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:

• Surveys: to 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:

Regulatory Advocacy Working group

Chair: Jean-Maurice Elkouby, ING Bank NV

Standardized ITFA Credit Insurance Working group

Chair: Scott Ettien, Willis Towers Watson, USA

Insurtech Working group

Chair: Alexia Boutin Somnolet, Marsh Specialty

Award Working group

Chair: Geoffroy de Loisy, BNP Paribas SA

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ITFA Insurance Committee Board