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NANTES, FranceRisk managers need more timely production of insurance contracts, according to the president of the French risk management association.Speaking at at l'Association pour le Management des Risques et des Assurances de l'Entreprise's conference in Nantes, France.
Michel Yarhi, group insurance manager of Société Générale and president of AMRAE, noted that insurance buyers across Europe wanted better service with regard to the production of contracts.
Mr. Yarhi cited a survey undertaken by the Federation of European Risk Management Associations published in October, in which risk managers "almost unanimously" said that getting contracts late was a problem.
Mr. Yarhi noted that in the banking sector, under the Basel II accord, banks are required to have contracts in place well in advance, and while there were initial difficulties in meeting this requirement, it now is commonplace for contracts to be received three months before they come into force.