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
  • Advice: Insurance Committee Opinions

 

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ITFA Insurance Committee Board

Silja Calac Swiss RE International SE

Chair

David Neckar Willis Limited

Secretary

Sean Edwards Sumitomo Mitsui Banking Corporation Europe Ltd

CEO

Geoffrey Wynne Sullivan & Worcester LLP

Official Legal Advisor

Matthew Beckett Sumitomo Mitsui Banking Corporation Europe Ltd

Member

Jean-Maurice Elkouby ING Bank N.V.

Member

Sian Aspinall BPL Global

Member

Marilyn Blattner-Hoyle American International Group UK Limited (AIG)

Member

Sebastian Heurteux BNP Paribas SA

Member

Huw Owen Liberty Specialty Markets

Member

Katie Fowler Texel Finance Limited

Member

Robert Nijhout ICISA - International Credit Insurance & Surety Association

Member