Transcription of Going Global- 5 Risk Management Issues to …
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Going Global- 5 Risk Management Issues to …
Going global ? 5 Risk Management Issues to Consider 1) Insurance Requirements of Foreign Countries 2) Program Structure 3) Policy Territory 4) Exposures 5) Economic and Political Risk Insurance Requirements of Foreign Countries Regulatory Issues fall into two broad categories: Compulsory Insurances and position on Non Admitted Insurance. Compulsory Insurances: Those lines of coverage required by law to be insured. Typically, compulsory requirements relate to some form of work injury coverage and Third Party Liability insurance for owned Automobiles. Exposures such as pharmaceuticals, chemicals, or professional activities may also trigger compulsory insurance requirements. Each country will have its own set of compulsory insurances. Non Admitted Insurance: Refers to policies that are placed with insurers that are not licensed within a particular territory. (Conversely, "admitted" coverage, means policies issued in a particular country by insurance carriers who are licensed to write coverage in that country.
Economic and Political Risk The financial crises in the world economy, volatility of currency exchanges, and rising political violence all present major risk factors for companies operating in foreign countries.
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