World Federation of Insurance Intermediaries asked to examine placement of global commercial risks

The U.S. Council of Insurance Agents and Brokers has asked the World Federation of Insurance Intermediaries (WFII) to review trade barriers and regulations that might impede the placement of global commercial risks.
WFII is composed of 100 agent/broker associations representing insurance intermediaries in more than 80 countries around the world. The Insurance Brokers Association of Canada (IBAC) is a member of WFII.
The Council asked the WFII to look at trade barriers that make it difficult to place global policies, such as directors and officers (D&O) and umbrella coverages.
Many countries require placement of multinational commercial risks on an admitted basis, the Council noted in a press release.
As a result, some global risks may have 100 local policies attached instead of one master policy covering all of a business’s D&O exposures around the world.
“It’s about the customer,” Council president Ken A. Crerar said in the release. “How do we serve the customer’s business needs in a global economy?
“It makes no sense to write these global risks country by country, any more than it makes sense to write multi-state risks state by state in the United States.”