The topic was discussed on a recent PARIMA panel on international programmes in October, and Airmic has revealed it has lobbied UK government to follow the lead of the US which, after successful lobbying from RIMS, will now include DIC/DIL in future trade agreements.
“Airmic’s membership face diverse and increasingly complex risks for which they seek global insurance solutions,” said John Ludlow, Chief Executive of Airmic. “They are critically dependent on international insurance programmes to enable them to manage multiple risks and exposures in all the jurisdictions they operate in. However, our members and their insurers must navigate significant complexities in the placement, structuring, and delivery of these programmes which must be urgently addressed.”
Risk management associations, including the umbrella organisation IFRIMA, have tried for several years to get the International Association of Insurance Supervisors (IAIS) to address the gaps between the coverage that can be provided by a local policy abroad and the coverage provided in the multinational’s home country under a master policy. Those efforts appear to have made little progress, however.
Now the risk management community is targeting bilateral and regional trade agreements to get international insurance programmes on the agenda.
Zurich has supported Airmic’s efforts and Marcel Weiss, Global Head of International Programs (IPZ) at Zurich Insurance, said: “The UK now has the opportunity to negotiate its own Free Trade Agreements which is an opportunity to maintain increased foreign investment and seek dynamic investment opportunities across the globe. We encourage the Government to support customers and the industry by ensuring that UK businesses operating overseas can execute the international insurance programs they need how and where they need them."