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18th of May 2012

Buyers’ concerns unchanged

Matthew Broomfield 05/12/2011

Buyers’ biggest concerns haven’t changed in the last year. They still relate to global compliance with local tax laws and with legal, regulatory and insurance regulations, according to a recent survey.

The need to get policies issued in a timely fashion was another top priority.

Global economic and political uncertainty has had little impact on global insurance programmes.

“Very little has changed in the responses of risk managers from last year despite the many significant events of the year,” says Russell Meagher, head of major accounts at Chartis, which sponsored the benchmarking survey.

“It would suggest that, for some, reacting to economic and legislative changes takes longer than expected – in some cases because of the complexity of the changes, and of cost constraints particularly in the current climate.”

Opinions were similar to last year in the following areas:

· retentions, liability limits and types of insurance programme remain broadly very similar to 2010;

· single global programmes continue to be preferred for excess casualty, with 76% choosing this option; and

· 13% of companies have separate programmes for the US and the rest of the world, with just 7% choosing to purchase their cover locally.

The 87 respondents represent companies with a total annual turnover of well above £100bn, with 62% of them employing at least 10,000 people. The survey was conducted by risk management association Airmic.

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