The Airmic-Axco international insurance regulation database has proved popular with users since its release in June
FERMA has begun official consultations to expand the popular Airmic-Axco Insight Risk Manager product offering for its member associations.
The product, developed by Airmic and insurance information service provider Axco, aims to provide guidance on the rules covering admitted and non-admitted insurances by jurisdiction and has proved popular with insurance-buying members of Airmic since its release in June.
More than 100 members have registered to use Insight Risk Manager and the number continues to rise, according to Airmic. The instant success of the tool has given FERMA impetus to begin consultations with Axco about delivering it to each of its member associations.
FERMA president Julia Graham said: “FERMA is fully supportive of this initiative developed by Airmic and Axco and I am delighted to announce that, once full consultation has taken place with the FERMA board, we plan to offer it to all our member associations.”
She added: “We welcome any solution for risk and insurance managers that improves access to and the navigation of compliance-related information.”
Deputy head of group insurance at the Royal Bank of Scotland Group, Bill Brannan says he uses the database on a weekly basis and recommends it to others in the industry.
Brannan said: “I recommend use of the database to others in the industry as it is a one-stop-shop for obtaining accurate and comprehensive country information.
“On most occasions, we were able to successfully access the information necessary to assist in our enquiries. The information available is readily understandable and presented in an easy to read format.”
He added: “The key concern is to ensure that we are compliant with the regulatory requirements for insurances globally.
“For example, a global insurance programme will potentially fall foul of requirements for certain territories where non-admitted insurances are expressly prohibited.”
The launch version of Insight Risk Manager covers regulations in 30 countries, representing 93% of the world’s property and casualty insurance premiums. Further countries will be added in phases.