Insurance Committee


Due to growing trade volumes and increased pressure from regulators on capital requirements, banks are no longer in a position to provide for the needs of world trade finance on their own. Insurance has become a key element for mitigating risks in trade finance. But insurance companies have even entered the trade finance secondary market as investors on the assets side.

Insurance companies and brokers have therefore played a more and more active role within ITFA. The aim of the Insurance Committee, which was set up on 18 August 2015, is to improve the cooperation between banks, insurance companies and brokers in the mitigation of risk related to transaction banking assets. The committee also represents the interests of the insurance and broker members in ITFA.

Achievements:

  • Surveysto gain deeper understanding of the role that insurance plays in transaction banking, identify priority issues and help advocacy work
  • Education: compilation of presentations / educational seminars (Dubai / Nairobi / London / Frankfurt / Cairo / Paris)
  • Regulatory issues / advocacy: e.g. CRD IV: act as advisor, organize intervention with regulator, ITFA responses to the BCBS 362 paper and PRA consultation paper
  • Market standard documentation: guidelines on structure and content for CRR compliant non-payment policies, standard wording for Surety and for single risk non payment policies
  • Advice: Insurance Committee Opinions

In order to better help our members with the various topics, the Insurance Committee has set up specific working groups. Please find below the chairpersons of these working groups who you may contact if you would like to be involved or have questions on the subject:

Award Working group

Chair: Geoffroy de Loisy, BNP Paribas SA

Data Standardisation

Chair: Jay Hopkins, Howden Group

ITFA’s Americas Regional Chapter Insurance Committee

Chairs: Scott Ettien, Willis Towers Watson and Harpreet Mann, Amynta Group

ITFA Documentation Working Group

Chair: Carol Searle, Texel

Insurtech Working group

Chair: Alexia Boutin Somnolet, Marsh Specialty

Regulatory Advocacy Working group

Chair: Jean-Maurice Elkouby, ING Bank NV

To access all Insurance Documents, one must be logged in to the Member Area – Insurance documents.

ITFA Insurance Committee Board

Sian Aspinall of BPL

Chairperson

Alexia Boutin-Somnolet of Marsh Specialty

Member

Alberto Carrion Morillo of Banco Santander

Member

David Neckar of Willis Towers Watson

Secretary

Geoffroy de Loisy of BNP Paribas SA

Member

Giovanni Iaquinta of Unicredit S.p.A.

Member

Jean-Maurice Elkouby of ING Bank N.V.

Member

James Wilson of The Hartford

Member

Geoffrey Wynne of Sullivan & Worcester LLP

Official Legal Advisor

Katie Fowler of Texel Finance Limited

Member

Marcus Miller of Marsh Specialty

Member

Marilyn Blattner-Hoyle of Swiss RE International

Member

Matthew Beckett of SMBC Bank International plc

Member

Richard Wulff of ICISA - International Credit Insurance & Surety Association

Member

Sam Wilde of Liberty Specialty Markets

Member

Scott Ettien of Willis Towers Watson

Member

Sean Edwards of SMBC Bank International plc

Member

Sebastien Heurteux of BNP Paribas SA

Member

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