Airmic and Ferma (the Federation of European Risk Management Associations) are working together more closely than ever, said Ferma president Peter den Dekker in his opening address to the Airmic conference in Manchester
Ferma, which sees as one of its core responsibilities to lobby European officials on behalf of the risk and insurance buyer community, has been conducting a benchmarking survey of European risk managers, den Dekker said. The results of the survey are due to be unveiled as Ferma members gather in London for the federation’s biannual summit in September.
Broker remuneration and transparency are key concerns for risk managers in Europe and the UK, as indicated by two recent member surveys by Airmic and Ferma respectively. Den Dekker has set himself the target of reaching an agreement on broker remuneration transparency. He hopes to have an agreement with BIPAR, the European brokers association, in time for the Ferma summit in London. “Our goal is to identify potential conflicts of interest,” he told Airmic delegates.
Ferma presented its request for full remuneration transparency to BIPAR at the broker group’s general assembly in February and received a “positive response”, according to den Dekker.
The request involves mandatory disclosure from brokers on two types of remuneration. Brokers are being asked to reveal all financial remuneration linked to the servicing of the insurance contract, as well as the source and general description of any payments received that are not directly linked to the insurance transaction.
Solvency II is another area of concern for risk managers in Europe – a key area in which Ferma is targeting its lobbying efforts. Den Dekker urged captive owners in Europe to participate in QIS5 (the Quantitative Impact Study), designed to give regulators an idea of the impact of implementing the new rules.
Den Dekker also announced that Julia Graham, former Airmic chairman and chief risk officer for international law firm DLA Piper, has been appointed vice-chairman of Ferma.
