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
Silja Calac of Banco Santander
Chairperson
Alexia Boutin-Somnolet of Marsh Specialty
Member
Geoffroy de Loisy of BNP Paribas SA
Member
Sam Wilde of Liberty Specialty Markets
Member
Scott Ettien of Willis Towers Watson
Member
Giovanni Iaquinta of Unicredit S.p.A.
Member
Marcus Miller of Marsh Specialty
Member
James Wilson of The Hartford
Member
Alberto Carrion Morillo of Banco Santander
Member
David Neckar of Willis Towers Watson
Secretary
Sean Edwards of SMBC Bank International plc
Member
Geoffrey Wynne of Sullivan & Worcester LLP
Official Legal Advisor
Matthew Beckett of SMBC Bank International plc
Member
Jean-Maurice Elkouby of ING Bank N.V.
Member
Sian Aspinall of BPL Global
Member
Marilyn Blattner-Hoyle of Swiss RE International
Member
Sebastien Heurteux of BNP Paribas SA
Member
Katie Fowler of Texel Finance Limited
Member
Chloe Luc of ATRADIUS CREDITO Y CAUCION S.A. DE SEGUROS Y REASEGUROS
Member
Richard Wulff of ICISA - International Credit Insurance & Surety Association
Member