|The Wavy Line|
25 Feb 18
"Common sense is the collection of prejudices acquired by age eighteen."
BOW WAVE 60
news and views on trade, insurance and risk
In this issue:
The incredibly shrinking marine insurance market in London claimed new sacrifices this week with the closure of the CGNU marine activities in Lloyd's and the forced retirement of the underwriters there.
It is already very clear that the market which emerges in the aftermath of all this contraction will need to come to terms with a world which will no longer necessarily beat a path to London via wholesale broker channels and which more and more requires the presence of insurers in local markets. The London Market needs to turn away from its current lifestyle and reach out to the world using all the technology it can master to link together a dispersed operation.
Many of the organisations that survive should do what the English Football Associations has done and go out and find managers and underwriters who have experienced their markets first hand, day to day,year after year rather than from the episodic perspective of Club Class and the Leading Hotels of the World. It is an obvious point to make but for many players it is too late as they expire from commodification, low rates and improving local competition in key markets.
For readers with a weakness for futurology we are indebted to this item which appeared in Dennis L. Bryant's e-letter for his firm Haight Gardner Holland & Knight:
The U.S. Department of Transportation (DOT) has released a report entitled "The Changing Face of Transportation." The report attempts to provide a historical, perspective, and futuristic look at transportation policymaking. The major thematic areas of the report are: growth, deregulation, and intermodalism; safety; globalization; people, energy, and the environment; technology; and national security. Each transportation mode is discussed within each area. The See the report at:
What is a Weblog? It is a a kind of daily notebook which appears on the world wide web, easy to compose and access, cheap to use and not very complicated technically. Sometimes called Blogs, Weblogs recall the origins of the internet as a place of interaction, experimentation and communication. The host organisation where we have lodged the Bow Wave weblog is called Blogger. It is the kind of organisation which launches an appeal when it neends new servers and the money for the equipment is provided by voluntary subscriptions. Nice to see this kind of approach in this day and age. Since Blogger launched in August 1999, a total of 45 000 weblogs have been set up under the blogger facilities.
Those who go in for them tell us that Weblogs have a very attractive quality. We will see.
Access our weblog at
Coming soon in Hong Kong, 20-22 February is the Terminal Operations Conference called TOC Asia. Your editor is chairing the session on The e-port - port and terminal operations in the internet era and also speaking on the subject of business culture in the dot.com era. It is a three day show combined with an exhibition with many distinguished speakers. One who catches the eye is Tim Harris formerly of P&O.
Further details are accessible on the organisation's web-site:
We recently received from Scott Thompson an edition of this e-publication which takes readers through news of products. contracts and general items in the hardware area.
The publication comes out of the Aylward publishing house.
Have a look at the site at:
For those Bow Wave Readers who have tired of using lawyers as the butt of their humour, a whole new body of jokes aimed at those solid citizens of the insurance industry the actuaries:
An actuary, traveling in the countryside, spots a shepherd with his flock. He offers, "I'll bet you one of your sheep that I can tell you how many are in your flock." The shepherd, noticing the city-slicker look of the actuary, agrees. "973", the actuary confidently intones. "Amazing, you win", replies the shepherd.
The actuary takes an animal and begins to walk away when the shepherd suddenly says, "Wait, I'll bet you double or nothing I can tell you what your profession is". The actuary, thinking the shepherd couldn't possibly have even heard the word "actuary" before, agrees. "You're an actuary," says the shepherd. The actuary, stunned, says, "How did you know?", to which the shepherd replies, "Put my dog down and I'll explain it to you."
120 more jokes on actuaries are available at:
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