Risk.Managed

Since 1986

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AboutCIC

The Cooperative Insurance Consultancy Co. Ltd. (CIC) was established in Panama in the year of 1986 by our President Robert J. Bahou, one of the Middle East's foremost authorities on insurance and government related insurance affairs. Established with the vision of providing professional risk management and insurance consultancy solutions, CIC today is a MENA market leading insurance, enterprise risk management and loss mitigation specialist working with organizations of turnover of $50 Billion and more to identify, assess, control, and transfer their risk exposures to more economic risk financing options whether conventional or alternative.

WhyAppoint CIC?

Enhanced Security & Lower Overall Costs

Unbiased – Independent Advice

No conflict of interest between adviser and insurer

No hidden costs / margins – CIC takes a set fee paid by the client

The fee is significantly less than the savings achieved by CIC’s superior bargaining power

Technical Superiority

Long term planning and strategic orientation – risk management and ‘off- policy’ development

Local history and strength

Global Expertise & capabilities

Unmatched local knowledge, experience, history, strength

Creation of in-house capabilities

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Services

Insurance Audit & Advisory

Insurance audit

Insurance can be complex. It is tempting to ignore it or presume it will cover you and your company in exactly the way you expect. Reviewing your insurances can be a valuable tool in protecting your balance sheet - it can highlight any shortfalls in coverage, values or limits. As your business changes and grows, so your insurances need to change.

An Insurance Audit from CIC will help to properly mitigate the risks of under or incorrect insurances. An Insurance Audit from CIC is not about spotting loopholes in your insurance programs currently in force but rather a complete process that derives from a thorough knowledge of your company and ensures that your insurances are catered to the particular needs of your business.

You might ask yourself what can CIC’s Insurance Audit do for my Company?

CIC’s Insurance audit will typically:

  • address the adequacy of protection of your existing insurance programs by looking at coverage, sums insured and limits of liability
  • identify other risk exposures that could be transferred to a risk carrier
  • highlight potential insurance coverage that may be unknown to you or has been overlooked
  • provide more tailor-made policies catered for your particular needs
  • grant you updated information on insurances such as regulatory changes, market dynamics, insurer security and new products.
What are the direct benefits for your Company from the Insurance Audit conducted by CIC?
  • Validating or disapproving the effectiveness of your current insurance programs
  • Evaluating proactively how your current insurance programs against current standards and best practices in your Industry
  • Providing a comprehensive cost benefit analysis that can make a major difference to your Company
  • Achieving insurance programs correction and improved service levels
  • Resulting in more tailored insurance coverage and effectiveness
  • Reaching peace of mind as well as time saving

Insurance advisory

Insurance advisory & management services remain the bedrock of the group’s operations. Consultancy often starts with the examination of a client’s existing portfolio and a detailed report thereon, or in the case of a new risk, a preliminary site visit and business analysis.

Thereafter any or all the following may feature:
  • Exposure analysis
  • Discussion of requirements
  • Program design
  • Policy drafting
  • Preparation of tender documents
  • Pre-qualification of security
  • Management of tender
  • Scrutiny and analysis of bids
  • Vetting and approval of policies issued
  • Program monitoring and updating
  • Advice on day to day insurance and related matters
  • Periodic site visits
  • Management of “routine” claims and amendments
  • Statistical and performance analysis embodied in client management reports
  • Periodic market reports

Pride is taken in from our flexibility and ability to tailor our services to the particular needs of our clients and, where insurance is the answer, we provide bespoke policy wordings rather than tailor market wordings to the needs of the insurance program.

From analysis, to preparation of our clients insurance RFQ documentation, dozens of our clients rely on CIC annually to review, design, and tender their insurance requirements. For flat fee, CIC will annually assist our clients with the insurance purchasing process. No more hidden fees, middlemen, or struggling to understand local insurance laws or terminology. Our services offer our clients a transparent, technical, and financially certain way of obtaining the advice they need and maintain a direct and strong relationship with their insurers.

At CIC, construction and most forms of engineering projects are a specialty. Working alongside our clients in the Construction industry, CIC’s project risk management services ensures that all parties involved in the insurance process are supervised from start to finish.

Our mandate:
  • Review contractual obligation of our clients.
  • Draft insurance requirements, and find ways to minimize unnecessary insurance expenditure.
  • Work with our client’s brokers or insurers to ensure the optimum terms and conditions/security is purchase for the right price.
  • Monitor and track outstanding claims and recoveries.
  • Supervise site compliance with key CAR/EAR terms and conditions.
  • Manage Professional Liability requirements of contractors/subcontractors and principle.

Special services

Since its earliest days, CIC has specialized in major claims handling region wide. Offering a complete client assistance and management service, our experts have dealt with claims in a number of major areas. A full claims management service from collation of evidence through quantification and presentation to negotiation of settlement is offered.

Cargo Recoveries:

A specialist service for the recovery of the major cargo loss or for an insurer’s portfolio. Surveys and investigation, negotiation with ship owners, P&I Clubs, insurers, charterers, surveyors, lawyers, etc.

Environmental Issues:

In close collaboration with our international associates, our claims management services extend to management of environmental pollution damage on behalf of government bodies and others, particularly the maritime industry. For any claims inquiries, please feel free to email us at: info@cicglobalrisks.com

Please leave your contact details so that our consultants can attend to your inquiries as swiftly as possible.

Why you need us

  • We become responsible for compilation of the entire claim, thereby releasing management to perform their usual task at a critical time.
  • We are able to prepare and submit the claim expeditiously, thereby obtaining early progress payments, and bringing the claim to final settlement as quickly as possible.
  • We are experienced in the business of formulating insurance claims and will ensure the claim represents full entitlement in terms of the policy.
  • We have practical knowledge of the effects of a loss on buildings, plant and stock in every sort of industry. This knowledge will assist in the early re-establishment and recovery of lost market share.
  • Fees are negotiated at the outset, and are usually charged on a " no cure, no pay" basis. This means that if the claim is not successful, we do not raise the fee.
  • Time is a critical element after a claim. Since it is in short supply under normal circumstances, it makes economic sense to engage us in a crisis.

Specialist Practices

Matters Maritime

Since its earliest days, CIC has distinguished itself with the level of service offered by its Marine Division. Apart from the general insurance consultancy services, a number of other services are offered:

  • Cargo stowage surveys
  • Salvage scheduling & management
  • Cargo damage surveys
  • Hull & machinery claims-collation of documents, management, liaison with Average Adjusters, collision investigation
  • Advice on environmental protection
  • Protection & indemnity Insurance – market reporting, pre-qualification of clubs, marketing
  • Advice on the interpretation and application of the CLC and Fund Conventions
  • Cargo claims recoveries
  • Operational advice on health & safety matters, maintenance programming, training, recruitment
  • Contract interpretation
  • Advice on jurisdictional matters and procedures

Since its creation, CIC has been consulting to some of the largest government institutions regionally and internationally. Most government institutions in emerging markets have yet to establish key risk management protocols for the identification and management of their risk exposures, and when a loss occurs, the outcome can be disastrous to government coffers.

This is where CIC is most effective. Whether advising the public sector on asset valuation and rationalization, or designing insurance protection programs, or working with environmental protection agencies on oil pollution clean up and litigation, CIC has the expertise to be there.

Key Disciplines:
  • Government Specific Enterprise Risk Management Initiatives
  • Government Studies and Litigation Drafting
  • Design of Insurance Protection Programme and sourcing of securities.
  • Liability assessments and risk mitigation
  • Disaster Recovery and Environmental Clean Up
  • Asset Valuation
  • Claim Litigation

From the office to the factory floor, an organization’s people is by far its most important asset. Your people drive your business. Your people are the difference between success and failure.

CIC Global Risks is a leading specialist in the bespoke design, tendering, and management of your employee benefits program. Our independence in the regional market place and impartiality as your consutant guarantee our clients that results are achieved every year without exception and at a reasonable cost.

Services provided mainly to large corporate and semi-government organizations public or private:
  • Risk Assessment and demographic profiling
  • Employee Benefits spend budgeting
  • Program design
  • Prepare of tender documents and public tender management
  • Medical Case Management and quarterly accounts reconciliation
  • Quarterly risk review and fine tuning.

For more information, please contact info@cicglobalrisks.com

A captive insurance company, usually just called a “captive,” is an insurance company owned by a non-insurance company, that is set up specifically to underwrite the risks of its parent company or companies.”

  • It is an insurance subsidiary for one or more insurance buyers, who are also the owners of the captive
  • It is risk management tool that has been used globally for decades
  • There are more around 5,500 captives worldwide
  • Most of the world’s leading firms utilize captive insurance companies
  • Captives can be owned by almost every type of insurance buyer, in sectors such as energy, industry, real estate, financial services, transportation, utilities, etc.
  • Subject to minimum regulatory and capital requirements and are set up in various jurisdictions known as captive domiciles

CIC through our sister concern Ensurion, is able to offer clients a viable multi jurisdiction Solutions in over 15 domiciles.