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Insurance Business | 01 Sep 2014, 09:18 AM Agree 0
Brokers have been encouraged to look at international insurance business as a chance to demonstrate their value, as Australia's smaller corporates and SMEs expand abroad in greater numbers.
  • Greg Cottrell - Insurance Professional Dinosaur | 01 Sep 2014, 01:02 PM Agree 0
    Is this just marketing spin or a real capability, Over the past 10 years, even in the last 2 years, I have approached Zurich on numerous occasions with SME's with international risk exposures, mainly because of your advertising for your capacity to handle these risks, remember the slogan "Local Knowledge, Global Ability", or something like that.
    Not one of my submissions have I ever been able to get any assistance and have ended up with Underwriting Agencies.
    Most times you don't get any response at all from Zurich, as it ends up in the too hard basket and if you do after persistent follow ups you get that convenient cop out "it is not within our appetite".
    Does your BDM's, SME Managers and Coal Face Underwriters know of this so called Capability?
    Lets see you walk the talk, please......
  • Anthony | 01 Sep 2014, 03:25 PM Agree 0
    All true, however Kai does not mention the vexed question of liability and professional indemnity cover. What if the Australian business needs to set up a local subsidiary in a foreign jurisdiction. Will the likes of Zurich assist with local cover. Obviously that will depend on a number of things particularly the great difference between the Australian Insurer risk appetite vs the same Insurer's attitude to risk. The mis-match often means the timid Australian operation won't offer cover so how to access the overseas branch different risk appetitie. Particularly where overseas jurisdictions require local paper and local jurisdiction. All rather vexed questions.
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