kamal tabaja
TRANSCRIPT
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Kamal Tabaja FCII – 30th January 2012
Clients Going Abroad
Challenges of Domestic Insurers
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What is a Jet Lag?
Definition:
It is when travelling across a number of time zones, the body clock will be out of
synchronization with the destination time. Hence, the Body's natural pattern is upsetand will need to adjust to the new environment.
In Insurance Terms:
It is when you go abroad into a new venture or project and expect to have the same
terms and condition you had in home environment.
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An Outline
Facts and Figures of Asian Oil Companies
Focus on China
Challenges Faced by Clients Abroad
Insuring Clients Abroad
Conclusion
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Facts
Growing demand for Hydrocarbons
Economic Growth
Industrial Growth
Ability to Spend
Over $US 50 Bn of M&A deals during 2012 by Asian NOCs
North & Latin America
East Africa
Europe
Majority of Asian Companies are expandingGovernments’ policies to secure more resources
Increase profits from Overseas operation
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Petroleum Demand
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Imports and Exports
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International Production Sources
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Outlook of Output and Imports
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Overseas Production
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Contribution of Companies
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Challenges of the Industry
Most Diverse
Exploration in Harsh Environments
Scarcity of Human resources
Simplest Logistic Tasks can be difficult
Insurance
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Challenges of Clients
Regulations
Different Requirements
Project delays
Product Export Issues
Environmental Challenges
Logistics
HSE Regulations and Procedures
International Bodies
Human Resources
Political Risk and Instability
Possibly Hostile Zones
Protecting Interests
Nationalization and Confiscations
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Mitigation
Early Assessment
Calculating the risk during the project cycle
Comparing Regulations Vs Risk at hand
How much of the Risk can be carried?
Timing
Budgeting
Direct Project Costs
Indirect Costs (Often Insurance is taken part of that- Wrong!!)
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Challenges for Client Insurer
New Learning Curves
Unknown Territories
Unknown Regulations
Financial Challenges
Servicing Client Abroad
Presenting the Client
Absence of Local Presence
Understanding the Culture and way of operation
Insurance Requirements
Products and Covers not requested in home land
Sudden Changes in Exposure and Risk
Educating the Client
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Adding Value
Advisory
Project Finance
Different Stage Involvement
Preparation for the market
Servicing Client Abroad
Finding the right partner
One Stop Shop
Communicating with Local Community
Insurance Pricing & Cover
Finding the right security
Obtaining Follow Market
Building of Internal expertise
Quoting and Leading Business
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Conclusion
Timely Preparation for a new trip or venture
&
Finding the right aid or partner
will help you to cope with a Jet Lag much faster
Solution: Red Bull & Coffee Insurance: Budget Well
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Any Questions ??
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Thank you