IFAA to lobby on claims standards

Adjusting experts are seeking an audience with international regulators and policymakers in a bid to raise loss adjusting standards around the world.

The International Federation of Adjusting Associations (IFAA) begins a consultation process next month with the ambition of creating a universally recognised best practice protocol for the adjustment of insurance claims and will be inviting representatives of the EU, IMF, World Bank, OECD and financial regulators to contribute.

Paul May, incoming president of the IFAA, explained that a lack of co-ordination from these bodies on the subject of insurance adjusting and claims handling means that insurers are often over-exposed in key geographies, especially on infrastructure projects in emerging market economies.

“This is an attempt not at dictating best practice, but inviting interested parties to give their ideas on what best practice should be.

“We will be approaching regulators to consult with them on creating best practice guidelines”.

May added that the IFAA is in the planning stages to introduce a range of qualifications and standards to complement its existing Fellowship title.

“We are seeking to create demand from the insurance community for adjusting services from member associations of the IFAA, through the development of best practice and globally recognised qualifications."