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Taking on challenging multinational risks can pay off for the broker.
(From Insurance Day)
Byline: Matt Pasterfield
FOR many brokers even some of those working for the major international players the prospect of becoming involved with a multinational risk can seem daunting.
At first glance, these often complex, exotic risks look big on admin, big on regulation and low on commission. But first glances are often deceptive, and too many brokers, I believe, are deterred from investigating the true potential of multinational business by the apparent scale of the task they perceive as lying ahead of them.
So what is the best approach to handling a client with multinational exposures? In simple terms, it is to create a single insurance programme protecting an organisation against a range of risks in a range of different countries.
RANGE OF RISKS
For example, a European legal firm based in eight countries with a range of risks to cover including general liability, employers' liability and workers' compensation could be protected by a multinational programme. The defining factor of the multinational risk is that an organisation trading in two or more countries is covered by a single programme.
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