Big demand for new Airmic compliance database

The new Airmic-Axco database of international insurance regulations, Insight Risk Manager, has been a big hit with Airmic members. More than 100 had registered after the first few weeks, and are actively using it.

The number of users continues to rise at a steady pace. Around 60 members phoned into the July Airmic Live to hear a discussion of Insight Risk Manager; virtually all of them stayed listening to the end.

Although demand for the facility was always an unknown pre-launch, to achieve this level of usage from the outset has exceeded Airmic’s expectations. “I’m delighted,” said technical director Paul Hopkin. “A lot of development time has gone into this project, and Axco have delivered a good product.” Tim Yeates, Business Development Director at Axco commented: “There is a real sense that the insurance industry and the buyer community are working together in a new collaborative way. It is most gratifying to be part of this unique initiative.” The database addresses the concerns of corporate insurance buyers, many of whom have said it is impossible for them to be certain that their global programmes comply with regulations in all their territories. Surveys have found it to be a top stay-awake-at-night issue for many Airmic members. The rules vary by class of business and by country, and sometimes within countries, and can change without notice. Failure to comply can result in fines, voided claims and bad publicity.

The main focus of Insight Risk Manager is to provide guidance on the rules covering admitted and non-admitted insurances by jurisdiction. The launch version covers regulations in thirty countries representing 93% of the world’s Property and Casualty insurance premiums. The remaining countries will be added in a phased way. 

Airmic plans to hold meetings later this year to introduce the database to members who have not yet tried it and to obtain feedback from those who have already done so. Ferma, the European risk management federation, are understood to have begun talks with Axco about how the database might be extended to buyers in other countries.

The project is the result of a cross-market project chaired by Airmic and involving brokers, insurers and insurance trade associations. Although individual insurers and brokers have their own databases, it was suggested by Airmic that these databases are mainly concerned with insurer compliance and do not sufficiently address the regulatory obligations placed on insurance buyers. 

Access to Insight Risk Manager is an Airmic membership benefit.

Any member with questions about Insight Risk Manager should contact insurance R&D manager Georgina Wainwright​, georgina.wainwright@airmic.co.uk