regional watch for managing agents and brokers international markets market intelligence june 2010...
TRANSCRIPT
Regional Watch
FOR MANAGING AGENTS AND BROKERS
International Markets
Market Intelligence
June 2010
What info is Available to you 1
How to use Regional Watch2
1 What information is Available to you
Summary of what we currently cover in Regional Watch
> Asia Pacific
> Latin America
> North America
> Europe
> IMEA
> Level of information
How to use Regional Watch 2
ContentThis document explains what information is available to you and how to use Regional Watch.
> Download: www.lloyds.com/regionalwatch > Questions: [email protected]
Where and how to access Regional Watch
> ACCESS
How to navigate Regional Watch
> Navigation
Click Box to navigate
Each region has a number of available Regional Watches
> Japan
> China
CLASS OF BUSINESSIntelligence of business
classes in a territory which can range from high-level and detailed overview of
premiums, loss ratios and growth drivers to basic news stories regarding a particular business class.
DISTRIBUTIONIntelligence of distribution in
a territory which can range from high-level and detailed overview of core strengths and weaknesses of brokers
to basic news stories regarding a broker.
COMPETITIONIntelligence of competitors
in a territory which can range from detailed overview of
core strengths and weaknesses to low level info such as basic news stories
regarding a competitor.
Regional Watch has different LEVELS OF INFORMATION, which are exemplified by the matrix below.
Soft
Inte
llig
ence
Fact
She
etSo
ft In
tell
igen
ce Fa
ct S
heet
COMOPANY X
X have a 50% market share in liability: X’s largest liability classes are (sometimes driven by government regulation – i.e. medical malpractice); largest liability classes are carriers’liability followed by public liability, employers’ liability and medical malpractice. X are currently reviewing their treaty book, which could in turn affect its FAC purchases. The agricultural account of X is believed to have performed badly in 2009 due to natural disasters such as drought in the northern part of China.
For the first half of 2009, X posted net income of USD 47m, compared with a loss of USD 41m. Country’s largest non-life insurer, trimmed its underwriting loss to around USD 172m from nearly USD 302m through June 2008.
The 2008 period was impacted negatively by claims for natural disasters, including an earthquake in May 2008 and massive snowstorms in central and southern parts of the country.
From an obvious position of strength X are concentrating more on profit than market share. However newer companies need to gain market share and this leads to price competition.
X is expanding into the telephone marketing of auto insurance. The regulator allows insurers with a telephone marketing licensein auto insurance to offer a further 15 reduction to the officially approved 30%.
Local Market Issues
Strategy
Financials
Distribution Channels
Estimated Ranking Largest non-life insurer
Key business classes All business classes; however more interested in main stream classes (Motor, Property etc.)
Approximate Size USD 14.6bn (2008)
Licence Top national insurer with headquarter in XXAdditional Info
Total Loss RatioBusiness Class
PerformanceGeographic Split
Soft
Inte
llig
ence
Fact
She
etSo
ft In
tell
igen
ce Fa
ct S
heet
Sub-Class
CLASS X
Local Market Issues
Distribution Channels
Premium Income Trends
Profitability
X has received significant attention in the local market. Product Liability policies tend to be one year policies. It is estimated that it accounts for 20% of the X market; high profile product re-calls; increased litigiousness; role of government –particular regard to “food safety” are important. Key local players such as A and B now have partnerships with law firms and adjuster’s expertise, which has helped them to overtake D for class X.
Growth in exports is a major driver as this product is driven byvendor requirements. High profile product re-call and increased litigiousness are long term drivers.
owever, there continues to be only a fraction of Y’s exports covered by product liability and product liability for the domestic market is virtually non-existent. Current Treaty Reinsurance capacity is subject to a long list of excluded products.
Direct (some success with cold calling for SMEs) and via brokers. Vendors are pushing suppliers to purchase product liability. International vendors like buying cover from “reputable”insurance companies. D used to have a strong position via its direct sales force; the majority of these agents have migrated over to G and other insurance companies or new start up such as I. In the developed segment / geographic area (coastal regions) product liability is estimated to be mostly brokered (around 80%).
Rates are competitive (except for products excluded by the reinsurance treaty arrangements).
Typical market loss ratio is estimated to be between 60% - 70%.
Product liability tends to require high limits for exports.
Key Competitors
Strong: A, B, CMedium: D
Niche: E, F
Size (in USD)
Growth
2008E 2009F 2010F 2011F
70m 10% 20% 20%
Key Competitors
Strong: A, B, CMedium: D
Niche: E, F
Size (in USD)
Growth
2008E 2009F 2010F 2011F
70m 10% 20% 20%E: Estimate; F = Forecast based on Interviews, Shanghai, October 2009
BUSINESS CLASSBUSINESS CLASS
Soft
Inte
llig
ence
Fact
She
etSo
ft In
tell
igen
ce Fa
ct S
heet
Local Market Issues
Strategy
Premium Income Trends
Major Classes
X has been ranked as the number one international broker in country A for 2008 & 2009 by the Regulator.
X has received regulatory approval at the beginning of 2009 from the CIRC to open a new branch in Dalian, Liaoning province.
Around 95% of business is renewal business.
It is thought that approximately 70% of X portfolio in A is global client business.
X’s Business Development Team works on cross-selling potentials.
X has been in A for 25 years, first as a risk management consultant and later started providing broking services. X, through B, was the first foreign broker in A. X’s strategy is to become the largest broker in A and to balance the level of indigenous business that they generate versus global client business.
Y is by far the top broker for agricultural treaties in A which is a growing area. X is quite strong in in financial lines through its CC unit.
X has recently set up a client services group which targets local enterprises investing overseas
X has traditionally been a leader in the marine and energy sector. They will continue to be a dominant player given their strong team on the ground.
Lloyd’s Premium Placing Model
Lloyd’s broker; Retail (both indigenous & global client) Headquartered in X, offices in Y and Z; 130 staff
Estimated Ranking
Links N/A
Website
www.company.com
BrokerBroker4th largest broker in 2007
tota
l GW
P by
insu
rer
(in m
illi
on U
SD) i
n 20
07
Risks have a high retention rate as the main players have signif icant capacity. Reinsurance cessions are declining and the level of reinsurance premium in 2006 (USD 637m) is significantly lower than the 2002 level (USD 804 m). However, the local association hosts more than 200 international reinsurers writing non-domiciled business and numbers continue to rise. Captive reinsurance companies have been set up by major corporations as well as large global commercial reinsurers and several Bermudian reinsurers. There are also several agency reinsurers, that is subsidiaries of commercial insurance companies, particularly large and medium-sized European mutuals, set up to consolidate their reinsurance programmes.
Rein
sure
rs
Reinsur er A
Reinsur er B
Reinsur er C
Reinsur er D
Motor Pr oper tyPr oper ty Liabil ityLiabil ity Miscel l aneous*Miscel l aneous*
0
100
200
300
400
500
600
700
A B C D E F G H
© Lloyd’s189
Time Per iod
Cover edYY: Sof t Intel l igence on l ocal insur er s
Soft
Inte
llig
ence
COMPANY XX has appointed Ms YY as Country Manager for X, based in… office. She will assume full management responsibility for X’s P&C product lines distributed through its Y offices. She has extensive experience in the insurance industry having worked in a variety of management roles in the UK and Ireland for Z and X..
A spokesman noted that the market is going through "an exciting time," but expressed confidence in X’s ability to present "a very attractive proposition for insureds and brokers in Y amid current volatile market conditions."
Insurance Journal, “X Europe Names YY to Head P/C Unit in Y”, (December 2008)
© Lloyd’s180
YY: Sof t Intel l igence by cl ass
Soft
Inte
llig
ence
BUSINESS CLASS XMotor and home insurance costs could rise by up to 10% during 2009, according to XX.Along with other insurers, a company spokesman said that the company has seen an increase in claims during 2008. The spokesman also pointed out that the resulting higher risks were driving up the cost of insurance.Market Intelligence based on: Irish Times, “Warning of 10% rise in home and motor cover”, (May 2009)
.
Market Intelligence based on: Irish Insurance Federation Factfifle 2009, (August 2009); http://www.iif.ie/
Dire
ct M
arke
t GW
P (in
bil
lion
USD
)Ca
tego
ries
Cl asses2007*
Miscel l aneousMotorPA & Heal thMATLiabil it yPr oper ty
Incl udes:1.0% Surety. Bonds &
Credit
20%
14%
30%
25%
9%
6.0
8.3
9.0 9.2
10.210.9
4.6
3.53.43.0
9.0
0
2
4
6
8
10
12
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Dire
ct M
arke
t GW
P (in
bil
lion
USD
)Ca
tego
ries
Cl asses2007*
Miscel l aneousMotorPA & Heal thMATLiabil it yPr oper ty
Incl udes:1.0% Surety. Bonds &
Credit
20%
14%
30%
25%
9%
20%
14%
30%
25%
9%
6.0
8.3
9.0 9.2
10.210.9
4.6
3.53.43.0
9.0
0
2
4
6
8
10
12
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
6.0
8.3
9.0 9.2
10.210.9
4.6
3.53.43.0
9.0
0
2
4
6
8
10
12
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
DISTRIBUTION OVERVIEW
A is essentially a broker market and there has been significant
consolidation over the past few years.
Broking groups outside XX have been particularly active in mergers and
companies such as D, F, G are reported to have gained significant
market share: their domestic size could be approaching that of the major
global brokers.
YY estimates that 95% of commercial business is controlled by
brokers with about 40% for private business.
J, in particular, has achieved a very powerful position through mergers.
In October 2004 P acquired Q and more recently, there have been
several mergers of regional brokers and firms
DISTRIBUTION OVERVIEW
A is essentially a broker market and there has been significant
consolidation over the past few years.
Broking groups outside XX have been particularly active in mergers and
companies such as D, F, G are reported to have gained significant
market share: their domestic size could be approaching that of the major
global brokers.
YY estimates that 95% of commercial business is controlled by
brokers with about 40% for private business.
J, in particular, has achieved a very powerful position through mergers.
In October 2004 P acquired Q and more recently, there have been
several mergers of regional brokers and firms
KEY BROKERS
D
C
B
A
KEY BROKERS
D
C
B
A
© Lloyd’s199
YY: Sof t Intel l igence on l ocal Br oker s
Soft
Inte
llig
ence
BROKER XPlans to open a new research and development (R&D) centre in City Z have been outlined by Y, the US insurance and reinsurance brokerage. Y said the new centre will use analytical and mathematical techniques to develop new products. The opening of the new centre will create 100 jobs.
The centre, which is based in the IFSC in City Z, will be the fi rst research and development insurance operation in Ireland. The purpose of the centre is to collect information from Y's operations around the world and use mathematical and analytical techniques to devise new products for clients. The company has operations in City Z, City Y. The company’s operations are divided into retail insurance, which employs 280 people; pensions, which has a staff of 80; and risk management consulting, which employs 100 people.
Stephen Cross, chief executive of Y Global Risk Consulting, said insurance was more important to businesses now than 24 or 36 months ago due to the financial crisis. Mr Cross said Y chose Ireland for its RD centre, which is being supported with an investment from IDA Ireland, due to its geographical location and the availability of a well-educated workforce in Ireland
Construction
Y is the largest Insurance Broker in the construction sector in Ireland. Y Construction is a dedicated division established recently to service the specific needs of construction companies, contractors and developers. Y believes that the current downturn being experienced in the construction sector in Ireland means that companies - now more than ever - require innovative and sustainable solutions to their risk and insurance needs which deliver the best possible cover at the most competitive price. Y is broker to the Construction Industry Federation and has been working closely with them to provide value added services for CIF Members
Market intelligence based on : Irish Times, 10 Dec 2008, online; Esmerk, (December 2008);
About Regional WatchThis is a tool for managing agents and brokers detailing market intelligence on Lloyd's key market development territories. The dashboards contain up-to-date soft and hard intelligence on the insurance environment at different levels of detail.
> Download: www.lloyds.com/regionalwatch > Questions: [email protected]
MICRO
LEVEL
MESO
LEVEL
MACRO
LEVEL
DETAIL
S
DETAIL
S
DETAIL
S
SUMM
ARY
SUMM
ARY
SUMM
ARY
OVERVIE
W
OVERVIE
W
OVERVIE
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Back To > Content
IN MARKET RESEARCH
DESK-BASED RESEARCH
AD HOC RESEARCH
COMPETITION BUSINESS CLASS DISTRIBUTION
Level of informationDetail
IN MARKET RESEARCH
SUMMARY DESK BASED RESEARCH
OverviewAD HOC
RESEARCH
Europe (1 of 3) Download at: www.lloyds.com/regionalwatch > Europe Market Intelligence Account Manager: Filip Wuebbeler > [email protected]
MONTHLY UPDATES All top-50 economies with type 3 or 4 office, or significant market development priority for Lloyd’s
QUARTERLY UPDATES Other top-50 economies or where Lloyd’s has some business interests
ANNUAL UPDATES Annual update, unless significant event in territory.
MONTHLY UPDATES BROKER VERSION
Netherlands> Large Markets
NO NO
Germany> Germany
NO
France> France
NO NO
NOPoland> Poland
Sweden> Nordic Markets
NO
Finland> Nordic Markets
NO
Austria> Eastern Markets
NO NO
Denmark> Large Markets
NO
MARKET PRESENTATION
Norway> Nordic Markets
NO
YES
YES
YES
YES
YES
YES
Back To > Content
COMPETITION BUSINESS CLASS DISTRIBUTION
Level of informationDetail
IN MARKET RESEARCH
SUMMARY DESK BASED RESEARCH
OverviewAD HOC
RESEARCH
MONTHLY UPDATES All top-50 economies with type 3 or 4 office, or significant market development priority for Lloyd’s
QUARTERLY UPDATES Other top-50 economies or where Lloyd’s has some business interests
ANNUAL UPDATES Annual update, unless significant event in territory.
MONTHLY UPDATES BROKER VERSION
Switzerland> Large Markets
NO NO
Russia> Russia
YES NO
MARKET PRESENTATION
COMPETITION BUSINESS CLASS DISTRIBUTION
QUARTERLY UPDATES
Turkey>Small Markets
NO NO
Belgium> Small Markets
NO NO
Greece> Small Markets
NO NO
Israel> Small Markets
NO NO
BROKER VERSION
MARKET PRESENTATION
Europe (2 of 3) Download at: www.lloyds.com/regionalwatch > Europe Market Intelligence Account Manager: Alex Milne > [email protected]
Back To > Content
COMPETITION BUSINESS CLASS DISTRIBUTION
Level of informationDetail
IN MARKET RESEARCH
SUMMARY DESK BASED RESEARCH
OverviewAD HOC
RESEARCH
MONTHLY UPDATES All top-50 economies with type 3 or 4 office, or significant market development priority for Lloyd’s
QUARTERLY UPDATES Other top-50 economies or where Lloyd’s has some business interests
ANNUAL UPDATES Annual update, unless significant event in territory.
MONTHLY UPDATES BROKER VERSION
Italy> Large Markets
NO NO
Spain> Large Markets
NO YES
MARKET PRESENTATION
COMPETITION BUSINESS CLASS DISTRIBUTION
QUARTERLY UPDATES
Portugal> Small Markets
NO NO
BROKER VERSION
MARKET PRESENTATION
Europe (3 of 3) Download at: www.lloyds.com/regionalwatch > Europe Market Intelligence Account Manager: Bruno Davila > [email protected]
COMPETITION BUSINESS CLASS DISTRIBUTION
MONTHLY UPDATES BROKER VERSION
MARKET PRESENTATION
Download at: www.lloyds.com/regionalwatch > Europe Market Intelligence Account Manager: Govind Ratnam > [email protected]
Ireland> Ireland
NO YES
Back To > Content
COMPETITION BUSINESS CLASS DISTRIBUTION
Level of informationDetail
IN MARKET RESEARCH
SUMMARY DESK BASED RESEARCH
OverviewAD HOC
RESEARCH
North America (1 of 3) Download at: www.lloyds.com/regionalwatch > North America Market Intelligence Account Manager: Bruno Davila > [email protected]
MONTHLY UPDATES All top-50 economies with type 3 or 4 office, or significant market development priority for Lloyd’s
QUARTERLY UPDATES Other top-50 economies or where Lloyd’s has some business interests
ANNUAL UPDATES Annual update, unless significant event in territory.
MONTHLY UPDATES
USCalifornia >
NO NO
USTexas>
NO NOLLOYD’S ONLY
Florida> US
NO NOLLOYD’S ONLY
Illinois> US
NO NONONE LLOYD’S ONLY
New York> US
NOLLOYD’S ONLY NO
COMPETITION BUSINESS CLASS DISTRIBUTION
MONTHLY UPDATES
USUS Surplus Lines Total >
NO NO
Kentucky> US
NO NONONE LLOYD’S ONLY
BROKER VERSION
MARKET PRESENTATION
BROKER VERSION
MARKET PRESENTATION
Back To > Content
Level of informationDetail
IN MARKET RESEARCH
SUMMARY DESK BASED RESEARCH
OverviewAD HOC
RESEARCH
North America (2 of 3) Download at: www.lloyds.com/regionalwatch > North America Market Intelligence Account Manager: Bruno Davila > [email protected]
MONTHLY UPDATES All top-50 economies with type 3 or 4 office, or significant market development priority for Lloyd’s
QUARTERLY UPDATES Other top-50 economies or where Lloyd’s has some business interests
ANNUAL UPDATES Annual update, unless significant event in territory.
COMPETITION BUSINESS CLASS DISTRIBUTION
QUARTERLY UPDATES
PennsylvaniaUS
NO NONONE LLOYD’S ONLY LLOYD’S ONLY
New JerseyUS
NO NONONE LLOYD’S ONLY LLOYD’S ONLY
Georgia> US
NO NONONE LLOYD’S ONLY LLOYD’S ONLY
Louisiana> US
NO NONONE LLOYD’S ONLY LLOYD’S ONLY
South Carolina> US
NO NONONE LLOYD’S ONLY LLOYD’S ONLY
BROKER VERSION
MARKET PRESENTATION
Back To > Content
Level of informationDetail
IN MARKET RESEARCH
SUMMARY DESK BASED RESEARCH
OverviewAD HOC
RESEARCH
North America (3 of 3) Download at: www.lloyds.com/regionalwatch > North America Market Intelligence Account Manager: Bruno Davila > [email protected]
MONTHLY UPDATES All top-50 economies with type 3 or 4 office, or significant market development priority for Lloyd’s
QUARTERLY UPDATES Other top-50 economies or where Lloyd’s has some business interests
ANNUAL UPDATES Annual update, unless significant event in territory.
COMPETITION BUSINESS CLASS DISTRIBUTION
MONTHLY UPDATES
Ontario> Canada
NO NO
British Columbia> Canada
NO NOLLOYD’S ONLY
Alberta>Canada
NO NOLLOYD’S ONLY
Quebec> Canada
NOLLOYD’S ONLY NO
COMPETITION BUSINESS CLASS DISTRIBUTION
MONTHLY UPDATES
Canada Total > Canada
NO
LLOYD’S ONLY
LLOYD’S ONLY
BROKER VERSION
MARKET PRESENTATION
YES
Back To > Content
COMPETITION BUSINESS CLASS DISTRIBUTION
Level of informationDetail
IN MARKET RESEARCH
SUMMARY DESK BASED RESEARCH
OverviewAD HOC
RESEARCH
Asia Pacific (1 of 2) Download at: www.lloyds.com/regionalwatch > Asia Pacific Market Intelligence Account Manager: Govind Ratnam > [email protected]
MONTHLY UPDATES All top-50 economies with type 3 or 4 office, or significant market development priority for Lloyd’s
QUARTERLY UPDATES Other top-50 economies or where Lloyd’s has some business interests
ANNUAL UPDATES Annual update, unless significant event in territory.
MONTHLY UPDATES
ChinaChina>
NO NO
JapanJapan>
NO
Singapore> Singapore
NO NO
Australia> Australasia
YES NO
Hong Kong SAR> Hong Kong
NO NO
QUARTERLY UPDATES
COMPETITION BUSINESS CLASS DISTRIBUTION
Vietnam> Emerging Markets
NO NO
South Korea> Emerging Markets
NO NO
BROKER VERSION
MARKET PRESENTATION
BROKER VERSION
MARKET PRESENTATION
YES
Back To > Content
COMPETITION BUSINESS CLASS DISTRIBUTION
Level of informationDetail
IN MARKET RESEARCH
SUMMARY DESK BASED RESEARCH
OverviewAD HOC
RESEARCH
Asia Pacific (2 of 2) Download at: www.lloyds.com/regionalwatch > Asia Pacific Market Intelligence Account Manager: Govind Ratnam > [email protected]
MONTHLY UPDATES All top-50 economies with type 3 or 4 office, or significant market development priority for Lloyd’s
QUARTERLY UPDATES Other top-50 economies or where Lloyd’s has some business interests
ANNUAL UPDATES Annual update, unless significant event in territory.
ANNUAL UPDATES
Indonesia> Emerging Markets
NO NO
Taiwan> Emerging Markets
NO NO
Thailand> Emerging Markets
NO NO
Malaysia> Emerging Markets
NO NO
Philippines> Emerging Markets
NO NO
New Zealand> Australasia
NO NO
Macau> Emerging Markets
NO NONONE LLOYD’S ONLY LLOYD’S ONLY
BROKER VERSION
MARKET PRESENTATION
Back To > Content
COMPETITION BUSINESS CLASS DISTRIBUTION
Level of informationDetail
IN MARKET RESEARCH
SUMMARY DESK BASED RESEARCH
OverviewAD HOC
RESEARCH
Latin America Download at: www.lloyds.com/regionalwatch > Latin America Market Intelligence Account Manager: Bruno Davila > [email protected]
MONTHLY UPDATES All top-50 economies with type 3 or 4 office, or significant market development priority for Lloyd’s
QUARTERLY UPDATES Other top-50 economies or where Lloyd’s has some business interests
ANNUAL UPDATES Annual update, unless significant event in territory.
MONTHLY UPDATES
MexicoMexico>
NO
BrazilBrazil>
COMPETITION BUSINESS CLASS DISTRIBUTION
ANNUAL UPDATES
Argentina> Small Markets
NO NO
Venezuela> Small Markets
NO NO
Colombia> Small Markets
NO NO
Chile> Small Markets
NO NO
Peru> Small Markets
NO NO
BROKER VERSION
MARKET PRESENTATION
BROKER VERSION
MARKET PRESENTATION
YES
YES
YES
Back To > Content
COMPETITION BUSINESS CLASS DISTRIBUTION
Level of informationDetail
IN MARKET RESEARCH
SUMMARY DESK BASED RESEARCH
OverviewAD HOC
RESEARCH
MONTHLY UPDATES All top-50 economies with type 3 or 4 office, or significant market development priority for Lloyd’s
QUARTERLY UPDATES Other top-50 economies or where Lloyd’s has some business interests
ANNUAL UPDATES Annual update, unless significant event in territory.
MONTHLY UPDATES
South Africa> IMEA
NO NO
QUARTERLY UPDATES
COMPETITION BUSINESS CLASS DISTRIBUTION
India> IMEA
NO NO
Saudi Arabia> IMEA
NO
UAE> IMEA
NO
Qatar> IMEA
NO
Bahrain> IMEA
NO
YES
YES
YES
YES
BROKER VERSION
MARKET PRESENTATION
BROKER VERSION
MARKET PRESENTATION
IMEA (1 of 2) Download at: www.lloyds.com/regionalwatch > IMEA Market Intelligence Account Manager: Govind Ratnam > [email protected]
Download at: www.lloyds.com/regionalwatch > IMEA Market Intelligence Account Manager: Filip Wuebbeler > [email protected]
Back To > Content
Level of informationDetail
IN MARKET RESEARCH
SUMMARY DESK BASED RESEARCH
OverviewAD HOC
RESEARCH
IMEA (2 of 2) Download at: www.lloyds.com/regionalwatch > IMEA Market Intelligence Account Manager: Filip Wuebbeler > [email protected]
MONTHLY UPDATES All top-50 economies with type 3 or 4 office, or significant market development priority for Lloyd’s
QUARTERLY UPDATES Other top-50 economies or where Lloyd’s has some business interests
ANNUAL UPDATES Annual update, unless significant event in territory.
ANNUAL UPDATES
COMPETITION BUSINESS CLASS DISTRIBUTION
Iran> IMEA
NO NO
Nigeria> IMEA
NO
Algeria> IMEA
NO
Pakistan> IMEA
NO
NO
NO
NO
Kuwait> IMEA
NONO
Egypt> IMEA
NONO
Bangladesh> IMEA
NONO
Kenya> IMEA
NONO
Sri Lanka> IMEA
NONO
BROKER VERSION
MARKET PRESENTATION
Back To > Content
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© Lloyd ’s
Foreign InsurersDashboard
Distribution Dashboard
Insurance Dashboard
(Re- )Insurers Dashboard
Cli
ck A
ny B
ox T
o N
avig
ate
Shanghai Dashboard
Economy Dashboard
Premium Dashboard
DisclaimerDisclaimer
Macro Themes
Market Premium
Market Players
Lloyd’s
Distribution
Content
Lloyd’s Dashboard
Click Flagto navigate toContent
Glossary / Definitions
Links to Info Sources
Lloyd’s Data Limitations
UK / China Financial Sector Stakeholders
© Lloyd ’s
Foreign InsurersDashboard
Distribution Dashboard
Insurance Dashboard
(Re- )Insurers Dashboard
Cli
ck A
ny B
ox T
o N
avig
ate
Cli
ck A
ny B
ox T
o N
avig
ate
Shanghai Dashboard
Economy Dashboard
Premium Dashboard
DisclaimerDisclaimerDisclaimerDisclaimer
Macro Themes
Market Premium
Market Players
Lloyd’s
Distribution
Content
Lloyd’s Dashboard
Click Flagto navigate toContent
Glossary / Definitions
Links to Info Sources
Lloyd’s Data Limitations
UK / China Financial Sector Stakeholders
CN:Economy Dashboard
DisclaimerDisclaimer
Map and regional
economic output
> CLICK ANY BOX FOR DETAIL
Macro drivers of economy
Growth sectors of economy
Summary
Ways of Doing
business
Strong economic growth amid domestic stimuliChina as an export-driven economyis vulnerable to the external environment.
Shrinking external demand, overcapacity in some sectors, difficult business conditions fo r enterprises, rising unemployment in urban areas and greater downwardpressure on economic growth.
Stimulus to focus on internal demand growth; tax reductions for enterprises
Series of interest rate cutsand other policy developments to improve business and consumer confidence. Lending has been improving, easing credit situati on.
Foreign exchange reserves of USD 1.95 trillion
Fundamentals remain strong, domestic demand to improve. China’s economic growth will depend on access to an alternative market for its exports. China to drive Asian Growth.
China’s Stimulus Packageof USD 586bn:
Stimulus package with focus on infrastructure development: housing, transport and rural
Tax reformsto reduce burden on large, small and medium industries
Industry specific support for Automotive and Steel
Support plans for the auto, steel, shipbuilding, textile and machinerymanufacturing, electronics, petrochemicals and light industry
Successive interest rate cutsto boost liquidity
Market Intelligence based on: Berkley APEC Study Center, “Responding to the Global Crisis:Market and Nonmarket Strategies for Success”, (March 2009)
Back To > Content
CN:Economy Dashboard
DisclaimerDisclaimerDisclaimerDisclaimer
Map and regional
economic output
> CLICK ANY BOX FOR DETAIL
Macro drivers of economy
Growth sectors of economy
Summary
Ways of Doing
business
Strong economic growth amid domestic stimuliChina as an export-driven economyis vulnerable to the external environment.
Shrinking external demand, overcapacity in some sectors, difficult business conditions fo r enterprises, rising unemployment in urban areas and greater downwardpressure on economic growth.
Stimulus to focus on internal demand growth; tax reductions for enterprises
Series of interest rate cutsand other policy developments to improve business and consumer confidence. Lending has been improving, easing credit situati on.
Foreign exchange reserves of USD 1.95 trillion
Fundamentals remain strong, domestic demand to improve. China’s economic growth will depend on access to an alternative market for its exports. China to drive Asian Growth.
China’s Stimulus Packageof USD 586bn:
Stimulus package with focus on infrastructure development: housing, transport and rural
Tax reformsto reduce burden on large, small and medium industries
Industry specific support for Automotive and Steel
Support plans for the auto, steel, shipbuilding, textile and machinerymanufacturing, electronics, petrochemicals and light industry
Successive interest rate cutsto boost liquidity
Market Intelligence based on: Berkley APEC Study Center, “Responding to the Global Crisis:Market and Nonmarket Strategies for Success”, (March 2009)
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Energy / Resources
Environment / Health
Growth Sectors
Ports
Aviation
Exports & Imports
Regional GDP Per Capita
Map of China
Labour Force
Legal / IPR
Middle Class
Brand Consciousness
Stock Markets
Currency
Government Priorities
Macro Indicators
Business Culture
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Energy / Resources
Environment / Health
Growth Sectors
Ports
Aviation
Exports & Imports
Regional GDP Per Capita
Map of China
Labour Force
Legal / IPR
Middle Class
Brand Consciousness
Stock Markets
Currency
Government Priorities
Macro Indicators
Business Culture
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CN:Economy
Business Culture (2 of 2)
Business meetingsare punctual.It is advisable to arrive a bit early at meetings. Negotiationsoften proceed at a slow pace and conversations may initially be very non-committal – instead of saying “yes” or “no”, more likely comments are “we will think about it” or “we will see”. You should always have your own interpreter at any meeting, to ensure the
translation is done correctly and to pick up on conversations between the opposite party.
Gifts indicate a desire to establish a relationship. Gifts need not be expensive, but they should always be wrappedand you should avoid using black or white paper. Gifts normally will not be opened in your presence.
Something representative of your country or your town will be particularly appreciated. Never give a clock or white flowers, as these signify death. Never give sharp objects such as knives or scissors as they signify cutting of a relationship. Four is an unlucky number. Lucky numbers are six and eight.
Learn a few simple Chinese words. This not only shows respect and interest in the Chinese language and culture, but also provides a good icebreaking topic. Try to avoid discussing political or religious topics publicly. Chinese food, places to visit and entertainment are good topics.
Market Intelligence based on: British Chambers of Commerce, “The British Chamber of Commerce Shanghai”, (November 2009)Soft
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