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Times of change. How the global community adapts. unisonsteadfast informs members 'contributions of insurers' reports

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1 HAMBURG GERMANY FRIDAY, DECEMBER 20, 2019 THIRD EDITION Times of change How the global community is adapting unisonsteadfast informs Members contributions Insurers report

2 2 3 Dear members and business friends, Rolf Diekhoff The year is drawing to a close again, and with it is also increasingly affecting our business in the People's Republic of China and developments in frameworks. We are confident that our members, a turbulent time, characterized by many dynamic ones, and here, too, it is important to meet the challenges for insurance brokers in individual our industry and our association the times of the processes and the resulting changes. recognize and master - but also which countries will master change through to the development of innovative products! opportunities cannot be overlooked. and new concepts to meet the changed circumstances and risks. With this in mind, we from unisonstead wish the people's voice finally had its say and meanwhile the omnipresent digitization is proceeding a happy and contemplative consecration to you all - the further development thus finally sealed our world with increasing speed. We thank our members for the inclusion night festival - wherever you happen to be at this moment, there were political upheavals elsewhere and here too we are daily with the effects of numerous articles, of which only one world is here - and a good start into 2020, upheavals. faced this change. Selection can appear, and we would be delighted, combined with success and that little bit of luck, which if your willingness to contribute, we all will not long for it in the future! In the looming age of strong men, change is also the central theme of this brochen persistence. the levers of power will be the issue of unisontimes for decades. The developments and the achievements of free world trade in the year are in no way related to our industry. Unisonsteadfast has also been shelved this year by a stroke of a hand. Passed by the other and you can clearly see that An is developing. Our association now unites approx. 800 pages, the global networking of the supervisory adaptations in our day and age no longer only takes medium-sized brokers worldwide and thus continues to supply authorities and thus contributes to the increasing number of independent insurers that are constantly increasing in individual efforts with project character Importance of compliance at. represent, but that it is much more necessary to represent a network of brokers in the world. We have established a new presence in Shanghai, where we have to adapt to our dynamically changing world. Former employee of our account management Yours, Rolf Diekhoff, is controversial on a broad political level. Teams from Hamburg are ready for the local members, while the global economy has long since started to The constant change is the new constant! stands. Adjustment processes can also have started in our working groups and the first successes are reported in this issue of unisontimes. advancing generations in their lifestyle deal with these issues from different paradigm shifts. I would like to take this opportunity to speak to all of you for changes, for example in the way in which millennials Your great interest in our network, your loyalty New positioning of the current great powers are redefining individual mobility, about consequences beyond all of them Years and your personal connections - both militarily and in terms of trade policy, the trade war between the USA and the people with us and our mission, thank you very much.

3 4 5 Allied Africa Broker Network Anika Insurance Broker Capacity Korea Finib Oy Frank Glennon Ltd. KLINGLER Insurance Broker Allied Africa Broker Network (AAB) was founded in 2013 on the initiative of Indwe Risk Services (Pty) Ltd. founded as a strategic response to the convergence of global market interests in Africa. AAB is an integrated network of independent, African-owned and managed insurance brokers, coordinated from Johannesburg, South Africa and represented in more than 14 countries. AAB members adhere to the strictest compliance rules when offering their tailor-made insurance solutions and risk management strategies. They have in-depth knowledge of their local insurance markets as well as important personal contacts in almost all of Sub-Saharan Africa. AAB offers its services to a large number of organizations and companies in a wide variety of industries. More information about the network and its members can be found on the website indicated. Mr. Alan Glen Mr. Jan Drahota Anika Insurance Broker Sdn. Bhd. (AIB) was founded in 1968 and is the oldest local insurance broker in Malaysia with an annual premium volume of MYR 66 million. AIB is headquartered in Kuala Lumpur. There are also 4 other branches in Penang, Kota Kinabalu, Ipoh and Johor Bahru. The company is certified for its quality management system according to MS ISO 9001: 2015. As the leading provider of insurance brokerage services in Malaysia, AIB sells a wide range of flexible and innovative insurance solutions that are tailored to the diverse needs of customers. The team consists of committed, experienced and qualified professionals who are committed to excellent service. Mr. Ping Leong Chong Mr. Shi Min Yeow Since it was founded in 2007, Capacity Korea has grown steadily thanks to its offering of competitive and differentiated insurance services and constant efforts to improve customer satisfaction. As experts in employee and corporate insurance, we offer all the necessary insurance products, from employee group insurance to property and accident insurance as well as other corporate insurance. We're pioneers in researching and strengthening our focus areas to create a better market. As a result, numerous multinational companies have placed their trust in us and rated our support accordingly well. In doing so, we are laying a foundation for the provision of various types of commercial insurance to global and Korean companies around the world. Ryan Kim Finib Oy was founded in 1995, making it one of the oldest insurance broker companies in Finland. With its 32 employees, Finib is also the largest private broker in the Finnish market. The company is registered with the Finnish Financial Supervisory Authority (FSA) and is authorized to broker life, property and liability insurance. Finib cooperates with all insurers that are locally active in Finland. Finib Oy is a member of the Finnish Insurance Broker Association and part of the Finnish Real Estate Management Federations Service Network. The customer base consists of approx. Real estate companies and 200 other corporate customers. The main services are: risk management, insurance planning, contract processing and management, offer analysis and claims management. We help our customers in all insurance matters! Mr. Eero Kuusela As a privately owned insurance broker founded in 1948, Frank Glennon Ltd. today 100 employees in Dublin city center. Glennon is a trusted partner who understands the multinational segment and has an excellent reputation worldwide in general insurance and employee benefits. The company's focus areas include: Construction, Real Estate, Affinity, Food, Technology, Medical Devices, and Pharmaceuticals. Ireland continues to be an important location for FDI by multinationals looking for a European hub. Glennon has over 70 years of experience serving both domestic and multinational companies. We look forward to serving your customers in Ireland and building a friendly relationship with you, our unisonsteadfast partner companies. Mr. Peter Fitzgerald (for P&C) Mr. Davin Spollen (for EB) We insure renewable energies! KLINGLER Versicherungsmakler GmbH is an international insurance broker for companies in the field of renewable energies. With our industry-specific insurance solutions and self-developed insurance concepts, we have been supporting green companies in the implementation of their renewable energy projects with effective and efficient risk management for more than 10 years and thus support our insurance-side as well as our digital way of working with practical, cloud-based tools Customers (e.g. in the form of a customer portal for project and insurance contract management) contribute our small part to the energy transition. Our customers include, in particular, manufacturers (e.g. of battery storage systems, e-charging stations, modules, inverters), management companies for renewable energy projects (e.g. solar and wind parks), general contractors, project planners and engineers, energy suppliers, public utilities, cooperatives, investment companies and banks. Mr. Hendrik Klingler -versicherungsmakler.de

4 6 7 MD Broker AG Nikoloz Group LLC RASHER Seguros y Reaseguros Roanoke Insurance Group Foa & Son Corporation We are a team of long-standing, very well-trained insurance specialists who have over 200 years of insurance experience. This experience helps us to advise and support customers from all economic sectors in the best possible way. As a leading broker in the areas of production, processing, trading and sales of industrial goods (especially F & B), we have been advising medium-sized and large industrial companies on all insurance and risk issues since 1991. Our main topics are: + business liability insurance (including recall cover) + property and machine insurance (including BU) + epidemic insurance + transport insurance + personal insurance (accident, daily sickness allowance) + construction insurance + motor vehicle fleet insurance You can find some well-known reference customers on our website. Mr. Thomas Cserhat After more than 22 years of insurance experience with the world's leading international insurance companies and brokers, Nikoloz Kitiashvili founded the Insurance Broker Nikoloz Group LLC in 2016. The NIKOLOZ GROUP LLC combines the knowledge and experience of the Georgian, regional (Armenia, and Azerbaijan) as well as international markets and offers companies and their employees comprehensive risk management, insurance and reinsurance solutions. In particular, the Nikoloz Group has experience in real estate, energy, automotive, EAR, motor, accident, financial institutions, D&O, general liability, employer liability, professional liability, health, travel and banking. The current portfolio includes insurance and reinsurance services in the areas of professional liability, property damage, CAR / EAR, oil and gas, aviation liability, health insurance and Motor Casco / MTPL. Mr Nikoloz Kitiashvili Rasher is a Spanish real estate agent with over 40 employees in offices in Madrid, Barcelona, ​​Valencia, Guadalajara, Cordoba, Malaga and Tenerife. Rasher also has an international office in Lima, Peru, and will soon open two more offices in Mexico and Panama. The broker was founded in 1983 and now looks after more than 1,000 private and business customers and places insurance contracts with a total premium volume of EUR 30 million every year. Rasher specializes in the following risks and industries, among others: Aviation, Construction & Infrastructure, EB, F & B, Motor Vehicles, Real Estate, Political Risks, Renewable Energies, Sports & Events, Medical Liability as well as Bail and Trade Credit Insurance. Mr. Javier Ramírez Ortuzar Roanoke Insurance Group supports global trade by providing insurance, surety and risk management solutions for trade and transportation. Roanoke is headquartered in Schaumburg, Illinois, and has sales, service, and underwriting locations in the United States, as well as a network of sister companies in Asia and Europe. Roanoke is part of Munich Re Specialty Group Ltd., a Lloyd s of London coverholder and a general agent of the American Alternative Insurance Corporation (AAIC). We develop tailor-made concepts and decision-making bases for our national and international customers. You can find some well-known reference customers on our homepage. Every day we stand by our customers personally, even in the event of damage, and are always committed to their interests. Mr. Jim Nerger Ms. Barbara Spain With over 150 years of experience and the ability to develop innovative insurance products, Foa & Son supports its discerning clientele in protecting their assets. Knowledge of the latest market developments enables Foa & Son to offer customers sophisticated, comprehensive and cost-effective insurance solutions. The New York-based company works with insurers around the world to help clients manage their risk. Foa & Sons various departments and account managers develop insurance solutions for some of the most reputable companies in the US and around the world. Furthermore, the employees have extensive specialist knowledge in the most important areas; i.a. Food distribution, real estate, hospitality, manufacturing, (financial) services, non-profit organizations, municipalities, automobile manufacturers, technology companies and shipping companies. Mr. Robert Sati Mr. Ryan Kim

5 8 9 Audit rate covers excessive calculations for insurance contracts in the USA ALPER SERVICES JOHN PRZYBYLSKI Companies with US business usually pay invoices to identify and correct them. The high premiums for general insurance as well as corrections and the resulting repayments for the insurance of their products and activities and apply for past years as well as for the current time - unlike in Europe and Asia for workers' com- munities and the savings are also reflected in the How went the Fall out? compensation. The high cost of the latter scares off the future. However, it is important to note that the senior executives of the foreign main low- that AuditRate does not guarantee any reimbursement. Your The customer: often let go. One cannot judge whether the customer pays anything at first. Instead, almost USD will be reimbursed - the unique US system is better or worse than the international equivalents. However, it is safe to say that underwriters and auditors often make mistakes and that those mistakes are almost always in the insurer's favor! Numerous inconsistencies and excessive costs arise because premiums are calculated using complex job classifications and evaluation guidelines that: + fill thousands of pages in auditor manuals and + exceed the capabilities of most insurance and brokerage employees. Your customers do not have to put up with these expensive miscalculations and can instead achieve immediate and long-term financial benefits by only paying the fees once your customer has received the repayment. Below is an example from this year: A global developer and installer of logistics and distribution systems is active in several US states. The insurance broker and his insurer, rated A +, have misclassified the work of the employees for many years. The overestimated risk assessment consequently led to excessive premium payments for workers compensation insurance for years. AuditRate experts quickly identified the errors, documented them and confirmed the corrected classifications and rates to the tariff bureaus in each country. Then they checked with the insurer the policies of the last few years as well as the current ones, + remains insured with the same insurer with an A + rating and + the cost-reducing advantages will be retained for several years! Since its inception in Chicago in 1984, Audit Rate has secured more than US $ refunds of overbilled premiums. If this unique service could be of interest to your customers, please contact our AuditRate advisor. Mr. John Przybylski ADVERTISE HERE Please contact us for further information! they use AuditRate to identify possible false contracts. The insurer cooperated fully.

6 10 11 Civil liability of the client Décennale-Haftpflicht & Dommage-ouvrage Functional guarantee Building comprehensive insurance (CAR) Completion guarantee Project start Construction work Execution of the work Opening of the work Acceptance of the work 1 year 2 years 10 years ADDITIONAL INFO Construction insurance in France GROUPE SATEC RAPHAEL CERDA The French system was developed, in order to offer the client effective protection against major damage, which may only arise or become apparent within ten years of the completion of the building. Décennale insurance, also known as the 10-year guarantee, was introduced in 1978 with the Spinetta Act. Construction companies and any other party involved in the construction can be held liable for all property damage to the structures for a period of 10 years after completion, even if this results from damage to the soil that jeopardizes the stability or makes the buildings unusable for the desired purpose because a component or equipment is affected. It is a double trigger system: + Statutory decennial liability insurance for construction companies. At the beginning of the construction work, they must prove that such insurance has been taken out. + Legally required pre-financing insurance for clients. Before starting work, the client must take out appropriate insurance in his name or on behalf of subsequent owners. Insurance coverage must be sufficient, regardless of any pursuit of liability claims, to cover the cost of repairing any damage. The Décennale insurance takes effect from the time the work is accepted by the client. The acceptance is precisely defined by law (Article of the French Civil Code). All manufacturers can be affected by an assumption of liability. The aim of the legislature in drafting this law is to make the producer jointly and severally liable with the construction company in certain cases. Every contractor (and every manufacturer of EPERS products) must take out Décennale liability insurance. Information on E.P.E.R.S products E.P.E.R.S is the abbreviation for "Eléments Pouvant Entraîner la Responsabilité Solidaire", d. H. Elements that can trigger an associated liability. These 4 cumulative conditions must be met: 1. The draft has been submitted. 2. Pre-determined for a specific final use 3. Produced to meet a specific pre-determined need 4. Installation without modification

7 The main impacts + insurers must be licensed. ACE, CHUBB, CNA, for example, are not approved for the sale of Décennale compulsory insurance. + Capitalization system The annual premium (in the case of Décennale liability) and the premium for the work (Dommages-Ouvrage) must be kept and capitalized by the insurer for a period of 10 years in order to be able to pay compensation claims in connection with the work. + formal wording + automatic clauses, required by law + claims for damages The application of claims for damages is regulated by law (i.e. schedule for the application and legal penalties) + all parties involved must be insured for the total amount of the work. 2. Décennale insurance market This very exclusive market was originally 100% French-owned. Now other players are entering the market: European insurers (via FoS). Only a dozen of the French insurers are active in this area, including three large companies that dominate the market (SMA AXA ALLIANZ). The same applies to reinsurance. Only five French, Swiss and German reinsurers are recognized and able to deliver capitalization funds. The premiums are high and the underwriting of these insurances is very technical and complex, especially for foreign construction companies doing their jobs in France. According to EU Directive 2006/123 / CE, the number of insurance companies from other member states of the European Economic Area (EEA) that are authorized to do business in France thanks to the Freedom of Services has skyrocketed for a while. These insurers offer expedient underwriting at disproportionate prices, they grew rapidly and brought in spectacular results. The opening of the market is advantageous for the consumer. Nonetheless, FoS often hides the fact that reinsurance solutions are created in distant countries where market participants do not have the skills to cope with capitalization and which do not comply with the Convention de Règlement de l Assurance Construction (French convention on construction insurance performance) . One of these insurers, which was one of the first to penetrate the French market, GABLE INSURANCE from Liechtenstein, recently filed for bankruptcy and ceased operations: consequently, all companies that had their decennial insurance contracts with this insurer are for theirs current decennial risks are no longer insured and no traditional insurer would like to take over the current guarantees again. Mr. Raphael Cerda MEXICO Psychosocial Risk Factors in the Workplace PROTECCIÓN DINÁMICA PETER WEBER MERKEL Although the standards were only published in October 2018, psychosocial risks are not a new topic; As early as 1986, the International Labor Organization (ILO) and the World Health Organization (WHO) defined and recognized factors that have an impact on health in the workplace. What are the psychosocial factors? The psychosocial factors in the workplace are composed on the one hand of the interaction between employees, the work environment, job satisfaction and the respective conditions in the company. Furthermore, the skills of the employee, the needs, culture and the personal situation away from the workplace - which experience has shown can affect health, performance and satisfaction - also play an important role. What is the purpose of the NOM-035 scheme? To create tools for the identification, analysis and avoidance of psychosocial risk factors and to promote a pleasant working environment. Is this mandatory? Yes: Compliance with the official Mexican standards is mandatory for all companies located on Mexican territory. However, there is a subdivision that provides for a gradation according to the number of employees: + Up to 15 employees It should only pay attention to the avoidance of psychosocial risk factors and an appropriate

8 14 + www good working environment up to 50 employees are promoted. In addition to the conditions mentioned above, questionnaires must be completed in order to identify psychosocial risk factors. + More than 50 employees All regulations of the standard must be adhered to ... Important: The questionnaires for the respective group will be mandatory from the second year. Since the introduction of the standard, however, there has been an obligation to establish a suitable corporate policy, to make it public and to maintain it in order to identify psychosocial risks in advance so that suitable preventive measures can be initiated. What are the employer's obligations? + A precautionary policy to cover psychosocial risks must be in place. + Measures to prevent and control psychosocial risks must be introduced. + Find out which employees are exposed to severe traumatic stress during or as a result of their work and refer them to the respective statutory or private social insurance company or the responsible company doctor for their own good. + Offer measures and programs to avoid psychosocial risk factors as well as to promote a positive work environment and prevent violence. What does the employee have to do? + Avoid actions that disrupt a pleasant work environment and report any incidents that create a hostile work environment. + Help you identify psychosocial risk factors and assess the work environment. + Stick to your company's risk prevention policy. How are violations sanctioned? The penalties for non-compliance are based on the current national regulations and are issued by the Health and Safety Commission (Comisión de Higiene y Seguridad) of the Mexican Ministry of Labor (Secretaría del Trabajo), depending on the individual circumstances of the case. This carries out random visits and inspections in order to obtain the necessary documents from the companies concerned, which prove compliance with the NOM-035 regulation. Why will your company benefit from the NOM-035? In addition to promoting an employee-friendly work culture with a positive employee experience and engagement, you will benefit from the following benefits: + Employee rotation will be reduced. + Talents are recruited. + Absenteeism is reduced. + The company's reputation is improved. + Productivity is increased. Protección Dinámica offers flexible solutions and insurance options, tailored to the individual needs of private individuals, families and companies, and guarantees the best insurance protection with the right coverage. Mr. Peter Weber Merkel Correcol continues to pursue his geographic growth plan CORRECOL S. A. ENRIQUE ACEVEDO The Colombian insurance broker Correcol S.A. relies on its range of services, technological innovations and its professional team to drive its geographic expansion and build long-term relationships with its customers. As a Colombian company with 100% national capital and extensive experience in the insurance brokerage sector, Correcol has started its geographical expansion process, which enables the penetration into new niche business areas as well as the bringing together of long-term economic partnerships and the customer-oriented range of services. As one of the largest Colombian brokers, Correcol has set itself the goal of consolidating its brand and creating something that all Colombians can identify with. For this reason, there was an initial geographic expansion in 2018 and branches in Barranquilla, Medellin and Manizales were opened, Correcol inaugurated an office in Cali. The company has been in the domestic insurance market for 65 years and is growing steadily. Thanks to its wealth of experience, the skills and abilities of its employees, its flexibility and its attitude towards innovations and the ability to adapt to changing circumstances, it is one of the largest brokerage houses in the country. Mr. Enrique Acevedo

9 The globalization of D&O insurance ZURICH INSURANCE PLC LUCA RAVAZZOLO Since the beginning of the financial crisis, there has been a deterioration in the global loss environment for D&O liability insurance. The current situation reflects a much more demanding regulatory and legal environment than was the case in the past. Regulators and decision-makers around the world have focused more on executives in their efforts to improve corporate behavior - fueled by public and shareholder pressure in the wake of the financial crisis. Law enforcement agencies have prioritized personal responsibility for corporate misconduct and repeatedly promised to crack down on delinquents. As the liability and accountability of the individual has moved more and more into focus, the supervisory authorities look more often beyond the legal person of the company to the actual or alleged individual violations. As a result, managers have more to lose. At the same time, the number of class action lawsuits and collective recourse, along with litigation funding, has risen to a record level worldwide. There are two important issues here: On the one hand, traditional financial and regulatory D&O claims, such as alleged misrepresentation of financial statements, insufficient disclosure or claims based on regulatory measures, have become more cross-border and more holistic. With this globalization of claims, we have noticed an increase in the frequency and severity that affect the cost of D&O claims - both in terms of legal defense costs and billing. Furthermore, new risks such as cyber attacks, data protection violations, violations of privacy and confidentiality as well as fraud in the area of ​​social engineering, environmental damage and events related to climate change can be observed. These risks are directly related to the increased personal liability of the managing directors for their company management, their entrepreneurial actions, their due diligence towards the company and the shareholders as well as the obligation to monitor the implementation of appropriate compliance and risk management frameworks and resilience plans for this new risk exposure . Increasingly global D&O liability is becoming more and more global and consequently more and more complex. Multinational corporations face potential legal disputes in various jurisdictions regarding their business conduct and any publications. Public companies can be listed in several countries. Business misconduct of any kind can lead to investigations by multiple regulators, who now share much more information across borders. As a result, separate lawsuits may arise in the respective countries and an intensification of internal investigations may be ordered. Claims arising from the same underlying cause or from tort in different jurisdictions have a significantly higher incidence and severity of major losses. Often several settlements are required or high fines are imposed. The development of these costs is certainly much more difficult to monitor and control, since many parties with unequal budgets and goals are involved. Possible conflicts of interest between individual policyholders, insurers and even insurance brokers can make the situation even more difficult. This can lead to a more rapid erosion of the limitation of liability and a more complicated litigation scenario. It also makes it more difficult to manage claims and protect individual directors and executives.

10 18 19 International programs Due to the globalization of claims, it is becoming more and more important to have an international insurance program with local policies that take effect in the event of a claim. In international programs, the local policies are triggered more often (and sometimes more than just one) more often than in the past. What are the key elements of an international D&O insurance program? First of all, it is important to have taken out local policies that can be activated immediately in the event of damage, especially in the event that the company is not authorized to compensate the managing director in the respective jurisdiction. This also includes an experienced claims settlement team that understands the rules of the game in the local environment and is able to advise everyone involved appropriately. It is extremely important to work with an insurer who has an extensive network to cover as many countries with different jurisdictions as possible and to have local claims teams with in-depth knowledge and specialization in D&O disputes. Experience in dealing with such damage is essential to ensure the required speed of response. Local teams must be empowered to make decisions, but fully coordinated and aligned with the producing country's underwriting and claims teams to give our clients the most global view possible. Last but not least, an international program must offer extensive, up-to-date and uniform contract templates in order to avoid any possible coverage gaps or conflicts between the master contract and the local policies as much as possible - especially in countries in which DIC formulations from the master’s are inadmissible. Directors and officers face increased government enforcement actions, more frequent investigations by their companies, and an increasing number of new risks or threats that affect their functions and create new responsibilities in the areas of risk management, compliance and corporate governance. At the same time, the risks and damage are becoming more and more global and networked. In such an environment, the implementation of an international program by an insurer with a global presence and extensive experience in D&O liability is more important than ever. This article was published in Commercial Risk on November 8, 2019 and made available to us for further publication by Zurich Insurance plc. Mr. Dimitrios Mazarakis unisonsteadfast opens China Liaison Office in Shanghai WEIYING YANG BECOMES CHINA LIAISON OFFICER AND OFFICIAL REPRESENTATIVE OF UNISONSTEAD- FAST IN CHINA.unisonsteadfast is proud to announce the opening of its China Liaison Office in Shanghai on October 1st, 2019 and the appointment of Weiying Yang as Liaison Officer for Greater China Business. In her new position, Yang will represent the interests of the global network in China in view of the growing market opportunities associated with the new Belt and Road Initiative. Weiying Yang, originally from Shanghai, with a bicultural education and a bachelor's degree in economics and Chinese studies from the Westphalian Wilhelms University in Münster, has lived in Germany for more than 20 years and has worked in the insurance industry for several years. She has experience in cross-divisional advice and support for Chinese corporate and private customers. In order to be able to concentrate on the international business customer business, she took up the position as Account Manager at unisonsteadfast in 2016 and moved back to China in order to gain international work experience as a contact person for compliance issues as well as a consultant for high-end customers with regard to their group health insurances Ms. Weiying Yang to collect pages from an international insurer. In her new role as unisonsteadfast China Liaison Officer, Weiying Yang is responsible for unisonsteadfast's China business and takes on a liaison function with regard to local partnerships, including with the company's own brokers of major Chinese companies. From her office in the Shanghai branch of our member NAVIGATOR International, she can support and represent unisonsteadfast in the best possible way on topics related to China. Weiying Yang is also the first point of contact for new customers and the main contact for unisonsteadfast members, business partners and insurers in China. I am pleased to welcome Weiying Yang in her position in our new unisonsteadfast China Liaison Office, announced Wolfgang Mercier. With their experience and intercultural expertise, unisonsteadfast has the long-term opportunity to participate in the Belt and Road project together with companies from over 60 countries in Europe, Asia and Africa and to expand its position in the Chinese market. Weiying Yang

11 MALAYSIA The Risks Behind The Carriage Service And 34 Tips To Protect Teens TGC ASIA JENNY LIM & ALAN LIM As an adult, you know exactly how dangerous millennials and car service companies are. Why is this traffic: more than a ton of metal and so popular? Plastic moves at high speed. Mo- The Grab App (is available for 168 cities and the vehicles with their numerous security features are available in eight countries and are very bad in Asia. Almost half of the users would create their own products for users of apps such as Lyft, Grab and overhead mechanisms which nowadays mostly spreads to. It connects taxi companies and private city exploring more if there were ridesharing. Created there. Standard equipment belongs to a lot safer than ridesharing providers by means of a sophisticated it is very easy and practical, a Lyft over the earlier. In spite of this, the streets can still be ordered today with potential customers in a smartphone app. The occupant accident insurance is aimed at full dangers. You can yourself so well and safely around the area. Grab is so much in demand that the Make spontaneous decisions with chauffeurs who work for a chauffeur service Perhaps your vendors in Singapore are providing more vehicles than any vendor, getting you there quickly and efficiently from one specially designed to bridge the gap between the pri- not always so careful. There is so much that is different from another app. As an example, however, let's Lyft the desired destination. There's no stress about vaten car insurance and the limited insurance needs and especially young drivers (prefer parking or drink-driving and millennials to close the car pool insurance policy. They come with numerous potential distractions- simply because the company has one So-called economic ones who tend not to carry cash with them, most private car insurance companies cannot cover any rewards. That is why it is reassuring to know that Impact Report with extensive usage statistics can easily pay with your mobile phone. The payment business activities - including waiting that adolescents and young adults nowadays has published for the year 2019. information is stored directly in the Lyft app. Pick up and transport. At the same time, you can use driving services as a transport option. Lyft is, similar to Grab, an intermediary platform. Furthermore, millennials are always less ger in addition fully comprehensive insurance for drivers too expensive and for those for alternative transport options in the USA. That being ready to buy your own car as a previous relatively simple task too extensive. It's Each Generation Has Their Own Means To From A Company Was Established In 2012 As A Car Service Provider For Generations. If ridesharing is so important, an official ridesharing app to get to B. In the 1970s, young people started short trips within the city. However, then why should you still use your own car as an independent driver who doesn't hitchhike. The so-called millennials love driving services. Is the long-term goal of the operator to use a more practical one? Sharing a ride makes sense, if registered via an app, may not, and this trend is so strong that the generation is offering an alternative to owning a car - one of which is limited by the budget and is correct in terms of that is insured. sometimes even the generation of ride-sharing climate change threatened world, where we are all twice climate change also green. Is called young consumer convenience. While one has to think twice before we get into the car. They tend to be more concerned with the longevity of a product and if your teen likes a ridesharing site it is safer for a number of reasons as many take up their responsibility to the environment before, either with friends or alone, you'll find young people don't want to take driving lessons, The report from Lyft offers an interesting shop to make purchases. Here are our safety tips, no matter which one, this rapidly growing trend is taking a look at the ride-sharing trend. This comes to whichever ride app you ultimately choose. therefore own risks. Conclusion that car pooling The insurance industry has made it easier for millennials to react to the desharing trend among people and make appropriate pro-

12 22 RIDE-SHARE important safety tips for young people on the use of ridesharing platforms service around the clock, safety centers, GPS tracking, speed limit warnings and driver profiles). 1. Point out to your children the dangers that await them when they are alone in the car with strangers 22. Do not drive with people who do not get on board and remind them again and again that they are registered with the Fahrverege app. so that you don't forget this! 23. Know your surroundings if you are in a 2. As a parent, make sure that the driver is in the area before leaving an unknown city or in an unfamiliar choice of a ride-sharing app, track the route by means of a check of the area Criminal background card app to ensure that the driver has locked in before they are allowed to take trips. drives in the right direction, and notice any tips for passengers suspicious deviation from the specified route. 24. Avoid the use of ridesharing apps, 3. Avoid the risk of pickpockets and when you are alone at night. If you are from one wait inside for the car to arrive. Don't stand at the side of the road with your smartphone in hand and don't want to be picked up from a bar or restaurant. 4. Choose a pick-up location where your driver can easily drive past - and not at a bus stop, in any other no-parking zone or in a dangerous location. 5. Ask the driver to confirm your name so that you know for sure that he is really your driver. 6. Check the payment method before you get in the car and confirm the fare verbally before the journey. 10. Make sure the photo on the ID matches the one in the app before you get into the car. 11. Check the license plate number. Is it the same as stated in the app? 12. Your driver takes the shortest route recommended by his GPS at the specified fixed price. Don't suggest a longer alternative unless you're willing to pay a premium. If you do, do so at the beginning and not halfway. 16. Do not ask the driver to take more people than are allowed in the vehicle - this is very dangerous. For large groups, order a Lyft XL. 17. Never fool around in the vehicle. Driving a car requires maximum concentration. So please keep calm and respect the driver's work. 18. Keep your personal information to yourself, as you should otherwise do in public. Always share the journey with others so that they can track them. The person you are sharing the journey with will receive a notification on their smartphone and can follow you via GPS. With Uber and Lyft, the location can easily be shared using a button. 25. Traveling in a group with several people is always safer than traveling alone. Whenever possible, drive with friends or family members. If you are driving alone and feel uncomfortable, call a friend or family member and let them know where you are going and when. 7. Don't get confused by making last-minute changes to your destination. 13. Make sure you have all of your belongings with you when you get out of the car. 19. If you feel uncomfortable for any reason, better trust that feeling. you are expected to arrive. 26. If you feel increasingly uncomfortable, you are allowed to 8. Treat the driver with respect and consideration. 9. If you are alone, sit in the back seat, not the front seat. 14. Then rate the trip. This helps to improve the service and avoid the use of unreliable drivers in the future. 15. Always buckle up, whether in the back or in the front, even if it's only a short distance. 20. Let me know at home where you are going and when you will be home. 21. Check the security settings and the functions of the driver service app (including emergency help, anonymization of telephone numbers, customer can end the journey at any time. Simply ask the driver to let you off. Don't worry: the journey history does not contain your address or your contact information 27. Get off on the sidewalk side, do not step on the lane.

13 Make sure that no scooters, bicycles or other vehicles or pedestrians cross your path when you get out. 29. If you think you might be in trouble, call the police. Get out of the car and move away if possible. Seek out other people or an open business. Should you need to alert someone, yell or make a noise. 30. When a crime has occurred, always report it to the police. 31. Program emergency numbers and other important numbers into your cell phone so that you always have them to hand when you need them. 32. Uber recently rolled out some extra security measures in the app. The emergency button, which you can press at any time while driving, automatically connects you to the police emergency call. The app then sends your location to the police immediately. Family Safety Tips 33. If your child is using a ride-sharing service, be open to discuss safety measures with the family to make sure everyone knows exactly what to do in an emergency. For example, if your teen feels that the driver is driving riskily, this can be difficult to express. As a legal guardian, it is your job to ensure that young people stay confident when they see their safety at risk. 34. Authorities in South Carolina, USA, have confirmed that parental controls likely prevented the murdered Samantha Josephson from escaping a car she mistakenly assumed was her Uber. Did you know you can turn off parental controls? Find out how to do it and show your child. Challenges in the insurance of the transport service market Rapid cultural changes present the insurance industry with a challenge. The establishment of ridesharing providers, for example, happened unusually quickly. You are probably wondering why the industry didn't just create new products to meet the need. It's not that simple, however. First of all, there are legal ambiguities with regard to the accident liability of ride sharing providers. It is still under discussion whether the higher due diligence standards that exist for taxis should also apply here. In addition, there is also uncertainty among insurance companies, as little data is available for risk assessment so far. Sources: (Mr Alan Lim broker syndicates merge CAT GROUPE ROEDERER MICHEL SCHIRA On June 18, 2019, the two largest insurance broker syndicates in France, CSCA and Planète Courtier, formalized their merger under the name Planète CSCA. The Planète CSCA member brokers with a total of employees make up 75% of the brokerage business in the French market. The new syndicate aims to represent brokers from all areas: general brokers, wholesale brokers, affinity brokers, comparators, marine and transport insurance brokers as well as insurance brokers and asset managers. In addition to general coordination, the projects, expect the new association to play an important role. With regard to regulatory developments such as IDD, GDPR and PRIIPs, we will stand for a revision of these guidelines. We already know that there will be heated debates, says Bertrand de Surmont (chairman of CSCA ) in relation to the Zuku nft the brokerage industry and the enormous importance of customer proximity of brokers in their role as companions of economic actors. Sources: Mr. Michel Schira

14 26 27 Commission ban and VAT collection in Finland FINIB OY EERO KUUSELA Finnish brokers have had a commission ban for years. This was already implemented in 2005 after local insurers had intensified their lobbying work. With the exception of the life insurance sector, the local insurers began to net the premiums at the same time, which was never used in life and pension insurance. In practice, this meant that most of the life and annuity insurance brokers had to close and were forced to exit the market in order to make room for the insurance agents. The net pricing system has brought the growth of the insurance brokerage business in Finland to an abrupt end. The number of insurance brokers decreased by 50% after the enactment of the law in 2005. Some started as agents directly with the insurers, others had to downsize or shut down completely. The EU Commission sees the law as a violation of the EU Insurance Directive (IDD), but Finland has not yet tried to correct it. Idiosyncratic interpretation of the IDD guidelines The new law on insurance mediation came into force on October 1, 2018. This should implement the new EU directive on insurance mediation (IDD2). Legislators have disregarded some of the main goals of the IDD and made little changes to the old regulation. The new law contains the same provisions as in 2005 prohibiting Finnish brokers from receiving compensation from parties other than the client. Furthermore, brokers are not allowed to act as trustees for their customers. This is the main reason that there is no longer a real brokerage market. Even smaller companies do their business directly with insurers. The Finnish market is dominated by four large insurance companies that have enormous market power. Insurance brokers believe the law is still against the EU directive. Collection of sales tax threatens brokers Insurance brokerage has been exempt from sales tax by law in Finland for more than 20 years. Numerous Finnish brokers have received the relevant tax exemption certificates during this period. In 2019, however, the tax authorities interpreted the law in the opposite way. Suddenly they claimed that in relation to insurance brokerage, only insurance tenders and no other service and not even the renewal of insurance contracts were foreseen. From now on, almost all broker services for customers are to be subject to VAT. Insurance brokerage by other means would continue to be tax-free, which above all increases the competitive advantage for the insurance agents, the MGAs and the multi-agency business of the insurance companies. It is very likely that this reinterpretation of the law will have to be resolved in court. Mr. Eero Kuusela

15 28 NEW MEMBERS NEW MEMBERS Colombia ITAÚ SEGUROS ERNESTO SIERRA Political situation After more than a year of Ivan Duque's presidency, social protests have increased.The reasons are: tax changes, non-compliance with the agreements made with the Colombian guerrillas, growing unemployment and possible pension reforms to be presented to the Senate. The government has the backing of society, but has to rethink its decisions and plan future projects differently, as the influence of external actors (migrants from Venezuela) increases vandalism in some cities. Political and economic forecasts: It is assumed that agreements with all trade unions and demonstrators can quickly bring protests and interruptions to everyday life under control. From an economic point of view, it is hoped for an increase of 3% in order to become the country with the highest growth in South America by 2020. Communication: Has the issuing of policies been delayed due to political and economic difficulties? NO Are there any special concerns? At the social level, there is concern about the financing of migration as well as about relations with Venezuela. As a broker, what can you offer your customers to face these problems? Itaú has carried out campaigns to increase the offer of credit insurance and BU insurance to cover the financial damage resulting from social protests Chile CONOSUR SEGUROS VIERA GUBIN Chile has had one of the greatest socio-political crises since October 18 after the return to democracy in the early Experienced 90s and other countries like Ecuador and Bolivia to increase on the recommendation of his advisors, the patience of the citizens seemed to be at the end. On the night of October 18, there were protests on all streets in many cities in Chile. Payments: Are there any late payments? From a national point of view, a delay in payment is quite possible, but at the international level, compliance with portfolio obligations has top priority. balance. Mr Ernesto Sierra closed to express their dissatisfaction with the nature of politics in Latin America. After the announcement by President Sebastián Piñera, the price of the metro ticket of 800 for clashes with the police, whereupon President Piñera imposed a state of emergency and consequently the curfew after six in the afternoon. This move did not completely stop the protesters, however, resulting in Chilean pesos (just over $ 1) in major cities and civil unrest, so

16 30 NEW MEMBERS 31 fundamentally changed. It is estimated that there will soon be outbreaks of violence, looting, the value of these insurance policies and fires at various trading venues will rise enormously. Nowadays everyone has come from these Ri- supermarkets, shopping malls and pharmacies. risks affected. They should therefore definitely be taken into account in the next insurance analysis. It became noticeable that the violent reaction to attract foreign investments again - the protesters of more than just price increases, he said. hunger in local public transport. At the local level, it is clear that what was earlier than Since the reintroduction of democracy in the package of fire insurance and the early 1990s, Chile is a country that has been rebuilt in a rapid pace against strikes, civil disobedience and pace. This created looting was sold, rather extensive a strong social gradient. must become. If you consider that the acquisition of this combined insurance nowadays is economically A political division caused by the violence of the, it becomes clear that the premiums skyrocketed against deserters and the Pinochet regime of that time. Therefore, it is very likely that the Communist Party militants will be segregated as well as by the products so that the premiums for growth in one of the wildest economies of pure fire insurance do not rise so much. Latin America is featured, and the Tralbank monthly survey shows 1.9% policy. In the last few days, the majority of the population has sunk to the very bottom - a decline compared to the in the fictional progress in the form of agreements in As brokers, we have therefore pushed ourselves to the following con- society. previous survey estimated 2.5%. Likewise, tax and budgetary issues have been achieved that centered: the surveyed experts reduce the expectations for the next the extent of the existing uncertainty + take emergency measures to improve the coordination , 3% and from 3.3% to 2.8% by 2021. Accompanied by preventive measures, nation and the settlements between our people, thousands repeatedly demanded the resignation downgraded. they are supposed to ease the liquidity of the financial system in dollars customers and claimants as quickly as the president and let protest songs from the time The central bank estimates that the monthly con and pesos. possible to ensure. of the military dictatorship of Augusto Pinochet. Business Indicator (Imacec) from October down -0.4% In such an environment, the insurance market + reviewing all the policies of our customers to The Chileans' Worst Nightmare returned to lower. One is also forecast to face an unprecedented risk scenario. proper coverage before the new risks back the road when President Piñera announced to ensure zero fluctuation in the CPI in November and one. that the riots were a war and thus the monthly increase of 0.1% in December, which shortly before October 18 - explains the CEO of LTR- + Proactive Management and Monitoring of the use of the Chilean armed forces on the streets has a significant impact on the employment and global and political risk expert Alberto Ossa - claims procedure of our customers in order to obtain a legitimized, which was also a common picture during the survival of small and medium-sized enterprises in Chile there was practically no political risk. There was a constant communication between them and Pinochet's dictatorship. will have. foreign investor who invest in the country to ensure insurance companies. wanted, paid a much lesser amount for the Economic Impact Economic and Political Forecasts: Take out insurance with this coverage. Violence against property has increased in recent weeks. The central bank remains of the opinion that Chile is causing losses in the millions to cover the political risk from abroad. Fires, plunder - liquid financial system, low exchange rate risk - was very cheap, he explains. This is the case, adds ments and property damage to public and private ko, a solid budgetary position, a reasonable one, since Chile has no political risk coverage institutions, including macro-economic stocks of international reserves and sovereign wealth fund programs like other OECD Countries with a special perspective on the growth of the country, as well as acceptable inflation expectations and a len program to support foreigners whose forecasts for this year have been adjusted according to the circumstances. Now the situation has changed though

17 32 33 Working group EB: Status report UNISONSTEADFAST AG SEBASTIAN ERNSTING + The topic of employee benefits is largely underrepresented in our network: The EB divisions only represent around 8% of the contracts managed by unisonsteadfast. They offer enormous potential. In order to generate business, it is not absolutely necessary to acquire new customers, but to establish existing customer relationships. The EB Working Group has set itself the goal of expanding this area. This is to be achieved through numerous individual measures. A first step was the realignment of the working group with the following members: Mc Griff USA Greg Mosely CAT Roederer France Sabina David SCHUNCK Germany Achim Schneider Jori Armengol Spain Jordi Pou GOTUACO Philippines Andrew Gotuaco Malakut Russia Anna Kraivina Renomia Czech Republic Barbora Kreisingerova Induver Belgium Jean-Luc Verbaet Kröller Boom Netherlands Luc Filipsen Swissbroke / Switzerland Peter Stehrenberger Assepro Erskine Murray UK Tom Bartleet A first telephone meeting has already taken place. One of the next steps will be to specifically address insurers with the aim of achieving better conditions for our members through cooperation. At the same time, the inventory should be analyzed with regard to EB potential. The first successes can already be reported. unisonsteadfast will be happy to support you in analyzing these possibilities and creating new sales approaches. This enables us to comprehensively check existing documents, identify gaps and develop appropriate solutions. As a result, we can offer comprehensive insurance protection in the EB divisions in addition to the P&C divisions. This not only ensures that the respective customers are given comprehensive advice, but also that the portfolio is protected from the competition by fully safeguarding all sectors. I look forward to further work in the EB Working Group. I am at your disposal for any questions or inquiries. Mr Sebastian Ernsting / Account Manager Tel: The new tool for M & A TYSERS JAMES WILSON M&A insurance is fundamentally changing the way mergers and acquisitions work these days. Due to the increased macro uncertainties in the business environment and the failed deals in this area, the potential risk for transaction parties and their advisors of wasting time, effort and money is more present than ever before.

18 34 35 What is M&A insurance? ongoing or potential (supervisory) right to an allocation of potential pre-closing transactions. Advisors benefit from an additional With an M&A insurance, it is a question of problems as well as other unforeseen circumstances, or there is no clear M&A tool when structuring a deal; be it a whole series of tailor-made insurance cases. Provides guidance from the responsible tax authorities for strategic purposes within an auction sale policy that has been specially developed for this purpose, authorities or legal prejudices. These drive or to address stalemates in the negotiation (potential) risks, which during the Whom does the insurance company address? Policies are commonly used to overcome the genes. Transaction negotiations between buyers and There are different policies that either relate to compensation provisions and the seller could become a problem, and the buyer or to speed up negotiations tailored to the seller. Defect liability How is the insurance structured? Cover a wide range of liabilities with which these are and in numerous transaction scenarios. Deals with potential deal blockers, such as M&A contracts are multi-year policies. Dependent parties will be faced. These policies allow sellers to make their purchases, restructuring, refinancing and pending or ongoing legal disputes, with a change in terms of 2 to 7 years. The coverage is in gene minimizing while giving buyers the investment. The M&A insurance serves all of the laws and regulations after closing the transaction documents and providing the financial protection they need, industries and can in many countries with difference or liability problems in a transaction, the policy can be in effect after the deal is signed to complete the takeover. support legal systems - in particular affecting a distressed business unit. to step. Quotes can be quotes within 48 hours. The M&A insurance takes uncertainties out of the fact that a deal is cross-border and it can be obtained and policies can be obtained within 10 of the transaction process and can make the negotiation for the parties a higher risk. Why do you need one such insurance? Days to be implemented. Expedite a one-time premium by adding potential barriers. Tysers usually works with all of the reasons why an M&A insurance policy becomes due after the transaction is complete. Either be overcome in order to ensure that the transaction advisors together (legal, finance, the two parties and their advisors the buyer or the selling party can for the transaction to come to a successful conclusion. And tax advisors) to avoid uncertainties In a transaction scenario, it is beneficial to pay insurance or else the premium is to be taken in the process and to ensure that although each policy is based on the respective transaction, the process should be carried out. Purchase price taken into account. The amount of the premium varies depending on the specifics, there are three main groups: the deal is closed. For buyers, the policies can provide additional protection depending on the dynamics of the deal as well as situa- tion Warranty & Indemnity (warranty liability; in and subsequent risk management after conclusion of contract-related features, e.g. the industry, North America also referred to as Reps & Warranties), when you should consider insurance? bid for the transaction. This can take the form of a jurisdiction, etc. Tax liability (tax liability) and contingent liability These solutions can be done at any time during the transfer. The by far most popular M&A insurance product offered via the creation of a Transaktionsdo- unit, which covers itself offshore or - according to distributors and their advisors, itself Possible risks are Warranty & Indemnity, which deal with the breach of the contract up to the conclusion of an investment vehicle - in the liquidation process and financial security for the buyer against the guarantees within and the distribution of the net proceeds to the investor. In the event that there is a breach of warranty after a variety of deal scenarios are on offer. This insures the purchase contract that the buyer invested at the time. Closing arises and the buyer instead directly arises a flexible and inexpensive option for closing the transaction where they were unfamiliar. The guarantee and warranty insurance is made with the insurer recourse claims, deal maker can to simplify transactions. The tax liability insurance covers certain - usually used to low liability limits, an extended protection also make sense to cover the te tax risks, which are increased by consultants during the seller in the sales contract; both to protect relationships with new management. Due diligence check was determined and made possible financially (usually a certain percentage. For sellers, the insurance will question the tax authorities in the future for a clean of the transaction amount) as well as with regard to the time exit, i. H. Could follow-up liabilities. This can lead to doubts about the residency (two years for corporate guarantees for the conclusion of the contract are reduced and the tax liabilities from the past or, and seven years for tax guarantees). This immediate access to the sales proceeds, whether or not related to sales, can help the buyer determine the available amount of the granted. This eliminates the need to involve transaction tax. Mr. James Wilson The default liability cover can reduce a large amount of performance liability for the seller. prepare that neither for individuals nor for broad range of risks associated with either Tax liability helps when the parties are not investment vehicles making efficient use of capital

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