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Multinational insurance programs attracting European risk managers: Study

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Multinational insurance programs attracting European risk managers: Study

LONDON — A majority of European risk managers expect their use of multinational insurance programs to increase over the next three years, according to a study by Ace European Group Ltd.

According to the research, published in London Wednesday, 30% of respondents said they “strongly agreed” that their companies' use of multinational insurance programs is likely to grow over the next three years, while 53% said they slightly agreed with that statement.

Only 3% of respondents said they strongly disagreed that their company would increase its use of multinational programs, while 14% said they slightly disagreed.

Ace surveyed 280 risk managers from the Benelux countries, France, Germany, Italy, the Nordic countries, Spain, Switzerland and the United Kingdom.

Risk managers in Europe are targeting growth of their multinational programs beyond property and casualty lines, said Andrew Kendrick, president of Ace European Group.

Risk managers were asked which types of risk they would consider integrating into a multinational policy over the next 12 months, if possible.

Forty-two percent of respondents said they would consider integrating casualty risks into a multinational program, subject to availability; 38% professional indemnity; 38% environmental liability; 38% property; 36% cyber; 33% directors and officers liability; 28% global travel; 28% fidelity/crime; 25% political and trade credit risk; 24% marine; 22% group personal and accident; 22% power generation/machinery breakdown; 13% construction risk; and 12% terrorism.

The use of captives for multinational programs is expected to grow, Mr. Kendrick said.

Almost half, or 44%, of respondents said they slightly agreed with the statement that their company's use of captives to manage multinational risk is likely to increase over the next three years, while 31% said they strongly agreed with that statement.

John Hurrell, CEO of London-based Airmic Ltd., the U.K. risk management association, said risk managers of large U.K. companies increasingly are exploring the possibility of integrating employee benefits programs into multinational insurance programs using captives.

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