ITFA sets up an Insurance Committee

Insurance has become a more and more important part of international trade finance. There are many different insurance products which support banks in their task to forfait receivables, finance trade or issue guarantees and letters of credit. But bankers as well as brokers and insurers are often complaining that this cooperation is not always as smooth as it should be: lack of information, misconceptions, regulations, internal barriers often hinder insurance companies from providing efficient protection for transaction banking.

In order to help its members to improve this situation, ITFA has set up, with effect from 18 August 2015, its new insurance committee. The committee is chaired by Silja Calac from Swiss Re, Board Member of ITFA and the secretary is David Neckar from Willis. Founding members are: AIG, Swiss Re, Willis, SMBC and Barclays. BNP Paribas, Liberty and Texel have joined the committee at its first meeting. Sullivan & Worcester is the official legal advisor. The committee will first work on a survey to gain deeper understanding of the role insurance plays in trade finance. Education is also considered a top priority of the committee. Drafting of market standard documentation is a long-term goal.

In order to inform interested members, in more detail, about the exact activity of this new committee, delegates of an ITFA member participating in our ITFA Annual Conference in Dubai in September, are cordially invited to come to the AGM which will take place on Tuesday 29 September 2015 at  the conference venue, the Jumeirah Beach Hotel and where the new committee will be introduced. Also please note that David Neckar will be talking on Monday 28 September at the Conference about Credit Insurance.

If you are interested to learn more about the ITFA insurance committee you may also contact any of its members.