John Hurrell discusses a world service
Most risk management issues cross national boundaries, and none more so than the global compliance of insurance programmes. A survey in June found that the near impossibility of guaranteeing the legality of programmes was near the top of Airmic members’ concerns.
We are not alone: it was one of the big talking points at the recent Ferma Forum in Stockholm, where there was a consensus that we should tackle this subject together.
Encouragingly, this view increasingly extends to insurers and brokers. The one way to address the confusing and often-changing network of rules affecting insurance tax and admissibility around the world is to have a complete, constantly updated database. Where this might once have been seen as a source of potential competitive advantage, such is the scale of the problem that there is a growing desire to work together.
Of course, that on its own does not guarantee victory, but it is a great start.
John Hurrell is chief executive of Airmic