Petra Riga, Head of Distribution for Zurich in Europe, Middle East and Africa (EMEA), joins to discuss the issues risk managers face when dealing with multinational regulations and rules and expectations of local regulators around the world.

Ms. Riga says risk managers are challenged by increased international regulation. She notes that risk managers of multinational companies must consider insurance regulation, market practices, as well as terms and conditions in each market their firm does business in. Insurers, like Zurich, need to provide the tools and local people to manage those complexities.

There appears to be increased regulation with country regulators establishing their own law, which do not address the needs of a multinational company.  According to Ms. Riga, local regulators are increasingly working in isolation rather than looking at the needs of large multinationals. Multinational companies look to have consistent global coverage, which becomes more difficult when local regulators makes their own rules.

Beyond the coverage consistency, risk managers seek must also understand how their programs from a claims and risk engineering perspective. Ms. Riga sees managers need to understand the “conduct of insurance business” country-to-country. For example, can a US-based company cover their subsidiary in India from a single US policy, or is a local policy need to be issued?  How must you handle claims against the policy? Can you conduct risk engineering activities in India?

Ms. Riga outlines the features of the Zurich Multinational Insurance Application (Zurich MIA), an award-winning tool with an overview of the varying insurance and premium tax laws and regulations that apply in some 180 countries around the world and more than 40 lines of business. The Zurich MIA is available to the market at no cost, and is used by more than 5,000 customers and brokers in over 25 countries.

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