Transport Services10 14.4 -4.6%


Belgium – TYPE 2 OfficeInsurance Environment > Key Stakeholders and Events

Major Insurers AXA > www.axa.be BNP Paribas Fortis > www.fortis.be Ethias > www.ethias.be KBC > www.kbc.be Winterthur (AXA) > www.winterthur.com Dexia > www.dexia.be Allianz > www.allianz.be DKV > www.dkv.be Vivium > www.vivium.be Mercator > www.mercator.be




Association Insurance Companies' Association > www.assuralia.be

Regulator Banking, Finance and Insurance Commission > www.cbfa.be







1,2761,277

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Belgium UK

2008 Density

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107,393

14,527

115,725

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Belgium UK

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Belgium – TYPE 2 OfficeLloyd’s Business > Office Details


Mr Alexis FonteinUnderwriters' in Belgiumc/o D’Hoine & MackaySchalienstraat 302000 AntwerpBelgium

TELEPHONE+32 3470 2309

FAX+32 3470 2317


WEBSITE> www.lloyds.com/belgium


Services: Yes

Establishment: Yes

Reinsurance: Yes




Market Intelligence



> Managing Agent Version> Europe > Small Markets


Total: USD 111m*

Direct: USD 77m*




Cyprus – TYPE 2 Office

Profile



Lloyd’s Business

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Ease of Doing Business Cyprus ranks N/A out of 181 countries

Global Competitiveness Cyprus ranks 40th out of 134 countries



N/A

40


Cyprus – TYPE 2 Office

Business Environment Lloyd’s Business



Business Environment > KEY ISSUES To WatchPotential Costs of Reunification Top 9 billion Euro: Most recent estimates have put the potential cost of reunification at 9 billion euro, with the international community likely to be asked to make up a substantial shortfall in public finances. However, the potential economic benefits of reunification far outstrip this, with the island's principal sectors—tourism and construction—expected to receive a major boost, as well as improving the general business environment.

Slack Economic Activity, Burst Property Bubble Exacerbating Fiscal Gap: Cyprus had undertaken aggressive steps to bring its public-sector deficit and public debt within the Maastricht criteria in order to join the Eurozone. However, in the lacklustre European economic environment, and with the downward correction in asset values, tax receipts are affected, whereas the social safety net has required additional expenditure. The pension system will also experience problems, as it was already in need of reform, given an ageing population.

Shaky Consumer Confidence in Western Europe Likely to Affect Critical Tourism Sector: The tourism sector is important to the economy, accounting for a larger share of value added than industry, and helping to balance the chronic deficit on merchandise trade. Record low consumer confidence and tighter household budgets in Western Europe resulted in cancelled holidays in 2009 and, given stubborn unemployment and concern over the impact of fiscal reform across the region, we are unlikely to see much of a recovery in 2010.

Net Inflows on Non-Factor Services and Foreign Direct Investment Play a Critical Role in Providing Financing for External Trade Gap: Cyprus' imports continue to massively outweigh the island's goods exports. Typically, it has substantially offset that gap with large surpluses on non-factor services. However, lacklustre consumer demand in key economies is eroding tourism receipts, as well as receipts from financial services in this popular offshore banking centre. Although import demand has also slackened, a large merchandise trade deficit will still be registered.

Immigration Policy Facing Overhaul: There is a pressing need for a general overhaul of Cyprus' immigration policy, not only to bring it into line with European Union guidelines, but also with reality, and the economy's needs. However, any attempts at reform are likely to be met with suspicion because of the high seasonal influx of illegal immigrants arriving on the island every year. This reluctance has been exacerbated by the economic downturn and subsequent public reluctance to tolerate high spending on policies designed to integrate immigrants.



3.6%

-1.7%

3.5%3.9%

3.5%3.2%

4.4%4.0%

0.9%

0

10

20

30

40

2006 2007 2008 2009 2010 2011 2012 2013 2014

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%



Cyprus – TYPE 2 OfficeInsurance Environment > Key Stakeholders and Events

Major Insurers Laiki > www.laiki.com General Insurance of Cyprus > www.gic.com.cy Pancyprian Insurance > www.hellenicbank.com Cosmos > www.cosmosinsurance.com.cy Atlantic > www.atlantic.com.cy Universal Life > www.universallife.com.cy American Home > www.aigcyprus.com Minerva > www.minerva.com.cy Commercial General > www.cgi.com.cy Alpha Insurance > www.alphabank.com.cy




Association Insurance Association of Cyprus > www.iac.org.cy

Regulator Insurance Companies Control Service > www.mof.gov.cy







528

107,393

455

115,725

0

30,000

60,000

90,000

120,000

150,000

Cyprus UK

2007 2008

1,276

611

0

200

400

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800

1,000

1,200

1,400

Cyprus UK

2008 Density







Cyprus – TYPE 2 OfficeLloyd’s Business > Office Details


Ms Marianna PapadakisLloyd's Cyprus Limited195 Arch Makarios lll AvenueNeocleous HouseLimassol 3030Cyprus

TELEPHONE+44 0207 327 6802

FAX+44 0207 327 5255


WEBSITE> www.lloyds.com/cyprus


Services: Yes

Establishment: Yes

Reinsurance: Yes




Market Intelligence





Total: USD 45m*

Direct: USD 32m*




Denmark – Type 1 Office

Profile



Lloyd’s Business

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Rankings

Ease of Doing Business Denmark ranks 5th out of 181 countries

Global Competitiveness Denmark ranks 3rd out of 134 countries



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Denmark – TYPE 1 OfficeNorth America Latin America Europe IMEA Asia Pacific


Business Environment > KEY ISSUES To WatchWorsening Competitive Position is a Risk to Exports: High and rising labour costs coupled with a strong currency are hurting Denmark's currently strong competitive position. The trade balance turned to deficit in 2008 although it moved back to a small surplus in 2009. The situation could worsen, however, in the near term as rising labour and input costs, in conjunction with a stronger krone, will make Danish exports increasingly expensive.

A Prolonged Housing-Market Slump is Main Near-Term Risk to Domestic Demand: Indeed, house prices declined markedly in 2008-2009, following double-digit annual increases for several years up until late 2007. If the housing market slump was to continue in 2010, consumer confidence and spending will not recover as we expect. In turn this would limit overall growth and the activity in the construction sector, in particular. New Government, Old Remedies: Against the high odds, the Danish Prime Minister Anders Fogh Rasmussen managed to push through his candidacy for NATO General Secretary. His successor is the previous Finance Minister Lars Løkke Rasmussen, with whom Fogh Rasmussen shares the same outlook on how to resolve the economic downturn. Løkke Rasmussen has announced strikingly similar policies to see the government through to the parliamentary election in 2011. Yet he may have to deviate strongly as time progresses to keep government-friendly deputies in check and thus punch above the true weight of the ruling parties in parliament.

Danish Government Backtracks on Holding EU Integration Referenda Soon: The financial and economic crises have reduced the willingness of the Danish government to hold referenda on greater integration into the European Union anytime soon. Back in August 2008, the Danish government was supposed to set the agenda for holding referenda on current Danish opt-outs, notably the euro. Yet the Irish no-vote on the EU Reform Treaty and the crises have upset the plan. At this stage, the government is not expected to announce any dates before late 2010/early 2011, when the economy is expected to have recovered slightly.

Danish Banking Sector Receives Significant Makeover: The government is coming to the rescue of troubled Danish banks in order to stabilise the economy. Yet, the 100-billion-kroner rescue package comes with far-reaching conditions. Banks taking up the funds should lend preferably to small- and medium-sized enterprises, managers should not earn more than 20% of their salaries in bonuses, and the Financial Supervisory Authority will have a greater say in the running of the banks. Loans are available between June 2009 and 2012 at a loan interest of 9-12%.





Health & Social Services 01 32.5 +1.8%

Wholesale Trade 03 18.9 -3.6%

Public Admin. And Defence05 17.9 +2.5%





Oil and Gas Mining09 12.1 -3.8%


Business Environment > Basic Indicators


-0.7%

-4.8%

1.7% 1.9% 2.0% 2.2%2.1%

3.4%

1.4%

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014

-6%

-5%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%


Denmark – Type 1 OfficeInsurance Environment > Key Stakeholders and Events

Major Insurers Tryg Skade > www.tryg.dk Topdanmark > www.topdanmark.dk Codan (RSA) > www.codan.dk Alm. Brand > www.almbrand.dk Danmark > www.sygeforsikring.dk IHI Denmark (Bupa) > www.ihi.com Alka > www.alka.dk Nykredit > www.nykredit.dk GF-Forsikring > www.gf-forsikring.dk Danske Forsikring > www.danskeforsikring.dk




Association Forsikring & Pension > www.forsikringenshus.dk

Regulator Insurance Supervisory Authority > www.ftnet.dk





Insurance Environment Lloyd’s Business


11,367

107,393

10,244

115,725

0

30,000

60,000

90,000

120,000

150,000

Denmark UK

2007 2008

1,276

1,750

0

500

1,000

1,500

2,000

Denmark UK

2008 Density








Denmark – Type 1 OfficeLloyd’s Business > Office Details


Mr Jes Anker MikkelsenLloyd’s c/o Bech-BruunLangelinie Allé 35DK-2100CopenhagenDenmark

TELEPHONE+45 (0)7227 3586

FAX+45 (0)7227 0027


WEBSITE> www.lloyds.com/denmark


Services: Yes, other than aircraft liability

Establishment: Yes, other than life insurance, suretyship, credit or tourist assistance

Reinsurance: Yes


Insurance Environment Lloyd’s Business

Nordic Area Manager

Mr Erik BorjessonStureplan 4c4th FloorStockholm114 35 Sweden

TELEPHONE+00 46 705 399 982



Market Intelligence



> Managing Agent Version> Europe > Nordic Markets


Total: USD 180m*

Direct: USD 114m*







Profile



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France – Type 3 OfficeNorth America Latin America Europe IMEA Asia Pacific


France – Type 3 Office


Ease of Doing Business France ranks 31st out of 181 countries

Global Competitiveness France ranks 16th out of 134 countries



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Business Environment > KEY ISSUES To WatchGovernment Reform Zeal Worries Local Authorities: The government introduced a number of proposed reforms to the regional administrative system in October 2009, leading to much consternation among the local authorities. Although plans to transfer greater powers to the local level have been welcomed, many of the proposed reforms have come in for heavy criticism. The main bone of contention is the decision to scrap the business tax, which has been a lifeline for many local governments but a huge burden on many businesses. The government's success in decentralising administration will hinge to a large extent on how well the business tax's replacement, the "territorial economic contribution" (CET), is applied.

Government Looks to Address Work-Related Stress: A wave of suicides at France Télécom, the country's leading operator in the fixed-line and mobile sectors, has led to criticism of French labour regulations. Between January 2008 and October 2009, 25 France Télécom staff members took their own lives, something trade unions have blamed on the company's management style. A government inquiry into work-related stress is set to be completed in February 2010, culminating in an action plan to improve employees' wellbeing without jeopardising companies' profits.


Economic Recovery Likely to Be Laboured: Increasing unemployment, still tight credit conditions, the need to reduce the large fiscal deficit, and the phasing out of the successful car scrappage scheme will limit economic growth going forward. IHS Global Insight's April 2010 forecast sees GDP rising by 1.3% in 2010 and by 1.5% in 2011, following contraction of 2.2% in 2009.

Draft 2010 Budget Foresees Record Deficit and Debt Levels: The 2010 budget keeps in place most of the stimulus measures implemented in 2009. The fiscal shortfall is expected to stand at 8.5% in 2010, up from an anticipated 8.2% in 2009 and well above the European Union's (EU) 3%-of-GDP limit. Higher deficits are projected to take the total stock of government debt to a staggering 84% of GDP in 2010 and to 91% by 2013.

Labour Market Unlikely to Improve Before H2 2010: GDP growth in recent quarters has been insufficient to create jobs. Indeed, firms are still reluctant to add to their workforces as a result of weak demand and excess capacity levels. Encouragingly, business confidence has improved in recent months, albeit from a very low base. All in all, we expect the unemployment rate to average 10.1% in 2010 and 9.8% in 2011, up from an estimated 9.3% in 2009.

Business Environment Insurance Environment



0.1%

-2.5%

1.5%

1.9%2.2%

2.6%2.3%2.4%

1.3%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2006 2007 2008 2009 2010 2011 2012 2013 2014

-3%

-2%

-1%

0%

1%

2%

3%

Business Services02 246 -1.6%

Real Estate 01 376.9 +0.4%



Public Admin. & Defence04 188.9 +0.7%


Education07 135.2 +1.1%



Computing & Related Services10 64.3 -0.5%


France – Type 3 OfficeInsurance Environment > Key Stakeholders and Events

Major Insurers Covea > www.covea.fr Axa > www.axa.fr Groupama > www.groupama.fr AGF Allianz > www.allianz.fr Generali > www.generali.fr Macif > www.macif.fr MAIF > www.maif.fr ACM > www.acm.fr Credit Agricole / Lyonnais > www.credit-agricole.com Swiss Life > www.swisslife.fr




Association Federation Française des Societes d'Assurances > www.ffsa.com

Regulator Secrétariat du Comité des entreprises d'assurance > www.ceassur.fr







91,861107,393

83,229

115,725

0

30,000

60,000

90,000

120,000

150,000

France UK

2007 2008

1,276

1,339

1,240

1,260

1,280

1,300

1,320

1,340

1,360

France UK

2008 Density







France – Type 3 OfficeLloyd’s Business > Office Details


Mr Guy-Antoine de La Rochefoucauld Lloyd's France SAS 4 rue des Petits Pères 75002 Paris France

TELEPHONE+33 1 42 60 43 43

FAX+33 1 42 60 14 41


WEBSITE> www.lloyds.com/france


Services: Yes

Establishment: Yes, except life assistance

Reinsurance: Yes




Market Intelligence



> Managing Agent Version> Europe > France


Total: USD 691m*

Direct: USD 368m*




Germany – TYPE 3 Office

Profile



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Ease of Doing Business Germany ranks 25th out of 181 countries

Global Competitiveness Germany ranks 7th out of 134 countries



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Business Environment > KEY ISSUES To WatchRegional Election in North Rhine-Westphalia Casts Shadow: Tensions between the centre-right government coalition partners are set to grow again after the dismal performance of the senior ruling Christian Democratic Union (CDU) at the key May 2010 regional election in Germany's most populous state, North Rhine-Westphalia. The CDU and Free Democratic Party (FDP) had put a lid on simmering tensions ahead of the poll, but disagreements on tax and health-care reforms and possibly Afghanistan are now likely to come to the fore.

Financial Sector Problems Remain Burden Despite Economic Recovery: Weakening financial sector balance sheets will depress domestic demand for a lengthy period because of persistently tight lending conditions, but exports are being fuelled with growing momentum by solid global growth. Leading indicators such as the Ifo index need to be monitored closely for any signs that improving external demand is faltering again during 2010.

ECB Will Keep Foot on Accelerator for Extended Period: As inflation temporarily turned negative during the third quarter of 2009 and currently remains subdued, the European Central Bank (ECB) will keep its key interest rate at the current record low of 1.00% during 2010. Any "non-standard" measures aimed at supporting liquidity and bank lending will be phased out only very gradually and with great care in order to prevent a renewed banking sector crisis.

Consumption Set to Remain Weak for Most of 2010: Consumer spending was supported throughout the worst months of the 2008–09 recession by lagged effects of previous employment and wage growth, sharply declining inflation, the increase in the savings rate over the last decade (creating pent-up demand), fairly strong pension increases in July 2009, and various fiscal stimulus measures. These factors are absent or will disappear in 2010, and unemployment should show a lagged increase, placing a burden on private consumption.

Labour Market Restrictions on East European EU Citizens Remain in Place: Germany managed to convince the European Commission in June 2009 of the need to keep these restrictions in place until 2011 in light of the sharp economic downturn, despite protests from the governments of the affected Central and Eastern European countries. By delaying the relaxation of these restrictions, the government may have merely postponed a domestic outcry on the issue; such a reaction seems inevitable, especially if unemployment continues to increase amid sluggish economic growth.





Real Estate 01 400.2 -1.6%





Education07 143.9 +2.1%


Sanitation, Trade Organisations09 93.2 +1.0%


1.0%

-4.9%

1.8% 1.9% 1.8% 1.9%

2.6%

3.4%

1.8%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2006 2007 2008 2009 2010 2011 2012 2013 2014

-6%

-5%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%


Germany – TYPE 3 OfficeInsurance Environment > Key Stakeholders and Events

Major Insurers Allianz > www.allianz.com HDI-Gerling > www.hdi-gerling.com AXA > www.axa.com R + V Allgemeine > www.ruv.de Zurich > www.zurich.com Victoria > www.victoria.de Wuerttembergische > www.wuerttembergische.de Gothaer > www.gothaer.de Huk Coburg > www.huk.de




Association GDV > www.gdv.de

Regulator Bafin > www.bafin.de







131,807

107,393121,446 115,725

0

30,000

60,000

90,000

120,000

150,000

Germany UK

2007 2008

1,276

1,573

0

500

1,000

1,500

2,000

Germany UK

2008 Density







Germany – TYPE 3 OfficeLloyd’s Business > Office Details


Mr Burkard von Siegfried Niederlassung für Deutschland Gärtnerweg 3 60322 Frankfurt Deutschland

TELEPHONE+ 49 (0)69 5970253

FAX+ 49 (0)69 550926


WEBSITE

> www.lloyds.com/germany


Services: Yes

Establishment: Yes

Reinsurance: Yes



Market Relations Manager

Mr Volker Eutebach TELEPHONE+49 (0)69 5970253

FAX+49 (0)69 550926



Market Intelligence



> Managing Agent Version> Europe > Germany


Total: USD 511m*

Direct: USD 271m*






Greece – Type 2 Office

Profile



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Greece – Type 2 Office


Ease of Doing Business Greece ranks 96th out of 181 countries

Global Competitiveness Greece ranks 67th out of 134 countries



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Business Environment > KEY ISSUES To WatchMarket Pressure Shows No Sign of Abating: Rating agency Standard and Poor's (S&P) downgraded Greece's sovereign rating to "junk" status in April 2010, the first time this has happened to a Eurozone member, triggering a sharp increase in bond spreads and credit default swaps. The government must not only achieve the planned reduction in the fiscal shortfall in 2010—from 13.6% to 8.1% of GDP—but it must also announce how the deficit will be brought down in 2011 and 2012 and implement reforms to improve the long-term sustainability of the public finances if it is to have any chance of succeeding.

Economy Will Contract Sharply in 2010: A "flash" estimate released in May 2010 suggested Greek GDP plunged during the first quarter of the year. IHS Global Insight expects the dip in activity to intensify during the coming quarters. Private consumption will come under intense pressure as a result of higher unemployment, weaker wage growth, and significantly tighter fiscal policy, including a higher value-added tax (VAT) rate. Moreover, a reduced availability of credit and concerns about the economic outlook will not only deter households from consuming, but will also weigh down on investment expenditure, which will also be hit by large spare capacity levels and plunging demand. Improving external demand and the recent depreciation of the euro should help exports, but gains will be limited by the weak external competitiveness of Greece's export sector.Government's Austerity Measures Spark Wave of Demonstrations: Since returning to power in October 2009, the ruling Panhellenic Socialist Movement (PASOK) has announced a number of austerity packages aimed at resuscitating the economy and regaining the trust of international markets. The tightening measures, however, have not been welcomed by the trade unions and throughout the first quarter of 2010 Greece experienced a series of nationwide protests, paralysing most of the country's public services. Social tensions are likely to continue in the near future.

New Tax Reforms to Curb Evasion and Shift Burden to Wealthy: In a bid to increase state revenues, the PASOK government has proposed a new tax reform that will shift the tax burden onto high earners (mainly by changing income tax brackets and through the introduction of a 45% income tax rate) and attempt to crack down on widespread tax evasion. The corporate tax rate is still set to decrease from the current 25% to 20% by 2014.

Unemployment Will Continue to Increase, Putting Private Consumption Under Pressure: Falling demand levels, tight credit conditions, squeezed margins, and uncertainly over the economic outlook are weighing down on firms' hiring decisions. IHS Global Insight believes that higher unemployment, combined with significantly tighter fiscal conditions, will keep private consumption—which represents around 70% of Greek GDP—in the doldrums throughout 2010.






Hotels & Restaurants 03 24.3 -1.4%


Construction04 23.2 +1.2%




Water Transport09 12.6 -2.3%

Agriculture10 12.3 +3.9%

2.0%

-2.0%

-1.2%

0.9%

2.5%3.0%

4.5%4.5%

-3.8%

0

50

100

150

200

250

300

350

400

2006 2007 2008 2009 2010 2011 2012 2013 2014

-5%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%


Greece – Type 2 OfficeInsurance Environment > Key Stakeholders and Events

Major Insurers Ethniki > www.ethniki-asfalistiki.gr Interamerican > www.interamerican.gr Agrotiki > www.agroins.com Intersalonika > www.intersalonika.gr Aspis > www.aspis.gr Ydrogios > www.ydrogios.gr Commercial Value > www.commercialvalue.gr Groupama > www.groupama.gr International Union General Union




Association Association of Insurance Companies > www.eaee.gr

Regulator Private Insurance Supervisory Committee > www.pisc.gr







3,224

107,393

2,912

115,725

0

30,000

60,000

90,000

120,000

150,000

Greece UK

2007 2008

1,276

287

0

200

400

600

800

1,000

1,200

1,400

Greece UK

2008 Density







Greece – Type 2 OfficeLloyd’s Business > Office Details


Services: Yes

Establishment: Yes

Reinsurance: Yes




Ms Marianna PapadakisOffice in Greece25A Boukourestiou Street106 71 AthensGreece

TELEPHONE+44 0207 327 6802

+30 210 363 9156

FAX+44 0207 327 5255


WEBSITE> www.lloyds.com/greece


Market Intelligence





Total: USD 221m*

Direct: USD 166m*




Ireland – Type 3 Office

Profile



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Ease of Doing Business Ireland ranks 7th out of 181 countries

Global Competitiveness Ireland ranks 22nd out of 134 countries



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Business Environment > KEY ISSUES To WatchIrish "Bad Bank" Scheme Starts to Operate: In March 2010, the long-awaited "bank bad" scheme was finally launched in Ireland to take ownership of banks' loans arising from the property market. The National Asset Management Agency (NAMA) will now buy loans from the country's largest banks and building societies. The government hopes that the scheme will allow Irish banks to recover from their bad loan problems. However, critics are sceptical about the scheme's long-term effectiveness.

Economy Still Under Intense Pressure, But Worst Now Over: IHS Global Insight's February forecast foresees GDP contracting only modestly in 2010, following a sharp fall in 2009. Although several short-term indicators suggest there was a noticeable improvement in economic conditions during the first quarter of 2010, the recovery will be extremely laboured. The government has tightened its fiscal policy significantly in order to deal with the huge deficit, while unemployment is expected to continue to increase despite the country's exit from recession. Additionally, tight credit conditions, still plummeting house prices, and large excess capacity will limit the recovery during the coming quarters.


Prices Expected to Continue to Fall Until Mid-2010: Consumer prices started to contract on an annual basis in January 2009 and are likely to continue to fall over the coming months. Although base effects stemming from the record oil prices recorded in 2009 will be increasingly negative—driving the headline inflation figure up—still very weak demand, large excess capacity levels, and increasing competition will continue to dent firms' pricing power, keeping inflation at bay.

Demand for Irish Government Bonds Will Remain Strong: Ireland's government has already raised more than 50% of its total bond issuance for 2010. The latest bond auction, carried out in mid-March, paid the lowest spreads vis-à-vis comparable German bonds in more than a year, showing that investors' appetite for Irish debt is still robust. Ireland has differentiated itself from other highly indebted Eurozone countries by implementing one of the toughest budgets in its history, and the country is expected to meet its funding requirements for 2010 comfortably.

Business Ties with Northern Ireland Have Improved Markedly: Irish business organisations and government agencies have recently pushed for better relations with the economically booming Northern Ireland. Taoiseach (Prime Minister) Brian Cowen and Northern Irish first minister Peter Robinson plan to boost investment opportunities both in Northern Ireland and the Republic of Ireland by, among other things, facilitating worker mobility and acknowledging entitlement to social security benefits. The Northern Irish authorities will have to overcome the shortcomings in the political arena as relations between nationalist and unionist leaders are still strained.

Health & Social Services 02 18.7 -4.1%



Construction 01 20.6 -20.2%






Education08 11.6 -2.7%

Public Admin. & Defence09 10.9 -0.7%

Computing & Related Services10 10.1 -11.2%

-3.0%

-7.1%

2.5%3.0%

3.4%3.8%

6.0%5.4%

-0.4%

0

50

100

150

200

250

300

2006 2007 2008 2009 2010 2011 2012 2013 2014

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%


Insurance Environment > Key Stakeholders and Events

Major Insurers Hibernian (Aviva) > www.hibernian.ie Quinn > www.quinn-direct.com Allianz > www.allianz.ie FBD > www.fbd.ie AXA > www.axa.ie RSA > www.rsa.ie Zurich > www.zurich.ie Irish Public Bodies > www.ipb.ie AIG > www.aig.ie Combined > www.combinedinsurance.ie

Insurance Environment > Key Statistics


Gross Written Premiums (GWP) (direct non-life GWP at constant prices; million USD)



Association Irish Insurance Federation > www.iif.ie

Regulator The Financial Regulator > www.ifsra.ie







1,276

1,315

1,200

1,250

1,300

1,350

1,400

Ireland UK

2008 Density

10,863

107,393

10,212

115,725

0

30,000

60,000

90,000

120,000

150,000

Ireland UK

2007 2008







Ireland – Type 3 OfficeLloyd’s Business > Office Details


Services: Yes, except permanent health insurance

Establishment: Yes, except permanent health insurance Reinsurance: Yes



Mr Eamonn P Egan Lloyd’s Ireland Representative Limited 7-8 Wilton TerraceDublin 2Ireland

TELEPHONE+35 31631 3600


WEBSITE> www.lloyds.com/ireland



Market Intelligence



> Managing Agent Version> Europe > Ireland




Total: USD 248m*

Direct: USD 169m*




Israel – Type 2 Office

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Israel – Type 2 Office


Ease of Doing Business Israel ranks 30th out of 181 countries

Global Competitiveness Israel ranks 23rd out of 134 countries



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Business Environment > KEY ISSUES To WatchRight-Wing Parties Score Overall Parliamentary Majority: The hard-line leader of Israel’s Likud party was selected to form the next government after right-wing parties scored an impressive victory in last February’s general elections. Israel’s political system, which forces the formation of multi-party coalitions, is such that at most times it remains inherently unstable. The next government will clearly be no exception. Prospects for the resumption of comprehensive peace talks with the Palestinians appear increasingly bleak.

The Israeli Economy Emerges from Recession: With the major economies of the world stabilising and returning to growth in the second quarter of 2009, we expect the Israeli economy to contract 0.5% this year. Consumer spending, exports, and investment, though weak the first quarter, have begun to recover and should continue growing into 2010. Strong monetary stimulus has lifted the economy out of its downturn, though growth going forward will be slower than had been before the global financial crisis.


Inflation Concerns Re-Emerge: Disinflation caused by the global economic crisis has ended, and with the rise in commodity prices, especially crude oil, inflation concerns have reemerged. After falling the first two months of the year, consumer prices have risen more than expected through the second quarter and into the third quarter. Though wholesale inflation should remain contained, consumer inflation is expected to exceed the Bank of Israel's 1—3% target for the year.

Budget Deficit Continues Growing: The recent approval of the 2009-10 state budget included an across the board cut at all ministries, as well as measures to generate additional revenue. Nevertheless, the budget deficit has continued to increase as tax revenues have declined, while social services, especially unemployment compensation continue to grow. The budget deficit is forecast to exceed 7% of GDP in 2009 and 2010 before declining.

Hopes Fade for Israeli-Palestinian Peace: Israeli-Palestinian peace talks have made little tangible progress since the Annapolis peace talks which were launched in December 2007. The pace of Jewish settlement expansion, deemed a major obstacle to peace, has also quickened over the past two years. Any remaining optimism was again shattered with triumph of Israel’s far-right parties at the 2009 elections. Much to the dismay of the international community, Likud leader Binyamin Netanyahu has thus refused to throw his weight behind a two-state solution which would require Israel to cede almost all Palestinian territory currently under Israeli control, arguing that the risk that the new state’s institutions could be usurped by Hamas remains too high.




Real Estate 01 17.6 +1.6%

Education 03 14.1 +4.5%



Banking & Related Financial06 10.0 +1.6%

Retail Trade07 9.3 +1.7%



Telecommunications10 5.7 +1.7%

4.0%

0.7%

4.8%

5.2% 5.1%4.9%

5.2%5.3%

3.3%

0

50

100

150

200

250

300

2006 2007 2008 2009 2010 2011 2012 2013 2014

0%

1%

2%

3%

4%

5%

6%


Israel – Type 2 OfficeInsurance Environment > Key Stakeholders and Events

Major Insurers Harel > www.harel-group.com Clal > www.clalbit.co.il Menorah > www.menoramivt.co.il Phoenix > www.fnx.co.il Migdal > www.migdal.co.il Ayalon > www.ayalon-ins.co.il Eliahu > www.eliahu.co.il IDI > www.555.co.il ILD > www.ildinsur.co.il AIG > www.aig.co.il




Association Israel Insurance Association > www.igudbit.org.il

Regulator Ministry of Finance > www.mof.gov.il







5,381

107,393

4,550

115,725

0

30,000

60,000

90,000

120,000

150,000

Israel UK

2007 2008

1,276

764

0

200

400

600

800

1,000

1,200

1,400

Israel UK

2008 Density







Israel – Type 2 OfficeLloyd’s Business > Office Details


Direct: Yes

Reinsurance: Yes



Mr Jonathan GrossGibor Sport Bldg.7 Menachem Begin Rd.Ramat Gan 52521Israel

TELEPHONE+972 (0)3 612 2233

FAX+972 (0)3 612 2233


WEBSITE> www.lloyds.com/israel



Market Intelligence





Total: USD 127m*

Direct: USD 62m*




Italy – TYPE 3 Office

Profile



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Ease of Doing Business Italy ranks 65th out of 181 countries

Global Competitiveness Italy ranks 49th out of 134 countries



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Italy – TYPE 3 Office




Business Environment > KEY ISSUES To WatchEconomic Recovery Has Resumed: Real GDP shrank unexpectedly in the final quarter of 2009. However, IHS Global Insight believes that the recovery resumed in early 2010, although the pace will be gradual as the economy contends with faltering Eurozone growth, the winding down of fiscal stimulus measures across the European Union (EU), and the ending of car scrappage schemes in both Italy and key export markets. In addition, the government needs to implement an aggressive debt consolidation programme. Consequently, we expect real GDP to grow by 0.5% in 2010, 1.0% in 2011, and 1.3% in 2012, according to our April interim forecast.

Business Confidence Recovering, But Still Low: Businesses remain under significant, albeit diminishing pressure from shrinking profit margins, muted sales, and at best modest assessments of both the domestic and Eurozone economies. Consequently, business investment is expected to remain subdued in 2010 despite firms needing to renew their machinery and equipment after a prolonged period of depressed spending.


Labour Market Will Deteriorate: Demand for labour is projected to cool further in 2010 as the pace of economic recovery is likely to be uneven during the period. Falling employment will result in a higher unemployment rate, which is expected to rise to 9.1% in late 2010. It had fallen to 6.1% in early 2007, the lowest level since 1975.

Constitutional Changes to Resurface: Prime Minister Silvio Berlusconi's attempts to provide himself with immunity from prosecution are likely to put the issue of constitutional change at the top of the political agenda. His efforts to establish permanent immunity through legislative changes have so far been thwarted by the Constitutional Court, but given that the premier is still facing three corruption trials he is likely to step up his attempts to secure immunity in the coming months.

Natural Disasters Increase Pressure on Government: A spate of natural disasters in 2009, including a severe earthquake in central Italy and a mudslide in Sicily, has increased pressure on the government both from a fiscal and operational perspective. The natural disasters have put pressure on the government to pledge multi-billion-euro aid packages that it can ill afford. The reconstruction programmes have also raised pressure on the administration to clamp down on corruption in order to prevent the funds from falling into the hands of organised criminal groups.




Real Estate 01 286.2 -2.3%





Education07 106.0 +2.0%



Land Transport10 77.9 -3.0%

-1.3%

-5.1%

1.2% 1.3% 1.5% 1.4%1.4%

2.1%

0.8%

0

500

1,000

1,500

2,000

2,500

2006 2007 2008 2009 2010 2011 2012 2013 2014

-6%

-5%

-4%

-3%

-2%

-1%

0%

1%

2%

3%


Italy – TYPE 3 OfficeInsurance Environment > Key Stakeholders and Events

Major Insurers Allianz > www.allianz.it Fondiaria-SAI > www.fondiaria-sai.it Generali > www.generali.it Compagnia Di Ass Di Milano > www.milass.it Aurora > www.auroraassicurazioni.it INA > www.auroraassicurazioni.it Unipol > www.unipol.it Toro > www.toroassicurazioni.it AXA > www.axa-italia.it Zurich > www.zurich.it









Association ANIA > www.ania.it

Regulator Insurance Supervisory Institute > www.isvap.it


1,276

921

0

200

400

600

800

1,000

1,200

1,400

Italy UK

2008 Density

58,066

107,393

54,137

115,725

0

30,000

60,000

90,000

120,000

150,000

Italy UK

2007 2008







Italy – TYPE 3 OfficeLloyd’s Business > Office Details


Mr Enrico BertagnaCorso Garibaldi 8620121 MilanoItaly

TELEPHONE+ 39 02 637 8881

FAX+ 39 02 637 8881


WEBSITE> www.lloyds.com/italy


Services: Yes

Establishment: Yes, except motor liability, surety and life insurance

Reinsurance: Yes




Market Intelligence



> Managing Agent Version> Europe > Large Markets


Total: USD 621m*

Direct: USD 388m*




Malta – Type 2 Office

Profile



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Malta – Type 2 Office


Ease of Doing Business Malta ranks N/A out of 181 countries

Global Competitiveness Malta ranks 52nd out of 134 countries



N/A

52





Business Environment > KEY ISSUES To WatchRe-Domiciliation of Off-Shore Companies to Become Easier: In early 2010, the Malta Financial Services Authority published new guidelines explaining the requirements for the re-domiciliation of off-shore companies to Malta, based on the 2002 Companies Act, Continuation of Companies Regulations. Recently, the demand for re-domiciliation has increased as companies such as insurance and security firms have been reportedly using Malta's re-domiciliation legislation frequently. The guidelines, which clarify the processes, are therefore welcomed by various businesses.

Taxation and Co-Operation Agreements to Boost Malta's Economic Potential: In the first months of 2010, Maltese state officials signed a number of double-taxation and economic co-operation agreements with various countries, including Jersey (United Kingdom), Kuwait, and Bahrain. The agreements are aimed at improving mutual economic co-operation and strengthening mutual business and even political relations. The Maltese government is trying to attract more foreign investment to the Mediterranean island, as well as encourage further investment by Maltese entrepreneurs. More such agreements are therefore likely to be signed in the future.


Malta's GDP Deteriorating as a Share of EU Average: Malta has experienced weaker GDP growth than most of the other countries that joined the EU in 2004. In purchasing power terms, Maltese GDP per capita reached just 76% of the EU-27 average by 2008, down from a high of 84% in 2000. IHS Global Insight estimates that Malta experienced a modest increase as a share of the EU average in 2009, as the decline in Maltese GDP was less steep than in most other European countries.

Efforts Needed to Improve Economic Diversification: The Maltese economy is highly dependent on electrical machinery and equipment (mainly semiconductors) and travel and tourism. That reliance makes the country highly vulnerable to external shocks. To help alleviate that problem, the Maltese authorities have called for increased attention to education and training, particularly in the information technology sector.

Malta Must Take Steps to Raise International Competitiveness: The economy's foreign market share has been declining due to exporters' weak productivity growth and their inability to compete with low-labour-cost producers in other emerging European countries and Asia. Customs trade data indicate that 2009 exports in nominal euro terms were down 35% over the 2000 level. Given Malta's entry to the Eurozone in January 2008, the only way to regain global competitiveness may be through a painful process of cost-cutting, wage depression, and deflation.


2.1%

-1.9%

1.9%

2.8%3.2%

3.5%3.7%

3.3%

0.9%

0

5

10

15

2006 2007 2008 2009 2010 2011 2012 2013 2014

-3%

-2%

-1%

0%

1%

2%

3%

4%


Malta – Type 2 OfficeInsurance Environment > Key Stakeholders and Events

Major Insurers Middlesea > www.middlesea.com Gasan Mamo > www.gasanmamo.com Atlas > www.atlas.com.mt Elmo > www.elmogroup.com Citadel > www.citadelplc.com




Association Malta Insurance Association > www.maltainsurance.org

Regulator Malta Financial Services Authority > www.mfsa.com.mt







1,276

342

0

200

400

600

800

1,000

1,200

1,400

Malta UK

2008 Density

789

107,393

697

115,725

0

30,000

60,000

90,000

120,000

150,000

Malta UK

2007 2008







Malta – Type 2 OfficeLloyd’s Business > Office Details


Services: Yes

Establishment: Yes, except life

Reinsurance: Yes



Mr Mark GollcherLloyd's Malta Ltd19 Zachary StreetPO Box 268Valletta VLT1133Malta

TELEPHONE+356 2569 1500

FAX+356 2123 4195


WEBSITE> www.lloyds.com/malta



Market Intelligence


www.lloyds.com/GLOBALOPPORTUNITIES

> Managing Agent Version > Spreadsheet


Total: USD 26m*

Direct: USD 17m*




Netherlands – TYPE 2 Office

Profile



Lloyd’s Business

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Ease of Doing Business Netherlands ranks 26th out of 181 countries

Global Competitiveness Netherlands ranks 8th out of 134 countries



26

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Netherlands – TYPE 2 Office




Business Environment > KEY ISSUES To WatchDutch Parties Brace for General Election: Following the collapse of the coalition government in February 2010, the Netherlands is due to hold a snap general election on 9 June. Nineteen parties will compete to attract voters, including the Christian Democratic Appeal (CDA) of Prime Minister Jan Peter Balkenende; the Labour Party (PvdA), whose departure from the coalition caused the government collapse; and the far-right Freedom Party (PVV) led by the controversial Geert Wilders. Support for the PVV has increased recently; its presence in parliament would make post-election coalition-building a lengthy and difficult process.

Questions Remain over Afghan Mission Participation: The deployment of Dutch troops in Afghanistan is a very sensitive topic. Disagreements on the issue were behind the government collapse in February when the coalition parties failed to reach a unanimous decision on whether the mission should continue. Dutch troops are now due to withdraw from Afghan territory in August 2010; legislators voted to send a police mission to the war-torn country to train Afghan officers instead. This is intended to signal that the Netherlands is not abandoning Afghanistan completely, but the move could lead to further political rifts and public discontent.


Labour Market Conditions Set to Deteriorate Further in 2010: The upturn in the Dutch labour market came to an end in 2009 as unemployment rose to a three-year high. IHS Global Insight expects unemployment to increase further during the course of 2010, while real wage growth is predicted to moderate.

Government Finances Likely to Worsen in Near Term: The government budget is expected to have fallen deeply into deficit in 2009 for the first time in four years, and further shortfalls are expected in the near term. Government finances have been hit badly by the recent recession as falling employment and lower corporate profitability have reduced revenues. At the same time, expenditure has increased as the government tries to stimulate the economy.

Terror Alert Level Lowered, But Risk Remains: Early in 2010 the Netherlands reduced its terror alert level to "limited"—the second tier of the four-level scale—for the first time in two years. The move was based on the belief that the country's attractiveness as a target for terrorism is currently reduced compared with previous years. Nevertheless, given the rising popularity of far-right groups such as the PVV, the possibility of a terrorist attack cannot be ruled out. The risk is likely to increase around election time and the Dutch counter-terrorist forces have announced that they will boost security in the run-up to the poll.




Business Services 01 79.9 -2.5%





Retail Trade07 36.2 -4.8/%


Oil & Gas Mining09 28.1 -3.4%


2.0%

-4.0%

1.5% 1.7% 1.9% 1.8%

3.6%3.4%

1.1%

0

200

400

600

800

1,000

2006 2007 2008 2009 2010 2011 2012 2013 2014

-5%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%


Netherlands – TYPE 2 OfficeInsurance Environment > Key Stakeholders and Events

Major Insurers Achmea Zorg > www.achmeazorg.nl Achmea > www.achmea.nl Interpols > www.interpolis.nl Nationale > www.nn.nl Fortis > www.holding.fortis.com VGZ > www.vgz.nl Atradius > www.atradius.nl Menzis > www.menzis.nl Delta Lloyd > www.deltalloydgroep.com AEGON > www.aegon.nl




Association Insurance Companies' Association > www.verzekeraars.nl

Regulator Authority for Financial Markets > www.afm.nl







73,712

107,393

66,481

115,725

0

30,000

60,000

90,000

120,000

150,000

Netherlands UK

2007 2008

1,276

4,484

0

1,000

2,000

3,000

4,000

5,000

Netherlands UK

2008 Density







Netherlands – TYPE 2 OfficeLloyd’s Business > Office Details


Mr Alexis FonteinUnderwriters in the NetherlandsHudig Veder & CoDebussystraat 23161 WD RhoonNetherlands

TELEPHONE+31 1050 66600

FAX+31 1050 19593


WEBSITE> www.lloyds.com/netherlands


Services: Yes

Establishment: Yes

Reinsurance: Yes



Lloyd's Total: USD 412.7m

Direct: USD 325.5m

Reinsurance: USD 87.2m


Market Intelligence





Total: USD 391m*

Direct: USD 291m*




Norway – TYPE 1 Office

Profile



Lloyd’s Business

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Ease of Doing Business Norway ranks 10th out of 181 countries

Global Competitiveness Norway ranks 15th out of 134 countries



10

15


Norway – TYPE 1 Office




Business Environment > KEY ISSUES To WatchTension Grows over Controversy Surrounding Religious Caricatures: The republication of a series of caricatures depicting Prophet Muhammad by a Norwegian newspaper led to unrest among Islamic communities earlier this year. Thousands of demonstrators gathered in Oslo to protest against what was perceived as unnecessary provocation of the Muslim community. This is a source of future tensions as the government navigates a fine line between freedom of speech and sensitivity to religious beliefs.

The Mild Recession is Over: The Norwegian mainland economy emerged from recession in mid-2009, and the recovery is projected to evolve steadily during 2010 and 2011. The main development will be a stronger consumer spending profile, helped by record-low interest rates, falling inflation, and a relatively resilient labour market. According to the April interim forecast, the overall economy is projected to grow 1.5% in 2010 and 2.2% in 2011, after a contraction of 1.4% in 2009.


Inflationary Pressures Remain Higher Than Expected: This is partly due to high electricity prices and the recent upturn in crude oil and commodity prices. In addition, global economic downturn has led to a marked fall output in Norway, but the impact on inflation has been less severe. Nevertheless, we note less pressure on resource utilisation, measured either by capacity utilisation in industry, or labour shortages.

Interest-Rate Cycle Has Turned: The Norges Bank raised its main policy rate by 25 basis points on two separate occasions in late 2009; it now stands at 1.75%, ending the sequence of seven cuts in the repo rate since early October 2008. In addition, it was the first European central bank to raise its key policy interest rate in the wake of the global financial and economic crisis. IHS Global Insight expects the main policy rate to rise gradually during 2010, and reach 3.25% by end-2010, according to the April interim forecast. This assumes that the central bank believes current interest rates are too low, given the stronger-than-expected resilience of the Norwegian mainland economy, and it will be wary about the risk of an unexpected surge in inflationary tendencies from early 2011.

Norwegians Remain Opposed to the EU Membership: According to the recent public survey conducted by Norstat Institute, the current economic woes troubling the European Union (EU) have stiffened opposition to Norway joining the bloc. If the referendum on Norway’s EU accession had been held in March, the majority of the country’s population would have voted against it, and only some 30% would have said “yes” to the EU. The sensitive issue of EU membership is off the government’s policy agenda and is likely to remain so for the foreseeable future.




Oil & Gas Mining 01 107.4 -4.1%



Business Services04 21.5 +0.3%


Education07 17.2 -0.5/%




1.7%

-1.4%

2.2% 2.3%2.5% 2.6%2.7%

1.7%1.4%

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014

-2%

-2%

-1%

-1%

0%

1%

1%

2%

2%

3%

3%


Norway – TYPE 1 OfficeInsurance Environment > Key Stakeholders and Events

Major Insurers Gjensidige > www.gjensidige.no IF Skade > www.if.no Tryg Vesta > www.trygvesta.no Spare Bank 1 > www.sparebank1.no Terra > www.terra.no AIG > www.aigeurope.no KLP > www.klp.no Jernbarne > www.jfg.no Trygg-Hansa (RSA) > www.codanforsikring.no Bluewater > www.unisonforsikring.no




Association Insurance Association > www.fnh.no

Regulator Insurance Supervisory Authority > www.kredittilsynet.no







8,771

107,393

8,003

115,725

0

30,000

60,000

90,000

120,000

150,000

Norway UK

2007 2008

1,276

1,456

1,150

1,200

1,250

1,300

1,350

1,400

1,450

1,500

Norway UK

2008 Density







Norway – TYPE 1 OfficeLloyd’s Business > Office Details


Mr Espen KomnaesKomnaes Braaten Skard DARuseløkkveien 6Pb.1661 VikaN-0120 OsloNorway

TELEPHONE+47 23 11 45 60

FAX+47 23 11 45 75


WEBSITE> www.lloyds.com/austria


Services: Yes

Establishment: Yes, except credit, suretyship and term life.

Reinsurance: Yes



Nordic Area Manager

Mr Erik BorjessonStureplan 4c4th FloorStockholm114 35 Sweden

TELEPHONE+00 46 705 399 982



Market Intelligence





Total: USD 323m*

Direct: USD 201m*






Poland – TYPE 3 Office

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Ease of Doing Business Poland ranks 76th out of 181 countries

Global Competitiveness Poland ranks 53rd out of 134 countries



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Poland – TYPE 3 Office




Business Environment > KEY ISSUES To WatchSnap Presidential Election Looming in Poland: Poland is preparing for a snap presidential election following the April air crash in western Russia, which claimed the lives of many state officials, including late president Lech Kaczynski. Acting president Bronislaw Komorowski of the governing Civic Platform party is currently the favourite to win the polls, but much will depend on how he handles the interim presidency. Apart from Komorowski, 15 other candidates will fight for the presidential seat, including the late president's twin brother Jaroslaw Kaczynski for the Law and Justice party, Grzegorz Napieralski for the Social Democrats, and Andrzej Lepper for the Eurosceptic Self Defence party.

New Chapter in Russia-Poland Diplomatic Ties: The April plane crash, which has shaken Poland's politics, military, and general life, could open the way for the future improvement of strained Poland-Russia relations. Both countries have already been praised for taking a step towards improving their mutual ties when Russian prime minister attended the Katyn massacre commemoration earlier in April; the incident is highly sensitive in both countries. Although tragic, the plane crash could therefore open a new chapter in Poland-Russia relations.


Zloty Under Pressure During Euro Crisis: The zloty's appreciation until early April and solid economic fundamentals could not prevent the Polish currency coming under pressure again in early May as the euro crisis unfolded. It mainly suffered from markets' enhanced risk aversion, rather than any thing else. Contagion risks are still remote, but do exist, because if European banks face liquidity constraints, then Poland's largely foreign-owned banking sector will feel the chill as well. So far, the large-scale rescue package for the entire Eurozone seems to have soothed markets' concerns, although the zloty remains quite volatile.

Government Announces Plan to Rein in Deficit, Control Debt: The budget deficit has risen to around 7% of GDP in 2009; the second constitutional limit (55%) is seriously at risk of being violated in 2011. The government has announced a new plan to curb the deficit ratio to below 3% of GDP by 2012, although the plan has been lacking any major painful measures. There is a serious risk that more severe measures will be necessary at some point, but surely not before the presidential election.

Growth Momentum Levelled Off in Q1, Short-Term Outlook Clouded by Export Uncertainties: Solid economic growth for the first quarter of 2010 has affirmed Poland's role as a beacon of stability in Central Europe. Unemployment is still relatively low, and domestic demand robust. However, a weaker Eurozone recovery could inflict pain on Polish exports and throttle momentum from that side.

Wholesale Trade02 37.0 +3.5%



Retail Trade 01 48.5 +1.2%



Real Estate04 30.9 +1.6%





Land Transport10 16.0 +2.7%

5.0%

1.8%

3.5%

5.1%

4.6%4.3%

6.8%

6.3%

2.7%

0

100

200

300

400

500

600

700

800

2006 2007 2008 2009 2010 2011 2012 2013 2014

0%

1%

2%

3%

4%

5%

6%

7%

8%


Poland – TYPE 3 OfficeInsurance Environment > Key Stakeholders and Events

Major Insurers PZU > www.pzu.pl Warta > www.warta.pl Ergo Hestia > www.hestia.pl Allianz > www.allianz.pl HDI > www.hdi-asekuracja.pl Interrisk (VIG) > www.interrisk.pl Compensa (VIG) > www.compensa.pl Generali > www.generali.pl UNIQA > www.uniqa.pl PTU > www.ptu.pl









Association Insurance Association > www.piu.org.pl

Regulator Financial Supervision Authority > www.knf.gov.pl



1,276

262

0

200

400

600

800

1,000

1,200

1,400

Poland UK

2008 Density

9,933

107,393

7,674

115,725

0

30,000

60,000

90,000

120,000

150,000

Poland UK

2007 2008







Poland – TYPE 3 OfficeLloyd’s Business > Office Details


Mr Witold JanuszWarsaw Financial Center53, Emilii Platter Str.00-113 Warsaw

TELEPHONE+ 48 602 247 091


WEBSITE

> www.lloyds.com/poland


Services: Yes, except motor TPL

Establishment: Yes, except motor TPL and life

Reinsurance: Yes




Market Intelligence



> Managing Agent Version> Europe > Poland


Total: USD 21m*

Direct: USD 3m*






Portugal – TYPE 1 Office

Profile



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Ease of Doing Business Portugal ranks 48th out of 181 countries

Global Competitiveness Portugal ranks 43rd out of 134 countries



48

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Portugal – TYPE 1 Office




Business Environment > KEY ISSUES To WatchRisk of Contagion from Greece Has Increased Sharply: Portuguese bond spreads reached historical highs in April 2010 amid worries that the government will be unable to bring the public finances back onto a sustainable path. Although the stock of public debt compares favourably with that of other countries within the Eurozone, the economy's competitiveness problems, combined with the large fiscal deficit and the high debt levels in the private sector, make it susceptible to becoming the next victim of short sellers, which would make fiscal consolidation even more difficult.

Economic Recovery Likely to Be Modest in 2010: Higher unemployment, a reduced availability of credit, and a tighter fiscal policy will keep private consumption under intense pressure. Still large levels of spare capacity, tight credit conditions, squeezed profit margins, and concerns about the economic outlook mean that investment expenditure is unlikely to recover significantly from its sharp fall in 2009. Global demand is expected to improve modestly in 2010, which should help exports. However, the recovery in exports is likely to be limited by the sector's huge lack of competitiveness, the still strong euro, and the fragile recovery expected in Portugal's main trade partner, Spain.


Labour Market Will Deteriorate Significantly: Following a sharp increase during the fourth quarter of 2009, the unemployment rate is likely to continue its upward trend. Weak domestic demand, tight credit conditions, excess capacity levels, and shrinking profit margins will continue to weigh down on firms' hiring decisions despite the country's exit from recession.

Strikes Expected in Protest at Government Austerity Plans: In a bid to reassure the markets and rein in a swelling budget deficit, the minority Socialist Party (PS) government adopted an extensive austerity package envisaging wage freezes and the shedding of civil service jobs in March 2010. Following five years of austerity, the unions are likely to run out of patience with these new measures and they are expected to once again take to the streets in protest.

Government Seeking to Circumvent Regional Financing Law: As a result of its minority status in parliament, the government was unable to prevent the adoption of a controversial regional financing law increasing the amount of government funds distributed to the Madeira and Azores islands each year until 2013. The PS is now attempting to introduce another law to facilitate a reduction in regional spending if it exceeds limits set out in the 2010 budget. However, it will struggle to get this legislation approved given its lack of a majority.













0.0%

-2.7%

1.0%1.2% 1.3%

2.3%

1.9%

1.4%

0.9%

0

50

100

150

200

250

300

2006 2007 2008 2009 2010 2011 2012 2013 2014

-3%

-2%

-1%

0%

1%

2%

3%


Portugal – TYPE 1 OfficeInsurance Environment > Key Stakeholders and Events

Major Insurers Fidelidade Mundial > www.fidelidademundial.pt Imperio Bonanca > www.imperiobonanca.pt AXA > www.imperiobonanca.pt Tranquilidade > www.tranquilidade.pt Zurich > www.zurichportugal.com Allianz > www.allianz.pt Ocidental > www.ocidentalseguros.pt Acoreana > www.acornet.pt Lusitania > www.lusitania.pt Global > www.global-seguros.pt




Association Associacao Portuguesa de Seguradores > www.apseguradores.pt

Regulator Portuguese Insurance Institute > www.isp.pt







1,276

598

0

200

400

600

800

1,000

1,200

1,400

Portugal UK

2008 Density

6,423

107,393115,725

6,047

0

30,000

60,000

90,000

120,000

150,000

Portugal UK

2007 2008







Portugal – TYPE 1 OfficeLloyd’s Business > Office Details


Mr Juan Arsuagac/o Simmons & SimmonsLloyd’s Sucursal em PortugalRua D. Francisco Manuel de Melo, 211070-085 LisbonPortugal

TELEPHONE+351 21 388 34 79

FAX+351 21 313 20 01


WEBSITE> www.lloyds.com/portugal


Services: Yes

Establishment: Yes

Reinsurance: Yes




Market Intelligence





Total: USD 31m*

Direct: USD 19m*




Spain – TYPE 3 Office

Profile



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Ease of Doing Business Spain ranks 49th out of 181 countries

Global Competitiveness Spain ranks 29th out of 134 countries



49

29


Spain – TYPE 3 Office




Business Environment > KEY ISSUES To WatchEconomy Remains in Recession: The economy is struggling to cope with excessive levels of private debt, a creaking property market, and an over-extended construction sector, coupled with recovering but still muted demand from key export markets in the Eurozone, United Kingdom, and United States. In addition, the government is under increasing pressure to tighten fiscal policy despite the recession, which is expected to last until early 2010. IHS Global Insight expects real GDP to contract by 0.6% in 2010 before recovering to modest growth of 0.6% in 2011, compared with a 3.6% drop in 2009, according to its April 2010 interim forecast.

Consumers Still on the Ropes: Consumers remain insecure about the economy and the labour market, with deep-rooted concerns over the stuttering housing market and high personal indebtedness. Uncertain job prospects and falling house prices have forced consumers to limit their spending in order to consolidate their rapid accumulation of debt, which now stands at around 130% of disposable income. Fragile consumer confidence will continue to weigh down on spending in 2010 and 2011.


Construction Sector Being Squeezed: A large stock of unsold properties suggests that the construction sector will endure a prolonged recession. Building permits for residential homes declined by 46.5% between 2008 and 2009, heralding an acute slump in construction activity. Worryingly, construction activity has been an important engine of growth in the past decade. It has contributed around 1.0 percentage point per year to overall real GDP growth and peaked at 15.7% of GDP in the third quarter of 2006 before falling back to 13.1% by end-2009. In addition, the sector has been a major source of new jobs, while many others are employed in services surrounding it.

Government Under Pressure to Reform Redundancy Rules: The Spanish Confederation of Employers' Organisations (CEOE) has put pressure on the government to increase flexibility in the labour market by making it cheaper and easier to make workers redundant, a move obviously opposed by the labour unions. The CEOE is requesting that companies be allowed to cut their workforces during the recession without having to gain approval from the authorities, a process that is cumbersome and costly.

Increased Regional Devolution in the Pipeline: Fears that its lack of a parliamentary majority would force the government to provide concessions to regional parties on devolution issues in return for their support in passing legislation are proving to be well founded. A law devolving fiscal powers to regional assemblies has already cleared the first parliamentary hurdle despite opposition to the move at the national level. Meanwhile, tensions could be exacerbated if the Constitutional Court rules against Catalonia's "statute of autonomy".




Construction 01 169.5 -7.0%









0.9%

-3.6%

0.8%1.2%

1.6%2.0%

3.6%4.0%

-0.5%

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2006 2007 2008 2009 2010 2011 2012 2013 2014

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%


Spain – TYPE 3 OfficeInsurance Environment > Key Stakeholders and Events

Major Insurers Mapfre > www.mapfre.es AXA > www.axa.es Allianz > www.allianz.es Zurich > www.zurich.es Caser > www.caser.es Mutua Madrilena > www.mutua-mad.es Adeslas > www.adeslas.es Sanitas > www.sanitas.es



Global Opportunities for insurance indicators > www.lloyds.com/marketintelligence Based on: > www.swissre.com > “World Insurance in 2008”



Association Insurance Company Association (UNESPA) > www.unespa.es

Regulator General Directorate of Insurance > www.dgsfp.mineco.es



AGERS Conference Location: Madrid Time: 12 November 2009

Semana Mundial del Seguro Location: Barcelona Time 12 November 2009


1,276

1,051

0

200

400

600

800

1,000

1,200

1,400

Spain UK

2008 Density

47,906

107,393115,725

43,042

0

30,000

60,000

90,000

120,000

150,000

Spain UK

2007 2008







Spain – TYPE 3 OfficeLloyd’s Business > Office Details


Services: Yes

Establishment: Yes, except assistance, life and death insurance

Reinsurance: Yes




Mr Juan ArsuagaCalle José Ortega y Gasset 7 Edificio Serrano 49 1a Planta 28006 Madrid Spain

TELEPHONE+34 91 426 2312

FAX+34 91 426 2394


WEBSITE> www.lloyds.com/spain


Market Intelligence







Total: USD 264m*

Direct: USD 164m*




Sweden – TYPE 3 Office

Profile



Lloyd’s Business

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Ease of Doing Business Sweden ranks 17th out of 181 countries

Global Competitiveness Sweden ranks 4th out of 134 countries



17

04


Sweden – TYPE 3 Office




Business Environment > KEY ISSUES To WatchTight Lending Conditions Render Economic Recovery Prone to Relapses: Weak financial sector balance sheets are hampering the financing of real-sector activity and thus ensuring that the current upswing remains fragile. Swiss exports will not rebound quickly to pre-crisis levels, meaning that expansionary fiscal and monetary policy will have to be sustained for much of 2010.

Persistently Low Inflation Enables Very Soft Monetary Stance: As a consequence of the major financial and economic crisis of 2008/09, inflation fell as low as -1.2% in mid-2009 and will not rebound much beyond 1% during 2010. The Swiss National Bank (SNB) will therefore maintain its key policy rate at 0.25% until at least late 2010 and possibly again resort to foreign-exchange intervention to soften the Swiss franc.


Swiss Franc Developments Need to Be Monitored Closely: Although the U.S. dollar recovery since December 2009 also applied versus the Swiss franc, the dollar strengthened to a much greater extent against the euro, implying renewed strengthening of the franc against the euro. As the latter carries greater weight in Switzerland's trade relations, SNB intervention to return to a level of 1.50 francs:1 euro (from around 1.47 francs:1 euro in January/February 2010) may well occur in order to safeguard Swiss external price competitiveness.

Double Tax Agreements to Be Put to Referenda: The Swiss government is set to hold referenda on all 11 double tax agreements (DTAs) it signed in 2009 to secure its removal from the Organisation for Economic Co-operation and Development's (OECD) tax haven "grey list". The government agreed to hold the referenda in order to obtain the cantons' backing for the controversial DTAs, which facilitate co-operation between Swiss and foreign tax officials. The DTAs are likely to be approved, with moderate voters all too aware of the need for Switzerland to co-operate more on tax affairs in order to retain the OECD's support for the country's comparatively lax tax regulations.

Minaret Ban Harms Swiss Image in Muslim Countries: In November 2009, a majority of voters surprisingly supported a ban on the construction of minarets in Switzerland, causing a major headache for the government. The public outcry has subsided somewhat since the vote, offering the government a chance to hold intensive talks with concerned business and government figures from predominantly Muslim countries in a bid to assuage their fears. The Swiss government is keen to shake off the country's reputation for hostility towards immigrants and is determined to overturn the minaret ban via the courts, but this could take years to achieve.










Sanitation, Trade Organisations08 22.3 -0.8%

Insurance & Pensions09 15.6 -3.2%

Recreational, Cultural, Sporting10 10.9 -1.5%

1.8%

-1.5%

1.8%1.6%

1.8% 1.7%

3.6%3.6%

1.9%

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014

-2%

-1%

0%

1%

2%

3%

4%


Sweden – TYPE 3 OfficeInsurance Environment > Key Stakeholders and Events

Major Insurers Lansforsakringar > www.lansforsakringar.se IF Skade > www.ifs.se Trygg-Hansa > www.trygghansa.se Folksam > www.folksam.se Zurich > www.zurich.se Moderna (TryggVesta) > www.modernaforsakringar.se Solid > www.solidab.se








Association Swedish Insurance Federation > www.forsakringsforbundet.com

Regulator Financial Supervisory Authority > www.fi.se



3,996

107,393115,725

2,9410

30,000

60,000

90,000

120,000

150,000

Sweden UK

2007 2008

1,276

1,155

1,050

1,100

1,150

1,200

1,250

1,300

Sweden UK

2008 Density







Sweden – TYPE 3 OfficeLloyd’s Business > Office Details


Ms Eva LindbergSveavägen 20, 6 trSE-111 57 STOCKHOLMSWEDEN

TELEPHONE+46 8 545 255 40


WEBSITE> www.lloyds.com/sweden


Services: Yes

Establishment: Yes, except assistance, life and death insurance

Reinsurance: Yes



Nordic Area Manager

Mr Erik BorjessonSveavägen 20, 6 trSE-111 57 STOCKHOLMSWEDEN

TELEPHONE+46 8 545 255 40



Market Intelligence





Total: USD 128m*

Direct: USD 74m*






Profile



Lloyd’s Business

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Switzerland – Type 3 OfficeNorth America Latin America Europe IMEA Asia Pacific


Switzerland – Type 3 Office


Ease of Doing Business Switzerland ranks 21st out of 181 countries

Global Competitiveness Switzerland ranks 2nd out of 134 countries



21

02





Business Environment > KEY ISSUES To WatchTight Lending Conditions Render Economic Recovery Prone to Relapses: Weak financial sector balance sheets are hampering the financing of real-sector activity and thus ensuring that the current upswing remains fragile. Swiss exports will not rebound quickly to pre-crisis levels, meaning that expansionary fiscal and monetary policy will have to be sustained for much of 2010.

Persistently Low Inflation Enables Very Soft Monetary Stance: As a consequence of the major financial and economic crisis of 2008/09, inflation fell as low as -1.2% in mid-2009 and will not rebound much beyond 1% during 2010. The Swiss National Bank (SNB) will therefore maintain its key policy rate at 0.25% until at least late 2010 and possibly again resort to foreign-exchange intervention to soften the Swiss franc.


Swiss Franc Developments Need to Be Monitored Closely: Although the U.S. dollar recovery since December 2009 also applied versus the Swiss franc, the dollar strengthened to a much greater extent against the euro, implying renewed strengthening of the franc against the euro. As the latter carries greater weight in Switzerland's trade relations, SNB intervention to return to a level of 1.50 francs:1 euro (from around 1.47 francs:1 euro in January/February 2010) may well occur in order to safeguard Swiss external price competitiveness.

Double Tax Agreements to Be Put to Referenda: The Swiss government is set to hold referenda on all 11 double tax agreements (DTAs) it signed in 2009 to secure its removal from the Organisation for Economic Co-operation and Development's (OECD) tax haven "grey list". The government agreed to hold the referenda in order to obtain the cantons' backing for the controversial DTAs, which facilitate co-operation between Swiss and foreign tax officials. The DTAs are likely to be approved, with moderate voters all too aware of the need for Switzerland to co-operate more on tax affairs in order to retain the OECD's support for the country's comparatively lax tax regulations.

Minaret Ban Harms Swiss Image in Muslim Countries: In November 2009, a majority of voters surprisingly supported a ban on the construction of minarets in Switzerland, causing a major headache for the government. The public outcry has subsided somewhat since the vote, offering the government a chance to hold intensive talks with concerned business and government figures from predominantly Muslim countries in a bid to assuage their fears. The Swiss government is keen to shake off the country's reputation for hostility towards immigrants and is determined to overturn the minaret ban via the courts, but this could take years to achieve.











Computing & Related Services09 14.3 +0.6%


-0.6%

-5.1%

2.7% 2.5% 2.4% 2.6%

3.5%

4.6%

1.6%

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014

-6%

-4%

-2%

0%

2%

4%

6%


Switzerland – Type 3 OfficeInsurance Environment > Key Stakeholders and Events

Major Insurers AXA (incl. Winterthur) > www.axa.ch Zurich > www.zurich.ch Schweizerische Mobiliar > www.mobi.ch Allianz > www.allianz.ch Helsana > www.helsana.ch Basler > www.basler.ch CSS > www.css.ch Visana > www.visana.ch Generali > www.generali.ch Vaudoise > www.vaudoise.ch




Association Schweizerischer Versicherungsverband > www.svv.ch

Regulator FINMA > www.finma.ch







1,276

2,828

0

500

1,000

1,500

2,000

2,500

3,000

Switzerland UK

2008 Density

21,596

107,393115,725

19,390

0

30,000

60,000

90,000

120,000

150,000

Switzerland UK

2007 2008







Switzerland – Type 3 OfficeLloyd’s Business > Office Details


Mr Graham WestLloyd's Versicherer Zweigniederlassung Zurich Seefeldstrasse 7 8008 Zurich Switzerland

TELEPHONE+41 (0) 7966 90099

FAX+ 41 44 266 6079


WEBSITE> www.lloyds.com/switzerland


Direct: Yes, except life and legal expenses

Reinsurance: Yes




Market Intelligence





Total: USD 367m*

Direct: USD 171m*




TYPE 2

TYPE 3

TYPE 4

Australia

Hong Kong

New Zealand

China

Japan

SINGAPORE

Asia PacificNorth America Latin America Europe IMEA Asia Pacific


Profile



Lloyd’s Business

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Australia – Type 3 OfficeNorth America Latin America Europe IMEA Asia Pacific


Australia – Type 3 Office


Ease of Doing Business Australia ranks 9th out of 181 countries

Global Competitiveness Australia ranks 18th out of 134 countries



09

18





Business Environment > KEY ISSUES To WatchAustralia's Growth Outlook is Favourable: The economy continued to grow during the December quarter fuelled by a surge in both private and public gross fixed capital formation. The rebuilding of inventories as seen during the last two quarters of 2009 following savage inventory cuts and improving aggregate demand will continue to support growth through early 2010. In 2010 private consumption and investment will grow, supported by positive sentiment, helping to drive a worsening of the net export position. The economy is currently anticipated to grow by 3.3% in 2010.

Fiscal and Monetary Stimulus Measures to Be Unwound Incrementally: The central bank continues to raise interest rates in an attempt to achieve a neutral policy rate. The policy rate will be raised in fits and starts, and will reach 4.75% by the end of 2010. As planned in the fiscal year (FY) 2010 budget, government spending will be slowly wound back from January-June 2010. An expenditure cap is likely to be implemented with the FY 2011 budget along with some changes to tax policy but those won't be announced until before the budget's release in May 2010.


Prime Minister's Popularity Falters: Prime Minister Kevin Rudd's popularity rating has fallen to a record low in recent months. This downfall is a result of both the main opposition party Liberals' newfound strength under new leader Tony Abbott as well as the Rudd government's slow progress made in pushing through some key reforms, including a healthcare and a climate change bill. While Rudd remains the preferred prime minister, his dropping support level raises speculation about a close race ahead of the next federal election, expected to be called in late 2010.

Australia and China Continue FTA Talks: Australia and China resumed talks on a bilateral Free Trade Agreement (FTA) in late February 2010 following a 14-month impasse. The resumption of negotiations came despite the recent tensions prompted by the arrest of Rio Tinto executives in July 2009, indicating that the economic relations prevail over political strains. China's unending demand for Australia's resources, namely iron and coal, has made it Australia’s largest trading partner and increased the countries' economic interdependence. Progress in the current talks is however likely to be slow, with agriculture remaining a key sticking point and foreign investment another significant issue.

Climate Change Policy Remains Key Issue in Australian Politics: The Rudd administration has placed heightened emphasis on climate change policies and last year introduced a carbon trading scheme. The Carbon Pollution Reduction Scheme, which is a cap-and-trade scheme, was set to be operational in July 2011, but has now been shelved at least until the end of 2012 when the current Kyoto protocol expires. The debate on carbon emissions will however remain a focus in Australian politics. Under the scheme, the government will set a limit on the amount of carbon the Australian economy can produce, allowing businesses to trade their allocated permits amongst themselves. Green activists and economists have criticised the plans as lacking in ambition, with Australia one of the world's biggest polluters per capita in the world.




Real Estate 01 81.1 +0.2%







Mining of Metals & Stone09 42.4 -0.6%


2.4%

1.3%

3.1%3.4% 3.5%

3.3%

4.7%

2.6%

3.4%

0

200

400

600

800

1,000

1,200

1,400

1,600

2006 2007 2008 2009 2010 2011 2012 2013 2014

0%

1%

1%

2%

2%

3%

3%

4%

4%

5%

5%


Australia – Type 3 OfficeInsurance Environment > Key Stakeholders and EventsMajor Insurers Vero > www.vero.com.au IAG > www.iag.com.au QBE > www.qbe.com.au Allianz > www.allianz.com.au AAMI > www.aami.com.au CGU > www.cgu.com.au GIO > www.gio.com.au Suncorp Metway > www.suncorp.com.au Zurich > www.zurich.com.au




Association Insurance Council of Australia > www.insurancecouncil.com.au

Regulator APRA > www.apra.gov.au







28,254

107,393115,725

27,514

0

30,000

60,000

90,000

120,000

150,000

Australia UK

2007 2008

1,276

1,349

1,220

1,240

1,260

1,280

1,300

1,320

1,340

1,360

Australia UK

2008 Density







Australia – Type 3 OfficeLloyd’s Business > Office Details


Mr Keith SternLloyd's Australia LimitedLevel 21Angel Place 123 Pitt StreetSydney NSW 2000Australia

TELEPHONE+61 2 9223 1433

FAX+61 2 9223 1466


WEBSITE> www.lloyds.com/australia



Direct: USD 846m*




Direct: Yes, except certain compulsory classes, life, certain health insurances and stand-alone funeral expenses

Reinsurance: Yes, except life and certain health insurances




Market Intelligence



> Managing Agent Version> Asia Pacific > Australasia





Profile



Lloyd’s Business

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China – Type 4 OfficeNorth America Latin America Europe IMEA Asia Pacific


China – Type 4 Office


Ease of Doing Business China ranks 83rd out of 181 countries

Global Competitiveness China ranks 30th out of 134 countries



83

30





Business Environment > KEY ISSUES To WatchGovernment Begins to Rein In Stimulus Policy, But Aggressive Pullback is Unlikely: The ultra-aggressive stimulus plan the Chinese government introduced in late-2008 is a short-term emergency measure that cannot be sustained without generating distortions including an asset-market bubble. Concerns about asset-price inflation, aided by the recent uptick in goods prices and the turnaround of the exports sector, have prompted the government to begin pulling back this monetary stimulus. The Chinese government is also likely to adjust its renminbi policy by allowing the currency to resume appreciation against the U.S. dollar, although in a limited way at the start, after holding the exchange rate steady since the end of 2008 as part of the stimulus policy package. Nevertheless, aggressive policy tightening at this point is still unlikely. Given organic recovery—non-stimulus-related growth—is still in the nascent stages, the government will move gradually in shifting the growth-inflation policy balance.

W-Shaped Recovery in Terms of Growth Still Probable: Given the strong momentum of investment growth and the rebound in exports, the strength of China's growth through 2010 should be secure. Beyond 2010, however, as the developed economies are unlikely to grow strongly, in addition to the Chinese government's expected further pullback on stimulus, China's growth is likely to moderately decelerate. As a result, IHS Global Insight expects China's growth to accelerate to the low 10% range year-on-year (y/y) in 2010, before pulling back to the mid-8% range in 2011.


Government Remains Uneasy over Social Unrest Despite Economic Upturn: China's government remains uneasy about the national economic outlook and resulting implications for social stability in spite of a rebound in GDP growth during 2009. Although unemployment problems have eased, the Beijing leadership will continue to maintain a stimulative approach to the economy, albeit with the reintroduction of several taxes scrapped last year. On the politico-security front, the Hu-Wen administration will maintain a hard-line strategy, particularly towards the highly contentious issues of separatism in Tibet and Xinjiang. More generally, distributing the fruits of China's rapid economic success is central to ensuring socio-economic stability as laid out in government policies of "Building a Harmonious Society". In the long term, socio-economic stability will depend on such issues being addressed through the development of infrastructure and the easing of rural-urban immigration barriers to allow for a more flexible job market.

Environmental Degradation Widespread: Serious environmental degradation remains a key concern, constituting the downside to three decades of unbridled economic growth. The current administration has adopted the "Scientific Development" perspective, with greater emphasis given to sustainable growth and efficiency improvement.

Wholesale Trade02 244.0 +10.5%



Agriculture 01 489.2 +3.8%


Textiles & Apparel05 159.7 -2.6%


Electricity, Gas & Steam06 152.3 +4.2%


Computing & Related Services08 142.4 +9.6%

Iron & Steel09 140.2 +2.1%


9.6%

8.7% 8.6%8.2%

8.6% 8.8%

11.0%11.6%

13.0%

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,00011,000

2006 2007 2008 2009 2010 2011 2012 2013 2014

0%

2%

4%

6%

8%

10%

12%

14%


China – Type 4 OfficeInsurance Environment > Key Stakeholders and EventsMajor Insurers PICC > www.picc.cn China Pacific > www.cpic.com.cn Ping An > www.pingan.com.cn China United > www.cicsh.com China Continent > www.ccic-net.com.cn Tian An > www.tianan-insurance.com An Bang > www.ab95569.com Yong An > www.yaic.com.cn Sunshine Insurance > www.sinosig.com Taiping > www.ctih.cntaiping.com




Association Insurance Association of China > www.iachina.cn

Regulator CIRC > www.circ.gov.cn







1,276

340

200

400

600

800

1,000

1,200

1,400

China UK

2008 Density

44,987

107,393

33,810

115,725

0

30,000

60,000

90,000

120,000

150,000

China UK

2007 2008







China – Type 4 OfficeLloyd’s Business > Office Details


Mr Eric GaoLloyd’s Reinsurance Company (China) Ltd33rd floor, Azia Center1233 Lujiazui Ring RoadPudongShanghai 200120

TELEPHONE+86 21 6162 8206

FAX+86 21 6162 8258


WEBSITE> www.lloyds.com/china


Direct: No

Reinsurance: Yes, onshore reinsurance business can be written via Lloyd’s Reinsurance Company (China) Ltd. (LRCCL) and offshore reinsurance permitted



Shanghai: (5) ACE, Catlin, Navigators, Starr, Travelers

London: (12) Amlin, Arch, Atrium, Beazley,

Brit, Chaucer, Hardy, Hiscox, Kiln,

Markel,S.A. Meacock,

Sportscover (Argenta).

Participants on the Platform


Market Intelligence



> Managing Agent Version> Asia Pacific > China


Market Development Manager

Mr Tom Birbeck TELEPHONE+86 21 6162 8207


Marketing ManagerMs Christian Xu TELEPHONE+86 21 6162 7815


Lloyd's Total: USD 123m*

Direct: USD 13m*


LRCCL: USD 5.7m*at constant prices; million USDSee: Data limitations for detail


Profile



Lloyd’s Business

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Hong Kong – Type 3 OfficeNorth America Latin America Europe IMEA Asia Pacific


Hong Kong – Type 3 Office


Ease of Doing Business Hong Kong ranks 4th out of 181 countries

Global Competitiveness Hong Kong ranks 11th out of 134 countries



04

11





Business Environment > KEY ISSUES To WatchDemocratic Reform Delayed Until 2017: The prospect of swift reform in the political sphere has been circumscribed by China's 2007 decision to effectively delay the direct election for the post of chief executive until 2017, with direct Legislative Council elections to follow in 2020. The issue of democratic reform took a backseat last year while the government focused on economic policy, but tensions are set to build over the coming months as the government attempts to pass a timid political reform package for the 2012 elections through the legislature, sparking strong opposition from the pan-democratic camp.

Legislative Election Results Signal Policy Continuity: There has been no major change since Legislative Council elections were held in September 2008, when pro-Beijing parties managed to maintain their grip over the legislature as pro-democracy parties lost three more seats. Support for Chief Executive Donald Tsang, who was re-elected in March 2007, is waning although he is widely expected to see out his five-year term until 2012.


Hong Kong's Economy Continues Moderate Recovery: The economy emerged from the worst recession since the Asian financial crisis during the second quarter of 2009, thanks to a revival in China-led regional trade and improving consumer confidence. The close economic ties with the mainland suggests that the territory will continue to benefit from the strong rebound in the Chinese economy caused by its massive stimulus measures. Domestic demand is also boosted by the rally in asset markets, thanks to abundant liquidity that has kept interest rates low and monetary condition loose. However, the economy's further recovery will continue to depend on the sustained revival in the world economy, which remains uncertain.

Longer Term Economic Risks Will Be Associated with Hong Kong Dollar's Peg: The currency's peg to the U.S. dollar has made the territory's monetary policy mostly dependent on that of the U.S. Federal Reserve. It, in turn, has raised economic risks when mismatches arise between Hong Kong business cycles and U.S. monetary policies. Should a strong recovery in the United States lead to an aggressive rate rise ahead of the territory's rebound, higher interest rates will disrupt the economy's revival as a result.

Deepening Integration with the Mainland: Economic policy is set to remain focused on taking advantage of its proximity to the economy of mainland China, grounded in the Closer Economic Partnership Arrangement (CEPA). It will, however, be increasingly affected by the policies of the mainland, although there has been minimal interference in the economic realm.




Retail Trade 01 26.4 -4.2%









2.1%

-2.7%

5.1%5.6%

5.3%4.8%

6.4%7.0%

5.2%

0

50

100

150

200

250

300

2006 2007 2008 2009 2010 2011 2012 2013 2014

-4%

-2%

0%

2%

4%

6%

8%


Hong Kong – Type 3 OfficeInsurance Environment > Key Stakeholders and EventsMajor Insurers HSBC > www.hsbc.hk American Home > www.aiu.com.hk BOC > www.bochk.com Ming An > www.mingan.com QBE > www.qbe.hk AXA > www.axa-insurance.com.hk Wing Lung > www.winglungbank.com.hk Zurich > www.zurich.hk Asia Insurance > www.asiainsurance.hk AIA > www.aia.hk




Association Hong Kong Federation of Insurers > www.hkfi.org.hk

Regulator Office of the Commissioner of Insurance > www.oci.gov.hk







1,276

381

0

200

400

600

800

1,000

1,200

1,400

Hong Kong UK

2008 Density

2,772

107,393115,725

2,4800

30,000

60,000

90,000

120,000

150,000

Hong Kong UK

2007 2008







Hong Kong – Type 3 OfficeLloyd’s Business > Office Details


Ms Alex FarisSuite 1220Two Pacific Place88 QueenswayHong Kong SAR

TELEPHONE+852 2918 9911

FAX+852 2918 9918


WEBSITE> www.lloyds.com/hongkong


Direct: Yes, except life business

Reinsurance: Yes




Market Intelligence



> Managing Agent Version> Asia Pacific > Established Markets


Total: USD 158m*

Direct: USD 117m*




Profile



Lloyd’s Business

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Japan – Type 4 OfficeNorth America Latin America Europe IMEA Asia Pacific


Japan – Type 4 Office


Ease of Doing Business Japan ranks 12th out of 181 countries

Global Competitiveness Japan ranks 9th out of 134 countries



12

9





Business Environment > KEY ISSUES To WatchContinued Growth in Q1: Japan posted a strong 4.9% growth rate in the first quarter of 2010, on top of robust growth in the fourth quarter of last year. Exports continued to do well, showing that slow growth in the rest of the world has—as yet—not been a deterrent to purchases of Japanese goods. Once again, private consumption also grew, mostly due to fiscal stimulus and lagged response to the drop in unemployment last year. In addition, capital expenditures continued to grow, and inventories are finally starting to rise after declining for a year, indicating that business confidence is improving. A near-term deceleration is likely, but overall growth should continue.

U.S.-Japanese Security Alliance in Question: Under the LDP, the U.S.-Japan security alliance was bolstered by the U.S. security umbrella. In contrast, the DPJ has extolled the merits of Japan's pacifist constitution and criticised the LDP for kowtowing to the United States. The Hatoyama administration had adopted a more ambivalent foreign policy approach towards U.S. President Barack Obama's administration, evidenced by the dispute over the re-location of the Futenma airbase in Okinawa. Hatoyama's resignation now creates uncertainty over the future trajectory of the U.S.-Japan alliance, raising questions over the recent agreement made with the Washington government to stick to the 2006 agreement.


Support Dips for New Democrat Government: The Japanese electorate delivered an overwhelming defeat to the country's ruling Liberal Democratic Party (LDP) during an election to the Lower House of parliament in August 2009. The result highlighted the high level of public disillusionment with years of weak LDP governance, while representing a strong endorsement of the then-opposition Democratic Party of Japan (DPJ). But despite the ruling party's landslide victory last summer, voter support for the government has plummeted in recent months, mainly due to a dispute with the United States over the relocation of an important military base, and a slew of political funding scandals.

Fiscal Stimulus is Working—So Far: The fiscal-expansion programme implemented months ago has apparently succeeded in stimulating consumer demand. Private consumption, both nominal and real, trended down through the first quarter of last year, but rebounded as various "green" incentives encouraged household spending. Subsequent data for consumption and retail sales indicate that the uptrend has continued, despite the higher unemployment caused by the recession. Assuming the DPJ government does not prematurely cut the stimulus, then Japan should be able to escape the recession along with the United States and other countries.

Sanitation, Trade Organisations02 523.8 +0.6%



Real Estate 01 599.6 +0.4%



Recreational, Cultural, Sporting04 382.2 -2.8%






-1.2%

-5.2%

1.3%1.6% 1.8% 2.0%

2.3%2.0% 2.0%

0

1,000

2,000

3,000

4,000

5,000

6,000

2006 2007 2008 2009 2010 2011 2012 2013 2014

-6%

-5%

-4%

-3%

-2%

-1%

0%

1%

2%

3%


JAPAN – Type 4 OfficeInsurance Environment > Key Stakeholders and EventsMajor Insurers Tokio Marine Nichido > www.tokiomarinehd.com Mitsui Sumitomo > www.msilm.com Sompo Japan > www.sompo-japan.co.jp Aioi > www.ioi-sonpo.co.jp Nippon Koa > www.nipponkoa.co.jp Nissay Dowa > www.nissaydowa.co.jp Fuji > www.fujikasai.co.jp AIU > www.aiu.co.jp Kyoei > www.kyoeikasai.co.jp Nisshin > www.nisshinfire.co.jp




Association General Insurance Association of Japan > www.sonpo.or.jp

Regulator Financial Services Agency > http://www.fsa.go.jp







1,276

829

0

200

400

600

800

1,000

1,200

1,400

Japan UK

2008 Density

44,987

107,39396,084

115,725

0

30,000

60,000

90,000

120,000

150,000

Japan UK

2007 2008







JAPAN – Type 4 OfficeLloyd’s Business > Office Details


Mr Iain FergusonLloyd's Japan Inc.Otemachi Financial Center 17F1-5-4 Otemachi, Chiyoda-ku, Tokyo, Japan 100-0004

TELEPHONE+ 81 3 3215 5297

FAX+ 81 3 3215 5292


WEBSITE> www.lloyds.com/japan


Direct: Yes, vial Lloyd’s Japan Inc.; other than certain exempt class

Reinsurance: Yes



Tokyo: (7) Amlin, Beazley, Cassidy Davis, Catlin, Hardy, Kiln and Travellers



Market Intelligence



> Managing Agent Version> Asia Pacific > Japan



Direct: USD 25m*


Lloyd’s Japan Inc. USD 112m*at constant prices; million USDSee: Data limitations for detail




Profile



Lloyd’s Business

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New Zealand – Type 2 Office

Lloyd’s Business




Ease of Doing Business New Zealand ranks 2nd out of 181 countries

Global Competitiveness New Zealand ranks 24h out of 134 countries



02

24



New Zealand – Type 2 OfficeNorth America Latin America Europe IMEA Asia Pacific


Business Environment > KEY ISSUES To WatchHesitant Consumers Weighing on Recovery: New Zealand's 2008-09 recession was brought on initially by a slowdown in consumer spending and was exacerbated by the global recession. Consumer confidence staged a significant recovery in the third quarter of 2009, and while consumers remain optimistic, confidence is wavering with retail sales and house prices following suit. At the same time measures of business confidence and manufacturing are improving, while top export destination Australia is growing strongly. The economy is expected to stage a modest recovery in 2010 on gradually improving domestic demand.

Looming Monetary Policy Changes: The central bank will begin tightening monetary policy by mid-2010 as aggregate demand continues to improve, but it will move cautiously and interest rates will remain relatively low well into 2011 for fear of stalling the recovery. Anticipation of future interest rate hikes has resulted in currency appreciation, raising concerns about future export competitiveness and performance.


Tax Policies to Be Tweaked with 2011 Budget: The government plans to reform the tax system in order to make it a fairer and "growth-enhancing" system based on recommendations from a recent Tax Working Group report. The changes will be implemented with the fiscal year (FY) 2011 budget due out in May. The government is considering an increase in the goods and services tax from the current 12.5% to at most 15.0%, as well as across-the-board reductions in personal tax rates. The government is also seeking to close tax loopholes for property investments, but proposals for a land tax, a comprehensive capital gains tax, and a risk-free return methodology for taxing residential investment properties have been ruled out.

Voting System Change Referendum Scheduled for 2011: Honouring the National Party's pre-election pledge, New Zealand is set to hold a referendum with the next general election in 2011 whether to change the current mixed-member proportional (MMP) voting system to a new one prior to the national election scheduled for 2014. The reforming of the electoral system has become a political issue in New Zealand in recent years following changes to both Parliament and regional administration electoral systems. While the MMP ensures an evenly-balanced chamber, supporting the formation of coalition governments, the critics say it gives too much power to minority parties and has resulted in a difficult coalition government that struggles to push through legislation.

New Zealand to Expand Diplomatic Presence: New Zealand's Ministry of Foreign Affairs has been pushing to increase its budget by NZ$621 million over the next four–five years. The additional funding will be used to add 100 diplomats and support staff in overseas missions—an increase of 50%—and to establish new diplomatic posts. This increase in funding for New Zealand’s foreign ministry will help meet the country’s growing foreign policy activism.












Food Products10 5..4 -12.3%

-0.6% -0.6%

2.4%

3.1% 3.1%2.9%

3.3%

2.3%

2.6%

0

50

100

150

200

2006 2007 2008 2009 2010 2011 2012 2013 2014

-1%

-1%

0%

1%

1%

2%

2%

3%

3%

4%


Insurance Environment > Key Stakeholders and EventsMajor Insurers IAG > www.iag.co.nz Vero > www.vero.co.nz Lumley > www.lumley.co.nz AMI > www.ami.co.nz Tower > www.tower.co.nz AIG > www.aig.co.nz Farmers’ Mutual > www.fmg.co.nz Allianz > www.allianz.co.nz Ace > www.aceinsurance.co.nz Medical Insurance Society > www.medicals.co.nz




Association Insurance Council of New Zealand > www.icnz.org.nz

Regulator Reserve Bank of New Zealand > www.rbnz.govt.nz








5,547

107,393115,725

5,489

0

30,000

60,000

90,000

120,000

150,000

New Zealand UK

2007 2008

1,276

1,316

1,250

1,260

1,270

1,280

1,290

1,300

1,310

1,320

New Zealand UK

2008 Density







Lloyd’s Business > Office Details


Mr Scott Gallowayc/o Hazelton LawLevel 3101 Molesworth StreetWellingtonNew Zealand

TELEPHONE+64 4 472 7582

FAX+ 64 4 472 7571


WEBSITE> www.lloyds.com/newzealand


Direct: Yes, except life

Reinsurance: Yes, except life





Market Intelligence



> Managing Agent Version> Asia Pacific > Established Markets


Total: USD 100m*

Direct: USD 59m*




Profile



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Singapore – Type 4 OfficeNorth America Latin America Europe IMEA Asia Pacific


Singapore – Type 4 Office


Ease of Doing Business Singapore ranks 1st out of 181 countries

Global Competitiveness Singapore ranks 5th out of 134 countries



01

5





Business Environment > KEY ISSUES To WatchPAP Continues to Dominate: The People’s Action Party (PAP), which has held power since 1959, will continue to dominate Singaporean politics. As a result, policy continuity will remain strong. Despite a recent relaxation in the country's strict rules on freedom of expression, the PAP reinforces its tight grasp on power through recourse to these regulations.

Upside Risks to Growth Finally Materialising: Singapore's growth will recover quickly in the near term, as the economy exits its 2008–09 recession and the concerted revival in global trade boosts the city-state's economy. Singapore's bellwether economy pointed to somewhat more stable times ahead with a fourth-quarter 2009 contraction that was more moderate than originally anticipated in its flash estimates. The economy experienced a prolonged and deep recession, as domestic and external activity collapsed during the recession. The trade-dependent city-state's manufacturing sector is improving in line with the recovering global economic climate. As exports and domestic demand begin to recover, IHS Global Insight expects the economy to expand 5.0% in 2010 and 4.8% in 2011.


Inflationary Pressures Still Benign But Rising: Consumer prices have begun to climb again in early 2010. During the recession, deflation had surfaced again in 2009. With improving demand conditions and higher import prices, inflation will remain in positive territory over the near term. The central bank's official forecasts are for inflation to lie within the range of 2.0–3.0% in 2010, although we expect annual inflation will probably be more muted.

Monetary Policy Set to Tighten in 2010: Given the still-uneven nature of the rebound, the Monetary Authority of Singapore (MAS) could now defer tightening monetary policy from April to October 2010. In general, price pressures in the economy remain subdued in early 2010, and the case for near-term monetary policy tightening is not compelling. In October 2009, during its last policy-setting meeting, the MAS maintained its current neutral policy stance and zero-appreciation path for the Singapore dollar. The MAS has consistently emphasised the importance of ensuring a healthy economic recovery, and seems willing to countenance some price pressures in upcoming months. If the recovery remains somewhat patchy, IHS Global Insight expects the Singapore dollar's nominal effective exchange rate to return to an appreciating trend beginning in October 2010. However, if healthy incoming data and unexpected inflationary pressures emerge more substantially and quickly in 2010, then the MAS will shift to a tightening mode sooner, at its next policy meeting in April 2010.

Piracy Remains a Concern: In September 2009, the regional monitoring centre reported the maritime piracy rate in the South China Sea at a five-year high. The attacks are reportedly concentrated in the Straits of Malacca and Singapore, with tankers and large container ships particularly vulnerable to attacks.




Banking & Related Financial 01 14.4 -4.8%








Computers & Office Machinery10 6.5 -24.8%

2.5%

-2.0%

5.0% 4.7% 4.7% 4.7%

7.8%8.4%

9.0%

0

50

100

150

200

250

300

2006 2007 2008 2009 2010 2011 2012 2013 2014

-4%

-2%

0%

2%

4%

6%

8%

10%


Singapore – Type 4 OfficeInsurance Environment > Key Stakeholders and EventsMajor Insurers American Home > www.aiu.com.sg NTUC Income > www.income.com.sg AXA > www.axa.com.sg First Capital > www.first-insurance.com.sg MSIG > www.msig.com.sg AIA > www.aia.sg QBE > www.qbe.com.sg Mitsui Sumitomo > www.ms-ins.com.sg Tokio Marine & Fire > www.tokiomarine.com.sg Ace > www.aceinsurance.com.sg




Association General Insurance Association of Singapore > www.gia.org.sg

Regulator Insurance and Reinsurance Supervisory Authority > www.mas.gov.sg








1,276

630

0

200

400

600

800

1,000

1,200

1,400

Singapore UK

2008 Density

5,083

107,393115,725

4,2040

30,000

60,000

90,000

120,000

150,000

Singapore UK

2007 2008







Singapore – Type 4 OfficeLloyd’s Business > Office Details


Mr Jon SongLloyd’s AsiaOne George Street#15-04/05Singapore 049145


FAX+65 6538 7768


WEBSITE> www.lloyds.com/singapore


Direct: Yes, except life and compulsory classes

Reinsurance: Yes, except life



Singapore: (16) Amlin, Argenta, Ascot, Atrium, Beazley, Canopius, Catlin, Capita, Chaucer, Kiln, Markel, Newline, QBE, Talbot, Travelers, Watkins



Market Intelligence



> Managing Agent Version> Asia Pacific > Singapore



Direct: USD 119m*


Lloyd’s Asia USD 223m*♦Lloyd’s Asia premium refers to the premium written by Lloyd’s Asia participants only, the domicile of this risk is not restricted to Singapore See: Data limitations for detail


Latin America

TYPE 1

TYPE 3BRAZIL

ARGENTINA

Belize

Chile



Profile



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ARGENTINA – Type 1 OfficeNorth America Latin America Europe IMEA Asia Pacific


ARGENTINA – Type 1 Office


Ease of Doing Business Argentina ranks 88th out of 181 countries

Global Competitiveness Argentina ranks 64th out of 134 countries



64



88



Business Environment > KEY ISSUES To Watch

Presidential Popularity Dwindles: The popularity levels of Argentine president Cristina Fernández de Kirchner have tumbled to around 20%. Public disenchantment has been growing as members of her inner circle have been accused of illegal enrichment and other suspected dishonest financial dealings. Four private secretaries of the president are under investigation for illegal enrichment and former president Néstor Kirchner caused a stir in the press when it emerged in February that he had purchased US$2 million just before the outbreak of the financial crisis in 2008.

Oil Drilling Plan Revives Tension with U.K.: Plans of the British Desire Petroleum to launch exploratory oil drilling operations in the North Falkland Basin have triggered an escalating political row between the United Kingdom and Argentina, which has long claimed sovereignty over the British-controlled South Atlantic archipelago. Political tensions are on the rise as Argentina has issued a decree under which ships travelling to the islands from Argentine ports or crossing Argentine waters on their way to the islands must seek prior government approval.


Recession and Mild Recovery: Lower commodity prices and weaker demand for Argentina’s main exports have reduced export and fiscal revenues, affecting growth prospects and the government’s capacity to stimulate the economy. At the same time, domestic-consumption expansion, the latest engine for growth in Argentina, has been decelerating as consumer confidence shrinks in response to the deteriorating business climate. Worst of all, the financial system has become very cautious in its lending policies, as non-performing loans are increasing, making it more difficult for consumers and firms to find adequate financing sources. The contraction in fixed investments during the first half of 2009 is troublesome, a situation that is expected to improve in the second half and into 2010. Both the recession in 2009 and the recovery in 2010 are expected to be mild.

Debt Swap Relief and the Return to Markets: The government secured extra breathing space by sealing two debt-swap deals in 2009. The initiative, which initially included only local guaranteed loans, was extended to debt holders, which further improved debt scheduling in the short-to-medium term. Together with the appropriation of retirement funds in 2008, the government's needs are apparently covered in 2009. The authorities want to return to the financial markets with debt placements in late 2009, after giving positive signals regarding the relationship with the IMF, debt holdouts, and the Paris Club.




Agriculture 01 27.7 -5.2%



Oil & Gas Mining04 16.3 -0.6%






6.8%

0.9%

4.2% 4.3% 4.2% 4.0%

8.7%8.5%

3.9%

0

50

100

150

200

250

300

350

400

450

2006 2007 2008 2009 2010 2011 2012 2013 2014

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%


ARGENTINA – Type 1 OfficeInsurance Environment > Key Stakeholders and EventsMajor Insurers Fedaracion Patronal > www.fedpat.com.ar Caja Seguros > www.lacaja.com.ar Mapfre Argentina > www.mapfre.com.ar HSBC Buesnos Aires > www.hsbc.com.ar/ar/seguros Sancor > www.sancor.com.ar Meridional > www.lameridional.com San Cristobal > www.sancristobal.com.ar Prevencion Art > www.seguros-art.com.ar Provincia > www.provinciaseguros.com.ar Segunda CSL > www.lasegunda.com.ar



Global Opportunities for insurance indicators > www.lloyds.com/marketintelligence Based on: > www.swissre.com > “World Insurance in 2008”





Association Asociacion Argentina de Companias de Seguros > www.aacrsa.org.ar

Regulator Superintendencia de Seguros de la Nacion > www.ssn.gov.ar


1,276

162

0

200

400

600

800

1,000

1,200

1,400

Argentina UK

2008 Density

6,476

107,393115,725

4,9470

30,000

60,000

90,000

120,000

150,000

Argentina UK

2007 2008







ARGENTINA – Type 1 OfficeLloyd’s Business > Office Details


Mr John WilsonLas Heras 1274Acassuso 1640Buenos AiresArgentina

TELEPHONE+ 54 11 4798 8975

FAX+ 54 11 4798 8975



Direct: Yes, through a local registered intermediary except life, industrial life and bond investment Reinsurance: Yes, through a local intermediary




Market Intelligence



> Managing Agent Version> Latin America > Small Markets


Total: USD 36m*

Direct: USD 34m*




Profile



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brazil – Type 3 OfficeNorth America Latin America Europe IMEA Asia Pacific


brazil – Type 3 Office


Ease of Doing Business Brazil ranks 125th out of 181 countries

Global Competitiveness Brazil ranks 64th out of 134 countries



64


125




Business Environment > KEY ISSUES To WatchCan Brazilian Authorities Withdraw the Stimuli on Time? So, excess liquidity does not translate into high inflation and public deficits do not compromise fiscal consolidation. While the risks are not marginal, our baseline scenario assumes that both the central bank and the government will act on time. The central bank has a good record and a reputation for fighting inflation. Also, on the balance of risks (low inflation versus rapid economic growth), it has clearly favored price stability, at least over the past five years. Elections due in October 2010 may be a temptation for the government to continue with its economic stimulus, although we do not believe this will be the case. We foresee fiscal prudence returning to Brazil as early as the second quarter of 2010. IHS Global Insight estimates that the Brazilian economy returned to pre-crisis levels during the fourth quarter of 2009. Investment will continue to drive the recovery, while external demand is expected to remain subdued in 2010. Our February forecast calls for GDP to grow 4.7% in 2010, after decreasing 0.4% in 2009.


Trade Flows to Recover in 2010: The evolution of prices of key commodities such as soybeans, sugar, coffee, iron, and steel will be important factors to monitor, because they pertain not only to Brazil’s external accounts, but will also have an impact on the exchange rate, fiscal accounts, and employment. IHS Global Insight forecasts export revenues to grow 9.3% in 2010.

Good External Liquidity Management Continues: The Brazilian Central Bank was very successful managing international reserves during the boom years and has shown its determination to continue to do so during the crisis; the accumulation of a sizeable amount of foreign-exchange reserves has allowed the bank to defend the currency from speculative attacks. International reserves have been sold under repurchase agreements: future contracts, foreign-exchange swaps, and other instruments have also helped the monetary authority to avoid high volatility in the foreign-exchange market as well as to provide liquidity for exporters and importers. We continue to track closely the level of international reserves since they carry valuable information on external liquidity of the country.

High Levels of Taxation and Bureaucracy Undermine Brazil's Competitiveness: Despite increased investor confidence in the economy, security concerns and operational risks—such as high levels of government bureaucracy, an overcomplicated tax system, insufficient investment in infrastructure, and shortcomings in the educational system—continue to hold Brazil back. The government's programme to accelerate economic growth does seek to prioritise investment in infrastructure projects, and some progress has been made on other fronts. Nevertheless, many challenges still remain.

Agriculture02 91.3 -1.2%






Refined Petroleum & Coke Prod.04 72.9 -2.0%



Retail Trade08 55.7 +3.4%


Food Products10 44.8 -1.5%

5.1%

-0.2%

4.9% 5.0% 5.1%5.4%

6.1%

4.0%

5.5%

0

500

1,000

1,500

2,000

2,500

3,000

2006 2007 2008 2009 2010 2011 2012 2013 2014

-1%

0%

1%

2%

3%

4%

5%

6%

7%


brazil – Type 3 OfficeInsurance Environment > Key Stakeholders and EventsMajor Insurers Porto Seguro CIA > www.portoseguro.com.br Unibanco AIG Seguros > www.unibancoaig.com.br Seguradi Liderdo > www.dpvatseguro.com.br Mapfre Ver Cruz > www.mapfre.com.br Sul America > www.sulamerica.com.br Itau > www.itauseguros.com.br Atlantida > www.atlantidaseguros.com.br Allianz > www.allianz.com.br Bradesco > www.bradescoautore.com.br Brasilveiculos > www.bbseguroauto.com.br




Association Federacao Nacional das Empresas deSeguros > www.fenaseg.org.br

Regulator Superintendencia de Seguros Privados –SUSEP > www.susep.gov.br







1,276

129

0

200

400

600

800

1,000

1,200

1,400

Brazil UK

2008 Density

25,074

107,393115,725

20,508

0

30,000

60,000

90,000

120,000

150,000

Brazil UK

2007 2008







brazil – Type 3 OfficeLloyd’s Business > Office Details


Mr Marco CastroLloyd’s Brazil, Avenida Almirante BarrosoNo.52 Sala 2401 (Parte) CentroRio de Janeiro , CEP 20031-918/RJBrazil

TELEPHONE+ 55 (21) 2220 8446


WEBSITE> www.lloyds.com/brazil


Direct: No, permission / explicit approval required, except marine cargo Reinsurance: Yes, Lloyd’s is registered as an 'Admitted' reinsurer in Brazil


Rio de Janeiro: (7) Ace, Argo, Catlin, Kiln, Liberty, Marlborough, Max

MANAGING AGENT REPRESENTATIVES



Market Intelligence



> Managing Agent Version> Latin America > Brazil


Total: USD 191m*

Direct: USD 185m*






Profile



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Belize – Type 1 OfficeNorth America Latin America Europe IMEA Asia Pacific


Belize – Type 1 Office


Ease of Doing Business Belize ranks 78th out of 181 countries

Global Competitiveness Belize ranks N/A out of 134 countries



N/A


78




Business Environment > KEY ISSUES To WatchGovernment Nationalises Telecoms Company: The Belizean legislature in August approved a bill under which the state takes 94% of shares in Belize Telemedia Ltd (BTL). The move comes against the background of extended legal battles between the government and the country’s leading telecom provider. While the government has issued a statement assuring that the nationalisation drive would not be extended to other sectors of the economy, the blitz nationalisation, which made it through Congress in just three days, is set to raise wider concerns over state interference in the economy.

Former Prime Minister Faces Appeal in US$10-mil. Theft Case: The Belizean Supreme Court in June acquitted former prime minister Said Musa of theft charges. Alongside former home affairs and housing minister Ralph Fonseca, Musa had been accused of having stolen half of a US$20-million grant awarded to the country by Venezuela. While Musa, who lost last year’s general elections, maintains the proceedings were politically motivated, the director of public prosecutions Cheryl Lynn Branker-Tait has vowed to appeal against the decision.


Income and Business Tax Amendment Set to Raise Business Costs: In December 2008, the House of Representative approved a number of amendments to Belize’s Income and Business Amendment Bill, which were later ratified by the Senate and written into law becoming effective on 1 January 2009. The amendments that concentrate on the taxation of the real estate, banking, casino, and telecommunications sectors are set to raise corporations’ tax rates.

No Stimulus in Sight: Despite the deceleration in economic activity, authorities in Belize continue to show strict adherence to the country’s fiscal programme, focusing on restoring long-term fiscal sustainability after the 2007 crisis. While public balances are back in positive territory, the government has limited manoeuvring space to implement expansionary policies. At the same time, monetary policy remains steady. A major negative effect might come from domestic sources, as the situation in the sugar cane industry continues to deteriorate.

Public and External Accounts are Expected to Deteriorate: Important economic sectors are going to suffer from the global slowdown—particularly tourism and oil— affecting tax collection and foreign-exchange earnings generation. At the same time, family remittances from Belizeans living abroad and foreign direct investment (FDI) flows are expected to suffer a substantial reduction. On the positive side, the government has secured enough contingent financing to shield the economy in the short term, precisely when large external imbalances need external financing.


2.1%

-1.8%

3.5% 3.4% 3.4% 3.3%

1.2%

5.4%

1.9%

0

1

2

2006 2007 2008 2009 2010 2011 2012 2013 2014

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%


Belize – Type 1 OfficeInsurance Environment > Key Stakeholders and EventsMajor Insurers Atlantic > www.atlanticinsurancebz.com Guardian > www.ggil.biz Home Protector Insurance > www.homeprotector.bz ICB > www.icbinsurance.com RF & G > www.rfginsurancebelize.com




Association The Organization of Insurance Companies of Belize

Regulator Office of the Supervisor of Insurance > www.governmentofbelize.gov.bz





N/A N/A


Broker PenetrationEstimated broker penetration: N/A







Belize – Type 1 OfficeLloyd’s Business > Office Details


Mr Derek CourtenayW H Courtenay & Co187 Hutson StreetP O Box 214Belize CityBelize


FAX+501 223 9962

EMAIL> whc&[email protected]


Direct: Yes, through a local registered intermediary except life, industrial life and bond investment

Reinsurance: Yes, through a local intermediary



Market Intelligence






Total: USD 8m*

Direct: USD 6m*




Profile



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Chile – Type 1 OfficeNorth America Latin America Europe IMEA Asia Pacific


Chile – Type 1 Office


Ease of Doing Business Chile ranks 40th out of 181 countries

Global Competitiveness Chile ranks 28th out of 134 countries



28



40



Business Environment > KEY ISSUES To WatchMassive Earthquake Hits Chile: An earthquake measuring 8.8 on the Richter scale struck on 27 February, followed by a destructive tsunami. At the time of writing over 700 are known to have died and two million more have been affected. Despite the extent of the disaster the state of Chile's economy and robust infrastructural development guarantee a relatively rapid recovery; nevertheless, in the short term IHS Global Insight has downgraded its Operational Risk Rating from 2.25 to 2.50.

Piñera Becomes First Conservative President in Decades: Conservative Sebastián Piñera of the Coalition for Change took office as president on 11 March. The conservative leader secured the presidency after his victory in a January run-off vote against Eduardo Frei of the ruling centre-left Concertación. Official results after 99% of the votes were counted gave Piñera 51.61% and Frei 48.38%. After 52 years, the right has returned to power via the ballot box, highlighting the consolidation and strength of Chile's democracy.


Chile Joins OECD: Chile has signed an accession agreement to the Organisation for Economic Co-Operation and Development (OECD), becoming the organisation's 31st member and the first to join from South America. Chile's entry is an acknowledgment of two decades of democratic stability and sound economic policy, and is expected to boost its dynamic economy, though the February earthquake is expected to have a considerable impact.

Imacec Records Yearly Expansion; Chilean Central Bank Maintains Monetary Stimulus: Economic activity index Imacec, a proxy for Chilean GDP, recorded a 3.9% yearly expansion in December 2009, driven by retail sales, utilities, and some industrial activities. Surprisingly, those sectors named by the central bank as December's growth drivers were not so strong, perhaps indicating that other sectors such as financial services, transport and communications, and construction are also warming up in the nascent recovery. Meanwhile on 11 February the Central Bank maintained the reference policy rate—which was reduced by a total of 775 basis points during 2009— at 0.5%, and reiterated the intention to keep it there until the end of the second quarter of 2010. In the aftermath of the earthquake, the monetary stimulus is very likely to be prolonged even further.

Chilean GDP Falls 1.6% Y/Y During July–September 2009: On the demand side, there were sharp contractions in fixed investments and exports, partially offset by a positive performance in total consumption. On the aggregate supply side, declines in industrial output, construction, commerce, and transport led the overall economic contraction. Before the earthquake, our forecast was for Chilean GDP to expand 4.5% in 2010, following an estimated 1.7% decline in 2009. A few days after the natural disaster, there is still not enough information to quantify its impact, although the negative implications in terms of Chilean economic activity will be felt for at least the next two quarters.




Oil & Gas Mining 01 25.2 -1.9%

Coal Mining03 12.2 -0.6%



Food Products06 7.1 +0.4%





3.5%

-1.4%

4.8%4.4%

4.8% 4.9%4.7%4.8%

4.3%

0

50

100

150

200

250

2006 2007 2008 2009 2010 2011 2012 2013 2014

-2%

-1%

0%

1%

2%

3%

4%

5%

6%


Chile – Type 1 OfficeInsurance Environment > Key Stakeholders and EventsMajor Insurers RSA > www.rsagroup.cl Chilena (Zurich) > www.chilena.cl Penta > www.pentasecurity.cl Interamericana > www.interamericana.cl Mapfre > www.mapfreseguros.cl Cardif (BNP Paribas) > www.cardif.cl Liberrty > www.liberty.cl Magallanes > www.magallanes.cl BCI > www.bci.cl ACE > www.acelimited.com




Association Chilean Insurance Association > www.aach.cl

Regulator Insurance Superintendency > www.svs.cl







2,325

107,393115,725

2,3770

30,000

60,000

90,000

120,000

150,000

Chile UK

2007 2008

1,276

138

0

200

400

600

800

1,000

1,200

1,400

Chile UK

2008 Density







Chile – Type 1 OfficeLloyd’s Business > Office Details


Mr Emilio SahurieEstudio CarvalloCoyancura 2283, Pisco 9SantiagoChile

TELEPHONE+56 2 676 9358

FAX+56 2 234 4167



Direct: Lloyd's is approved to transact marine, aviation, and transport of international goods business. Although, Lloyd's underwriters cannot offer any other classes of insurance within Chile, a Chilean citizen or entity is free to buy insurance abroad and to approach a foreign insurer, with the exception for compulsory classes.

Reinsurance: Yes.




Market Intelligence



> Managing Agent Version> Latin America > Small Markets


Total: USD 100m*

Direct: USD 5m*




India, Middle East and Africa (IMEA)

TYPE 1

TYPE 3SOUTH AFRICA

Namibia

Zimbabwe



Profile



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Namibia – Type 1 OfficeNorth America Latin America Europe IMEA Asia Pacific


Namibia – Type 1 Office


Ease of Doing Business Namibia ranks 51st out of 181 countries

Global Competitiveness Namibia ranks 80th out of 134 countries



51

80





Business Environment > KEY ISSUES To WatchContinuity Lends to Political Stability: Since its independence from South Africa in 1990, Namibia has enjoyed two decades of political stability under the former liberation movement turned ruling power, the South West Africa People's Organisation (SWAPO). First under independent father Sam Nujoma and then under his hand-picked successor, Hifikepunye Pohamba, since 2004, the previously Marxist-oriented SWAPO has championed democracy, good governance, a mixed economy and national reconciliation, allowing the economy to flourish.

Tourism Offers Brighter Future: While the mining and fishing industries are currently the mainstays of the Namibian economy, tourism is set to play an increasingly important role in the medium and long-term future, with the government declaring it as a "priority sector for the economic development of the country". Already the fastest-growing economic sector, tourism is expected to become the largest contributor to GDP over the next decade.


Lower-Middle Income Status Masks Social Problem: Although enjoying a middle-income status with a relatively high GDP per capita by regional standards, Namibia also suffers from many of the social problems that afflicts its neighbours, such as unemployment, poverty and widening inequality, due to the uneven distribution of income. More than half Namibia's population is believed to be living on US$2 or less per day. The current unemployment rate is officially put at around 35%, but unofficial estimates put the rate as high as 40%, creating high levels of food insecurity and income poverty at household level.

Global Environment Stains Namibia's Short-Term Economic Prospects: Namibia’s GDP growth rate is expected to moderate to around -3% in 2009 from an estimated 2.8% in 2008, with the risk towards the downside. A slowdown in the mining industry, especially for luxury commodities such as diamonds, as well as consumer-related sectors will be primarily responsible for the dismal economic performance. The hosting of the African Cup of Nations and World Cup football tournaments in 2010 is expected to support output during the year.

Monetary Policy to Support Expansionary Government Budget Spending: The Bank of Namibia is expected to follow the South Africa Reserve Bank’s lead and cut interest rates aggressively during 2009. This more accommodating monetary stance is expected to be accompanied by a complementary fiscal stimulus package. Already the Namibian government has announced a massive rise of 24% in public-sector wages for the coming fiscal year. The 2009 government salary adjustments are the highest on record and are estimated to add around N$1 billion (US$100 million) to the government's current wage bill of N$7.7 billion.

2.9%

-0.8%

4.5% 4.5%

3.7% 3.5%

5.5%

7.1%

4.2%

0

5

10

15

2006 2007 2008 2009 2010 2011 2012 2013 2014

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%



Namibia – Type 1 OfficeInsurance Environment > Key Stakeholders and EventsMajor Insurers Mutual & Federal > www.mf.co.na Santam > www.santam.co.na Hollard > www.hollard.co.na Legal Shield > www.legalshield.na Swabou > www.outsurance.com.na NASRIA > www.nasria.com.na




Association Namibia Insurance Association

Regulator Namibia Financial Supervisory Authority






N/A N/A








Namibia – Type 1 OfficeLloyd’s Business > Office Details


Mr Peter GruttemeyerOhlthaver & List Trust Company (Pty) Ltd Carl List Haus No. 27 Fidel Castro Street PO Box 16 Windhoek Namibia

TELEPHONE+264 61 207 5236



Direct: Yes, through a local intermediary





Market Intelligence





Total: USD 5m*

Direct: USD 1m*




Profile



Lloyd’s Business

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SOUTH AFRICA – Type 3 OfficeNorth America Latin America Europe IMEA Asia Pacific


SOUTH AFRICA – Type 3 Office


Ease of Doing Business Hong Kong ranks 32nd out of 181 countries

Global Competitiveness Hong Kong ranks 45th out of 134 countries



32

45





Business Environment > KEY ISSUES To Watch

New ANC Administration Faces Challenge of Delivery: Following its latest landslide electoral victory during the April 2009 general election, the ruling African National Congress (ANC) party, now under the leadership of Jacob Zuma, faces a new challenge to improve the delivery of vital service to its constituents. To achieve this, Zuma has named a newly expanded cabinet team, which contains individuals from the left, centre, black business, and even right-wing Afrikaners. At the heart of the new administration is Trevor Manuel, the country's much-respected former finance minister, who has been placed in charge of the new "super" government department, the National Planning Commission (NPC), which will be responsible for formulating government policies as well as co-ordinating efforts across all government departments to improve the delivery of services.


Unemployment Stays Stubbornly High: A drop in employment in the last quarter of 2009 after an uptick in the third quarter of 2009 explains consumer demand’s struggle to regain its footing following the recession. Around 926,000 jobs have been lost since September 2008, which has led to an increase in the unemployment rate to 25.2% from 24.3% in the fourth quarter of 2009. Although work creation should start improving towards year-end into 2011, the level of unemployment highlights the structural nature of this problem in the South African economy.

Economy Subject to Range of Diverse Forces: Factors curbing demand conditions include the consumer’s weakened financial position following the recession and limited leeway to take on new debt, while an improved inflation outlook and accommodating monetary policy are setting the scene for more spending later in the year. Heightened anticipation surrounding the FIFA World Cup tournament is boosting confidence levels, which is bound to be scaled down as the euphoria associated with the tournament dies down. Private sector investment will take its cue from the demand recovery, while exports are bound to benefit from a more sustained global recovery..

Calls for Currency Intervention Increase: Several labour federations and some manufacturers in South Africa are bemoaning currency strength and have called on the Reserve Bank of South Africa to weaken and peg the currency to the U.S. dollar in order to boost international competitiveness. However, the central bank and government has maintained that intervening in the currency market was not part of the macro policy and would also be too costly. IHS Global Insight supports this view and maintains that productivity and internal structural constraints to economic growth should be addressed to boost the country’s competitiveness.











Telecommunications09 9.2 +1.7%


3.7%

-1.8%

3.6%

4.2% 4.1% 4.3%

5.5%5.6%

2.8%

0

50

100

150

200

250

300

350

400

450

2006 2007 2008 2009 2010 2011 2012 2013 2014

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%


SOUTH AFRICA – Type 3 OfficeInsurance Environment > Key Stakeholders and EventsMajor Insurers Santam > www.santam.co.za Mutual & Federal > www.mf.co.za Hollard > www.hollard.co.za Zurich Insurance > www.zurich.co.za Outsurance > www.outsurance.co.za Guardrisk > www.guardrisk.co.za Absa > www.absa.co.za Regent > www.regent.co.za Auto & General > www.autogen.co.za Standard > www.standardbank.co.za




Association South African Insurance Association > www.saia.co.za

Regulator Financial Services Board > www.fsb.co.za







1,276

164

0

200

400

600

800

1,000

1,200

1,400

South Africa UK

2008 Density

7,990

107,393

8,345

115,725

0

30,000

60,000

90,000

120,000

150,000

South Africa UK

2007 2008







SOUTH AFRICA – Type 3 OfficeLloyd’s Business > Office Details


Mr Amit Khilosia General Manager Lloyd's South Africa (Pty) Ltd 7th Floor , The Forum2 Maude Street, Sandton 2196 South Africa

TELEPHONE+27 11 884 0486

FAX+27 11 884 0384


WEBSITE > www.lloyds.com/southafrica


Direct: Yes, except compulsory classes, funeral expenses and life

Reinsurance: Yes




Market Intelligence



> Managing Agent Version> IMEA


General Representative & Non-Executive Chairman

Mr John Sibanda TELEPHONE+27 11 884 0486


Total: USD 286m*

Direct: USD 193m*




Profile



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Zimbabwe – Type 1 OfficeNorth America Latin America Europe IMEA Asia Pacific


Zimbabwe – Type 1 Office


Ease of Doing Business Zimbabwe ranks 158th out of 181 countries

Global Competitiveness Zimbabwe ranks 133rd out of 134 countries



158

133





Business Environment > KEY ISSUES To WatchPreliminary Macroeconomic Reforms Focus on Economic Revival: Estimates by the newly inaugurated government show that the country will require funding of around US$10 billion for its economic revival programme. From February 2009 onwards, civil-servant workers will be paid a US$100 monthly tax-free allowance, equating to a monthly government salary commitment of around US$15 million alone. The 2009 national budget has been revised and revenue flow is now expected to total US$1 billion in 2009 from the previous expectations of US$1.7 billion. Budget restraints include the suspension of money-printing operations by the central bank and a move towards a "cash-basis" fiscal spending system.

Targeted Sanctions Still in Place: Zimbabwe's neighbours, particularly South Africa, have welcomed the power-sharing government with promises of political and financial assistance. A more cautious approach has been adopted outside the region, however. The United States and European Union, for example, will maintain financial/travel restrictions against prominent Zimbabwean individuals and companies until satisfied with the degree of reform.


Dollarisation Normalises Food Supply at Retail Level: In mid-April, the new finance minister, Tendai Biti, moved to full dollarisation of the Zimbabwean economy by suspending the Zimbabwean dollar as a legal tender for payment. The adoption of the new exchange-rate system improved food supply on the retail level while rising competition brought food inflation in U.S. dollar terms under control. Nevertheless, the dollarisation policy will do little to address the current imbalance between demand and supply, the restoration of lost infrastructure, and massively depressed confidence levels in the economy, factors that could partly mitigate the slowing inflation path expected in the coming months.

Former Opposition's Tentative Re-engagement in Power-Sharing: In response to bitter differences over implementation of the power-sharing agreement, Prime Minister Morgan Tsvangirai and the MDC took the extraordinary step of boycotting its power-sharing partners in ZANU-PF while remaining in government on 19 October 2009. The impasse was brought to an end for a "trial period" in early November 2009 as a result of SADC mediation. In order to continue with power-sharing, the MDC is insisting on a re-distribution of official appointments, particularly the attorney-general and central bank governor.

Security Environment Remains Tense: Reports of politicised violence have not diminished in since the inclusive government took shape. In fact, reports of tit-for-tat violence between MDC and ZANU-PF supporters, and invasions of white-owned commercial farmland have actually increased. Prime Minister Morgan Tsvangirai has pledged to tackle the farm invasions, which have been particularly damaging to Zimbabwe's reputation, but may be hampered in doing so due to limited MDC control over the security agencies.




Agriculture 01 21.7 -2.6%

Beverages03 10.4 -3.6%

Food Products05 8.4 -4.2%

Coal mining04 8.5 -6.8%

Retails Trade06 7.9 -5.5%



Wire, Cables & Batteries09 4.9 -4.1%

Tobacco Products10 4.3 -3.8%-12.6%

5.1%

0.3%

2.2% 2.5% 2.7%

-6.1%-5.4%

2.2%

0

2

4

6

8

2006 2007 2008 2009 2010 2011 2012 2013 2014

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%


Zimbabwe – Type 1 OfficeInsurance Environment > Key Stakeholders and Events




Association Insurance Association of Zimbabwe > www.zimtreasury.org





Business Environment Insurance Environment

Regulator Insurance Council of Zimbabwe

Major Insurers

• Nicoz Diamond > www.nicozdiamond.co.zw RM Insurance > www.rminsurance.co.zw Cell Insurance Zimbabwe > www.cellinsurance.co.zw Altfin > www.altfininsurance.co.zw Tristar > www.tristarinsurance.co.zw Heritage > www.heritage.co.zw

N/A N/A

Lloyd’s Business








Zimbabwe – Type 1 OfficeLloyd’s Business > Office Details


Ms Emilia Chisango c/o KPMG Mutual Gardens 100 The Chase (West) Emerald Hill Harare

Zimbabwe




Direct: Yes, through a local intermediary





Market Intelligence





Total: USD 2m*

Direct: USD 1m*





The detailed country-level Lloyd’s data used in this document is based on calendar year signed gross premiums sourced from Xchanging. This differs from the Lloyd’s data published in the Annual Report. The accounting-level Lloyd’s data published in the Annual Report is based on calendar year written gross premiums sourced directly from Syndicates. Differences are therefore explained by (1) the timing differences between written and signed gross premiums and (2) inconsistent use of rates of exchange between Syndicates and Xchanging.

Please note the information contained in this document is based upon data collected from Xchanging and may be incomplete for some classes of business; for instance a substantial figure, which is missing from the REG 258 data set is comprised of UK Motor, which is not processed by Xchanging.

Lloyd’s figures are based on gross signed premiums based on figures processed by Xchanging by processing year and country of origin.

Gross Premiums: Original and additional inward premiums, plus any amount in respect of administration fees or policy expenses remitted with a premium but before the deduction of outward reinsurance premiums.

Country of Origin: Denotes the country from where demand for the insurance / reinsurance emanates; i.e. the coverholder or policyholder, irrespective of the country to which the risk is classified for regulatory reporting purposes.

Processing Year: Relates to the calendar year in which the premium, additional or return premium is processed by Xchanging, irrespective of the actual underwriting year of account of the risks (which is determined by the inception date of each risk).

Example: A policy holder in the UK insuring a holiday home in France would be classified as a UK risk by “Country Of Origin”, but “French” for regulatory reporting purposes. Similarly a risk incepting on 1st December 2007 would be classified at 2007 “Underwriting Year of Account” but may not be processed by Xchanging until 2008 and so be allocated to the 2008 “processing year”.

Disclaimer“This document is intended for general information purposes only. Whilst all care has been taken to ensure the accuracy of the information Lloyd's does not accept any responsibility for any errors or omissions. Lloyd's does not accept any responsibility or liability for any loss to any person acting or refraining from action as a result of, but not limited to, any statement, fact, figure, expression of opinion or belief contained in this document".

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