8/10/2019 Kamal Tabaja

http://slidepdf.com/reader/full/kamal-tabaja 1/17

Kamal Tabaja FCII – 30th January 2012

Clients Going Abroad

Challenges of Domestic Insurers

www.trustgroup.net

8/10/2019 Kamal Tabaja

http://slidepdf.com/reader/full/kamal-tabaja 2/17

© Copyright 2007 TRUST All rights reserved. No part of this presentation in all its property may be used or reproduced in any form or by any means without a written permission 

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.

8/10/2019 Kamal Tabaja

http://slidepdf.com/reader/full/kamal-tabaja 3/17

© Copyright 2007 TRUST All rights reserved. No part of this presentation in all its property may be used or reproduced in any form or by any means without a written permission 

An Outline

Facts and Figures of Asian Oil Companies

Focus on China

Challenges Faced by Clients Abroad

Insuring Clients Abroad

Conclusion

8/10/2019 Kamal Tabaja

http://slidepdf.com/reader/full/kamal-tabaja 4/17

© Copyright 2007 TRUST All rights reserved. No part of this presentation in all its property may be used or reproduced in any form or by any means without a written permission 

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

8/10/2019 Kamal Tabaja

http://slidepdf.com/reader/full/kamal-tabaja 5/17

Petroleum Demand

© Copyright 2007 TRUST All rights reserved. No part of this presentation in all its property may be used or reproduced in any form or by any means without a written permission 

8/10/2019 Kamal Tabaja

http://slidepdf.com/reader/full/kamal-tabaja 6/17

© Copyright 2007 TRUST All rights reserved. No part of this presentation in all its property may be used or reproduced in any form or by any means without a written permission 

Imports and Exports

8/10/2019 Kamal Tabaja

http://slidepdf.com/reader/full/kamal-tabaja 7/17

© Copyright 2007 TRUST All rights reserved. No part of this presentation in all its property may be used or reproduced in any form or by any means without a written permission 

International Production Sources

8/10/2019 Kamal Tabaja

http://slidepdf.com/reader/full/kamal-tabaja 8/17

© Copyright 2007 TRUST All rights reserved. No part of this presentation in all its property may be used or reproduced in any form or by any means without a written permission 

Outlook of Output and Imports

8/10/2019 Kamal Tabaja

http://slidepdf.com/reader/full/kamal-tabaja 9/17

© Copyright 2007 TRUST All rights reserved. No part of this presentation in all its property may be used or reproduced in any form or by any means without a written permission 

Overseas Production

8/10/2019 Kamal Tabaja

http://slidepdf.com/reader/full/kamal-tabaja 10/17

© Copyright 2007 TRUST All rights reserved. No part of this presentation in all its property may be used or reproduced in any form or by any means without a written permission 

Contribution of Companies

8/10/2019 Kamal Tabaja

http://slidepdf.com/reader/full/kamal-tabaja 11/17

© Copyright 2007 TRUST All rights reserved. No part of this presentation in all its property may be used or reproduced in any form or by any means without a written permission 

Challenges of the Industry

Most Diverse

Exploration in Harsh Environments

Scarcity of Human resources

Simplest Logistic Tasks can be difficult

Insurance

8/10/2019 Kamal Tabaja

http://slidepdf.com/reader/full/kamal-tabaja 12/17

© Copyright 2007 TRUST All rights reserved. No part of this presentation in all its property may be used or reproduced in any form or by any means without a written permission 

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

8/10/2019 Kamal Tabaja

http://slidepdf.com/reader/full/kamal-tabaja 13/17

© Copyright 2007 TRUST All rights reserved. No part of this presentation in all its property may be used or reproduced in any form or by any means without a written permission 

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!!)

8/10/2019 Kamal Tabaja

http://slidepdf.com/reader/full/kamal-tabaja 14/17

© Copyright 2007 TRUST All rights reserved. No part of this presentation in all its property may be used or reproduced in any form or by any means without a written permission 

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

8/10/2019 Kamal Tabaja

http://slidepdf.com/reader/full/kamal-tabaja 15/17

© Copyright 2007 TRUST All rights reserved. No part of this presentation in all its property may be used or reproduced in any form or by any means without a written permission 

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

8/10/2019 Kamal Tabaja

http://slidepdf.com/reader/full/kamal-tabaja 16/17

© Copyright 2007 TRUST All rights reserved. No part of this presentation in all its property may be used or reproduced in any form or by any means without a written permission 

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

8/10/2019 Kamal Tabaja

http://slidepdf.com/reader/full/kamal-tabaja 17/17

Any Questions ??

www.trustgroup.net

Thank you