The UK risk management association Airmic has launched a database of regulatory requirements to assist risk managers in ensuring their insurance programmes are compliant globally.
The Insight Risk Manager database will provide information on local compliance and regulatory insurance requirements, policy conditions and premium payment term.
The main focus of the database will be to provide guidance on admitted and non-admitted insurances by jurisdiction.
The launch version covers regulations in 30 countries that represent 93 percent of the world’s property and casualty insurance premiums with the remaining countries being phased in over time.
Insight Risk Manager is the result of a cross-market project chaired by Helen-Clare Pope and involving brokers, insurers and insurance trade associations.
“Insight Risk Manager is more than just a valuable tool – it’s a potential game-changer,” said Airmic chair-elect Helen Pope. “Compliance for global insurance programmes will probably never be easy, but the new database will provide risk managers with access to a single, authoritative source they can consult whenever they want.”
Insurance information specialists Axco were chosen to partner on the project.
"Insight Risk Manager is Axco's contribution to improved communication between the insurance industry and the buyers of insurance,” said business development director Tim Yeates.
“The need for change was highlighted several years ago by a group of risk managers and broker representatives concerned by a lack of information consistency which in turn had led to uncertainty in the buyer community. Backed by the leading brokers in the world, an information tool such as Insight Risk Manager allows intelligent dialogue around the critical theme of compliance."
Airmic, Europe, Insight Risk Manager, Helen-Clare Pope, Axco