Compliance database goes global

Insight Risk Manager, the database of regulatory requirements developed for Airmic members by Axco, is being extended to cover all relevant jurisdictions.

Insurance information specialist Axco has completed the first wave of the expansion, increasing the number of countries it covers to a total of 50. A further 20 will be added in January and it aims to complete the process by the middle of 2015.

The database provides guidance on the rules covering admitted and non-admitted insurances by jurisdiction. It was launched in June 2014 in response to 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.

The launch version covered regulations in thirty countries representing 93% of the world’s property and casualty insurance premiums.

The database, which is available as a benefit to Airmic members, has been well-received by the market and there are now plans to roll it out around the world. North American risk management society RIMS has confirmed it will offer the database to its members this year. FERMA the Federation of European Risk Management Associations and its pan-Asian counterpart. Parima are in early talks to do the same.

Airmic chair Helen-Clare Pope told guests at Airmic’s Annual Dinner how pleased she is that the database has taken off so successfully. “For those of you that know me, you’ll understand the pleasure this has given me,” she said. Pope has been heavily involved in the development of the database and is an expert on the subject of global compliance

Tim Yeates, Business Development Director at Axco echoed Pope’s sentiment. “This is testament to the work that has been put in, not only in developing the database, but also expanding the number of jurisdictions it covers. The interest from the likes of FERMA, RIMS and Parima is encouraging and we look forward to responding to and engaging with them.”

Tim Yeates - Axco